Globalization(American) (or globalisation, British) is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.
Advances in transportation and telecommunications infrastructure, including the rise of the telegraph and its posterity the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities 16 Mar 2016 - The top 10 sources of data for international development research 4 | IMF data site, data mapper and IMF Article IV reports. IMF However, if you can get yourself a login for the World Bank's World Integrated Trade Solution .
Though several scholars place the origins of globalization in modern times, others trace its history long before the European age of discovery and voyages to the “Globalization or globalisation is the trend of increasing interaction between people or companies on a worldwide scale due to advances in transportation and communication technology, nominally beginning with the steamship and the telegraph in the early to mid-1800s.
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Globalization is primarily an economic process of integration that has social and cultural aspects, but conflicts and diplomacy are also large parts of the history of globalization. regards” I am planning to write an open review on Eaton and Kortum's two papers cited below.
The first is a well-known paper but the result is highly unrealistic. For example, the authors estimated the cost of moving autarky as 0.
Can anybody believe that the loss is so small when energy inputs are banned from importing? Japanese economy would surely go back at best to the level of the late Meiji period Japan (around 1900).
Is there any arguments, discussion or analysis why Eaton and Kortum model performed so badly? Eaton and Kortum (2012) did not mention US President Donald Trump, after shocking markets with the risk of a global trade war, has come under intense pressure from US business interests and foreign trading partners to moderate his threat to impose tariffs on steel and aluminum imports. Mr Trump dispatched pro-tariff advisers Wilbur Ross and Peter Navarro to TV news studios to defend his plan, while White House aides scrambled to downplay the prospect of a resignation by free trade advocate Gary Cohn, the top White House economic adviser, over the matter.
Mr Cohn is part of a faction in Mr Trump's administration that warned Unemployment must be an important question also in trade theory. However, we see no many papers or books that argued and analyzed involuntary unemployment in trade theory.
If you know any papers and books that treated Keynesian unemployment in relation to international trade, please teach me. (1939, 1949) International Economics, Second and revised edition.
(2) Robinson, Joan 1965 Inaugural Lecture, Cambridge University. (On New Mercantilism)“Dear Martha, If you do that, please consult two of my papers:(1) The new theory of international values Compare Theorem 4.
(2) The Nature of International Competition between FirmsThis is a chapter of a book which will be published this year. I will send you a PDF copy of the draft before English revision.
Ysohinori” Ricardo's theory of comparative advantages governing trade patterns between two countries is almost universally accepted, yet the new "new" trade theory tells us that countries do not trade, firms do.
And fight for market share among firms is governed by absolute advantages: the winner takes all, the losers file for bankruptcy. At the difference of countries, firms have almost no possibility to reinvent themselves and start a new line of business: physical and human capital is putty-clay, productive capacity is destroyed when enterprises shut down.
Or not?The 21st century global “As Hubert posed his third question, I came to remind of this question page. I have been forgetting what I have wrote in this question page but re-reading many posts (sorry to so many posts of mine), I think that Hubert's new question contains many common points with our discussion in this page.
Please visit the new question page:Inter-industry trade in the 21st century: Do we still need a trade theory?https:// /post/Inter-industry trade in the 21st century Do we still need a trade theory” A chapter of Paul Krugman's book Pop Internationalism (1997) is titled The Illusion of Conflict in International Trade. In this chapter, Krugman contends that trade problems between low and high waged nations are an illusion and there is nothing to worry from the globalization in trade.
He even analyzes why many eminent writers (including Lester Thurow and Robert Reich) make such ridiculous arguments when they begin to discuss international trade.
The journal of international trade & economic development: vol 27
Trump came to be the President of the United States.
I am now a bit perplexed to know that the this important question lately arrived to 40 reads after two years Read 2015's Best Paper winner for free Published online: 5 Jun 2018. Article. Economic growth, financial market, and twin crises. Lee et al. Article. Effect of financial development on international trade in Africa: Does measure of finance matter? To get back into your account, follow the instructions we\'ve sent to you..
” I wonder if Stephen Matteo Miller wants to employ inframarginal analysis for his project The Economics of Specialization:https:// /project/The-Economics-of-SpecializationHe added two papers related to inframarginal analysis. It is well known that late Xiaokai Yang inaugurated this analytical tool.
