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TheTheoriesofInternationalTradeandInvestment2021/8/51TheTheoriesofInternationalLearningObjectivesTounderstandthetraditionalargumentsofhowandwhyinternationaltradeimprovesthewelfareofallcountriesToreviewthehistoryandcomparetheimplicationsoftradetheoryfromtheoriginalworkofAdamSmithtothecontemporarytheoriesofMichaelPorterToexaminethecriticismsofclassicaltradetheoryandexaminealternativeviewpointsofwhichbusinessandeconomicforcesdeterminetradepatternsbetweencountriesToexplorethesimilaritiesanddistinctionsbetweeninternationaltradeandinternationalinvestment2021/8/52LearningObjectivesTounderstaTheEvolutionofTradeTheory2021/8/53TheEvolutionofTradeTheory2TheAgeofMercantilismTheevolutionoftradeintotheformweseetodayreflectsthreeevents:TheCollapseofFeudalSocietyTheEmergenceoftheMercantilistPhilosophyTheLifeCycleoftheColonialSystemsoftheEuropeanNation-States2021/8/54TheAgeofMercantilismTheevoMercantilismMixedexchangethroughtradewithaccumulationofwealthConductedunderauthorityofgovernmentDemiseofmercantilisminevitable2021/8/55MercantilismMixedexchangethrClassicalTradeTheoryTryingtoExplain:Whycountriestrade,andWhysomecountriesgrowfasterandwealthierthanothersthroughtrade?2021/8/56ClassicalTradeTheoryTryingtClassicalTradeTheoryTheTheoryofAbsoluteAdvantageTheabilityofacountrytoproduceaproductwithfewerinputsthananothercountry
TheTheoryofComparativeAdvantageThenotionthatalthoughacountrymayproducebothproductsmorecheaplythananothercountry,itisrelativelybetteratproducingoneproductthantheother2021/8/57ClassicalTradeTheoryTheTheoClassicalTradeTheoryContributionsAdamSmith—DivisionofLaborIndustrialsocietiesincreaseoutputusingsamelabor-hoursaspre-industrialsocietyDavidRicardo—ComparativeAdvantageCountrieswithnoobviousreasonfortradecanspecializeinproduction,andtradeforproductstheydonotproduceGainsFromTradeAnationcanachieveconsumptionlevelsbeyondwhatitcouldproducebyitself2021/8/58ClassicalTradeTheoryContrib2021/8/592021/8/59TheoryofAbsoluteAdvantageAbsoluteAdvantageThecapabilityofonenationtoproducemoreofagoodwiththesameamountofinputthananothercountryAdamSmithclaimedthatmarketforces,notgovernmentcontrols,shoulddeterminethedirection,volume,andcompositionofinternationaltrade.2021/8/510TheoryofAbsoluteAdvantageAbTheoryofAbsoluteAdvantage
AnExampleAssumptionsPerfectcompetitionandnotransportationcostsinaworldoftwocountriesandtwoproducts.Eachnationhastwoinputunitsitcanusetoproduceeitherriceorautos.Eachcountryusesoneunitofinputtoproduceeachproduct.2021/8/511TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleCostofproducing3tonsofriceintheU.S.shouldbeequaltothecostofproducing2autosintheU.S.U.S.hasanabsoluteadvantageinriceproduction(3to1).Japanhasanabsoluteadvantageinautoproduction(4to2).2021/8/512TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleIfeachcountryspecializesinitsmostefficientproduct,thenfor2unitsinspecialization,outputisasfollows:(3X2)(4X2)unitsunits2021/8/513TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleTermsofTrade(RatioofInternationalPrices)2021/8/514TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleGainsfromSpecializationandTrade2021/8/515TheoryofAbsoluteAdvantage
