Principles of Microeconomics / Unit 16 MIC 1521 short lesson, about 20 seconds
How Trade Policy Is Made
Captions available
The idea
Three levels: the World Trade Organization, which succeeded the nineteen forty-seven tariff agreement in nineteen ninety-five; regional agreements; and national laws. A treaty lets a legislator refuse a lobbying industry by pointing at it.
In practice
Producers are few and organized, consumers many and diffuse.
Where people slip
Concentrated benefits, diffuse costs; the North American agreement took effect January first, nineteen ninety-four.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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