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- 2. Learning Objectives To understand theories of international trade To explain how free trade improves global efficiency
- 3. Reference Chapter 6 : International Trade and Factor-Mobility Theory; by John D. Daniels, Lee H. Radebaugh,
- 4. International Operations and Economic Connections MEANS OF OPERATIONS Importing and exporting goods and services (trade) Transferring
- 5. Questions international managers are facing What products should we import and export? How much should we
- 6. Laissez-faire vs. Interventionist Approaches to Exports and Imports Some countries take a more laissez-faire approach, one
- 7. What Major Trade Theories Do and Don’t Discuss: A checklist
- 8. Types of International Trade Theories Interventionist Theories Mercantilism Free Trade Theories Absolute advantage Comparative advantage Trade
- 9. The Evolution of Trade Theory
- 10. Mercantilism 重商主义 Mercantilism is a trade theory holding that a country’s wealth is measured by its
- 11. (Un)favorable Balance of Trade Some terminology of the mercantilist era has endured. For example, a favorable
- 12. Current Account
- 13. Early Mercantilism and Late Mercantilism Early Mercantilism: 15-16century Late Mercantilism: 16-17century Difference?
- 14. Like a miser, his hands clung to his beloved purse and looked at his neighbor with
- 15. Revival of Mercantilism
- 16. Free Trade Theory Absolute Advantage and comparative advantage both hold that nations should neither artificially limit
- 17. Free Trade Theory Absolute Advantage (Adam Smith, 1776) According to Adam Smith, a country’s wealth is
- 18. Free Trade Theory Absolute Advantage (Adam Smith, 1776) Through specialization, countries could increase their efficiency because
- 19. Free Trade Theory Absolute Advantage (Adam Smith, 1776) According to the theory of absolute advantage, a
- 20. Key Concepts ~ ‘Absolute advantage’ 绝对优势 An advantage of one nation or area over another in
- 21. Absolute Advantage Example in terms of output 思考: (1)绝对比较优势的判断 (2)贸易模式 (3)贸易利得
- 22. Absolute Advantage Example in terms of cost 思考: (1)绝对比较优势的判断 (2)贸易模式
- 23. Comparative advantage (David Ricardo, 1817) Comparative advantage theory also proposes specialization through free trade because it
- 24. Key Concepts ~ ‘comparative advantage’ 比较优势 It is a central concept in international trade theory which
- 25. Comparative Advantage Example in terms of output The opportunity cost of Product wheat in terms of
- 26. Comparative Advantage Example in terms of cost The opportunity cost of cloth in terms of wheat
- 27. Theories of Specialization: Assumptions and Limitations Policymakers have questioned some of the assumptions of the absolute
- 28. Theories of Specialization: Assumptions and Limitations full employment economic efficiency division of gains two countries and
- 29. Comparative Advantage Trap
- 30. Theory of Country Size (How much does a country trade?) The theory of country size holds
- 31. Largest countries by total international trade
- 32. Factor-Proportions Theory 要素禀赋理论 (What types of products does a country trade?) The factor-proportions theory holds that
- 33. Leontief Paradox Class Discussion: How to explain the Leontief Paradox?
- 34. Preference Similarity Theory (With whom do countries trade?) According to the country-similarity theory, most trade today
- 35. Intra-industry trade
- 36. Product Life Cycle Theory (How countries develop, maintain, and lose their competitive advantages?) The international product
- 37. Stages of the Product cycle Stage I: The Phase of Introduction highly skilled labor; non-standardized; high
- 38. Stages of the Product cycle Stage II: The Phase of Maturation Increasingly standardized flexibility in design;
- 39. Stages of the Product cycle Stage III: The Phase of Standardization completely standardized technology accounts less
- 41. Limitations of PLC Theory There are many types of products for which shifts in production location
- 42. Diamond of National Advantage (Why have countries developed and sustained different competitive advantages?) The diamond of
- 43. Diamond of National Advantage Firm strategy, structure, and rivalry Demand conditions Factor conditions Related and supporting
- 44. Diamond of National Advantage
- 45. Chinese Entertainment Industry Factor conditions: natural resources
- 46. Chinese Entertainment Industry Factor conditions: cultural resources
- 47. Chinese Entertainment Industry Factor conditions: infrastructure resources broadcast television:above 97% by 2013 broadcasting program:2836 by 2013
- 48. Chinese Entertainment Industry Factor conditions: capital resources Broadcast television income structure of China
- 49. Chinese Entertainment Industry Demand Condition: scale and consumption level characteristics of demanding
- 50. Chinese Entertainment Industry Related and supporting industry information industry advertisement industry industrial chain of derivative product
- 51. Chinese Entertainment Industry Firm strategy, structure, and rivalry firm strategy and structure: broadcasting group and TV
- 52. Korea Entertainment Industry
- 53. Factor-Mobility Theory When the quantity and quality of countries’ factor conditions change, countries’ relative capabilities (comparative
- 54. Factor-Mobility Theory People: people move for economic reasons as well as political reasons. Capital: capital especially
- 55. Immigration Waves 1st Immigration Waves:studying abroad 2nd Skilled Migration 3rd Investment immigration
- 56. Asian immigrants in USA
- 57. Capital Movement
- 59. The Relationship between Trade and Factor Mobility Factor movements alter factor endowments. Capital and labor move
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