ATheoryofComparativeAdvantageComparativeAdvantageAnationhasacomparativeadvantageinproducingthegoodinwhichitsabsolutedisadvantageisless.TheoryofcomparativeadvantagewasdemonstratedbyRicardoin1817.2021/8/516TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleJapanhasarelativeorcomparativeadvantageinproducingautos.2021/8/517TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleIfeachcountryspecializes,thenfor2unitsinspecialization,outputisasfollows:(6X2)(4X2)unitsunits2021/8/518TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleTermsofTrade(RatioofInternationalPrices)2021/8/519TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleFinalResult2021/8/520TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleGainsfromSpecializationandTrade2021/8/521TheoryofComparativeAdvantagClassicalTradeTheoryNationalProductionPossibilitiesProductionPossibilitiesFrontiers2021/8/522ClassicalTradeTheoryNationalProductionPossibilityFrontiers,SpecializationofProductionandtheBenefitsofTrade2021/8/523ProductionPossibilityFrontieClassicalTradeTheoryOpportunityCostsTheGainsFromInternationalTradeConcludingPointsAboutClassicalTradeTheoryDivisionofLaborComparativeAdvantageGainsFromTrade2021/8/524ClassicalTradeTheoryOpportunFactorProportionsTradeTheoryDevelopedbyEliHeckscherExpandedbyBertilOhlin2021/8/525FactorProportionsTradeTheorFactorProportionsTradeTheory
ConsidersTwoFactorsofProductionLaborCapital2021/8/526FactorProportionsTradeTheorFactorProportionsTradeTheoryAcountrythatisrelativelylaborabundant(capitalabundant)shouldspecializeintheproductionandexportofthatproductwhichisrelativelylaborintensive(capitalintensive).2021/8/527FactorProportionsTradeTheorFactorProportionsinProduction2021/8/528FactorProportionsinProductiFactorProportionsTradeTheoryFactorIntensitiesFactorProportionsFactorEndowments,FactorPrices,andComparativeAdvantageAssumptionsoftheFactorProportionsTheory2021/8/529FactorProportionsTradeTheorTheLeontiefParadoxTheTest:CouldFactorProportionsTheorybeusedtoexplainthetypesofgoodstheUnitedStatesimportedandexported?TheMethod: Input-outputanalysis2021/8/530TheLeontiefParadoxTheTest:2TheLeontiefParadoxTheFindings: TheU.S.exportedlabor-intensiveproductsandimportedcapital-intensiveproducts.TheControversy: Findingsweretheoppositeofwhatwasgenerallybelievedtobetrue!2021/8/531TheLeontiefParadoxTheFindinOverlappingProductRangesTheory:
StaffanBurenstamLinderTradeinmanufacturedgoodsdictatednotbycostconcerns,butbysimilarityinproductdemandsacrosscountries.Workfocusedonpreferencesofconsumerdemand.Today,termedmarketsegments.2021/8/532OverlappingProductRangesThInternationalInvestmentandProductCycleTheoryTheStagesoftheProductCycleStage1:TheNewProductStage2:TheMaturingProductStage3:TheStandardizedProductTradeImplicationsoftheProductCycleProductCycleTheory2021/8/533InternationalInvestmentandPTradePatternsandProductCycleTheory2021/8/534TradePatternsandProductCycProductCycleTheoryRaymondVernonFocusontheproduct,notitsfactorproportionsTwotechnology-basedpremises2021/8/535ProductCycleTheoryRaymondVProductCycleTheory:
Vernon’sPremisesTechnicalinnovationsleadingtonewandprofitableproductsrequirelargequantitiesofcapitalandskilledlaborTheproductandthemethodsformanufacturegothroughthreestagesofmaturation2021/8/536ProductCycleTheory:
