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1、外文翻译原文USANDCHINATRADEFRICTIONMaterialSource:www.google.comAuthor:PHANCAMTUINTRODUCTIONThehistoryoftradepassedbymorethanthousandsofyears(DechentandHewitt2008,12),themilestonesweremarkedin500BCwhenancientnetworksestablishedbetweenGreececumitsEasternneighborsandfrom206BCto220ADwhenthe“SilkR
2、oad”connectedbetweenChinaandmarketsconcludingIndia,Afghanistan,IranandEurope.Overyears,tradehasexpandedtowardstheinternationalscaleandplaysanimportantroleintheworldeconomy.Alongwiththistrend,theoriesrelatedtotradehavebeendevelopedandmoreperfected.Inthisassignment,Iwillgointodetailsoftrad
3、etheoriesfromclassicaltoneoclassicalandthenimplementthemtoexplaintheunderlyingcurrentreach-to-peaktradefrictionbetweenUSandChina.LITERATUREREVIEWAccordingtotheclassificationofAppleyard,FieldandCobb(2006),theoriesinherentintradearedividedintotwomainstreamsconsistingoftheclassicalandneocla
4、ssicalormodern.Withrespecttotheearlytheoryoftrade,thereareconceptionsofMercantilistsandthreesalienteconomistsembracingDavidHume,AdamSmithandDavidRicardo.ReMercantilismorpoliticaleconomyofstatebuilding,albeititwasderivedfromtheyearsof1500to1750,sofaritstillremainsitsoriginalvaluesandhasbe
5、enappliedinvariousnations,notablyChinainthiscase.Forthisreason,IamsureIshoulddiscussfullyissuesadheredtoit.Thekeythinkingofthisschoolisthattheacquisitionofgoldandpreciousmetalsistheoriginofwealthandpowerofacountry.Tradeisregardedasazerosumgameorbeggar-thy-neighbor,thatis,thewinofonesidei
6、ntradeisattheexpenseofthelossoftheotherone.Inotherwords,therearenoplay-fairgameandmutualorreciprocalbenefitsamongpartiestakingpartindoingtrade.Onepartyhastoloseitsprofitinreturnforthegainoftheothers.Inaddition,theMercantilistsstressedthatexportshouldbekeptinexcessofimport,thatis,afavorab
7、lebalanceoftradeorpositivetradebalance.Onthecontrary,inthecasethatexportislessthanimport,itiscalledasunfavorablebalanceoftradeornegativetradebalance.Inthissense,exportissupposedtobringtheprosperityandeconomicwealthforpeopleandthenation;bycontrast,importwouldimpoverishthem
