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In basic terms, trade liberalization has got to do with bringing down the various trade limitations existing between countries. It is important to note that in an attempt to protect their domestic industries, many countries from across the world have in the past erected numerous protectionist measures including but not limited to tariffs and quotas. This has amongst other things had the effect of stifling international trade. This text concerns itself with the impact of trade liberalization on developing economies.
The Impact of Trade Liberalization on Developing Countries
Before commencing on the main discussion, it would be prudent to briefly define a number of key terms which I will be making use of in this text. These terms include trade liberalization, tariffs, subsidies, and quotas. To begin with, tariffs in the words of Lipsey and Harbury (1992, p.215) are "taxes levied by the government on imports of a…
Arbache, J.S., Dickerson, A. And Green, F. 2004. Trade Liberalization and Wages in Developing Countries. The Economic Journal, 114(February), pp.F73-F96.
Carbaugh, R.J. 2011. International Economics. 13th ed. Mason, OH: Cengage Learning.
Dollar, D. And Kraay, A. 2004. Trade, Growth, and Poverty. The Economic Journal, 114(February), pp.F4-F20.
Edwards, S. (1998). Openness, Productivity and Growth: What Do We Really Know? The Economic Journal, 108 (March), pp.383-398.
Trade Between China and the United States
This paper discusses some theories about international trade, and why countries trade with one another. The first trade theory that warrants discussion is specialization, something that Adam Smith touched on. He used the analogy of specific professional to illustrate this theory -- nations do what they are best at. A quick look at the relationship between the U.S. And China illustrates this quite well. The United States is a world leader in innovation. A company like Wal-Mart is a leader at designing logistics and inventory management systems. It has no particular expertise in producing goods. China, on the other hand, has developed considerable expertise in recent years with respect to production. Thus, the arrangement between Wal-Mart and China, more or less, is that China makes the goods and Wal-Mart will then get those goods to market and sell them. This plays to the…
No author (2013). Intro to African-American studies. eBlackStudies.org. Retrieved November 25, 2013 from http://eblackstudies.org/intro/chapter1.htm
Porter, M. (1990). The competitive advantage of nations. Harvard Business Review. Retrieved November 25, 2013 from http://kkozak.wz.cz/Porter.pdf
Regents of the University of California, Petitioner v. Allan Bakke. Retrieved November 25, 2013 from http://www.law.cornell.edu/supremecourt/text/438/265
Riley, B. & Miller, T. (2013). Congress should get smart and cut tariffs to boost trade freedom. Heritage Foundation Retrieved November 25, 2013 from http://www.heritage.org/research/reports/2013/10/congress-should-get-smart-and-cut-tariffs-to-boost-trade-freedom
A trade or labor union is a small committee or organization that consists of workers or laborers within a corporation, which works for the betterment of the organization in terms of securing its employees. Such unions try to achieve pre-set goals such as extended employee hiring when needed, increasing pays and incomes of the workers, providing other fringe benefits to the employees housing, medical, compensations, other allowances and leaves to the workers, proving fair and unbiased working environment in which no one is favored. Such organizations assure workers rights and legislations, bonus and promotion laws, pre-notices before firing and any other such benefits to safeguard the rights of employees as a beneficial part of the organization. Trade union exists in every part of the world and there are specific rules and regulations with respect to the working environment of a country.
For a trade union to be strong…
Harcourt, M., & Wood, G.E. (2004). Trade unions and democracy: Strategies and perspectives. Manchester: Manchester University Press.
ILGA Europe. Trade Unions & LGBT Equality. Retrieved on 16/8/2012 from:
ILRF: International Labor Rights Forum. Retrieved on 16/8/2012 from: http://www.laborrights.org/about-ilrf
Trade between UAE and rest of the world
The level of trade has intensified between the United Arab Emirates and the rest of the world. Since the UAE have become members of the World Trade Organization in 1996 the country has become more involved in international trade. The success of UAE's trade activity is revealed also by the trade surplus of 470,939 million AED in 2012. This trade surplus can be attributed to shipments of oil and natural gas.
The most important exports partners for the UAE are Japan 15.4%, India 13.4%, Iran 10.7%, Thailand 5.5%, Singapore 5.5%, and South Korea 5.3%. The most exported commodities are represented by crude oil 45%, natural gas, reexports, dried fish and dates. The country's exports in 20134 reached $368.9 billion, ranking the UAE on the 18th place in comparison with the rest of the world countries.
The most important imports partners of UAE…
1. United Arab Emirates (2014). Central Intelligence agency, The World Factbook. Retrieved March 27, 2014 from https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html .
2. UAE -- U.S. Economic Relationship (2009). Embassy of the United Arab Emirates. Retrieved March 28, 2014 from http://www.uae-embassy.org/uae-us-relations/economic-diversification .
3. UAE Balance of Trade (2013). Trading Economics. Retrieved March 28, 2014 from http://www.tradingeconomics.com/united-arab-emirates/balance-of-trade.
4. Malek, C. (2014). UAE and Australia will Team up on Defense, Trade, Education. The National. Retrieved March 28, 2014 from http://www.thenational.ae/uae/uae-and-australia-will-team-up-on-defence-trade-education .
The (international debt) crisis offers various faces to the observer according to the nature of the issues involved -- be they purely financial, political, economic and social, or structural -- and according to the role of the actors involved in these issues -- be they debtor countries, multilateral development agencies, creditor governments, or commercial banks." (Kaufman, "Banking And Currency Crises And Systemic isk: Lessons From ecent Events")
Trade requires capital. There are approximately two hundred financial institutions throughout the worldwide that account for more than eighty percent of the world's total international banking exposure. Of these, there are twenty banks that have exposure of more than ten billion dollars and seven of them are from the United States, four are from the United Kingdom, three are from West Germany, three are from France, two are from Japan, and there is one from Canada. "The borrowing countries still have…
Allen, Roy E., et al. (1999). Financial Crises and Recession in the Global Economy. 2nd ed. Cheltenham, England: Edward Elgar Publishing.
