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S. To at first restrict then promote the immigration of scientific, engineering and software professionals is a case in point. The growth in wage rates for difficult-to-replace professions is also driving up training and education in nursing and medicine, in part driven by the demographic bubble occurring in the U.S., in part driven by the high turn-over of nurses who exit the workforce due to retirement. The fact that wages are increasing in these acute shortage areas are also driving up the supply of labor, as workers migrate away from slower-growing professions into these of higher growth with unmet needs for workers. The combined effects of immigration and higher wage rates in those professions with the largest unmet needs drives up the supply of labor significantly.
In summary, both the increase in the supply and demand of labor is being driven by global economics and the unmet needs for specific…
2) Most currency today is fiat currency, meaning that it is implicitly backed by the strength of the issuing nation's economy rather than by stores of gold or goods. Currency is used to facilitate financial transactions between parties. The value of the currency is determined by the trade of the nation relative to other nations. Settling that trade requires a system wherein currency values are stabilized.
Gold was once the official reserve asset, but today foreign exchange assets serve as reserves. The United States, for example, holds Euros and yen as its foreign exchange assets while many other countries hold dollars. These reserves are recognized for payment between governments.
Governments hold reserves as a means of ensuring the stability of their own currency. The foreign exchange reserves increase or decrease on the basis of the balance of trade. So for example China has a trade surplus, and this can allowed…
Of course, consumers knowing the country of origin of Toyota vehicles have done little to harm the dominance of that car over traditional American manufacturers like GM and Ford. But in some instances, if a particular nation has received bad press regarding its labor practices, mandatory labeling as an imported good might act as an additional invisible trade barrier. Also, if a nation is being subject to a particularly damaging round of international publicity regarding other aspects of its international policy, this may lead to a boycott of the nation's goods, and thus invisible tariffs can be constructed through simply the apparently innocuous policy of labeling nation's country of origin, in the supposed interest of consumer information.
Fliess, Barbara Carlos Busquets "The Role of Trade Barriers." OECD Trade Policy
orking Paper No. 45. Organization for Economic Co-operation and Development. 2006. 7 Mar 2007. http://www.oecd.org/dataoecd/34/25/37872326.pdf
Jennings, Horace. "Brazilian trade…
Fliess, Barbara Carlos Busquets "The Role of Trade Barriers." OECD Trade Policy
Working Paper No. 45. Organization for Economic Co-operation and Development. 2006. 7 Mar 2007. http://www.oecd.org/dataoecd/34/25/37872326.pdf
Jennings, Horace. "Brazilian trade sets new highs as import barriers are lowered."
Significance of the Study
This study is significant because it sheds light on a very important contributor to local and international trade. Trade fairs have a long history in providing a meeting place for buyers and sellers. They are an important channel of communication for B2B buyers and sellers. This is a significant area for study because there are limited channels of communication between B2B buyers and sellers. The previous sections have diversified the importance of communication to trade. B2B buyers and sellers cannot use mass channels of communication such as television advertising or newspaper advertising. In this market usage of personal visits and demonstrations are the common channels of marketing and communication. The B2B selling and marketing activities are less highlighted in research than B2C activities. Therefore, this study is significant because it explores a very important channel of marketing and communication in the B2B market.
The study is…
UFI.(2009). The Trade Fair Industry in Asia, 5th edition: A UFI report researched and compiled by Business Strategies Group Executive Summary -- for UFI members only." Business Strategies Group Ltd. [online] Available at http://www.ufi.org/media/membersarea/studies_reports/2009_bsg_report_summary_andorder_form.pdf [Accessed 10 May, 2012].
Viardot, E. (2004). Successful Marketing Strategy for High-Tech Firms. Volume 5. NY: Artech House
Yeshin, T. (2006). Sales Promotion. NY:Cengage Learning
Earlier studies based on Bretton oods data were only refuted because the data sets of the later studies were insufficiently long. It may be, therefore, that Himarios is one of many that will now be able to demonstrate that long-term equilibrium is possible. It may that it requires nearly at least three decades' worth of data and a multi-country study in order to see the equilibrium emerge, meaning that previous theories were simply not taking into consideration the time frames that would be required for production, wage and policy shifts to be implemented and have their impact on a nation's balance of trade.
Himarios' findings do suggest that externalities cannot be maintained. hile a single government can maintain consistent economic policy for decades seemingly regardless of the consequences (Cuba or North Korea, for example) a free economy cannot. Eventually a trade deficit will result in a workforce demanding jobs, for…
Ahmad, J. & Yang, J. (2004). Estimation of the J-curve in China. East-West Center Working Paper. No. 67, 2004. Retrieved March 31, 2010 from https://scholarspace.manoa.hawaii.edu/bitstream/10125/3706/1/ECONwp067.pdf
Akbostanci, E. (2002). Dynamics of trade balance: The Turkish J-Curve. Economic Research Center. Retrieved March 31, 2010 from http://www.erc.metu.edu.tr/menu/series02/0205.pdf
Backus, D., Kehoe, P., Kydland, F. (1994). Dynamics of trade balance and the terms of trade: The J-curve? The American Economic Review. Vol. 84 (1) 84-103.
Bahmani-Oskooee, M. & Niroomand, F. (1998). Long-run price elasticities and the Marshall-Lerner condition revisited. Economics Letters. Vol. 61 (1) 101-109
trade in Mexico. The writer explores the nation's dependency on the U.S. And presents plans to reduce that dependency and increase other options. There were five sources used to complete this paper.
As the world continues to globalize many of the previous boundaries that were experienced have been removed. This means advancements in technology, communication, manufacturing and other areas. Mexico is frequently accused of being too dependent on the United States. With the globalizing moves forward there have been many new horizons for the country of Mexico to explore regarding trade. educing its dependence on the United States and expanding its interdependence with other nations will provide Mexico with bargaining power when it comes to its dealings with the states in the future.
Within the last decade the trade abilities and clout in Mexico has improved significantly. Whereas Mexico used to be almost exclusively dependent on the U.S., the more…
____ (1999). Attacking free trade growing pains., La Prensa de San Antonio, 02-28-1999, pp 2A.
____(2001). EU DIPLOMAT SEES MEXICAN DEMOCRACY OPENING INTERNATIONAL TRADE DOORS., Infolatina, 01-03-2001.
____able (1995). Fact sheets: Canada.(includes a country profile). Vol. 6, U.S. Department of State Dispatch, 03-06-1995, pp 165(7).
____(2000). MEXICO BECOMES TRADE GIANT, SAYS WTO., Infolatina, 04-16-2000
Quintessentially, a tariff is a tax on goods that are transferred overseas. Those goods are either imports or exports; tariffs provide a degree of stabilization for the competition of imports and exports (Helpman and azin, 1978, p. 1131). Specifically, tariffs apply to merchandise that is imported or exported between different nations, regardless of their location. There are a number of different types of tariffs and variations on this concept as a whole. Tariffs are similar to customs duties, which are the indirect taxes which must be accounted for when goods are traded between countries. These duties can pertain to both imports and exports. Many people use the terms tariff and customs duty interchangeably. Tariffs function as a collection or listing of goods and typically contain the rate of the customs duty. That rate is generally the amount of the tariff, whether it applies to imports or exports.
Helpmann, E., Razin, A. (1978). The protective effect of a tariff under certainty. Journal of Political Economy. 86(6), 1131-1141.
Lantheman, M. (2014). NAFTA and the Future of Canada, Mexico, and the United States. www.forbes.com Retrieved from http://www.forbes.com/sites/stratfor/2014/01/07/nafta-and-the-future-of-canada-mexico-and-the-united-states/
A neo-mercantilist trade policy is defined as a situation where the state plays an active role in shaping trade, building a close relationship with the country's businesses. In doing this, the state will take steps to encourage exports, discourage imports, and generally seek to create the conditions where the nation's producers can thrive (Thoma, 2009). Based on this definition, it is hard to argue against the idea that China is employing a neomercantilist policy. The PRC exerts strong control over imports, while providing a wide range of support to exporters. These supports include currency manipulation – not allowing the yuan to float freely is passive manipulation – the provision of financing by the state-owned banking system, and a system of favorable trade barriers.
China's trading partners should take action – the question is what? There are limits to what actions can be taken within the confines of…
Intra-Industry International Trade
Standard trade theory and its deviations
The classical theory of international trade can be traced back to the founding father of capitalism Adam Smith: Smith's 1776 Wealth of Nations theorized that free trade would be beneficial to all nations. Smith stated that much like merchants, nations should specialize in the particular goods and services which they could produce most efficiently and trade with other nations who could produce alternate goods and services equally efficiently. Thus free trade resulted in advantages for both trading parties. Smith's theory was later fleshed out by David icardo in his Principles of Economics. iccardo stated that free trade could optimize efficiency for every country on a global level by reducing the inefficiencies generated by the excess resources involved in producing the goods and services the nation was not suited to produce (Sen 2010: 2).
