The richness of a country’s natural resource will allow the nation
to be lucrative in terms of business and trade.
But political and law manipulation will hinder the profitability of
given country’s natural resources. As
such, cartels are the fundamental reason that the international trade laws can
be controlled according to the organization’s desired policies.
Several international trade agreements are being followed
aiming to benefit each member countries economically. The Reciprocal Trade Agreements Act (RTAA) is
to emphasize the US Smoot-Hawley-level tariffs for specific goods defined by
the member countries. The unilateral product-by-product negotiations involves
the vivid scrutiny of the product’s technical advancement (both natural and
man-made)
POST WORLD WAR II TRADE POLICY:
After World War 2,
countries around the world are in a high mood to unite for a common cause of
peace and prosperity. Indeed, International Laws are created and ratified to
regain the flow of international business and trade. One important institution that was created at
that time is the IMF (International Monetary Fund) the institution’s major
International role is to balance the monetary flow around the world to prevent
International Business Dumping with other member countries.
During the 1960’s and 1970’s “the trade
expansion act (1932) and the Kennedy round” collaborates policies with GATT to
increase US trade influence. Further
trade sanctions are made during the “Trade Act of 1974” in Tokyo. At this time the usefulness of political science
is being maximize in order rebuild the political bridge between US and Japan.
PRESENT INTERNATIONAL ECONOMIC SANCTIONS:
Until this time, International economic institutions are
still creating ways to connect countries around the world through political and
economic sanctions. But to my personal intuitions,
this political and economic conflict will not come to an end granting the clear
fact that every country is always wanting some “natural resource” from another
country.
The continued research and theoretical
innovations of the world economist through the International organizations will
always be the source of world knowledge and innovation for human economic existence.
Asia Rising
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