Boon-Chye, Lee. (1993). The Economics of International Debt Renegotiation: The Role of Bargaining and Information. New York: Westview
Bouchet, Michel Henri. (1987). The Political Economy of International Debt: What, Who, How Much, and Why. Westport: Quarom Publishing.
Fatemi, Khosrow. (1988). International Trade and Finance: A North American Perspective. New York, NY: Praeger Publishers.
Say for instance that the central region of a large city is subjected to increased industrialization and major investments from foreign partners. This will increase the value of that particular region, will capture the interest of other investors and will increase the living standards of the workers and the population located in the vicinity of the new business venture. However, the marginal regions of the city, where the poorer population lives and works will remain unaffected by the central developments. The situation will as such generate relative poverty and will even further increase the income inequality.
The empirical evidence is based on numerous features and state that no general rule can be established, but that the results depend upon numerous features such as "the choice of period, of the sample, and of proxies" (Bhagwati and Srinivasan). As such, the results are once again contradictory, with findings to support…
Bhagwati, J., Srinivasan, T.N., Trade and Poverty in the Poor Countries
" The trade winds are also responsible for transporting water vapor, causing rain in Indonesia. The net effect of the trade winds is positive. However, the trade winds can have some very negative impacts, as well. In the summer, trade winds can turn into the hurricanes or typhoons, which can take a devastating toll on property and life. In fact, the trade winds are responsible for causing typhoons, which are both beneficial and detrimental; they bring much-needed rain, but are also responsible for destruction.
It is predicted that global warming will have a negative impact on the trade winds:
To remain energetically balanced, the rate at which the atmosphere absorbs water vapor must be balanced by the rate of rainfall. But as temperatures rise and more water evaporates from the ocean, water vapor in the lower atmosphere increases rapidly. Because of various physical processes, however, the rate of rainfall does…
Rosenberg, Matt. "Trade Winds, Horse Latitudes, and the Doldrums. About.com: Geography.
2008. About.com. 15 Feb. 2008 http://geography.about.com/od/physicalgeography/a/tradewinds.htm .
Than, Ker. "Global Warming Weakens Trade Winds." Live Science. 2006. Imaginova Corp.
14 Feb. 2008 http://www.livescience.com/environment/060503_walker_circ.html .
The historical exchange rate between the real and the dollar is as follows (source: IndexMundi):
Inflation was very high in the early 90s, then was calmed under the pegged exchange rate regime. Since the real's collapse, inflation has remained relatively high in Brazil, but has been under control. In recent years, inflation is increasing as Brazil's economy is performing well. This puts downward pressure and the real and in turn has a negative impact on the country's export-driven businesses.
I believe that the exchange rate policy has helped Brazil since the currency crisis. The price stability in the 1990s was also important but the policy at that time limited foreign direct investment to the public entities that were being privatized. In more recent years, liberalizing of the currency regime has helped to spur strong economic growth. However, as that growth has grown too large, the country has been forced to…
Bristow, M. & Soliani, A. (2011). Brazil signals no change in rate policy after cutting to 11%. Business Week. Retrieved December 3, 2011 from http://www.businessweek.com/news/2011-12-02/brazil-signals-no-change-in-rate-policy-after-cutting-to-11-.html
EurActiv. (2010). Brazil urged to remove trade barriers in telecoms. EurActiv.com. Retrieved December 3, 2011 from http://www.euractiv.com/infosociety/brazil-urged-remove-trade-barriers-telecoms-news-498136
Gabriel, S. (1999). Briefing on Brazil's economic crisis. Mt. Holyoke. Retrieved December 3, 2011 from http://www.mtholyoke.edu/courses/sgabriel/brazil.htm
Morais, R. (2005). Interview with Brazilian President Lula. Forbes. Retrieved December 3, 2011 from http://www.forbes.com/forbes/2005/0725/080sidebar4.html
Trade Barriers in France and Germany:
The creation of the European Union was fueled by the Franco-German understanding, which was a significant factor in this process. This understanding originated from the Germany, which was a divided nation, economic giant, and diplomatic pygmy, could compliment France, which was a medium economic power despite of its significant global diplomatic presence. Throughout the years, France has developed to become one of the most active players in the global trade regardless of its developed economy. On the other hand, Germany has continued to advance Western Europe's economic integration through lessening and/or removal of barriers to free trade and investment.
Since every country has certain trade barriers that govern its imports and exports, France and Germany also have trade barriers despite of the various initiatives they have adopted with regards to economic integration. In relation to natural resources and/or products, France and Germany actually use…
Martinez, V. & Bengoa, M. (2010, February). Integration Effects and Trade Barriers: Does
European Economic Integration Affect Foreign Direct Investment. Retrieved August 26, 2012, from http://dallasfed.org/assets/documents/institute/events/2010/10eu_martinez.pdf
"Trade Regulations and Standards." (2012, July 17). Helping U.S. Companies Export. Retrieved from International Trade Administration website: http://export.gov/germany/marketresearchongermany/countrycommercialguide/traderegulationsandstandards/index.asp
Like what was state previously, the main reason for the peg to be in place was to help provide China, with consistent economic growth (by making certain that their currency will remain at a set rate). This has caused sharp divisions between the U.S. / world opinion and China, as a number of different countries believe that the current policy gives the yuan an unfair advantage on world markets.
