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Unit 6: The UK in a Global Economy


International exchange.
Types of trading blocs
Examples of trading blocs
Trade liberalisation.
Types of trade protectionism.
Reasons for trade protectionism
Trade creation and trade diversion
Sources of possible conflict between trading blocs
The Common Agricultural Policy
The World Trade Organisation (WTO).
International competitiveness.
The UKs changing international competitive situation.
Balance of payments 
Remedies for a balance of payments disequilibrium.
Exchange rate systems.
What Determines The Value Of An Exchange Rate? 
European Monetary Union.
Inward foreign direct investment by MNCs.
External shocks to the global economy.
Public expenditure
The working of fiscal, monetary and supply side policies.
Real output and the NAIRU
(Phillips Curve).



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