Christian Caratas, Tamara Vujicic

Alexandru Caratas, Jeanne Whitesides, Nicole Michaud

ANCIENT

◦ Trade of goods over long distances

◦ First record: 19th century BC

◦ Arabian nomads in the Far East

◦ Greeks exploit trading opportunities with

India prior to the Roman Empire

◦ Silk Road

◦ Incense Route for the luxury goods

EARLY MODERN

◦ Vasco da Gama

◦ 1592 first foreign trade

licenses to prevent

smuggling and piracy

◦ 1602 foundation of

“The Dutch East India

Company”

POST MODERN

◦ 1946 Bretton Woods system

◦ 1947 General Agreement on

Tariffs and Trade

◦ 1958 E.E.C.

◦ 1960 E.F.T.A.

◦ 1994 N.A.F.T.A. takes effect

◦ 1995 foundation of WTO

◦ 2002 launching of the Euro

Zone

Tulip Mania: 1936 - 1937

The Great Depression: 1929 – 1939

Oil Crisis: 1973

Black Monday: 1987

Financial Crisis: 2007 - 2008

What caused the Great Depression ?

A combination of domestic and worldwide

conditions

A combination of a stock market crash, bad

banking structure and tight monetary policy

The crisis started in October 1973

The members of OPEC proclaimed an oil

embargo

Also known as the Global Financial Crisis 2008

Considered by many economists the worst

financial crisis since the Great Depression of

the 1930s

Threat of total collapse of large financial

institutions, the bailout of banks by national

governments, and

downturns in stock

markets around the world

Propagation of crisis because of

international trade

Unclear impact:

Drop in imports?

Rise in exports?

Lagging effect

Tough Macro situation

Trade protectionism

Boosting domestic production

Selective reduction

WTO constraints and incentives

International trade:

drop by more than

50%

Spiral effect

Weak Macroeconomic

stability

Plunge in production

worldwide

Structural changes in

composition

Fall in oil imports

Rise in imports of

substitute goods

Restructuring for

sustainable energies

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• General Tariff

Hike

WTO agreement

• GATT

Country /Region

• Russia, India,

Turkey, Viet

Nam, Ukraine,

EU, Brazil,

Ecudor

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• Standards and

Certification

WTO agreement

• TBT

Country /Region

• Mayalsia,

India,

Indonesia,

Ecudor,

Thailand,

South Korea

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• Import

Licensing

System

WTO agreement

• Agreement on

Import

Licensing

Procedures

Country /Region

• India,

Indonesia,

Argentina

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• Government

Procurement

WTO agreement

• Agreement on

Government

Procurement

Country /Region

• US, Indonesia,

Australia,

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• General Tariff

Hike

WTO agreement

• GATT

Country /Region

• Russia, India,

Turkey, Viet

Nam, Ukraine,

EU, Brazil,

Ecudor

Main trade-limiting measures taken by countries in the wake of the financial crisis

Measure

• Consumer

Subsidies

WTO agreement

• GATT

Country /Region

• Malaysia

Sources:

http://www.porttechnology.org/

http://www.nber.org/

http://www.un.org/en/unitar_economiccrisis_tradeshocks.pdf

http://www.ceps.eu/system/files/article/2009/10/264-293-Forum.pdf

http://www.twnside.org.sg/title2/wto.info/2009/twninfo20090601.htm

http://en.wikipedia.org/wiki/International_trade

http://unctad.org/en/docs/ditctab20102_en.pdf