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1、International Business 7e by Charles W.L. Hill,McGraw-Hill/Irwin Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.,Chapter 6 The Political Economy of International Trade,Introduction,Free trade occurs when governments do not attempt to restrict what its citizens can buy from ano
2、ther country or what they can sell to another country While many nations are nominally committed to free trade, they tend to intervene in international trade to protect the interests of politically important groups,Instruments Of Trade Policy,The main instruments of trade policy are: Tariffs Subside
3、s Import Quotas Voluntary Export Restraints Local Content Requirements Administrative Polices Antidumping Policies,Tariffs,Tariffs are taxes levied on imports that effectively raise the cost of imported products relative to domestic products Specific tariffs are levied as a fixed charge for each uni
4、t of a good imported Ad valorem tariffs are levied as a proportion of the value of the imported good Tariffs increase government revenues, provide protection to domestic producers against foreign competitors by increasing the cost of imported foreign goods, and force consumers to pay more for certai
5、n imports So, tariffs are unambiguously pro-producer and anti-consumer, and tariffs reduce the overall efficiency of the world economy,Subsidies,Subsidies are government payments to domestic producers Consumers typically absorb the costs of subsidies Subsidies help domestic producers in two ways: th
6、ey help them compete against low-cost foreign imports they help them gain export markets,Classroom Performance System,When tariffs are levied as a fixed charge for each unit of a good imported, they are called a) Specific tariffs b) Ad valorem tariffs c) Tariff rate quotas d) Transit tariffs,Import
7、Quotas And Voluntary Export Restraints,Import quotas directly restrict the quantity of some good that may be imported into a country Tariff rate quotas are a hybrid of a quota and a tariff where a lower tariff is applied to imports within the quota than to those over the quota Voluntary export restr
8、aints are quotas on trade imposed by the exporting country, typically at the request of the importing countrys government A quota rent is the extra profit that producers make when supply is artificially limited by an import quota Import quotas and voluntary export restraints benefit domestic produce
9、rs by limiting import competition, but they raise the prices of imported goods,Local Content Requirements,A local content requirement demands that some specific fraction of a good be produced domestically Local content requirements benefit domestic producers, but consumers face higher prices,Classro
10、om Performance System,A _ demands that some specific fraction of a good be produced domestically a) subsidy b) quota rent c) voluntary export requirement d) local content requirement,Administrative Policies,Administrative trade polices are bureaucratic rules that are designed to make it difficult fo
11、r imports to enter a country These polices hurt consumers by denying access to possibly superior foreign products,Antidumping Policies,Dumping refers to selling goods in a foreign market below their costs of production, or selling goods in a foreign market below their “fair” market value Dumping ena
12、bles firms to unload excess production in foreign markets Some dumping may be predatory behavior, with producers using substantial profits from their home markets to subsidize prices in a foreign market with a view to driving indigenous competitors out of that market, and later raising prices and ea
13、rning substantial profits Antidumping polices (or countervailing duties) are designed to punish foreign firms that engage in dumping and protect domestic producers from “unfair” foreign competition,The Case For Government Intervention,Arguments for government intervention: Political arguments are co
14、ncerned with protecting the interests of certain groups within a nation (normally producers), often at the expense of other groups (normally consumers) Economic arguments are typically concerned with boosting the overall wealth of a nation (to the benefit of all, both producers and consumers),Politi
15、cal Arguments For Free Trade,Political arguments for government intervention include: protecting jobs protecting industries deemed important for national security retaliating to unfair foreign competition protecting consumers from “dangerous” products furthering the goals of foreign policy protectin
16、g the human rights of individuals in exporting countries,Classroom Performance System,Which of the following is not a political argument for government intervention? a) protecting jobs b) protecting infant industries c) protecting industries deemed important for national security d) protecting consumers from “dangerous” products,Protecting Jobs And Industries,Protecting jobs and industries is the most common political reason for trade restrictions Usuall
