ch19InternationalTrade,ComparativeAdvantage,andProtectionism.ppt

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1、Preparedby:FernandoQuijano&ShellyTefftCASEFAIROSTERPRINCIPLESOFMACROECONOMICSTENTHEDITIONCHAPTEROUTLINE19InternationalTrade,ComparativeAdvantage,andProtectionismTradeSurplusesandDeficitsTheEconomicBasisforTrade:ComparativeAdvantageAbsoluteAdvantageversusComparativeAdvantageTermsofTradeExc

2、hangeRatesTheSourcesofComparativeAdvantageTheHeckscher-OhlinTheoremOtherExplanationsforObservedTradeFlowsTradeBarriers:Tariffs,ExportSubsidies,andQuotasU.S.TradePolicies,GATT,andtheWTOFreeTradeorProtection?TheCaseforFreeTradeTheCaseforProtectionAnEconomicConsensusPARTVTHEWORLDECONOMYThe“i

3、nternationalization”or“globalization”oftheU.S.economyhasoccurredintheprivateandpublicsectors,ininputandoutputmarkets,andinfirmsandhouseholds.TheinextricableconnectionoftheU.S.economytotheeconomiesoftherestoftheworldhashadaprofoundimpactonthedisciplineofeconomicsandisthebasisofoneofitsmost

4、importantinsights:Alleconomies,regardlessoftheirsize,dependtosomeextentonothereconomiesandareaffectedbyeventsoutsidetheirborders.tradesurplusThesituationwhenacountryexportsmorethanitimports.tradedeficitThesituationwhenacountryimportsmorethanitexports.TradeSurplusesandDeficitsTABLE19.1U.

5、S.BalanceofTrade(ExportsMinusImports),1929–2009(BillionsofDollars)ExportsMinusImportsExportsMinusImports1929+0.41989−87.91933+0.11990−77.61945−0.81991−27.01955+0.51992−32.81960+4.21993−64.41965+5.61994−92.71970+4.01995−90.71975+16.01996−96.31976−1.61997−101.41977−23.11998−161.81978−25.41

6、999−262.11979−22.52000−382.11980−13.12001−371.01981−12.52002−427.21982−20.02003−504.11983−51.72004−618.71984−102.72005−722.71985−115.22006−769.31986−132.52007−713.81987−145.020082009−707.8−392.41988−110.1TradeSurplusesandDeficitsCornLawsThetariffs,subsidies,andrestrictionsenactedbytheBrit

7、ishParliamentintheearlynineteenthcenturytodiscourageimportsandencourageexportsofgrain.theoryofcomparativeadvantageRicardo’stheorythatspecializationandfreetradewillbenefitalltradingpartners(realwageswillrise),eventhosethatmaybeabsolutelylessefficientproducers.TheEcon