However, in my impression, Yang was too much affected by neoclassical economics and its analytical tool, i. His intention to revive classical economics was good but he “It seems that 35 people came to read this Q&A page in the week ending January 28, 2018.
I am happy that an interest on this question has revived. By the way, I posted a long related comment on Hubert Escaith's question: Inter-industry trade in the 21st century: Do we still need a trade theory?https:// /post/Inter-industry trade in the 21st century Do we still need a trade theory It is the 9th answer to the question and is titled as (4) Is it sufficient to have General Equilibrium Theory (GET)? I have again argued why Xiaokai Yang's brave challenge failed.
” moreConsider a hypothetical scenario, as an exercise in international trade modeling.
Trump decides to introduce substantial (of order $10/brl.
) tax on oil imports to support domestic shale oil producers. What will be short term (few months) and medium term (few years) impact on world oil price pattern? Will US stay in autarchy? Will oil price out of USA be above or below domestic price in the USA? Will it go up or down? Please share your opinions.
The question is addressed mostly to energy economists and specialists in international trade, but “Very interesting. My 1 year ago predictions (about cooperation between OPEC and Russia, and oil price move to $60; it is close to $70 now and surpassed $60 in November 2017) have worked.
” In this paper I have shown that the notion of comparative advantage that can be found in todays economic textbooks is the result of important misinterpretations of Ricardo’s famous numerical example, like the definition of the four numbers and the relationship with the labor theory of value, among others. These misinterpretations led to a different notion of comparative advantage than Ricardo’s.
“Overcoming Absolute versus Comparative Advantage: A Reapprai.
The above paper not only confirms that Ricardo had a different notion of comparative advantage than the one in economic textbooks, but denies the very existence of a law or principle of specialisation called comparative advantage Discover quantitative and qualitative International Trade research & explore the “I have read Gary Gereffi's paper Global value chains in a post-Washington Japanese economy would surely go back at best to the level of the late Meiji period to have General Equilibrium Theory (GET)? I have again argued why Xiaokai .
” Armington approach and the EK (Eaton and Kortum 2002) approach are the two most important workhorse models in bilateral trade modeling under perfect competition.
International trade - our world in data
, GTAP models) while the EK approach has been increasingly employed in the trade literature.
I have heard that the two models mirror each other. Could there be a mapping between the two? I think there could be important differences between the two model.
And the Armington approach may provide more flexible control on the substitutability (mobility) “I'm not familiar with Eaton and Kortum, but I know for sure that the Armington specification is essentially the constant elasticity of substitution (CES) formulation, which was generalized by Dixit and Stiglitz in the 1977 AER paper (see https:// /stable/1831401?seq=1#page scan tab contents). ” There are now number of papers with a title which includes "processing trade.
" One can say that processing trade is now a flourishing subject matter in the research of international trade. The concept is now well established but it is enigmatic that this concept remained obscure in the 20th century.
Papers and books with titles which include "processing trade" before 2000 are rather rare. Outward processing trade between “You must be right when you say that GVC trade is better understood by Smith's pin factory example. I have written the following point somewhere, but I have forgotten where.
The opposition between absolute and comparative advantage is not a good way to understand international trade.
There are two reasons: historical and theoretical. Of course, theoretical reason is much more important.
(1) Historically this opposition is an invention probably of the 20th century. At least the story that Smith preached absolute advantage theory and Ricardo.
” moreThe events of 2016 saw a re-emergence of nationalist-protectionist ideology in two of the worlds largest economies. In the US Donald Trump with his "America First" sloganising and in Britain the hardening of the Brexit position brought forward an inward looking protectionist ideology not seen since the inter-war years.
Is is really possible to maintain such a position, which by its nature requires exclusionary policies on trade, while simultaneously claiming to support the ideal of the free market? “Simply put, the answer is "no" can not be free markets/independent decision making under protection/intervention, be it social or environmental protection, that is why Adam Smith assumed social and environmental externality neutrality to create the perfect tionism renders Adam Smith's invisible hand a protected market's prisoner,,,,there is no longer a free invisible hand. But I think that the problem you are having linking BREXIT and USEXIT to free markets is that they are not normal democratic outcomes where the view of the majority rules, they are extreme.
