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1、InternationalEconomicsByRobertJ Carbaugh9thEdition InternationalEconomicsByRobertJ Carbaugh9thEdition Chapter1 TheInternationalEconomy 4 Elementsofinterdependence Trade goods services rawmaterials energyFinance foreigndebt foreigninvestment exchangeratesBusiness multinationalcorporations globalprodu
2、ction Economicinterdependence 5 Forcesdrivingglobalization Technologicalchange ProductionCommunication informationTransportLiberalizationoftrade investment Tariff non tariffbarrierreductionsLiberalizedfinancialtransactionsInternationalfinancialmarkets Economicinterdependence 6 WavesofGlobalization 1
3、stwave 1870 1914Fallingtariffbarriersimprovedtransportation2ndwave 1945 1980AgreementstolowerbarriersagainRichcountrytradespecializationPoornationsleftbehind3rdwave 1980 presentGrowthofemergingmarketsinternationalcapitalmovementsregainimportance Economicinterdependence 7 Exportsofgoodsandservicesasp
4、ercentofGrossDomesticProduct 2001 Economicinterdependence CountryExports ofGDP Imports ofGDP Netherlands68 62 Norway4830SouthKorea4641Canada4539Germany3534France2927UnitedKingdom2830Mexico2830UnitedStates1114Japan1110 8 LeadingtradingpartnersoftheUnitedStates 2000 Economicinterdependence ValueofUSVa
5、lueofUSCountryexports bill imports bill Canada 202 4 250 1Mexico125 2147 9Japan98 4165 3Germany45 274 3France30 640 6Italy16 431 0Netherlands28 915 0Belgium Luxembourg17 912 8China 2011 122 2324 5 9 Interdependence Impact OverallstandardoflivingishigherAccesstorawmaterials energynotavailableathomeAc
6、cesstogoods componentsmadelessexpensivelyelsewhereAccesstofinancingandinvestmentnotavailableathomeInternationalcompetitionencouragesefficiency Economicinterdependence 10 Interdependence Impact cont d Otherimpacts good badCurtailsinflationarypressuresathomeLimitsdomesticwageincreasesMakeseconomyvulne
7、rabletoexternaldisturbancesLimitsimpactofdomesticfiscalpolicyoneconomy Economicinterdependence 11 Comparativeadvantagemeans Iftherelativecostofmakingtwoitemsisdifferentintwocountries eachcangainbyspecializingintheoneitmakesmostcheaply eachhasacomparativeadvantageinthatproductEvencountriesthatmakenot
8、hingcheaplycanbenefitfromspecialization Comparativeadvantage 12 Commonfallaciesofinternationaltrade Tradeiszero sum tradecanbringbenefitstobothpartners Importsbad exportsgood ifyoubuynothingfromothercountries theyhavenoincometobuyfromyou Tariffsandquotassavejobs cuttingimportsmakesithardertoexport s
9、ootherjobsarelost Economicinterdependence 13 Competitiveness trade MainobjectiveofanynationistogeneratehighandrisingstandardoflivingNonationcanefficientlymakeeverythingitselfInternationaltradeallowscountriestofocusonproducingwhattheymakeefficientlyInefficientsectorswillbesqueezedoutSectorsopentocomp
10、etitionbecomemoreefficientandproductive Comparativeadvantage 14 Upsanddownsofglobalization AdvantagesProductivityincreasesfasterwhencountriesproduceaccordingtocomparativeadvantageGlobalcompetitionandcheapimportskeeppriceslowandinflationatbayAnopeneconomyencouragestechnologicaldevelopmentandinnovatio
11、nwithideasfromabroadJobsinexportindustriespaymorethanthoseinimport competingindustriesFreemovementofcapitalgivestheUSaccesstoforeigninvestmentandkeepsinterestrateslow Economicinterdependence globalization 15 Upsanddownsofglobalization DisadvantagesMillionsofUSjobslosttoimportsorproductionabroad thos
12、edisplacedfindlower payingjobsMillionsofotherAmericansfeargettinglaidoffWorkersfacepressureforwageconcessionsunderthreatofhavingthejobsmoveabroadServiceandwhite collarjobsarejoiningblue collaronesinbeingvulnerabletomovingoverseasUSworkerscanlosetheircompetitivenesswhenfirmsbuildstate of the artfacto
13、riesinlow wagecountries makingthemasproductiveasplantsintheUS Economicinterdependence globalization InternationalEconomicsByRobertJ Carbaugh9thEdition Chapter2 FoundationsofModernTradeTheory 17 Historicaldevelopmentoftradetheory MercantilismRegulationtoensureapositivetradebalanceCritics possibleonly
14、forshortterm assumesstaticworldeconomyAbsoluteadvantage AdamSmith CountriesbenefitfromexportingwhattheymakecheaperthananyoneelseBut nationswithoutabsoluteadvantagedonotgainfromtradeComparativeadvantage DavidRicardo Nationscangainfromspecialization eveniftheylackanabsoluteadvantage Foundationsoftrade
15、theory 18 Absolute ComparativeAdvantage Comparativeadvantage Absoluteadvantage eachnationismoreefficientinproducingonegoodOutputperlaborhourNationWineClothUnitedStates5bottles20yardsUnitedKingdom15bottles10yardsComparativeadvantage theUShasanabsoluteadvantageinbothgoodsOutputperlaborhourNationWineCl
16、othUnitedStates40bottles40yardsUnitedKingdom20bottles10yards 19 Ricardo sComparativeAdvantageinmoneyprices Comparativeadvantage Cloth yards Wine bottles NationLaborWageQuant PriceQuant PriceUS1hr 20 hr40 0 5040 0 50UK1hr 5 hr10 0 5020 0 25UK1hr 810 0 8020 0 40 at 1 6 1 20 Productionpossibilitiesschedule Generalizestheorytoincludeallfactors notjustlaborShowscombinationsofproductsthatcanbemadeifallfactorsareusedefficientlySlope ormarginalrateoftransformation showstheopportunitycostofmakingmoreofon
