2. Trade – Benefits for all? In theory trade should benefit all countries. International trade has been going on for a long time, so why are not all countries rich? http:// www.maketradefair.com/en/index.php?file = issues_dumping.htm&cat =2&subcat=3&select=1

3. TNCs act in their shareholders interests. Nation states act in their citizens interests. International organisations and trade regulations have been developed to favour the nation states which designed them. Rich countries protect their primary, secondary and tertiary industries. Primary – EU Common Agricultural Policy http://news.bbc.co.uk/2/hi/business/4466388.stm Secondary – EU Anti dumping rules on shoes made in China http://news.bbc.co.uk/2/hi/business/4747186.stm http://news.bbc.co.uk/2/hi/business/4886008.stm Tertiary – Novartis (Swiss Pharmacuetical company attempts to stop generic versions of their drugs being produced in India (they lost the case) http://www.maketradefair.com/en/index.php?file=a2m_main.html&cat=2&subcat=4&select=1

4. Trade Terminology Imports Exports Invisible trade Visible trade Commodities Balance of Payments (Current Account, surplus or deficit) Balance of trade Terms of trade Absolute/Comparative advantage Free trade Protectionism (tariffs, subsidies, customs duties, quotas and restrictions) Trade Agreement Cartel World Trade Organisation Trade blocs Dependency Trade flows Import substitution Export orientated growth