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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,#,Chapter 1International Trade,In this chapter, well cover:,Reasons and Effects of International Trade,Development of International Trade Theories,Benefits of Free Trade,Trade Barriers,Arguments for Trade Protection,GATT and WTO,International Trade,Definition: the purchase, sale or exchange of goods and services across national borders,Increases the number of goods that domestic consumers can choose from,Decreases the cost of those goods through increased competition,Allows domestic industries to ship their products abroad.,Reasons and Effects,Why do nations trade?,The distribution of natural, human, and capital resources among nations is uneven; nations differ in their endowments of economic resources.,Efficient production of various goods requires different technologies or combinations of resources.,Products are differentiated as to quality and other non-price attributes. Some people may prefer certain imported goods to similar goods made domestically.,Reasons and Effects,Japan: labor-intensive,goods,Australia: land-intensive goods,Industrially advanced economies: capital-intensive goods,Reasons and Effects,Comparative advantage,e.g.chartered accountant or painter?,Opportunity cost,Note: absolute advantage,Reasons and Effects,An economys annual GDP:,C+I+G+(X-M),Trade surplus and trade deficit,Exports and imports,Exchange rate: appreciation and depreciation,competitive devaluation,Development of International Trade Theories,Mercantilism,Absolute advantage,Comparative advantage,Factor endowments,International product life cycle,New trade and national competitive advantage,Development of International Trade Theories,Government intervention: tariff,Adam Smith: absolute advantage,“the invisible hand”,David Ricardo: comparative advantage,Development of International Trade Theories,H-O model: factors of production,Raymond Vernon: International product life cycle theory,The late 1970s and early 1980s: New trade theory,Benefits of Free Trade,Promotes competition and deters monopoly,Increased variety of goods and services available to consumers,Free trade has led to prosperity and growth and that protectionism has had the opposite effects,Trade Barriers,Tariffs: specific Tariffs,and Ad Valorem Tariffs,revenue tariff,protective tariff,non-tariff barrier (NTB):licenses and quotas,Quota: import and export quota,Voluntary export restraint (VER),Standards,Subsidy,Arguments for Trade Protection,National security argument,：,self-sufficiency,Increased domestic employment argument:,Job creation from imports,Fallacy of composition,Possibility of retaliation,Long-run feedbacks,Arguments for Trade Protection,Diversification for Stability Argument,Infant-industry argument,Protection against dumping argument,Cheap foreign labor argument,The retaliation argument,GATT and WTO,GATT: General Agreement on Tariffs 1947,Three principles:,1. equal, non-discriminatory trade treatment for all member nations;,2. the reduction of tariffs by multilateral negotiation;,3.the elimination of import quotas,.,GATT and WTO,WTO: World Trade Organization,Six key objectives:,(1) to set and enforce rules for international trade,(2) to provide a forum for negotiating and monitoring further trade liberalization,(3) to resolve trade disputes,GATT and WTO,(4) to increase the transparency of decision-making processes,(5) to cooperate with other major international economic institutions involved in global economic management,(6) to help developing countries benefit fully from the global trading system,GATT and WTO,Three purposes of WTO rules,1.,Protect the interests of small and weak countries against discriminatory trade practices of large and powerful countries,GATT and WTO,2. require members to limit trade only through tariffs and to provide market access not less favourable than that specified in their schedules,3. designed to help governments resist lobbying efforts by domestic interest groups seeking special favours,Study Questions,Study Questions,1.Why do nations engage in international trade?,2.How does a countrys international trade affect its exchange rate?,3.What are some of the important theories of international trade?,Study Questions,4.What happened to world trade in the 1930s? Why did it happen?,5.What are the arguments in favor of trade protection? How valid are they?,6.What are the functions of the WTO as an organization for liberalizing trade?,
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