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1、Absolute Advantage：the greater efficiency that one nation may have over another in the production of a commodity.Comparative Advantage:A country has a comparative advantage in producing a goods if the opportunity cost of producing that goods in terms of other goods is lower in that country than it i
2、s in other countries.The terms of trade is the relative price at which two countries trade goods. Terms of trade =export price index/ import price indexSmall Country EffectIf a small nation trade with a very large nation according to its comparative advantage, the small nation can achieve complete l
3、abor specialization in production, and the large nation can not. The terms of trade must be the relative price of the large nation in autarky. Because the small nation is very small, it cant affect the supply and demand for any product of the large nation. As such, the small nation gets all the gain
4、s from trade and the large nation gets no gains from trade.Distribution of the gains from tradeExport-prompting measuresExport subsidies(出口补贴）Export credit (出口信贷）Export Credit Guarantee System（出口信贷担保）Foreign exchange dumping (外汇倾销）Free trade areasAssignment mechanisms of import quotaspublic auction-
5、system 公开拍卖 constant preference-system 固定的受惠application-procedure system 使用申请程序Export subsidies and its economic effectThe implication of export subsidesA quota is a direct quantitative restriction on the amount of a commodity allowed to be imported or exported (in the form of voluntary export restr
6、aints). As tariffs were negotiated down during the postwar period, then import quotas have been widely used by developed nations to protect their agriculture and by developing nations to stimulate import substitution of manufactured products and for balance-of-payments reasons. Other non-tariff barr
7、iers Industrial policy ,Government procurement Dumping and anti-dumpingTechnical barriers to tradeLabor and environmental standards,Transportation costs and tradeThe Theory of Protective Trade 1.Merchantilism 2. The optimum tariff theory3.The infant industry argument 4. Keynes protective trade theor
8、y 5. Strategic trade policy 6. The political economy of protectionism幼稚产业论 a national economy can be divided into five stages. In an early stage of industrialization required tariff protection to stimulate development.Infant industries are those that are not strong enough to survive open competition
9、 and have the growth potential. How toJudge。 。1.Mills test (穆勒标准）2.Bastables test（巴斯塔布尔标准）3.Kemps test (坎普标准）Main ideas of Keynes theory:There is deficiency of the domestic effective demand in free trade. So in open economy, the government should encourage export and limit import.While this theory r
10、ealized that the surplus cant increase without limitation. Post-Keynes multiplier theory Strategic trade policy is based on the incomplete competitive market, especially in the oligopoly market.The government should protect domestic industries by using the export subsides or import protection to cha
11、nge the market structure and gain the international competition.The political economy of protectionism Given that a country as a whole gains from trade, one would expect free trade to dominate most countries international trade policy. While the fact is not so.The interaction between the gains from
12、trade for the country and the gains from trade barriers for producers explains the existence of trade barriers.Protectionism and public choiceEconomists have developed the theory of public choice to describe political behavior.The premise underlying the theory of public choice is that politicians, l
13、ike all individuals, attempt to maximize their utility. In most cases, utility maximization for a politician means maximizing the number of votes he or she will receive in the next election.This implies the politicians tend to favor programs having immediate and clear-cut benefits combined with vagu
14、e, difficult to measure, or deferred costs.Introduction to regional economic arrangementsRegional economic integration refers to agreements between countries to reduce tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other.Regional trade agre
15、ements are trade agreements between two or more countries that reduce trade barriers only for those countries that are members of the agreementsTrade creation effects: Trade creation occurs when some domestic production in a nation is replaced by lower-cost imports from another member nation after t
16、he establishment of a customs union. This is a positive effect and can increase the welfare of member nations as a whole, because it leads to greater specialization in production based on comparative advantage. Trade diversion effect: Trade diversion occurs when lower-cost producers from outside the customs union are replaced by higher-cost producers from a union member after the establishment of a customs union because of the preferential trade treatment given to