As a result, fears are running high that a potential currency war could take place between the U.S. And China on an economic front. This is a similar situation that occurred during the Suez Crisis of 1956, as ritain was facing declining influence in the world. At which point, they would become involved in a military conflict (over the Suez Canal). While no military conflict will occur in this situation, the U.S. is facing similar challenges with China when it comes…
"Chinese Economic Reform," Word IQ, last modified 2010. http://www.wordiq.com/definition/Chinese_economic_reform
"Mercantilism." Answers.com. Last modified 2010. http://www.answers.com/topic/mercantilism
"The Causes of the Suez Canal War of 1956." History Learning Site. Last modified 2010. http://www.historylearningsite.co.uk/causes_suez-crisis-1956.htm
Hansen, Ben. "Dollar Pegging," Sverdaze. Last modified 2007. http://www.sveardze.com/ip/econ351.pdf
Relationship Between WTO and GATT In his 2008 book, From GATT 1947 to GATT 1994, Mavroidis argues that the relationship of the General Agreement on Tariffs and Trade (GATT) with the World Trade Organization (WTO) Agreement and the many understandings has been resolved by WTO jurisprudence instead of legislative fiat. Conversely, the relationship of the GATT with other annexes has been resolved through legislative means. The WTO Appellate Body has consistently maintained that WTO Agreement is one agreement and that the GATT is one of its annexes. The legal implication is that the GATT disciplines have to be construed in a manner that takes into account the WTO Agreement. Given these factors, GATT need to take into account the WTO Agreement since it’s considered as one of its annexes. GATT should consider the WTO Agreement since it (GATT) exists as the World Trade Organization’s umbrella treaty for trade in different…
World Trade Organization, ‘DS477: Indonesia – Importation of Horticultural Products, Animals and Animal Products’ (World Trade Organization, 2017) accessed 26 Jan 2019
World Trade Organization, ‘The Process – Stages in a Typical WTO Dispute Settlement Case’ (World Trade Organization, 2018) accessed 26 Jan 2019
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."
Despite the fact that it is considered to be responsible for the immense inequalities in the economic sector, it also provides the progress for least developed countries and the environment for the maintenance of the developed countries. The existence of trade blocks such as NAFTA or ASEAN are even more reasons to consider globalization as a means of improvement in terms of politics, economic, and social aspects of life.
ASEAN. N.d. About. 28 September 2011 http://www.asean.org/about_ASEAN.html
Ian Goldin, Kenneth einert. 2006. Globalization for development: trade, finance, aid, igration and policy . World Bank: Palgrave Macmillan, Washington, DC .
D Henwood, 2003. "Beyond Globophobia." The Nation .November 28 September 2011 http://www.globalpolicy.org/globaliz/define/2003/1113globophobia.htm
D. Held,. 2005. Debating Globalization . Polity Press, Cambridge.
Economic Policy, 20 (1) Spring, 72-84
Woods N. 2000a 'The Challenge to International Institutions'. Primary eading.
D Henwood, "Beyond Globophobia." The Nation .November 13, 2003. 28 September 2011
ASEAN. N.d. About. 28 September 2011 http://www.asean.org/about_ASEAN.html
Ian Goldin, Kenneth Reinert. 2006. Globalization for development: trade, finance, aid, igration and policy . World Bank: Palgrave Macmillan, Washington, DC .
D Henwood, 2003. "Beyond Globophobia." The Nation .November 28 September 2011 http://www.globalpolicy.org/globaliz/define/2003/1113globophobia.htm
D. Held,. 2005. Debating Globalization . Polity Press, Cambridge.
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
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
It stated that the future negotiations will "try to achieve substantial improvements in market access; reductions of, with a view to phasing out, all forms of export subsidies; and substantial reductions in trade-distorting domestic support" (Beghin, oland-Holst and Van Der Mensbrugghe, 2002).
6. Possible future developments
All in all, the topic on the international trade of agricultural products remains opened for further discussions; and the most likely outcome is an increase in the efforts made by the World Trade Organization to resolve the disputes and complaints of the participants in the meaning of reducing and even eliminating export subsidies, while in the same time easing the access to the markets in the high income countries.
Ballenger, N., Blaylock, J., 2003, Consumer Driven Agriculture, Amber Waves, Volume 1 Issue
Beghin, J.C., Aksoy, a., 2003, Agricultural Trade and the Doha ound: Lessons from Commodity Studies, Center for Agricultural and ural Development,…
Ballenger, N., Blaylock, J., 2003, Consumer Driven Agriculture, Amber Waves, Volume 1 Issue
Beghin, J.C., Aksoy, a., 2003, Agricultural Trade and the Doha Round: Lessons from Commodity Studies, Center for Agricultural and Rural Development, Iowa State University, Retrieved at http://www.card.iastate.edu/publications/DBS/PDFFiles/03bp42.pdfon March 9, 2008
Beghin, J.C., Roland-Holst, D., Van Der Mensbrugghe, D., 2002, Global Agriculture and the Doha Round: What Are the Implications for the North and South?, Center for Agricultural and Rural Development, Iowa State University, Retrieved at http://www.card.iastate.edu/publications/DBS/PDFFiles/02wp308.pdfon March 9, 2008
Schmitz, a., Koo, W., Moss, C., 2003, International Agricultural Trade Disputes: Case Studies in North America, Department of Food and Resource Economics, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville, FL
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.
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
Trade between the United States and Japan [...] trade between the United States and Japan, such as exports and imports of goods, exports and imports of services, tourism, and investments. Japan and the United States are two of the premier forces in trade around the world. The two countries depend heavily on each other in a variety of trade areas, from electronics to tourism and banking. Together, they form a formidable bond of trade that dominates the world market and the world economy.
In 2002, Japan's total foreign trade was 52,109 billion yen. The portion they traded with the United States was 14,873 billion yen, or 28% of the country's total foreign trade ("Yearbook," 2003). Conversely, the United States only trades about 9% of their foreign trade with Japan, so there has been a deficit between the two countries for many years. This seems odd since Japan is a smaller…
Editors. (2004). Third report to the leaders on the U.S.-Japan regulatory reform and competition policy initiative. Retrieved from the United States Trade Representative Web site: http://www.ustr.gov /regions/japan/2004-06-08-japan-factsheet.pdf18 June 2004.