This common wisdom remained relatively consistent…
Agglomeration economies. (2013). Economics Help. Retrieved from:
Carlton & Perloff. (2010). Strategic trade. Modern Industrial Organization (4th ed). Pearson.
Retrieved from: http://wps.aw.com/aw_carltonper_modernio_4/21/5566/1425036.cw/content/index.html
Trade restrictions in Honduras include price band mechanisms for yellow corn, sorghum, and corn meal .The price band mechanism works by charging 20% tariff on imports that are valued within the defined rates of the band, when the price is lower, then the rate of the tariff charged is over 20% (Carbaugh, 2004, p. 197). There are bands on United States (U.S.) raw poultry imports, which deny these products from importing into Honduras (Carbaugh, p. 198). The Government of Honduras also has seasonal import restrictions to protect local farmers during the main harvest; these policies limit access of U.S. agricultural products (Trade Compliance Center [TCC], 2000, p. 1). Until recently, import restrictions on ruminant products and sub-products existed; the following ruminant items were prohibited: meat, casings, organs, hydrolyzed proteins, glands, & bile are some of the products listed in this category. (Aphis [A], 2005, p.1). uminant is any various cud-chewing…
Aphis (2005, Aug. 2005). BSE Trade Ban Status as of 08/05. APHIS, 2005, pp. 1-11. Retrieved 08/07/05, from http://www.aphis.usda.gov
Carbaugh, R.J. (2004). International Economics (9th ed.). Mason, Ohio: Thomas/South Western.
Trade Compliance Center (2000, 1999). National Trade Estimate - 2000. Retrieved 08/07/05, from http://www.mac.doc.gov/tcc/data/commerce_html
Word Web Online (2005). Definition of Ruminant. Retrieved August 7,2005, from http://www.wordwebonline.com/en/RUMINANT
If the quota were to be granted to a domestic resident, then the rent that would be generated would be kept within the domestic economy, and therefore it would be referred to as a 'domestic rent capture barrier'. (Non-tariff Barriers: The eward of Curtailed Freedom)
However, the fact is that though the rent remains at home, what happens is that an inevitable 'income redistribution effect' takes place. This means that while rent is captured by a very few license holders, the imposition of a tariff would have the benefit of spreading the rent more liberally and equally. The tariff, however, accrues, at the outset, to only one party, the 'fiscus'. The advantage herein is that afterwards, it can be utilized in the various expenditures on public improvement projects that are undertaken by the government, so this means that this rent would benefit a large number of people, and not just…
Blue, Gloria. AeA Response to U.S. Federal Register Notice (FR Doc. 03-2356) Concerning the Operation and Implementation of the World Trade Organization
Agreement on Technical Barriers to Trade. 28 February, 2003. Retrieved From www.aeanet.org/GovernmentAffairs/aWlVayPPQKHnRLhaPZCSYnplxTDUdmtD.pdf+benefits+of+Non+Tariff+Barriers&hl=en" http://www.aeanet.org/GovernmentAffairs/aWlVayPPQKHnRLhaPZCSYnplxTDUdmtD.pdf . Accessed on 9 March, 2005
Faehn, Taran. Non-Tariff Barriers -- the Achilles Heel of Trade Policy Analyses. June, 1997. Retrieved at http://ideas.repec.org/p/ssb/dispap/195.html . Accessed on 8 March, 2005
Neven, Damien J. Evaluating the Effects of Non-Tariff Barriers: The economic analysis of protection in WTO disputes. University of Lausanne and CEPR. April, 2000. Retrieved at http://www.worldbank.org/research/trade/conference/neven.pdf . Accessed on 8 March, 2005
Intra-Industry International Trade: Benefits and Costs
Trade is brought about by specialization. People specialize in those goods and services that they can produce effectively, and since they cannot survive on only these, exchange their surplus production for other items that they need, but do not produce. There are mainly two types of trade in this regard; international and domestic. The domestic form of trade refers to the exchange of trade items (services and goods) within a country's borders. International trade, on the other hand, can be defined as "the exchange of goods and services among residents of different countries" (Chacholiades, 2006). International trade can take either of two forms; intra-industry or inter-industry forms of trade. Inter-industry trade is trade between industries, whereas intra-industry trade takes place within industries. Intra-industry trade, therefore, refers to the importation and exportation of same-industry items of trade (Gandolfo, 1998).
International trade has been on…
Boyes, W.J. & Melvin, M. (2007). Microeconomics (7th ed.). Boston, MA: Houghton Mifflin Company.
Chacholiades, M. (2006). The Pure Theory of International Trade. Piscataway, NJ: Transaction Publishers.
FAO. (2000). International Trade: Some Basic Theories and Concepts (Module 2). The Food and Agricultural Organization. Retrieved from http://www.fao.org/docrep/003/x7352e/x7352e02.htm
Gandolfo, G. (1998). International Trade Theory and Policy. Rome: Springer.
Marshall Executive Brief #3 Trade Policy Greece and France
This brief will discuss critical issues of trade policy, including global trade, global currency exchange, business strategy and operations, R&D, human resources, accounting and finance.
Global Trade and Currency Exchange
Free trade is a system where the governments of two countries do not discriminate between the imports and exports of the other country. In particular, free trade in the modern sense applies to tariffs and other trade barriers, or the non-existence thereof. Ricardo described free trade in terms of absolute and comparative advantage. Usually, this concept is described using a simplistic, fictional world in which there are two countries and maybe only two goods. In this example, countries should produce the good in which they have comparative advantage, and in doing so the two countries combined with have a higher aggregate output than if only the country with absolute…
2012 General Mills Annual Report. Retrieved April 18, 2013 from http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTQ5MTc4fENoaWxkSUQ9LTF8VHlwZT0z&t=1
EC. (2013). What is the common customs tariff? European Commission. Retrieved April 18, 2013 from http://ec.europa.eu/taxation_customs/customs/customs_duties/tariff_aspects/
Formiani, R. (2004). David Ricardo: Theory of free international trade. Economic Insights. Retrieve April 18, 2013 from http://www.dallasfed.org/assets/documents/research/ei/ei0402.pdf
The majoity of tade baies have been developed ove yeas, and ae theefoe deeply ingained in the business wold of the counties concened. This is anothe facto in the collapse of the Wold Tade negotiations.
An encouaging sign is that measues ae aleady in place to accommodate developing counties in the Wold Tade Oganization system. One of these measues is Special and Diffeential Teatment. This means that developing counties ae teated diffeently fom developed counties in ode to help them with compliance and othe issues. One of the most impotant examples is that developing counties ae povided with pefeential maket access though schemes such as the Genealized System of Pefeences. Futhemoe, developing counties eceive time concessions and technical aid in implementing WTO Ageements.
Accoding to the above, the main poblem in the lack of focus seen in the Wold Tade negotiations is a basic lack of mutual undestanding of the…
references. Furthermore, developing countries receive time concessions and technical aid in implementing WTO Agreements.
According to the above, the main problem in the lack of focus seen in the World Trade negotiations is a basic lack of mutual understanding of the need to focus on the most important purpose of World Trade and globalization. Indeed, globalization can mean the upliftment of millions of poor in the world. Developed countries however need to understand the need for new paradigms in business. In conducting WTO conferences then, it is perhaps best that the focus should be cultivating this new awareness rather than focusing on the issues directly. The negotiations failed because there is a lack of mutual understanding between developed and developing countries. One could see this as a mental barrier to an understanding of the need for change. Developed countries are aware of the need for more ecologically sound practices in business. They are also aware of the need for poverty reduction. In World Trade negotiations, this awareness can be used as a platform for cultivating an awareness of the need for change in trade barriers and subsidy policies. The root of the problem is therefore not the issues themselves, but the understanding of the importance that these issues hold for all concerned. Developed countries should also understand that new policies will be to the advantage not only of developing countries, but also to the developed world and on a wider scale to future generations.
For the sake of the world's future, it is vital to find ways in which to reconcile the need to create more wealth for the wealthy and to create means of living for the poor. If delegates from the developed world can remove their mental barriers, they can perhaps also remove the trade and subsidy barriers that are currently keeping poor countries from alleviating their economic crises on a permanent, long-term scale.
Department for Business Enterprise and Regulatory Reform. Developing Countries and the WTO. 2007. http://www.dti.gov.uk/europeandtrade/developing-countries/index.html
Feensrta, R.C. "Integration of Trade and Disintegration of Production in the Global Economy." Journal of Economic Perspectives, 12:4, 1998, pp. 31-50.
The article is about globalization and particularly how manufacturing operations are becoming global. The article describes how organizations are increasingly able to move their production processes overseas, with the author describing this as "causing a breakdown in the vertically integrated mode of production."
The author argues that foreign outsourcing has increased since the 1970s based on several different measures.
The author then looks at two implications of the changes: the impact on wages and the implications for labor policy.