Vernon’sStagesoftheProductCycleTheNewProductTheMaturingProductTheStandardizedProduct2021/8/537StagesoftheProductCycle20TheProductCycleandTradeImplicationsIncreasedemphasisontechnology’simpactonproductcostExplainedinternationalinvestmentLimitationsMostappropriatefortechnology-basedproductsSomeproductsnoteasilycharacterizedbystagesofmaturityMostrelevanttoproductsproducedthroughmassproduction2021/8/538TheProductCycleandTradeImTheNewTradeTheoryEconomiesofScaleandImperfectCompetitionInternalEconomiesofScaleAbandonedProductRangesIntra-industryTradeProductDifferentiationExternalEconomiesofScale2021/8/539TheNewTradeTheoryEconomiesTheNewTradeTheory:
StrategicTradeTwoNewContributionsPaulKrugman-HowtradeisalteredwhenmarketsarenotperfectlycompetitiveMichaelPorter-Examinedcompetitivenessofindustriesonaglobalbasis2021/8/540TheNewTradeTheory:
StrategStrategicTradeKrugman’sEconomicsofScale:InternalEconomiesofScaleExternalEconomiesofScale2021/8/541StrategicTradeKrugman’sEconoStrategicTradeGovernmentcanplayabeneficialrolewhenmarketsarenotpurelycompetitiveTheoryexpandstogovernment’sroleininternationaltradeFourcircumstancesexistthatinvolveimperfectcompetitioninwhichstrategictrademayapply2021/8/542StrategicTradeGovernmentcanStrategicTradeTheFourCircumstancesInvolvingImperfectCompetition:PriceCostRepetitionExternalities2021/8/543StrategicTradeTheFourCircumPorter’sDiamondofNationalAdvantageInnovationiswhatdrivesandsustainscompetitivenessTheCompetitiveAdvantageofNationsFactorConditionsDemandConditionsRelatedandSupportingIndustriesFirmStrategy,StructureandRivalry2021/8/544Porter’sDiamondofNationalADeterminantsofNationalCompetitiveAdvantage:Porter’sDiamond2021/8/545DeterminantsofNationalCompeMichaelPorter’sCompetitiveClustersCriticalmassesofunusualcompetitivesuccessinparticularfields,locatedinoneplace2021/8/546MichaelPorter’sCompetitiveCTheTheoryofInternationalInvestmentForeignDirectInvestmentsTheForeignDirectInvestmentDecisionThemovementofcapitalhasallowedforeigndirectinvestmentsacrosstheglobe2021/8/547TheTheoryofInternationalInTheDirectForeignInvestmentDecisionSequence2021/8/548TheDirectForeignInvestmentTheTheoryofInternationalInvestmentTheTheoryofForeignDirectInvestmentFirmsAsSeekersSeekingResourcesSeekingFactorAdvantagesSeekingKnowledgeSeekingSecuritySeekingMarketers2021/8/549TheTheoryofInternationalInTheTheoryofInternationalInvestmentFirmsAsExploitersofImperfectionsImperfectionsinAccessImportSubstitutionPoliciesImperfectionsinFactorMobilityImperfectionsinManagementFirmsAsInternalizersEstablishtheirownmultinationaloperations-internalizeproductionCompetitiveadvantageduetoconfidentiality
2021/8/550TheTheoryofInternationalInTheTheoriesofInternationalTradeandInvestment2021/8/551TheTheoriesofInternationalLearningObjectivesTounderstandthetraditionalargumentsofhowandwhyinternationaltradeimprovesthewelfareofallcountriesToreviewthehistoryandcomparetheimplicationsoftradetheoryfromtheoriginalworkofAdamSmithtothecontemporarytheoriesofMichaelPorterToexaminethecriticismsofclassicaltradetheoryandexaminealternativeviewpointsofwhichbusinessandeconomicforcesdeterminetradepatternsbetweencountriesToexplorethesimilaritiesanddistinctionsbetweeninternationaltradeandinternationalinvestment2021/8/552LearningObjectivesTounderstaTheEvolutionofTradeTheory2021/8/553TheEvolutionofTradeTheory2TheAgeofMercantilismTheevolutionoftradeintotheformweseetodayreflectsthreeevents:TheCollapseofFeudalSocietyTheEmergenceoftheMercantilistPhilosophyTheLifeCycleoftheColonialSystemsoftheEuropeanNation-States2021/8/554TheAgeofMercantilismTheevoMercantilismMixedexchangethroughtradewithaccumulationofwealthConductedunderauthorityofgovernmentDemiseofmercantilisminevitable2021/8/555MercantilismMixedexchangethrClassicalTradeTheoryTryingtoExplain:Whycountriestrade,andWhysomecountriesgrowfasterandwealthierthanothersthroughtrade?2021/8/556ClassicalTradeTheoryTryingtClassicalTradeTheoryTheTheoryofAbsoluteAdvantageTheabilityofacountrytoproduceaproductwithfewerinputsthananothercountry
TheTheoryofComparativeAdvantageThenotionthatalthoughacountrymayproducebothproductsmorecheaplythananothercountry,itisrelativelybetteratproducingoneproductthantheother2021/8/557ClassicalTradeTheoryTheTheoClassicalTradeTheoryContributionsAdamSmith—DivisionofLaborIndustrialsocietiesincreaseoutputusingsamelabor-hoursaspre-industrialsocietyDavidRicardo—ComparativeAdvantageCountrieswithnoobviousreasonfortradecanspecializeinproduction,andtradeforproductstheydonotproduceGainsFromTradeAnationcanachieveconsumptionlevelsbeyondwhatitcouldproducebyitself2021/8/558ClassicalTradeTheoryContrib2021/8/5592021/8/59TheoryofAbsoluteAdvantageAbsoluteAdvantageThecapabilityofonenationtoproducemoreofagoodwiththesameamountofinputthananothercountryAdamSmithclaimedthatmarketforces,notgovernmentcontrols,shoulddeterminethedirection,volume,andcompositionofinternationaltrade.2021/8/560TheoryofAbsoluteAdvantageAbTheoryofAbsoluteAdvantage
AnExampleAssumptionsPerfectcompetitionandnotransportationcostsinaworldoftwocountriesandtwoproducts.Eachnationhastwoinputunitsitcanusetoproduceeitherriceorautos.Eachcountryusesoneunitofinputtoproduceeachproduct.2021/8/561TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleCostofproducing3tonsofriceintheU.S.shouldbeequaltothecostofproducing2autosintheU.S.U.S.hasanabsoluteadvantageinriceproduction(3to1).Japanhasanabsoluteadvantageinautoproduction(4to2).2021/8/562TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleIfeachcountryspecializesinitsmostefficientproduct,thenfor2unitsinspecialization,outputisasfollows:(3X2)(4X2)unitsunits2021/8/563TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleTermsofTrade(RatioofInternationalPrices)2021/8/564TheoryofAbsoluteAdvantage
ATheoryofAbsoluteAdvantage
AnExampleGainsfromSpecializationandTrade2021/8/565TheoryofAbsoluteAdvantage
ATheoryofComparativeAdvantageComparativeAdvantageAnationhasacomparativeadvantageinproducingthegoodinwhichitsabsolutedisadvantageisless.TheoryofcomparativeadvantagewasdemonstratedbyRicardoin1817.2021/8/566TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleJapanhasarelativeorcomparativeadvantageinproducingautos.2021/8/567TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleIfeachcountryspecializes,thenfor2unitsinspecialization,outputisasfollows:(6X2)(4X2)unitsunits2021/8/568TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleTermsofTrade(RatioofInternationalPrices)2021/8/569TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleFinalResult2021/8/570TheoryofComparativeAdvantagTheoryofComparativeAdvantage-AnExampleGainsfromSpecializationandTrade2021/8/571TheoryofComparativeAdvantagClassicalTradeTheoryNationalProductionPossibilitiesProductionPossibilitiesFrontiers2021/8/572ClassicalTradeTheoryNationalProductionPossibilityFrontiers,SpecializationofProductionandtheBenefitsofTrade2021/8/573ProductionPossibilityFrontieClassicalTradeTheoryOpportunityCostsTheGainsFromInternationalTradeConcludingPointsAboutClassicalTradeTheoryDivisionofLaborComparativeAdvantageGainsFromTrade2021/8/574ClassicalTradeTheoryOpportunFactorProportionsTradeTheoryDevelopedbyEliHeckscherExpandedbyBertilOhlin2021/8/575FactorProportionsTradeTheorFactorProportionsTradeTheory
ConsidersTwoFactorsofProductionLaborCapital2021/8/576FactorProportionsTradeTheorFactorProportionsTradeTheoryAcountrythatisrelativelylaborabundant(capitalabundant)shouldspecializeintheproductionandexportofthatproductwhichisrelativelylaborintensive(capitalintensive).2021/8/577FactorProportionsTradeTheorFactorProportionsinProduction2021/8/578FactorProportionsinProductiFactorProportionsTradeTheoryFactorIntensitiesFactorProportionsFactorEndowments,FactorPrices,andComparativeAdvantageAssumptionsoftheFactorProportionsTheory2021/8/579FactorProportionsTradeTheorTheLeontiefParadoxTheTest:CouldFactorProportionsTheorybeusedtoexplainthetypesofgoodstheUnitedStatesimportedandexported?TheMethod: Input-outputanalysis2021/8/580TheLeontiefParadoxTheTest:2TheLeontiefParadoxTheFindings: TheU.S.exportedlabor-intensiveproductsandimportedcapital-intensiveproducts.TheControversy: Findingsweretheoppositeofwhatwasgenerallybelievedtobetrue!2021/8/581TheLeontiefParadoxTheFindinOverlappingProductRangesTheory:
StaffanBurenstamLinderTradeinmanufacturedgoodsdictatednotbycostconcerns,butbysimilarityinproductdemandsacrosscountries.Workfocusedonpreferencesofconsumerdemand.Today,termedmarketsegments.2021/8/582OverlappingProductRangesThInternationalInvestmentandProductCycleTheoryTheStagesoftheProductCycleStage1:TheNewProductStage2:TheMaturingProductStage3:TheStandardizedProductTradeImplicationsoftheProductCycleProductCycleTheory2021/8/583InternationalInvestmentandPTradePatternsandProductCycleTheory2021/8/584TradePatternsandProductCycProductCycleTheoryRaymondVernonFocusontheproduct,notitsfactorproportionsTwotechnology-basedpremises2021/8/585ProductCycleTheoryRaymondVProductCycleTheory:
Vernon’sPremisesTechnicalinnovationsleadingtonewandprofitableproductsrequirelargequantitiesofcapitalandskilledlaborTheproductandthemethodsformanufacturegothroughthreestagesofmaturation2021/8/586ProductCycleTheory:
Vernon’sStagesoftheProductCycleTheNewProductTheMaturingProductTheStandardizedProduct2021/8/587StagesoftheProductCycle20TheProductCycleandTradeImplicationsIncreasedemphasisontechnology’simpactonproductcostExplainedinternationalinvestmentLimitationsMostappropriatefortechnology-basedproductsSomeproductsnoteasilycharacterizedbystagesofmaturityMostrelevanttoproductsproducedthroughmassproduction2021/8/588TheProductCycleandTradeImTheNewTradeTheoryEconomiesofScaleandImperfectCompetitionInternalEconomiesofScaleAbandonedProductRangesIntra-industryTradeProductDifferentiationExternalEconomiesofScale2021/8/589TheNewTradeTheoryEconomiesTheNewTradeTheory:
StrategicTradeTwoNewContributionsPaulKrugman-HowtradeisalteredwhenmarketsarenotperfectlycompetitiveMichaelPorter-Examinedcompetitivenessofindustrieson
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