Editors. (2003). Japan statistical yearbook. Retrieved from the Japan Statistics Bureau Web site: http://www.stat.go.jp/english/data/nenkan/index.htm18 June 2004.
Trade and imperialism brought all the societies of the Near East into contact with one another during the Axial Age so that networks were established and goods and services flowed from society to the other. These networks also facilitated the dispersal of ideas, both religious and philosophical. By the end of the Axial Age, the foundations of Western thought had been laid by the classical philosophers in Greece: Socrates, Plato and Aristotle—and their ideas rooted in the observance of Transcendentals, or ideals, that individuals pursued through the cultivation of good or virtuous habits in their daily lives, spread to the next dominant empire in the West—the Roman Empire. This paper will discuss the transmission of technology, ideas (religious and philosophical), consumer goods, and germs from the end of the Axial Age to 1500 CE. It will also examine the treatment of indigenous people by expanding empires and conquerors as…
Trade Books in a Specific Curriculum
In the book give title, author's name discusses the potential advantages and difficulties of using textbooks and trade books in a specific curriculum. Though the use of such books can cause problems in terms of student learning, there are also many ways to integrate the use of text and trade books into specific curriculums. The key lies in the way the teacher integrates the material into their thematic study curriculums.
This paper looks at two examples of the use of textbooks in specific curriculums.
In the first article, Jean Ciborowski argues that too many students have difficulty comprehending information that is in their textbooks. Among the reasons Ciborowski cites are unduly difficult textbooks and uninspired teacher's editions.
Meanwhile, in the second article, Peter Afflerbach and Bruce VanSledright examine a case where an innovative history text enhances the learning of history in middle school classrooms.…
Afflerbach, Peter and Van Sledright, Bruce (2001). "Hath! Doth! What? Middle graders reading innovative history text." Journal of Adolescent and Adult Literacy 44(8): 696-707. EBSCO Database.
Ciborowski, Jean. (1995). "Using textbooks with students who cannot read them." Remedial and Special Educators, 16(2): 90-102. EBSCO Database.
S. with the land from which these manufacturing warehouses and factories were to be built. Inevitably, with the establishment of manufacturing companies in China, it had slowly developed and became known as one of the primary producers of technological products and merchandise -- that is, mass production of technological merchandise. China was pitted against its other Asian neighbors, especially Korea, when it comes to manufacturing (since Japan was known as the cradle of technological invention and innovation and not so much for manufacturing technological products and materials.
The third phase involves the integration of China into the world market. With the U.S. As its primary investor, China became a member of the World Trade Organization (WTO) at the onset of the 21st century. The country continued its role as provider of foodstuffs to America, especially agricultural products such as edible meat, vegetables, oil seeds, sugar, cocoa, nuts, and tobacco substitutes…
China in the WTO: An interview with Amb. Charlene Barshefsky." (March 2000). Asia Source Web site. Available at http://www.asiasource.org/news/at_mp_02.cfm?newsid=13811.
McMillion, C. (March 2000). "The U.S., China, and WTO: More false promises, debt, and unnecessary instability." Washington, DC: MBG Information Services.
Shambaugh, D. (April 2001). "No easy way forward with China." The New York Times Online. Available at http://www.nytimes.com/2001/04/03/opinion/03SHAM.html .
Worden, R., a. Savada, and R. Dolan. (July 1987). "China: a country study." Library of Congress, Federal Research Division.
Investment and Trade Over the Next 30 Years
Perhaps the most notable trend in recent economic history has been the falling-away of the influence of the G7 nations of United States, Japan, Germany, ritain, France, Canada and Italy and the explosion of economic clout in the developing world (What is the G7, 2012, Wise Geek). All eyes are looking to China, in terms of the trending of trade and investment patterns. China is the world's largest potential market, and still has untapped growth in terms of its vast consumer marketplace. That is why the Chinese economy is often seen as a barometer of the health of global demand. For example, in the last quarter, "trade was a net drag on growth last year as the world's second biggest economy turned in its slowest rate of expansion since 2009, at 9.2 per cent, with each quarter's growth in 2011 successively weaker…
Edwards, Nick. 2012. China surprises with March trade surplus. The Globe and Daily Mail.
Viewed 24 Apr 2012 at http://www.theglobeandmail.com/report-on-business/international-news/china-surprises-with-march-trade-surplus/article2396805/
Greenblatt, Alan.2011. As Europe ages, its economies look vulnerable. NPR. Viewed 24 Apr
2012 at http://www.npr.org/2011/09/24/140736119/as-europe-ages-its-economies-look-vulnerable
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
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.…
One of the current economic issues in America is the trade deficit, which is persistent and in most years growing. The U.S. had a slight trade surplus in the early 1980s, but since then has had a trade deficit. The deficit was growing through the mid-2000s and while it is still quite large, the straight downward trend in the trade deficit has flatlined (Trading Economics, 2014). The U.S. still has the world's largest current account deficit -- by a factor of nearly four (CIA World Factbook, 2014). Petroleum products account for a substantial portion of this, as much as 10%, but the development of fracking has reduced the percentage that oil contributes to the trade deficit, and has helped the trade deficit to flatline (U.S. Census Bureau, 2014). The major import partners are China (19%), Canada (14.1%), Mexico (12%) and Japan (6.4%). Of these, Canada and Mexico are not…
Amadeo, K. (2014). Trade deficit: Definition, causes, effects, role in BoP. About.com. Retrieved November 30, 2014 from http://useconomy.about.com/od/glossary/g/Trade_Deficit.htm
CIA World Factbook: United States. (2014). Retrieved November 30, 2014 from https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
FRB SF. (2007). Is the U.S. trade deficit a problem? What is the link between the trade deficit and exchange rates? Federal Reserve Bank of San Francisco. Retrieved November 30, 2014 from http://www.frbsf.org/education/publications/doctor-econ/2007/june/trade-deficit-exchange-rate
Trading Economics. (2014). United States balance of trade. TradingEconomics. Retrieved November 30, 2014 from http://www.tradingeconomics.com/united-states/balance-of-trade
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
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
Overall, fair trade is a great way to make sure that countries work together and help one another focus on developing and moving forward. Not all fair trade is fair, but most of the options given to people who want to see fair trade are better than what they would receive if they were not part of any particular fair trade agreements. People who are interested in fair trade and the Czech epublic's role in that trade have to consider that individuals and countries both have to play a role in whether trade is fair or whether there are problems with it that go deeper than WTO regulations. While the WTO is not the only organization that has anything to do with trade on an international level, it is certainly the most recognized. Because of the current strength of the Czech epublic and its ties to numerous other countries, the…
Czech Republic to join Schengen. (2006). The Prague Post.