The author distinguishes between final products and intermediate products, arguing that this point is often neglected, which I think is true. Manufacturing in other nations does not always mean moving complete operations to that nation, it means using certain parts from that nation that become intermediate in the final…
nature of U.S.-Mexican trade relations, it is difficult indeed not to think of the statement of Mexican President Porfirio Diaz at the turn of the last century, "Poor Mexico, so far from God, and so close to the United States." For Mexico does continue to seem to occupy a benighted position vis-a-vis its richer and more powerful neighbor to the north, a position that is in no small measure defined and continually recreated by the nature and mechanisms of international trade between the two nations. This paper examines the nature of the trade relations between the United States and Mexico in the light of several classical economics theories and models as well as in respect to recent developments in the wake of the 1992 signing of the NAFTA accord and the last decade's worth of increasing globalization.
Economic Theories and Models
We begin by discussing and summarizing some of the…
Danaher, K. & Burbach, R. (eds.) (2000). Globalize this!: The battle against The World Trade Organization. Los Angeles: Community Archives Publications.
Esty, D. (1994). Greening the GATT: Trade, environment, and the future. Washington DC: Institute for International Economics.
China Trade Policy
China's agricultural trade policies are driven by its need to feed its massive population. The country has quotas that average 15.8%, with 5.8% of products being duty free and 1087 total tariff lines. These duties sit in line with EU levels, above U.S. levels and below developing world levels. China aims to reduce its agricultural tariff below 15% in the coming years. China supported India's stance on special safeguard mechanisms at the Doha Round, effectively scuttling the deal.
China's manufacturing tariffs are also above developed world levels but below developing world levels. China's tariffs vary significantly on a country-by-country basis; for example 45.4% of non-agricultural trade with the U.S. is duty free. China has become more aggressive with respect to its trade policies in recent years, but generally works within the confines of the TO dispute resolution mechanism..
China has long worked to lower agricultural…
Ackerman, K. (1998). State trading enterprises in world agricultural trade. USDA. Retrieved November 15, 2010 from http://www.ers.usda.gov/publications/wrs984/wrs984h.pdf
Wang, J. & Lim, C. (2009). China and the Doha Round. North-South Institute. Retrieved November 15, 2010 from http://www.nsi-ins.ca/english/pdf/China.pdf
Hudson, J. (2010). Dispute raises concerns over China's rare-earth dominance. Atlantic Wire. Retrieved November 15, 2010 from http://www.theatlanticwire.com/opinions/view/opinion/Dispute-Raises-Concerns-Over-Chinas-Rare-Earth-Dominance-5151
Lynn, J. (2010). U.S. accuses China of blocking Doha trade talks. Reuters. Retrieved November 15, 2010 from http://in.reuters.com/article/idINIndia-49607220100624
S. inflation in check, even during economic boom times.
The debate about increasing protectionism in the U.S. boils down to a clash of cultural values. In the natural course of international trade, there will be those who suffer and those who benefit. International markets are amoral. Trade is conducted between nations with the intent of raising the standard of living for both, but this is on aggregate, not universally. As a result, jobs losses in some sectors, particularly those where the U.S. does not have comparative advantage, are inevitable. To enact protectionist measures to stem those job losses will have three negative impacts.
The first is retaliatory trade measures. Tariffs and other protectionist measures tend to go hand in hand. If a country protects its industries, nations that trade with that country will do the same. This is the classic Smoot-Hawley scenario. To protect American jobs during the…
No author. (2009). Top ten countries with which the U.S. trades. Census.gov. Retrieved December 6, 2009 from http://www.census.gov/foreign-trade/top/dst/current/balance.html
No author. (2007). David Ricardo and comparative advantage. NetMBA.com. Retrieved December 6, 2009 from http://www.netmba.com/econ/micro/comparative-advantage/
US Department of State. (no date). Protectionism in the interwar period. U.S. Department of State. Retrieved December 6, 2009 from http://www.state.gov/r/pa/ho/time/id/17606.htm
Evenett, S. (2009). The G20's assault on world trade. VOX. Retrieved December 6, 2009 from http://www.voxeu.org/index.php?q=node/4008
S. markets are listed as being:
Also is concern in the presence of the government in the telecommunications market sector. U.S. exporters need to know that shipping of foods and agricultural products must be done to meet Italian requirements whether sealed and bonded or not. Italy has also banned the commercialization of four corn varieties approved by the EU. The biotech corn ban may be in violation of EU regulations. The United States and the European Union are the two regions with the largest amounts of imports in Textile and Clothing as well as in terms of their GDP and power of purchase. There are also investment barriers in place making it a lengthy process and investors are prohibited from the airlines and aircraft manufacturing markets. Government procurement is also a problem as it is fragmented in Italy and there are problems with Conclusion:
Italy: Economy [Online] located at http://www.geographyiq.com/countries/it/Italy_economy_summary.htm
The World Textile and Clothing Trade: Globalization vs. Regionlization [Online] at http://184.108.40.206/search?q=cache:RhDXwbnGQ6KJ:blake.montclair.edu/ 'cibconf/co
2001 Country Reports on Economic Policy and Trade Practices; Bureau of Economic and Business Affairs U.S. Department of State, February 2002
Italy in the World Economy ICE Report 2003-2004
The orld Hunger organization (www.worldhunger.org) assertsthat there is a bias in international trade rules that favor developed nations. hy? Developed nations control the orld Trade Organization, according to the orld Hunger organization; and as to export items like pharmaceuticals, developed countries have shown "reluctance" to allow developing countries "to produce or import low cost generic drugs for major illnesses, such as AIDS" (www.worldhunger.org).
Another example of this alleged unfairness can be viewed in light of the U.S. Sugar Tariffs and Brazil. In the ashington Post (Jeter, 2003) it is explained that though the U.S. extols the greatness of free trade, it does not always live up to that rhetoric. The U.S. imposes a tariff of 244% on sugar imports "...above a small quote of duty free sugar imports" (Jeter, 2003). "hile Brazil has both plentiful and fertile land and available workers, the 244% tariff that the U.S. Government levies on…
Jeter, John. "Brazilians Soured by U.S. Sugar Tariffs." Washington Post 10 September 2003. Retrieved March 3, 2009, at http://www.washingtonpost.com .
Nogues, Julio J. "Unequal Exchange: Developing Countries in the International Trade
Negotiations." Murphy Institute Conference (2002). Retrieved March 4, 2009, at http://www.ctrc.sice.oas.org/geograph/south/nogues.pdf.
Office of the United States Trade Representative. "The Benefits of Trade for Developing
Since Chinese exports to the United States were six times greater than America's exports to China in 2006, it was a clear reflection of America's most imbalanced trading relationship. The debate on whether or not the United States should trade with China began in the early 1990s when America's economy was much healthier and Chinese exports to the United States were smaller. In the recent years, this debate has risen to include concerns on whether China's trade policies are resulting in the transference and loss of many U.S. jobs.
Reasons hy the U.S. Should Not Trade with China:
Given the concern by policymakers and the entire American public, the United States should not trade with China because of various reasons which have a huge impact on the American population. These reasons include:
As mentioned earlier, this is one of the reasons why the United States should not trade…
Morrison, Wayne M. "China-U.S. Trade Issues." Federation of American Scientists. Federation of American Scientists, 1 July 2005. Web. 13 May 2011. .
Scott, Robert E. "Costly Trade With China: Millions of U.S. Jobs Displaced with Net Job Loss in Every State." Economic Policy Institute: Research and Ideas for Shared Prosperity. Economic Policy Institute, 9 Oct. 2007. Web. 13 May 2011. .
Trumbull, Mark. "How Much Does U.S.-China Trade Hurt American Workers? Slowly, a Clearer Picture." The Christian Science Monitor. The Christian Science Monitor, 10 May 2011. Web. 13 May 2011. .
New Trade Theory
Since the end of the Cold War, the world has been undergoing a major transformation. This is because of globalization and advances in technology are making countries more interdependent upon one another. The basic idea is to reduce trade barriers and increase the total amounts of competition. Over the course of time, this will increase productivity and specialization (which will help to improve the standard of living in specific regions). However, the recent economic implosion from 2007 to 2009, are illustrating how all economic theories are filled with flaws. (Taylor, 2008, pp. 1 -- 11)
As a result, a host of new theories are being introduced to address these issues. In some cases, this involves taking old ideas and combining them with new techniques. While at other times, these views are building off of the mistakes of the past to create the best economic philosophy. To fully…
Gonzalez, M. (2011). Is Porter's Diamond Applicable. International Journal of Business and Social Science, 2 (6), 17 -- 30.
Greenway, R. (2007). Firm Heterogeneity. The Economic Journal, 117, F134 -- F161.
Jones, R. (1994). America's High Tech Industries. Journal of the Economics of Business, 1 (1), 151 -- 157.
Rob, R. (2003). Foreign Direct Investment. Review of Economic Studies 70, 629 -- 648.
Knowing that international trade is by definition a national-level issue does not stop people from pointing out its flaws. Protectionism arises from individual or national interest, or to protect infant industries. Each of these must be recognized, however, as a distortion in the trade system, a negative action undertaken to achieve a non-economic goal (Friedman & Friedman, 1997).
