Summary: Today we will continue our study of trade restrictions.
Inquiry Question: Why do countries use trade restrictions and what is the WTO's role in this issue?
REQUIRED: Watch, take notes, and do the practice questions for these videos. Be prepared for a formative assessment.
The Political Economy of Tariffs (7:44)
International Trade and the Welfare Costs of Tariffs (12:33)
The Smoot-Hawley Tariff (4:17)
Tariffs vs. Quotas (14:17)
World Trade Organization (6:47)
The Green Revolution (3:54)
OPTIONAL: Listen to this podcast. (Have the benefits of globalization for developed countries such as the United States outweighed its costs?)
Formative assessment. (20 minutes)
Jigsaw discussion. In your groups everybody read A Brief History of International Trade. Then assign one of the articles below to one person in your group to read:
An Open and Shut Case (Is globalization no longer a good thing?)
Coming and Going (Truth and myths about the effects of free trade)
Needed But Not Wanted (The effects of immigration)
The Reset Button (How can economic liberalism be fairer and more effective?)
Research its merits. Do you agree with the author? In preparing please find one study/article to support your ideas. Link the paper you found and summarize it here. (20 minutes)
WORK DUE NEXT CLASS
REQUIRED: Watch, take notes, and do the practice questions for these videos.
Gains from Multinationals (3:09)
Firm Myths (5:59)
Productivity in Firms (3:21)
Intra-firm Trade (3:41)
OPTIONAL: Listen to this podcast on the history of trade or this one on the Smoot-Hawley Tariff and the Great Depression.