Garrett, S.A. (1996). Conscience and power: an examination of dirty hands and political leadership. NY: Palgrave Macmillan.
Hochman, Ji-i. (1998). Historical dictionary of the Czech State. NY: The Scarecrow Press, Inc.
Rich, E.E., Wilson, C.H., & Postan, M.M. (1977). The Cambridge economic history of Europe: The economic organization of early modern Europe. NY: Cambridge University Press.
intra-industry international trade within the standard international trade classification SITC6, which represents manufactured foods classified chiefly by material. The scope of this paper is limited to processed foods, and includes analytical frameworks from the gravity model, and classic approaches to product differentiation, product commoditization, pricing, and market structure.
eferences to market structures in the literature typically oversimplify the dynamics influencing the development of market types -- perfect competition, monopolistic competition, oligopoly, and monopoly -- and this tendency is exacerbated when the focus is on intra-industry trade. Further, the distinctions become considerably more obfuscated when companies that are in the same trade do business in both domestic and international markets. A global manufacturing strategy is the goal of most multinational companies, and rationalizing manufacturing strategies is an objective for nations, as well (Lee, 1984). For instance, assume that a country has the industrial infrastructure to produce canned beverages, but there are…
Anderson, J.E. (2011). The gravity model. Annual Review of Economics, 3. Boston College.
Arribas, I., Perez, F., and Tortosa-Ausina, E. (2009). Measuring globalization of international trade: Theory and evidence. World Development, 37(1), 127-145. doi: 10.1016/j.worlddev.2008.03.009
Baier, S.I., and Bergstrand, J.H., (2009). Bonus vetus OLS: A simple method for approximating international trade-cost effects using the gravity equation. Journal of International Economics. Retrieved http://linkinghub.elsevier.com/retrieve/pii/S0022199608001062
Berstrand, J.H. (1985). The gravity equation in international trade: Some micro-economics foundations and empirical evidence. Review of Economics and Statistics, 67(3), 474-481. Doi: 10.2307.1925976
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.
Involved people in these illegal transfers take advantage of institutional weaknesses and corruption to achieve their objectives.
One of the constant features found along the research is the weak handling of systematic information by the state authorities, especially from the police bodies. At the same time, the lack of channels that facilitate the free access to information about official proceedings make it difficult for the citizens to take part in solving the problem (ibid.).
The borders' porosity is another risk for democracy because bordering zones are strategic spaces for different illicit traffics which look to be controlled by organized crime. Internationalization of crime and its organization structures represent a problem for national security and for the region's stability.
Illegal traffic of fire arms is associated with other illicit traffics which are complemented mainly with drug traffic. Economic resources generated with those actions at the sideline of law are higher than…
Camacho, Daniel Avila . " Interrelationship between Drug Trafficking and the Illicit Arms Trade."
Unidir.org. Unidir.org, 2012. Web. 9 Apr 2012. .
Cullinan, Jeanna . "Latin American Leaders Demand Action on Illicit Arms Trafficking ."
International Trade Transaction used by MNEs in Global Business
International Trade Transaction
In the Global business environment, a typical trade transaction is either initiated by a seller who wishes to export his goods to the potential buyers in the international markets or by a buyer who is in a need for some specific goods that are not available in his country or it is more feasible for him to purchase them from international sellers. An international trade transaction is quite similar to a general local trade transaction with certain additional steps and precautions. These steps and precautionary measures make the international trade transaction far more complex than a local transaction (Hinkelman & Ebrary 140).
Participants in an International Trade Transaction:
Generally, there are four major participants in an international trade transaction; the seller (beneficiary or exporter of goods), buyer (importer of goods), issuing bank, and advising bank. Every international trade…
Bertrams, Roeland. Bank guarantees in international trade: the law and practice of independent (first demand) guarantees and standby letters of credit in civil law and common law jurisdictions, 3rd Edition. Paris: ICC Publ. [u.a.], 2004. Print.
Carr, Indira. International Trade Law, 3rd Edition. U.S.: Routledge-Cavendish, 2005. Print
Hinkelman, Edward & Ebrary, Inc. Importers manual USA: the single source reference encyclopedia for importing to the United States, 4th Edition. San Rafael, CA: World Trade Press, 2004. Print.