In the case of many countries, the benefits of international trade are negligible not because the money does not come into the country, but because the money is siphoned out of the economy before it can do any good. Corruption and other inefficiencies in a market can negate some of the benefits of international trade, before the citizens of the country see the benefit. In order that citizens see benefit, they must have low taxation rates, receive public goods from their governments, or receive jobs from their companies. In short, trade will…
Landsburg, L. (2007). Comparative advantage. Economics Library. Retrieved December 2, 2009 from http://www.econlib.org/library/Topics/Details/comparativeadvantage.html
Krugman, P. (1996). Ricardo's Difficult Idea. Slate. Retrieved December 2, 2009 from http://hei.unige.ch/~baldwin/ComparativeAdvantageMyths/RicardoDifficultIdea.htm
Krugman, P. (1999). Enemies of the WTO. Slate. Retrieved December 2, 2009 from http://hei.unige.ch/~baldwin/ComparativeAdvantageMyths/BogusArgumentsAgainstWTO.htm
Friedman, M. & Friedman, R. (1997). The case for free trade. Hoover's. Retrieved December 2, 2009 from http://www.hoover.org/publications/digest/3550727.html
Mercantilism as a philosophy may be dead, but special interests that lead to trade controls are alive and well (Mercantilism today: how a dead philosophy comes back to life, 2003). Trade controls that affect price and indirectly quantity include tariffs, subsidies, arbitrary customs-valuation and special fees (Daniels, Radebaugh, and Sullivan, 2007). Trade controls that directly affect quantity and indirectly affect price include quotas, voluntary export restrictions, "buy local" legislation, arbitrary standards, licensing arrangements, foreign-exchange controls, administrative delays and requirements to take goods in exchange for selling (Daniels, Radebaugh, and Sullivan, 2007).
Finally, businesses must also consider trade organizations and regional economic integration when deciding where to conduct business. The World Trade Organization promotes trade liberalization and mediates trade disputes and enforcing agreements (Daniels, Radebaugh, and Sullivan, 2007). Major regional trading groups include the European Union, the North American Free Trade Agreement, the Central American Common Market, the Caribbean Community and…
Daniels, J.D., Radebaugh, L.H., & Sullivan, D.P. (2007) International business: Environments and operations. Upper Saddle River, NJ: Pearson/Prentice Hall. ISBN: 0131869426.
Kokko, a., Matha, T., and Gustavsson, P. (2006). Regional integration and trade diversion in Europe. http://ideas.repec.org/p/hhs/eijswp/0231.html
Mercantilism today: how a dead philosophy comes back to life (2003, September 19). National Review. http://www.policynetwork.net/main/article.php?article_id=584
Also, the importation of technology from abroad exposes consumers and producers alike to the innovative use of vehicles, such as hybrid technology, that domestic producers can implement even better than the original manufacturer. Innovation is the ultimate driver of new sales and the creator of new markets and new markets means more jobs for workers.
Beginning a trade war by setting tariffs or limiting imports through quotas ultimately creates waste and more expensive cars for consumers. Giving domestic producers the ability to price their products artificially low through subsides encourages them not to innovate, a critical part of remaining competitive in a high-tech industry. It has been argued that American car manufactures are out of touch with the needs of car buyers and the needs of the environment alike, but isolating them through protectionism will only preserve company profits and jobs in the short run.
Only a few decades ago, China was a struggling economy. It is much newer in the free market economy system as compared to the already established economical giants, given the country's communist history. China, a country with an extremely high population, put its resources to its best possible advantage and that was something which contributed towards the country's rapid growth. China has one of the cheapest labor and energy and power resources available for its production. As a result, the industries can achieve economies of scale and thus can cut down on their cost of production. As a result, China enjoys a greater absolute advantage over its competitors. Importers around the world have realized the fact that importing goods from China is relatively much cheaper as compared to imports from other developed economies. These cheaper imports allow them a greater profit margin. Moreover, given the fragile economic conditions and declining…
Kreh, W. (2008). Money, Debt and Wealth of Nations. Canada: COMER publications
Lipsey, R. & Chrystal, K. (1997). An Introduction to Positive Economics. London: Oxford University Press.
Zweig, D. & Jianhai, B. (2005). China's global hunt for energy. Foreign Affairs, 84(5), 25-38.
Hale, D. & Hale, L. (2003). China takes off. Foreign Affairs, 82(36).
North American Free Trade Agreement
President Clinton signed the North American Free Trade Agreement Implementation Act-NAFTA on December 8th, 1993. Canada and Mexico soon followed suit and the North American Free Trade Agreement became active from January 1st 2004 and thus became the first comprehensive free trade agreement among major industrial nations and a developing a country. (A dynamic macroeconomic analysis of NAFTA - North American Free Trade Agreement -- Economic Perspectives) Thus NAFTA was launched in January 1994, and thereby The North American Free Trade Agreement became the largest free trade area in the world. (Canada and the North American Free Trade Agreement)
NAFTA created the world's largest free trade zone, which had coverage of around 360 million people and an annual investment and trade in terms of C$500 billion. (Key Economic events: 1994- North American Free Trade Agreement (NAFTA): Creating the World's Largest Free Trade Area) This agreement…
Canada and the North American Free Trade Agreement. June 10, 2003. Retrieved from http://www.dfait-maeci.gc.ca/nafta-alena/menu-en.asp Accessed on 17 November 2004
Castenada, Jorge G; Heredia, Carlos. The wrong free-trade deal? - North American Free Trade Agreement. March 1993. Retrieved from http://www.findarticles.com/p/articles/mi_m1453/is_n3_v40/ai_13609465 Accessed on 16 November, 2004
Creating a trade bloc than won't block justice, freedom - North American Free Trade Agreement and Mexico - Editorial - Cover Story. April 16, 1993. Retrieved from http://www.findarticles.com/p/articles/mi_m1141/is_n24_v29/ai_13685906 Accessed on 16 November, 2004
Facts Cloud Attempt to 'Celebrate' NAFTA 10th Anniversary Signing Ceremony.
Substitute strategy or substitution strategy was put in place by Brazil’s government following the 1930’s Great Depression because of the disastrous turn of events in its economy. With coffee being its main exporter at the time, Brazil had to change its economy. It did so during this time by creating an import substation strategy where the government would invest a massive amount of money and targeted key industries. Along with the investments and focus in other areas, Brazil’s government also safeguarded against competition using high tariff walls.
The article notes that the strategy worked for four decades. Brazil saw a 7% growth from 1950 to 1980. The strategy also led to the creation of a diversified and large industrial sector. However, in the 1980’s inflation soared, and disaster came once again. Along with high inflation, investment fell due to the fear of foreign investors in Brazil’s economy. As a…
hile most European nations state if a product has GMO technology it must be labeled, in America, consumers are accustomed to using GMOs with impunity, unaware if GMOs are present or not in the products they purchase -- and eat. The Europe Union has maintained "a voluntary eco-labeling program" in an effort to allow consumers to make informed choices ("Eco-labeling," hat's wrong, 2009). However, the U.S. commercial agricultural interests opposed even this policy, arguing that there is no evidence of a lack of safety attached to GMOs. American agricultural interests argued that the simple labeling of GMOs was anti-free trade and discriminatory, because it created the implication that a safe, usually American-produced product was possibly unsafe. "The issues were never resolved and the TO committees finally adopted a neutral report" ("Eco-labeling," hat's wrong, 2009).
The need to resolve difficult controversies regarding the free flow of trade between different nations is…
"Greenhouse Gases Controversy." What's wrong with the WTO? August 7, 2009.
"Eco-Labeling Controversy." What's wrong with the WTO? August 7, 2009.
Given the high degree to which AIDS impedes global economic integration, in particular of sub-Saharan Africa, it would be reasonable to think that such a transnational issue would bring nations and institutions together to a much higher degree than we see.
Overall, the various aspects of the international system have enabled the expansion of global economic integration. Regimes, institutions, and regional interests bring nations together to meet common objectives. As rational actors, nations sometimes impede global integration, be it over a domestic issue or a transnational one. No aspect of the current international system, however, specifically impedes global economic integration. Only when a nation takes itself out of the international system, as has occurred in North Korea, Cuba, Zimbabwe and a handful of other countries, does economic integration become fully impeded. Therefore we can reasonably conclude that the international system, on balance and with a modicum of cooperation on the…
Goldstein, Judith; Rivers, Douglas & Tomz, Michael. (2003). How does the Trade Regime Affect International Trade? Stanford University. Retrieved December 21, 2008 at http://www.allacademic.com//meta/p_mla_apa_research_citation/0/6/4/3/7/pages64379/p64379-1.php
Wayne, E. Anthony. (2004). NAFTA: Ten Years After. U.S. Department of State. Retrieved December 21, 2008 at http://www.state.gov/e/eeb/rls/rm/31645.htm
No author. (2003). Trade Reforms and Food Security: Conceptualizing the Linkages United Nations. Retrieved December 21, 2008 at http://www.fao.org/docrep/005/y4671e/y4671e00.htm#Contents
Capdevila, Gustavo. (2008). The Death of Doha. Asia Times. Retrieved December 21, 2008 at http://www.atimes.com/atimes/Global_Economy/JG31Dj02.html
Ever since Adam Smith demonstrated in The Wealth of Nations (1776) that individuals would be better off if they specialize, instead of trying to be economically self-sufficient, countries across the world have tried to apply the same principle to international trade. It is argued that all countries would be better off if they exchange the products and services that they are relatively good at producing for those things that other countries are relatively better at producing. David icardo (1772-1823), British economist and businessman, through his theory of Comparative Advantage went on to "prove" that it can be beneficial for two countries to trade, even if one of them is able to produce each item more cheaply than the other.
