Social Sciences and History / Unit 15 SSH 1434 short lesson, about 20 seconds
Free Trade Agreement, Common Market, Economic Union; GATT to WTO
Captions available
The idea
A free trade agreement allows free trade among members; a common market adds free movement of labor and capital and a common external policy; an economic union adds coordinated monetary and fiscal policy. GATT was the WTO's precursor, a forum for negotiating reductions.
In practice
Barriers fell substantially in the twentieth century's second half.
Where people slip
Treaties tie governments' hands against their own lobbies.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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