Hinkelman, Edward & Shippey, Karla. Dictionary of international trade: handbook of the global trade community includes 19 key appendices, 6th Edition. Novato, California: World Trade Press, 2004. Print
Cap and Trade Policy:
In the past few years, there has been solid scientific evidence that global warming or climate change is taking place. This has contributed to the birth of carbon emissions trading within the European region and the enactment of several mitigation initiatives at the state level. These measures have in turn exerted pressure on the federal government to control the emission of carbon dioxide, which has reached fever pitch. Actually, the Bush Administration declared that America will work with other countries to develop a new model for the emissions of greenhouse gases though focusing on adaptation and energy-efficient technologies. In addition, the U.S. Congress is considering adopting the cap and trade policy within the economy because of the success of sulfur-trading initiatives that were enforced on the power sector. This consideration is fueled by the fact that the Congress has received several recommendations to adopt such systems.…
"Costs, Benefits, and a Roadmap for Cap and Trade." (2010, January 7). W.P. Carey School of Business. Retrieved from Arizona State University website: http://knowwpcarey.com/article.cfm?aid=166
Krugman, P. (2009, September 27). The Textbook Economics of Cap-and-Trade. The New York
Times. Retrieved May 2, 2013, from krugman.blogs.nytimes.com/2009/09/27/the-textbook-economics-of-cap-and-trade/
Stavins, R. (2012, October 22). Cap-and-Trade, Carbon Taxes, and My Neighbor's Lovely
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).…
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 Risk of Trade ith India
Over the course of the last decade, the once stagnant Indian economy had become among the fastest growing in the global community. The opening doors of free trade have made India a top destination for high-tech companies, a major service industry provider and host to countless foreign trade and production endeavors. However, just as its fortunes have improved with the proliferation of globalization, so too have its recent fortunes felt the decline of the global recession. As reported in an article from Businessline, Chennai, "due to the difficult financing conditions prevailing in the international credit markets and increased risk aversion by the lending counterparties, gross inflows of short-term trade credit to India declined in 2008-09 and this trend continued in 2009-10." (Anonymous, p. 1)
Still, India remains an economy rife with growth potential for foreign investors. An important factor in…
Anonymous (2010). NEWS: Export credit shows declining trend. Businessline, Chennai, pg. 1. Retrieved from library portal via coursenet.
Gill, A., Biger, N., & Tibrewala, R. (2010). Understanding and Mitigating Direct Investment Risk in the Indian Real Estate Market. Business and Economics Journal, 2010, 1-10. Retrieved from http://astonjournals.com/manuscripts/Vol2010/BEJ-2_Vol2010.pdf
Economics of International Trade China
Exploring the Economics of International Trade: China
"Chinese international trade has experienced rapid expansion together with its dramatic economic growth which has made the country to target the world as its market," and its expansion has only continued to show powerful growth within the international economic marketplace (Sun & Heshmati, 2010, p 1). After China was reopened to trading with the West in 1978, the country has really took off in becoming one of the world's biggest producers and exporters of a plethora of different goods. China has grown tremendously as nations like the United States have become their biggest trading partners. In response, China has helped refuel this growth with the manipulation of their currency and their heavy investment in the U.S. dollar, which ensures them a more competitive position for their exports.
For generations, China had closed itself off to trading and interacting…
American Manufacturing. (2012). China and currency manipulation. Issues. Web. Retrieved September 4, 2012 from http://americanmanufacturing.org/category/issues/china/china-and-currency-manipulation
Barboza, David. (2012). Business and economy in China. New York Times. Web. Retrieved September 4, 2012 from http://topics.nytimes.com/topics/news/international/countriesandterritories/china/business_and_economy/index.html
Congress Quarterly. (1999). The consumer culture. CQ Researcher, 9(44), 1001-1016.
Manzay, Terrance. (2010). China export industry dominates worldwide. Article Snatch. Web. Reprieved September 4, 2012 from http://www.articlesnatch.com/Article/China-Export-Industry-Dominates-Worldwide/3853472#.UEZqYKNIuHY
Thirdly, an advantage of the TO treaty is that it protects individual privacy when it comes to the "processing and dissemination of personal data and the protection of confidentiality of individual records and accounts" (www.wto.org). That issue came up because consumer advocate Ralph Nader was quoted as saying, "Particularly in the area of Internet privacy protections, the TO is forcing governments to forego sovereign privacy protections deemed to be overly restrictive to international trade" (www.wto.org). The TO's answer to that the trade deal signed by 123 nations "has had nothing whatever to do with internet privacy" and indeed a safeguard is built into the General Exceptions in Article XIV regarding processing and dissemination of personal data, as mentioned at the top of this paragraph.
The fourth advantage of international trade under the auspices of the TO is that deals signed cannot force any country to move towards the privatization…
Organics Unlimited. (2009). FreshPlaza: Global Fresh Produce and Banana News / EU
Proposal to end Banana Trade Dispute. Retrieved June 11, 2009, from http://www.freshplaza.com/news_detail.asp?id=38939 .
World Trade Organization. (2005). The Uruguay Round / GATS Fact and Fiction.
Retrieved June 13, 2009, from http://www.wto.org .
"Policy issues attract a substantial attention from both economists and policymakers in the recent years" (Obsteldt). ith such attention being focused on the policy issues, it makes more than a little sense, to focus the attention there as well in order to have a higher likelihood of success than without the same attention. In order to focus attention on those policy issues it must be understood what those policy issues entail.
Those issues can include such items as exchange rates, currency crises and other financial events taking place in either country. The MIT study stated other components should also be addressed. "These include theory and evidence of exchange rate-based stabilizations....sovereign debt management and reform of the international financial system" (Obsteldt). Since there is currently no major problems between the two countries, both countries participate in the orld Monetary Fund as active members, and neither country is mismanage their debt management,…
Bloomfield AI, (1994), Essays in the History of International Trade Theory, Aldershot, England: Edward Elgar Publishing
http://emlab.berkeley.edu/users/visfac/e280a_sp02/syllabus280a.pdf ., Accessed July 11, 2006
James AM, (1994), Books - Reviews; Essays in the History of International Trade Theory (Book), European Journal of the History of Economic Thought, Vol 1 Issue 3, pg 606
Obstfeld M, Rogoff K, Foundations of International Macroeconomics, The MIT Press
Fair Trade Live Up to Its Ethical Objectives?