The colonialist powers, particularly Britain, had realized the benefits of international trade after its industrial revolution although it is highly debatable whether such trade was beneficial for the colonies…
Dollar, D. And Kraay, A. (2001). "Trade, Growth, and Poverty." Development Research Group: The World Bank. [Available online] Accessed on November 05, 2004 from http://econ.worldbank.org/files/2207_wps2615.pdf
Moore, Richard K. (1999). "Achieving a Livable, Peaceful World." Part I - Corporate rule and global ruin. Introduction. [Available online] Accessed on November 05, 2004 from http://cyberjournal.org/cj/rkm/alpw/p1.intro.html
Nordstrom, H. And Vaughan, S. (1999) "Trade and Environment." Special Study: World Trade Organization. [Available online] Accessed on November 05, 2004 from http://www.wto.org/english/tratop_e/envir_e/environment.pdf
'The Rural Poverty Trap." (2004). Oxfam Briefing Paper # 59. [Available online] Accessed on November 05, 2004 from http://www.maketradefair.com/en/assets/bp59_The_Rural_Poverty_Trap.pdf
Governing Law and Forum Selection
Boilerplate Language in International Contracts
USA-Brazil Trade: ules of Trade
Other Important Agreement and Laws Governing U.S. and Brazilian Trade
Comparison of Arbitration in South Carolina and Brazil
Conflicts arising out of contracts between international trading parties are on the increase with the rise and increase in international business and international trade. The courts that would hear and decide matters related to business conflicts between trading partners would look to the express terms of the contract as well as the applicable law within which the contracts have been formed and agreed upon by the two parties belonging to two different countries when one party considers the other party's actions to be a breach of the contract. The legal contract and the contents of the contract would be the basis on which courts would decide in arbitration cases and in cases…
Ahmadi, Maryam, and Leila Ahmadi. 'Intellectual Property Rights Of Nanobiotechnology In Trade Related Aspects Of Intellectual Property Rights Agreement (TRIPS)'. j bionanosci 6.1 (2012): 56-64. Web.
Bacc-ga.chambermaster.com,. 'News - Brazilian-American Chamber Of Commerce Of The Southeast (BACC-SE)'. N.p., 2015. Web. 3 Nov. 2015.
Bahmani-Oskooee, Mohsen, Hanafiah Harvey, and Scott W. Hegerty. 'Brazil -- "U.S. Commodity Trade And The J-Curve'. Applied Economics 46.1 (2013): 1-13. Web.
Berger, Klaus Peter. Private Dispute Resolution In International Business. The Hague: Kluwer Law International, 2006. Print.
Farmers are stated to have become "risk takers, created new markets, developed rural industries and migrated to urban areas. Farmers were no longer slaves to the state..." (1996)
Dorn notes the statement of Jianying Zha (1994:202) in the book "China Pop" that:
The economic reforms has created new opportunities, new dreams, and to some extent, a new atmosphere and mindsets. The old control system has weakened in many areas, especially the spheres of economy and lifestyle. There is a growing sense of increased space for personal freedom."
Dorn states that the optimism of Zha would certain be shared by anyone who has: "...seen the vibrancy of the market, the dynamism of the people, and the rapid growth of urban areas..." (1996) Dorn states: "Commercial life in China is evolving naturally as people flee the countryside for improved living conditions and the chance to strike it rich in the growing nonstate…
Daniel T. Griswold, CATO Institute, (2005)"Trading Tyranny for Freedon: How Open Markets Till the Soil for Democracy."
Dorn, James a. (1996) Trade and Human Rights: The Case of China. The Cato Journal Vol. 16 No.1. Spring-Summer 1996 Online available at http://www.cato.org/pubs/journal/cj16n1-5.html
Fewsmith, Joseph (2007) the Political Implications of China's Growing Middle Class. China Leadership Monitor. No. 21 the Hoover Institution. Online available at http://www.hoover.org/publications/clm/issues/8535722.html
Gresser, Edward (2006) Trading in Myth - Blueprint Magazine 9 February 9, 2006. Progressive Policy Institute. Online available at http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=108&subsecID=206&contentID=253726
According to Songchuan Chen’s essay, “An Information War Waged by Merchants and Missionaries at Canton: The Society for the Diffusion of Useful Knowledge in China, 1834-1839,” while the increased ability to disseminate mass printed materials had notable effects within Europe, it also had a substantive impact upon the ways in which Europeans interacted with foreigners. The Qing Dynasty in China met with considerable resistance when it attempted to create protective trade barriers to prevent the facilitation of opium trade between itself and Europe. Of course, this eventually resulted in the decisive military conflict, ending in a victory of British economic interests.
But even before that, the British engaged in a war for Chinese hearts and minds. As noted by Chen, in British thought and writing, it was assumed that the Chinese regarded the British as uncultured barbarians, although this was a highly schematic view of how the Chinese actually perceived…
Trade Agreements and Negotiations on International Trade
Trade is important to countries all around the world. International trade opens up job opportunities and also leads to development of economic activity in every region of the trading country. The trading countries must also ensure that traders, whether self-employed entrepreneur, corporate executive or pensioner must bear the responsibility of making sure that goods and services are transported efficiently to global markets. The best way to advance in international trade is to work on two aspects namely, the Trade Commissioner Service, and also foster productive ways of negotiating and administering trade agreements and rules.
International Trade is defined as follows:
The law relating to the exchange of goods and services between nations. Legal issues can relate to tariffs and government restrictions on export and import, as well as the contracts between the trading partners." [LawyerLocator - Glossary of Terms]
International Economic Data Bank - UN Trade Data, available at http://iedb.anu.edu.au/iedb/datainfo/UNtradedata.htm, accessed on: October 31, 2003
International Trade, available at http://www.dfait-maeci.gc.ca/trade/menu-en.asp , accessed on: October 31, 2003
International Trade Research, available at http://www.worldbank.org/research/trade/majoract.htm , accessed on: October 31, 2003
ITC - Products - Market Development Section - Artisanal Products Home Page, available at http://www.intracen.org/mds/sectors/artisanal/welcome.htm , accessed on: October 31, 2003
Trade Act of 1974 on Euro exchange rates?
Free Trade has been a key agenda for the past three presidents. In an expanding global market, tariffs and trade policies are more important today than they have been in the past. More and more countries are forming alliances such as the North American Free Trade Agreement (NAFTA), the Asian Alliance, and the European Union (EU). These trade agreements are meant to level the playing for all countries, both industrialized and emerging countries.
President Bush's trade policy is aimed at helping to generate American jobs, open markets to American products, and provide economic growth. Sometimes massive increases in imports can have a devastating effect on U.S. industries. [This has been the case for the U.S. steel Industry and is the issue addressed in Section 203 (B) (1) of the Trade Act of 1974. Foreign steel makers have had the luxury of government…
Arnold, James. Steel sector stares into the abyss. BBC News.com. March 6, 2002.
http://news.bbc.co.uk/hi/english/business/newsid_1857000/1857914.stm . Accessed April,
Arnold, James. Steel spat could mean wider worries. BBC News.com. March 6, 2002.
Free trade and the North-South divide
Globalization has been bringing along several concepts and ideologies and the concept of free trade has been growing in tandem with globalization though with several obstacles along the way. Basically, the meaning and context of free trade is a condition where international trade is facilitated making possible the exchange of capital, goods as well as services across international territories or borders without undue restrictions, conditions or controls. Free trade is significant for most nations since it significantly contributes to a good share of the Gross Domestic Product (GDP) of those nations. It is the type of trade that has been in existence for many decades and to date it is held as one of the most important kind of trade in facilitating the economic, political as well as social ties and interactions of nations of the world. Some of the aspect that facilitate the…
Brown Consultancy Services. (2012).Theory of International Trade. Retrieved February 25, 2015 from http://www.brownconsultancy.com/ds-theory-international-trade.aspx
Costinot, A & Donaldson D., (2004) Ricardo's theory of comparative advantage: Old idea, new evidence. Retrieved February 25, 2015 from http://www.nber.org/papers/w17969.pdf-new_window=1
Direct Selling Education Foundation, (1998). The North American Free Trade Agreement. Retrieved February 25, 2015 from http://www.library.unt.edu/gpo/oca/nafta.htm
Preparers, auditors, and users of financial statements must encourage and support compliance with the substance and form of the international standards; (3) the adoption and implementation of the international standards require action at both the national and international levels. At the national level, it is important that governments, regulators, and national standard setters place international convergence as a priority on their agendas. At the international level, it is important that the international standard setters establish processes and procedures that facilitate national input and lead to the development of high quality standards that are globally accepted; (4) Finally, it is clear that to achieve international convergence, action is necessary at all points along the information supply chain that delivers financial reporting. Boards of directors and management, who have the primary responsibility for financial reporting, as well as auditors, standard setters, regulators, and other participants in the financial reporting process, such as…
ACCA Chief Executive Calls for Revamp of IFRS Standards (2007) Association of Chartered Certified Accountants. 2007. Online available at http://www.accaglobal.com/archive/news/general/2422215
Diaconu, Paul and Coman, Nicoleta (2007) Accounting Research from the Globalization Perspective. International Journal of Social Sciences Vol. 1 No. 2, 2007. Online available at http://www.waset.org/ijss/v1/v1-1-5.pdf
FASB and IASB Agree to Work Together toward Convergence of Global Accounting Standards (2002) Business Wire 29 October 2002. Online available at http://findarticles.com/p/articles/mi_m0EIN/is_2002_Oct_29/ai_93509154
Hegarty, John; Gielen, Frederic; and Barros, Ana Christina Hirata (2004) Implementation of International Accounting and Auditing Standards: Lessons Learned from the World Bank's Accounting and Auditing ROSC Program. September 2004. Online available at http://www.worldbank.org/ifa/LessonsLearned_ROSC_AA.pdf .
On 4th May 2016 The Trade Union Bill received royal assent to become the Trade Union Act 2016.
Employment Minister Nick Boles said:
These changes will ensure people are only ever disrupted by industrial action when it is supported by a reasonable proportion of union members. The Trade Union Act means the rights of the public to go about their lives are fairly balanced with members ability to strike.
Unite General Secretary Len McCluskey said:
The bills progress today is a dark day for workers and for those who speak up in their defence when power is misused.
(Adapted from Moss (2016) Trade Union act 2016 becomes law, Personnel Today available at http://www.personneltoday.com/hr/trade-union-act-2016-becomes-law/ )
The Trade Union Act (2016) has been a controversial piece of legislation and did not have a smooth passage through parliament. The draft regulations are set to come into force on 1st March 2017.…
There are significantly more trade agreements in the world than I would have predicted. A list of final agreements between the United States and individual countries indicates that the United States alone has trade agreements with nations ranging from Argentina to Zimbabwe, and an impressive number of other countries, including Canada, Brazil, Taiwan, ussia, Mongolia, Korea, Jordan, and Ghana (Foreign Agricultural Service). Other countries have similarly large numbers of agreements (Government of Alberta). Trade agreements in the future are likely to become more prominent, given the increasing pressures of globalization. As such, countries with reciprocal trade agreements are likely to be more economically viable than those that tend to isolate themselves from trade in an increasingly interdependent world.
International politics are linked closely to international trade. Often, it is difficult to distinguish whether politics or trade takes the lead in global affairs. As an example, many Western countries…
Foreign Agricultural Service, United States Department of Agriculture. Trade Agreements. FAS Online. Last modified: Wednesday, May 12, 2004. 04 June 2004. http://www.fas.usda.gov/itp/agreements.html
Government of Alberta. Free Trade Agreements: Free Trade Agreements and the World Trade Organization (WTO). Agriculture, Food, and Rural Development. 04 June 2004. http://www1.agric.gov.ab.ca/$department/deptdocs.nsf/all/psc8323?opendocument
U.S. Canada Partnership for Growth. The Lumber Tariff Dispute - Let's Work it Out. 04 June 2004. http://www.partnershipforgrowth.org
Tariff and Nontariff Barriers
The dawn of globalization and the advancement of transport and communication technology have resulted in increased international trade. As a result, various multinational companies (MNCs) such as General Motors, Coca Cola, and Toyota have expanded their international activities. Because of the stiff competition that local producers face, various governments have embraced protectionist policies with the aim regulating international trade. For instance, the U.S. government imposed quotas on sugar imports in 1982 as part of its interventions in the sugar industry while Japan began restricting automobile exports to the U.S. In 1981 (Batten & Szilagyi, 2011). With increased calls for liberalism fueled by capitalist states, various trade restrictions have been scrapped off to facilitate international trade. This essay analyzes tariff and non-tariff barriers as protectionism policies adopted by various countries.
Tariffs refer to taxes that are imposed on governments on commodities with the aim of…
Batten, J., & Szilagyi, P.G. (2011). The impact of the global financial crisis on emerging financial markets. Bingley, U.K.: Emerald.
Hanson, D. (2010). Limits to free trade non-tariff barriers in the European Union, Japan and United States. Cheltenham, UK: Edward Elgar.
Heetkamp, A.V., & Tusveld, R. (2011). Origin management rules of origin in free trade agreements. New York: Springer
There are many arguments both for and against both free trade and protectionism. There are some that say that free trade should rule the day and that the market can regulate itself. There are others that suggest that the market is an immoral mess and/or that countries should be allowed to protect their national and economic interests if and when it becomes necessary. This report will talk about the pros and cons of each thought process and offer an overall opinion at the end. While free trade is generally the better course of action to follow, there are times and situations where at least some elements of protectionism are not beyond the pale.
Generally speaking, free trade is when trade is allowed to happen in an unfettered way. Rather than goods being blocked from crossing borders in the form of exports or imports, free trade is all about letting people…
Reflection Paper – International Trade
There has been a lot of talk lately about NAFTA being put at risk – either the US wanting to pull out of the deal or to significantly re-negotiate its terms. Industries that either benefit from NAFTA or feel that they do not benefit are lining up to express their positions – the latest being the auto industry, which has generally benefited significantly from NAFTA's country of origin rules
This discussion makes one reflect on the objectives of trade policy in general. The entire point of trade policy is to expand the economy by leveraging comparative advantages. While there are high profile instances where Mexico has comparative advantage, and has therefore won some trade away from the United States, the US has the most number of products in which it has a comparative advantage, with Mexico the least (Mzumara, Chingarande & Karambakuwa, 2012).…
However, our company need likely not worry about import controls, since import regulations and controls only apply to products under monopoly control such as medication.
Quota amounts are subject to annual review, but again our company is likely not going to be concerned with this since, although largely restricted to goods from developing countries, quotas are imposed only on textile goods and clothing,
Exchange control is the responsibility of the Central bank and is administered by authorized banks 4.
In short, our German construction common will be faced with minimal to no non-tariff restriction whatsoever.
Technical Barriers to Trade
Included under non-tariff barriers is Technical Barriers to Trade - a category unto itself, which entails that, each and every item of prefab and connected to prefab that the company imports into Switzerland has to cohere to mandatory technical regulations and voluntary standards that define specific characteristics. These define elements of…
Australian Government. "Doing business in Switzerland," https://www.austrade.gov.au/Doing-business-in-Switzerland/default.aspx (accessed February 1, 2011)
European Commission Trade: "Non-Tariff barriers," http://ec.europa.eu/trade/creating-opportunities/trade-topics/european-competitiveness/non-tariff-barriers (accessed February 1, 2011)
World Trade Organization (WTO), 2003. incidence of non-ad valorem tariffs in members' tariff schedules and possible approaches to the estimation of ad valorem equivalents pdf. http://wits.worldbank.org/witsweb/download/docs/wto_s10.doc (accessed February 1, 2011)
1 WTO, 2003
The European country continues to negotiate numerous terms of agreements with the global organizations and is increasing its efforts to align its technologies to those required in the international context.
Another impediment in the path to successful trade between the United States of America and ussia is given by the rampant legislature. Take for instance the case of an American entrepreneur who would like to open a new business subsidy in Moscow and conduct import and export operations. He would have to go through an estimated number of 20 to 30 governmental agencies and acquire somewhere between 50 and 90 licenses.
A following reason for the tense relationships between the countries is revealed by different approaches in financial regulations. Whereas the United States promote an open circulation of capital, the officials at Kremlin deny it. As a consequence, ussian entrepreneurs have limited access to funding and investments on both national…
Dinmore, G., U.S. And Russia Miss Deadline on Trade, Financial Times, 30 October, 2006
Wilson, J., the Fast Food Phenomenon, Russia's Other Booming Market, 2004, http://220.127.116.11/sras/news2.phtml?m=262,last accessed on April 4, 2008
The World Factbook, Central Intelligence Agency, 2008, https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.htmllast accessed on April 4, 2008
Background Note: Russia, Bureau of European and Eurasian Affairs, U.S. Department of State, 2007, http://www.state.gov/r/pa/ei/bgn/3183.html . Ast accessed on April 4, 2008
UNNNG HEAD: Microeconomics
All the countries in the world are dependent on each other nowadays. Countries need natural resources that are not present in their homeland or they may also be in need of some finished goods that they don't produce. This interdependency gives a beginning to trade between countries. The notion of international trade has become quite common nowadays as all the countries are participating in it. In addition to fulfilling the requirements of the country, international trade also increases overall efficiency of the production of a good. As some countries have the resources to produce certain goods at a lower cost than other countries. So, that cost efficient country can be given the chance to produce that good for other countries as well so that the overall cost of that product falls. The decision of international trade is undertaken by economies keeping either comparative or…
Andersen, L. And Babula, R. (2008). The link between openness and long-run economic growth. Journal of International Commerce and Economics, 1 pp. 1 -- 20.