The aim of this paper is to analyze the relevance of fair trade to the world today and whether it practices meets the ethical issue. The study will analyze its impacts both negative and positive to the developing countries and whether it has been a success for the developed economies. I wish to state that my discussion in this study considers fair trade as unethical even though it is a strong vehicle that has grown in the recent years with the main aim of minimizing global inequalities and intent in promoting globalization grounded in social justice and ecological sustainability. However despite the well meant intentions, it stands on unethical grounds.
Fair trade is one of the most debated topics in the economies since 19th century up to the 21st century and the arguments are along the lines of economic, moral, and socio-political…
Chrissy G, 2007, Fair Trade, A beginners' Guide (Beginners Guide), One world, California
Harriet, 2008, Change Today, Choose Fair Trade, Wiley Publishers, UK
Joseph E.2007, Fair Trade For All; How Trade Can Promote Development, Oxford University Press, USA
Kimberly M. & Lynne M, 2000, Artisans and Cooperatives: Developing Alternative Trade for the Global Economy, University of Arizona, Arizona
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.
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.
regional international institutions, International Monetary Fund, World Bank, United Nations, World Trade Organization, a financial institution. Select countries apply traditional international trade theories, absolute advantage, comparative advantage, factor endowment, enhance participation international trade.
International Trade Participation
The interaction between countries is a complex process that is strongly influenced by economic, political, and cultural factors. The need for this interaction is based on the resources that can be provided with smaller efforts by some countries to countries that need them. The need for resources has determined countries to involve in military, economic, and biological wars, or to involve in influence relationships where several countries support a larger community that can polarize greater power in the attempt to counteract the influence of other powerful countries. This is the case of the European Union that was developed in order to join the efforts of European countries so that they could balance the power…
1. Comparative Advantage (2014). Investopedia. Retrieved March 6, 2014 from http://www.investopedia.com/terms/c/comparativeadvantage.asp .
2. Regional Trade Agreements (2011). OECD. Retrieved March 6, 2014 from http://www.oecd.org/document/62/0,3746,en_2649_36442957_31839102_1_1_1_1,00.html .
3. Role of the World Trade Organization (2012). ICT. Retrieved March 6, 2014 from http://www.ictregulationtoolkit.org/en/section.1651.html.
Exchange Rate Volatility on Trade Flows
Exchange Rate Volatility
Impact on International Trade Flows
Exchange Rate Volatility
Impact on International Trade Flows
Trade Flow Responsiveness
The dissolution of the Bretton-oods system in 1973 introduced a new era for international markets. No longer would the exchange rates be pegged and fluctuating exchange rates changed the game for international trade and investment. The newly introduced increase in volatility in the foreign exchange markets also increases the risk of uncertainty for all international transactions. The floating rates produce new complexities that have implications for any individual or organization who buys sells, makes, or trades goods or currencies. These implications directly affect nation's balance of trade; however they also literally indirectly affect every individual's lives in one way or another.
The exchange rate volatility has had mixed theories produced by academia in terms of its effects on trade flows.…
BAHMANI-OSKOOEE, M., & KARA, O. (2003). Relative Responsiveness of Trade Flows to a Change in Prices and Exchange Rate. International Review of Applied Economics, 293-308.
Bahmani-Oskooee, M., & Wang, Y. (2008). IMPACT OF EXCHANGE RATE UNCERTAINTY ON COMMODITY TRADE BETWEEN THE U.S. AND AUSTRALIA. Australian Economic Papers, 235-258.
Cheong, Chongcheul, (2004) "Does the risk of exchange rate fluctuation really affect international trade flows between countries?." Economics Bulletin, Vol. 6, No. 4 pp. 1?8
Hegerty, M.B.-O. (2007). Exchange rate volatility and trade. Journal of Economic Studies, 34 No. 3, 211-255
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
In this author's opinion, a greater than ninety percent probability that humans are involved in global climate change, with the additional concern that irreversible detrimental consequences may result, is sufficient to warrant immediate action in reducing greenhouse gas emissions. ithin the scientific field an absolute certainty that humans have fueled global warming will never be obtained, no matter how much time is provided for study. It is paramount that action, such as the Cap and Trade Policy, is taken immediately to mitigate the production of greenhouse gases and slow global warming. Failure to take these steps will only exacerbate the deleterious effects of global warming as time progresses.
Many opponents to implementation of emissions restrictions, such as that of the Cap and Trade Policy, have also suggested that alternative energy sources are not sufficiently advanced or effective to meet the energy demands currently provided by fossil fuels. Presently, alternative energies…
Farrar, Amy. Global Warming. Abdo Pub Co, 2007.
Hufbauer, Gary Clyde, Steve Charnovitz, and Jisun Kim. Global Warming and the World Trading System. Peterson Institute, 2009.
Labatt, Sonia, and Rodney R. White. Carbon finance. John Wiley and Sons, 2007.
Metz, Bert, and Intergovernmental Panel on Climate Change. Climate change 2007. Cambridge University Press, 2007.
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
S. economy, causing job losses that reach into the most technologically advanced industries in the manufacturing sector and affect every state, according to a January 11 press release by the U.S.-China Economic and Security eview Commission" (U.S. Info State Government, 2005). Also, these job losses not only negatively impact the population, but they also affect the business community. With fewer workers and resources, American companies will no longer be able to compete against foreign organizations. "A high percentage of the layoffs are as a direct result of competition from foreign companies. Eventually, as more and more money leaves the U.S., our businesses will be powerless to prevent further such activity" (American Economic Alert, 2008).