Lipsey, R. And Harbury, C. (1994). First principles of economics. Oxford [u.a.]: Oxford Univ. Press.
Skipton, C. (2008). Trade Openness, Investment, and Long-Run Economic Growth. [e-book] Tampa: University of Tampa. p. 2. http://chuckskipton.com/uploads/SKIPTON_Openness_and_Investment_Ver_1E.pdf [Accessed: 25 Sep 2013].
Sun, P. And Heshmati, A. (2010). International Trade and its Effects on Economic Growth in China. [e-book] Bonn: Institute for the Study of Labor. pp. 7-11. http://ftp.iza.org/dp5151.pdf [Accessed: 25 Sep 2013].
Evolution of International Trade From Static to Dynamic Theories
Evolution of International Trade
Generally, the principles governing the gains from trade can apply in both foreign and domestic trade. Although there is a tendency by states to view the two elements as different, economists on the other hand, suggest that the consequences of international trade were an extension of the laws governing domestic trade. Some of these principles were established very early, but a number of economists, for instance, John Stuart satisfactorily showed that it was possible to use similar principles to explain international and domestic trade. Therefore, economists are now confident that questions pertaining trade are similar, for instance, what is the advantage of trade between two parties? etween regions or countries? If individuals were self-sufficient, and can produce food, cloth or shelter, the living standards would be very low (Appleyard, Field and Cobb, 2005).
On the other hand,…
Appleyard, D., Field, A. & Cobb, S. 2005. International Economics, New York: McGraw-Hill.
Appleyard, D. And Field, A. 2005. International Economics, New York: McGraw-Hill.
Aitken, B., & Harrison, A. (1999). Do domestic firms benefit from direct foreign investment?
Evidence from Venezuela. American Economic Review, 89 (3), pp. 605-618.
The Chinese currency was selected as the focus of this study for several reasons. The primary reason behind this selection is the rising importance of the Chinese currency's valuation compared to other major world currencies. This is because of China's already large and still-growing trade presence in all global markets and the artificial nature of its currency's valuation, as the government manipulates the exchange rate for the enminbi by tying it to certain other currencies rather than allowing it to "float" with market forces as do most other countries in the developed and developing world (India Times 2010). Despite this artificial hold on the currency, however, the enminbi has been allowed to appreciate in value at an increasing rate, and this is beginning to have an effect on the significant trade surplus that the country has long maintained (India Times 2010). The fact that China is the world's second…
India Times. (2010). U.S.-China trade and currency row rumbles on at APEC summit. Accessed 27 January. http://economictimes.indiatimes.com/news/international-business/U.S.-China-trade-and-currency-row-rumbles-on-at-APEC-summit/articleshow/6921709.cms
Lin, J. (2004). Lessons of China's Transition from a Planned Economy to a Market Economy. Leon Kozminski Academy of Entrepreneurship and Management (WSPiZ) and TIGER Distinguished Lectures Series n. 16.
For the period of the late 1960s and early 1970s, West Germany strived to assist the dollar. The United States and many other nations pushed West Germany to reassess so as to make up for the dollar excess. (Germany in the World Economy)
At last, after escalating waves of conjectures, the retton Woods system had a collapse in August 1971. All through the post-retton Woods period, the deutsche mark stayed under pressure. In order to relieve strain within Europe, West Germany and other European states assented to peg their currencies to a special system of comparatively narrow exchange rate bands officially named the 'European narrow-margins agreement' but unofficially identified as the 'snake'. The United States and West Germany performed main roles in attempting to organize a new global monetary system. but, in spite of its willingness to make small exchange-rate alterations for the benefit of new currency arrangements, West Germany…
Little German Reform Would Go a Long Way" (Dec 1, 2003) Business Week. Issue: 3860; pg. 22. Retrieved from home.uchicago.edu/~gbecker / Businessweek/BW/2003/12_01_2003.pdf Accessed on 24 November, 2004
Economic Survey - Germany 2004: Main issues and policy challenges"
Retrieved at http://www.oecd.org/document/17/0,2340,en_2649_201185_33633425_1_1_1_1,00.html . Accessed on 24 November, 2004
Economy of Germany" Wikipedia, the free encyclopedia. Retrieved at http://en.wikipedia.org/wiki/Economy_of_GermanyAccessed on 25 November, 2004
The Uruguay round would designate that the TO, through its primary role as a mediator, negotiator, and monitor of international trade policies and disputes, serves by design as a gatekeeper of international trade, offering the structural conditions and assembled authority to exact a legitimate level of authority over its member nations.
A good example of how the TO has strengthened the international governing community's ability to provide oversights for its member nations comes from the 1994 rounds of negotiation in Uruguay which essentially defined and forged the TO from the shadows of the GATT. In a consideration, for instance, of the newly afforded power to engage in the process of dispute settlement, we can see that the TO would have an expansive impact on the power of those who had already acted under the propositions of the GATT. The declaration produced by this round of talks would proceed by stating…
AdBrands. (2008). Wal-Mart Stores (U.S.). AdBrands.net.
Beierle, T. (2002). . From Uruguay to Doha: Agricultural Trade Negotiations at the World Trade Organization University of Connecticut: Discussion Papers.
Collins, J.C. (2007). Supply Chain. Accounting Software Research. Online at http://www.asaresearch.com/ecommerce/supplychain.htm .
Doha WTO Ministerial. (2006). Ministerial Declaration. The World Trade Organization.
"Dell recently established customer and technical support centers in India, China, Morocco, Panama, and Slovakia and has set up design centers in Taiwan and China. Furthermore, it not only has manufacturing facilities in Texas and Tennessee, but also in Brazil, Ireland, Malaysia, and China" (Pruitt, 2012).
Eeven though Dell has come under fire along with other companies by critics who say that offshoring is robbing U.S. citizens of jobs, the company's new chief executive officer has said that Dell will carry on to engage in the practice. The company's current chief operating officer has said that the issue of offshoring in regards to Dell has been overblown. Dell has said that it will persist to employ people overseas, where it sees market growth. The company derived almost forty percent of its revenue from international sales for its fiscal year 2004. In addition, it says that its potential growth is dependent…
Chestnut, D. 2012. Outsourcing & Offshoring in the 21st Century. Web. 6 March 2012.
Gibbs, M. 2004. Offshoring for the Right Reasons. Web. 6 March 2012.
Grossman, G.M. 2006. Trading Tasks: A Simple Theory of Offshoring. Web. 6 March 2012.
King, D. 2009. Offshore outsourcing: practical and ethical arguments for and against, from a small business perspective. Web. 6 March 2012.
Kiefer, K. (2007). Chapter 8: Do students lose more than they gain in online writing classes? In Joe Lockard and Mark Pegrum (Eds.), Brave New Classrooms: Democratic Education and the Internet (pp. 141-151). New York, NY: Peter Lang Publishing, Inc.
Introduce the topic and introduce the author and essay. Then state your thesis.
Writing courses in higher education are increasingly being offered in online environments, right along with many other academic coursework. Opinions about how well this online writing instruction is working vary widely. Kate Kiefer contributed a chapter to the book Brave New Classrooms: Democratic Education and the Internet. As a composition specialist teaching graduate writing theory and undergraduate composition courses, including a course titled Computers and Composition, Kiefer is solidly qualified to provide scholarly commentary on the very field in which she labors. In the early 1980s, Kiefer began a long-standing interest in computers and writing, co-founded and…
Bacow, L.S., Bowen, W.G., Guthrie, K.M., Lack, K.A., and Long, M.P. (2012, May). Barriers to adoption of online learning systems in U.S. higher education. Ithaka S+R. Retreived http://www.sr.ithaka.org/sites/default/files/reports/barriers-to-adoption-of-online-learning-systems-in-us-higher-education.pdf
Pickett, M.C. (2009). Overcoming technology barriers in adult online learning environments with modular instructional design. Proceedings of the ASBBS Annual Conference in Las Vegas, in February 2009, 16(1). Retreived http://asbbs.org/files/2009/PDF/P/PickettM.pdf
Examples like this occur throughout the EU, whereas at one point many nations within Europe had their own industries for most goods.
The standard of living in Europe has increased over the time that the EU has been around, but that can be said of most nations on Earth. The key to evaluating Europe's progress under the EU experiment is to consider if the standard of living in Europe is higher today than it would have been without the EU. This is actually debatable. Certainly, these nations have avoided war with each other, something that they could not manage to do prior to the EU. In addition, the nations within the EU have by far exceeded the success of the former Communist nations, or nearby nations like Turkey. Yet, one cannot really make the case that the EU nations are vastly ahead of non-EU nations like Switzerland or Norway. Those…
Investopedia. (2012). Production possibility frontier, growth, opportunity cost and trade. Investopedia. Retrieved May 14, 2012 from http://www.investopedia.com/university/economics/economics2.asp#axzz1ureHpKlk
Landsburg, L. (2007). Comparative advantage. Library of Economics and Liberty. Retrieved May 14, 2012 from http://www.econlib.org/library/Topics/Details/comparativeadvantage.html
Rittenberg, L. & Tregarthen, T. (2009). Principles of Microeconomics. FlatworldKnowledge.com
This paper provides further illustration of trade barrier to provide greater understanding on the method barrier to trade hurts economy. Fig 1 reveals the effects of international trade without trade barrier. From the graph, DD refers to domestic demand and DS means domestic supply, and the price of good is found at P, and the world price is found at P. However, domestic consumer will consume at Qw because the home country could only produce Qd. Thus, the home country must import Qw-Qd worth of goods to enhance efficiency in the economy.
Figure 1. Price without Trade Barrier
However, Fig 2 reveals the economy with trade barrier. It is revealed that the economy will not achieve maximum allocation of scarce resources because trade barriers reduce efficiencies because it would allow companies that would not have existed in a more competitive market environment to exist.
Figure 2. Price with the…
Anderson, Kym. Subsidies and Trade Barriers. University of Adelaide. The Centre for International Economic Studies.2004.
Elwell, C.K (2006). Trade, Trade Barriers, and Trade Deficits: Implications for U.S. Economic Welfare. CRS Report for Congress.
Jeffery Frankel and David Romer, Does Trade Cause Growth?, NBER Working Paper No.
5476, June 1999.
Ethics, Gross National Products
Gross National Product
Ethics is a branch of Philosophy and deals with the basics questions about right and wrong, virtue and vice, as well as good or bad nature of things human beings do in their daily lives. Thus, ethics is essentially related to the moral aspect of things. A thing, act, or idea of practice might be legally correct but may not be morally sound in given conditions. For instance, the pursuit of profit by firms is legally correct but ignorance to the well being of society in which that firm operates is morally incorrect. Essentials of ethics: The essential elements of ethics are related to the character of actions being taken by the human beings. The topic essentially deals with the behavior and its outcomes with respect to the impact created on fellow human beings and society as a collective…
Stimpert, J.L., & Duhaime, I.M. (1997). SEEING THE BIG PICTURE: THE INFLUENCE OF INDUSTRY, DIVERSIFICATION, AND Business STRATEGY ON PERFORMANCE. Academy of Management Journal, 40(3), 560-583.
Taylor, A., Chaloupka, F.J., Guindon, E., & Corbett, M. (2000). The impact of trade liberalization on tobacco consumption. Tobacco control in developing countries, 343-64.
Yue, C., Beghin, J., & Jensen, H.H. (2006). Tariff equivalent of technical barriers to trade with imperfect substitution and trade costs. American Journal of Agricultural Economics, 88(4), 947-960.
Human capital is used for acquiring knowledge and skills which increase individuals' value and productivity. Such skills are experience, training, and education. These skills aids in providing resources to enhance economic growth, and produce new businesses and technologies.
Despite affording costs in the United States, college education has raised individual's income. More educated persons have higher IQs and well educated and rich parents. Similarly, above hundred other nations with diverse cultures and economic systems, educated people have the same standards.
From the viewpoint of individuals, the college education increases benefits and income, while from the viewpoint of society; it enhances desirable social norm and values, communication and democracy, and produces effective leaders. Its monetary benefits include lowering of the probability of unemployment. On the other hands, non-monetary benefits include psychological benefits i.e. social acceptance, ability to communicate better, and make wise decisions.
On the labor market experience, obtained…
Alan Nelson (1984). Some Issues Surrounding the Reduction of Macroeconomics to Microeconomics. Philosophy of Science 51 (4):573-594.
Don Ross (1995). Real Patterns and the Ontological Foundations of Microeconomics. Economics and Philosophy 11 (1):113.
Julianne Nelson (1992). The Market Ethic: Moral Dilemmas and Microeconomics. Journal of Business Ethics 11 (4):317 -- 320.
It seems as if the tourism in Malaysia is heaving influenced by many factors including disease, environmental problems and terrorism. The average hotel occupancy in Penang has fluctuated between 60% in 1998 and 53% in 2002. Because of this fluctuation hotels often find themselves with an over abundance of rooms. Many hotels have competed to offer discounts (as much as 30% of the original rack rate). One all inclusive hotel that was priced at more than $700 per room had to lower its rate by 70% because of low occupancy (Kasim, 2007).
In looking at the virtual reference shelf of the Library of Congress it was interesting to see that there were several resources that could be used to investigate the topic of international marketing and its relation to trade barriers. Once source that I found that could be used for research purposes, pertains to data related to international trade.…
Kasim, Azilah. (2007). Corporate Environmentalism in the Hotel Sector: Evidence of Drivers
and Barriers in Penang, Malaysia. Journal of Sustainable Tourism. 15(6), 680-699.
Prokkola, Eeva-Kaisa. (2008). Resources and barriers in tourism development: cross-border cooperation, regionalization and destination building at the Finnish-Swedish border.
Fennia. 186(1), 31-46.
Correlating these academic findings with the initial statements in the paper, it can be said that the United States of American was eager to revive its economically challenged power and with this objective in mind, they made the transition from protectionism to free trade.
Without denying the importance of the previously mentioned arguments explaining the United States' movement from an enclosed and protectionist economy to one based on free trade, onald ogowski (1987) introduces a new concept. According to the author of Political Cleavages and Changing Exposure to Trade, the change in the U.S.' approach to international trade could be based on the relative power of other international players. Otherwise put, the United States could have changed its trade policies as a response to external forces. Some of these forces could include the relationship between the national exposure to trade and the growth rate in national expenditure or the costs…
Krasner, S.D., State Power and the Structure of International Trade, World Politics, Vol. 28, No. 3, April 1976, pp.317-347
Krol, R., Trade, Protectionism and the U.S. Economy -- Examining the Evidence, Trade Briefing Paper from the Cato Institute, September 16, 2008
McKeown, T.J., Hegemonic Stability and 19th Century Tariff Levels in Europe, International Organization, Vol. 37, No. 1, Winter 1983, pp. 73-91
Rogowski, R., Political Cleavages and Changing Exposure to Trade, The American Political Science Review, Vol. 81, No. 4, December 1987, pp. 1121-1137
FREE TRADE AGREEMENT- JORDAN-U.S.
Middle East has been the most volatile and conflict-infested region of the world, which has not only led to political instability but has also adversely affected economic conditions of the area. While the rest of the world is encountering a slow down in the economic activity primarily due to external factors, Middle Eastern areas have no one to blame but their violent history, which is fraught with domestic conflicts. To protect the economic conditions from, further deceleration, Middle Eastern countries refrained from adopting the principles of free trade. Several investment barriers were placed on foreign firms to remove risks of competition and to help the local firms grow and prosper. While on the one hand it did help the local markets, it also resulted in economic problem emerging from lack of competition and lack of foreign investment in the region. Keeping this in view, the last…
1. Daniel Pipes, The real 'new Middle East, Commentary: Volume: 106. Issue: 5. Publication Date: November 1998.
2. King Abdullah Ii - Heir Jordan: one state's story of economic transformation. Journal Title: Harvard International Review. Volume: 24. Issue: 4. Publication Year: 2003.
3. Ahmed Galal and Robert Z. Lawrence: Building Bridges: An Egypt-U.S. Free Trade Agreement. Publisher: Brookings Institution. Place of Publication: Washington, DC. Publication Year: 1998.
4. Moin A Siddiqi ECONOMIC REPORT: JORDAN. Magazine Title: The Middle East. Publication Date: September 2000.
ut neophytes should not attempt to do this. Halved coconuts can be dried in one of two ways. The first is by letting them dry by the heat of the sun, which takes a longer time. The other and faster way is by heating them. A bamboo house or shack without walls is built at about 3 feet above the ground. It has only a roof and a floor. The halved coconuts are piled on the floor. Some coconut husks are piled beneath the shack but not too close to burn the shack. A torch is used to set fire on these piled coconut husks but they are monitored carefully. More fire is set if it turns low. The halved coconuts turn brown and separate from the shells when ready for scooping. Just enough heat from medium to low is used to avoid burning. When the fruits at the bottom…
Albert, Jose Ramon G. How Important is Agriculture in the Economy? National
Statistical Coordination Board: Philippine Statistics Authority, 2013. Retrieved on May 1, 2014 from http://www.nscb.gov.ph/beyondthenumbers/2013/04122013_jrga_agri.asp
Baas, Stephen and Ramasamy, Selvaraju. Coconut Leaf Pruning in Bicol Region,
Philippines. Technologies and Practices for Small Agricultural Producers, 2013.