American Economic Alert, 2008, Trade Ticker - the Up-to-the-Second Counter for the U.S. Trade Deficit, http://www.americaneconomicalert.org/ticker_home.asp, last accessed on February 8, 2008
Bater, J., June 13, 2005, Trade Deficit Widens as Prices ise for Oil…
American Economic Alert, 2008, Trade Ticker - the Up-to-the-Second Counter for the U.S. Trade Deficit, http://www.americaneconomicalert.org/ticker_home.asp , last accessed on February 8, 2008
Bater, J., June 13, 2005, Trade Deficit Widens as Prices Rise for Oil and Other Imports, the Wall Street Journal
Central Intelligence Agency, 2008, the World Factbook - United States, https://www.cia.gov/library/publications/the-world-factbook/geos/us.html , last accessed on February 8, 2008
Griswold, D.T., 1998, the Causes and Consequences of the U.S. Trade Deficit, the Cato Institute, http://www.cato.org/testimony/ct-dg061198.htmllast accessed on February 8, 2008
4 trillion to about $5 trillion dollars at the end of 2008 to support a rise in U.S. net external debt from $3.3 trillion to $7.4 trillion. (Ibid. 6) Continued financing of the U.S. trade deficits by the rest of the world is also not without its long-term problems: the U.S. would accumulate so much debt over time that the ultimate cost of adjustment would become too high for the U.S. economy. Hence, all indicators regarding the sustainability of the U.S. trade deficit are blinking red, despite the brave face that the Bush administration puts on the issue.
Is China the Source of the Deficit Problem?
The U.S. administration believes that the alleged under-valuation of the Chinese Yuan is the source of its deficit problems since there is a huge and growing trade imbalance between the U.S. exports and imports to China. The U.S. Senate recently passed a bill, threatening…
Balance of Trade." (2005). [Online]. Wikipedia the Free Encyclopedia. Available from: http://en.wikipedia.org/wiki/Trade_deficit [19 April 2005]
Beck, B. (12 April 2005). "It's more than the deficit, stupid!" [Online]. Political gateway. Available from: http://www.politicalgateway.com/main/columns/read.html?col=334[19 April 2005]
Cock-a-doodle-doo" (3 Feb 2005). [Online]. The Economist. Available from: http://internationalecon.com/MyCourses/News%20Stories/Economist_com%20%20China's%20exchange%20rate.htm[19 April 2005]
Mann, C.L. (1999). Is the U.S. Trade Deficit Sustainable? Washington D.C: Institute for International Economics
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].
Intenational Tade Between Bahain and Saudi Aabia
This is a pape on Tade between Bahain and Saudi Aabia, focusing on how it affects thei intenational tade elations with special attention to OPEC, GCC and the Qata dispute. It uses 22 souces in MLA fomat.
Both Saudi Aabia and Bahain ae membes of the Gulf Coopeation Council along with Qata, UAE, Kuwait and Oman. Unde the GCC Ageement, pefeential taiffs apply among the membe states. Since independence in 1971, Bahain has essentially pusued a libeal tade and investment policy, and has integated its economy closely with those of othe counties in the egion, though the Unified Economic Ageement of the Gulf Coopeation Council (GCC).
Tade and economic gowth in Bahain is stongly affected by vaiations in intenational enegy pices. Real GDP gowth, as a esult, was slowe duing the 1990s compaed with the pevious decade, aveaging aound 3.6% annually since 1994.…
2. U.S. DEPARTMENT OF STATE: BAHRAIN ECONOMIC POLICY AND TRADE PRACTICES. FEBRUARY 1994.
3. http://www.worldbank.org/ search.htm
4. http://www.wto.org /english/tratop_e/tpr_e/tp139_e.htm
Brexit and British Trade: Advantages and Difficulties
In June 2016, the UK voted to leave the European Union (EU). Commonly called "Brexit," the decision has raised a number of questions regarding Britain's current trading arrangements as well as possibilities and obstacles that await the UK post-EU (Hatzigeorgiou, Lodefalk, 2016). From a trade theory and policy perspective, this paper will assess the UK's current trading arrangements along with the potential advantages and difficulties it will likely face as a result of being outside the EU.
From a mercantilist trade theory perspective, Britain's current trading arrangements are based on what is good for the EU member states (Britain formerly being one of them). It is less protectionist from a nationalist point of view and the idea that a country might import less than it exports and thereby have a trade surplus. In the EU, the UK had a 24 billion pound trade…
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
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. .
Country Study: China
International trade and finance
China Economic Issues with Trade
Suggestions for improving trading practices
COUNTY STUDY: CHINA
COUNTY STUDY: CHINA
COUNTY STUDY: CHINA
China, officially the People's epublic of China (PC), is considered to be a sovereign state located in East Asia. It is the world's most populous country, with a population that has over 1.35 billion. The People epublic of China is a single-party state which is supervised by the Communist Party, with its seat of government in the capital city of Beijing (Naughton, 2012). It handles a regions that is over some 22 provinces, five of them are autonomous districts, four are direct-regulated cities (Beijing, Tianjin, Shanghai, and Chongqing), and two typically self-governing special administrative districts (Macau and Hong Kong ). (Snyder, 2011)The PC People epublic of China likewise makes the claim that Taiwan -- which is mostly controlled by the epublic of…
Lin, Cai and Li, The China Miracle. (2003, September 26). Retrieved from Chinese University Press: http://books.google.com/books?id=_OEwbLZ2vYwC&printsec=frontcover&dq=Lin,+Cai+and+Li,+The+China+Miracle,+Chinese+University+Press,+2003&hl=en&sa=X&ei=8CRCUqmkFaTx2QX01oGwDg&ved=0CDEQuwUwAA#v=onepage&q&f=false
Penn World Tables. (2013, September 7). Long run time series of comparable main economic aggregates for many countries in the world. https://pwt.sas.upenn.edu/.
World bank World Development Indicators. (2013, September). Time series of economic and social indicators for every country in the world (annual frequency). http://databank.worldbank.org/data/home.aspx .
Assem Reda, A.H. (2012). Exploring egypt-china bilateral trade: Dynamics and prospects. Journal of Economic Studies, 39(3), 314-326.