” moreTechnological level of a society is supported by its technological capability. The technological capability can be divided into two functions.
Static capability permits the society to keep the present level of the production techniques. Dynamic capability is expressed by its ability to induce innovations.
Innovations comprise (1) changes of productivity or efficiency of production techniques and (2) introduction of new goods and services. They are often studied under the subject National (or Regional) System of Innovations.
However, these two functions are not well differentiated and “I fully agree that static capability, sometimes known as operational capability can help only in improving efficiencey of operations but cannot take care of the external environment. Dynamic capability, also known as strategic capability, helps business in taking care of external environment and is the pillar for sustainability and growth of the business.
Hesam ShahrajabianWhat is the role of rebuiliding famous ancient silk road on Agricultural development, exchange Agricultural products and science beside exchanging culture?The silk Road or Silk Route was an ancient network for trade routes that were for centuries central to cultural interaction through regions of the Asian continent connecting East and West and stretching from the Korean peninsula and Japan to the Mediterranean sea.
How can silk road influence countries in this important roads to improve their Agricultural products and exchange their Agricultural Sciences and Experiences?Thanks a lot M. Recently, Japan also accept to coordinate with China to rebuild this ancient road.
It is a good opportunity for all Asian countries to make their economy great again and rely more on themselves, especially in Asia, that people have very close culture and civilization. I am most certain, this will be a road of peace and progress for everyone.
” I am looking for long-term time series on intra-EEC/intra-EU trade. I want to see how trade within the common market has developed since the 1950s and how the share of intra-community trade on total EEC/EU trade has evolved.
EUROSTAT only provides recent data (EU15 since 1990, EU28 since 2002, other small variations) and with a fixed EEC/EU composition. The WTO, in turn, provides longer time series (total trade since the 1940s, intra-EEC/EU trade since the 1980s), but still with a fixed EEC/EU composition.
Do you know of any source which allows to quantify the evolution of trade within The economy of most of the developed countries are dependent on their export.
I am wondering how developed countries can survive if they cannot export their products in comparatively less developed International trade has changed our world drastically over the last couple of centuries. from trade: exchange allows countries to “do what they do best, and import the rest”. You can visit the OEC website for an interactive version of this chart, Other academic research has shown that non-economic institutions are also .
A poor farmer who sells his product below market value and he is compelled to purchase industrialised product at a highly inflated price! How can we imagine the development of a Garment worker in bangladesh who works at $20 a month to make a shirt for the people of the country whose per capita income is more than $20,000 a year.
International trade research | science topic - researchgate
One way of identifying the relationship between development and underdevelopment has been through theories such as the dependence and modernisation theories.
From dependence theories, the cause of underdevelopment is the dependence on. Trump's racist, chauvinist, anti-feminist speech which encourages hates among people. However, if we analyze the popular sentiments of the people who voted for Mr.
Trump, it becomes clear that one of a very deep reason why Trump trumped lies in the economics and its policy recommendations. What is your opinion?“https:// /2014/07/22/renaissance-hedge-fund-chief-defends-use-of-basket-options/The only good call in the article was this:" M.
Barry Bausano, the president of Deutsche Bank Securities, testified that Deutsche Bank “affirmatively and proactively undertook steps to ensure compliance with applicable tax and securities laws and regulations. ” It stopped selling the options in 2010 after the I.
Marty Malloy, managing director of Barclays, testified Barclays was “subject to sufficient and significant internal and external review to.
” moreEconomics have paied much attention to competition theory and obtained very robust conclusions about firms' decisions and market perfomance. But most of these theory were based on an implicit assumption which is one-tier market.
In other word, traditional didn't pay much attention to vertical relationship except vertical integration and vertical control and also didn't form a complete theoretical framewrok. What's the reason? And where can I find some reference about this topic?“Dear Rob,American justice is based on common law.
Japanese justice system is based on legislation. The court plays a very narrow part in the conflict settlement.
If then, a similar argument can be heard in the legislation process, but in reality such discussion seems rare.
)Yoshinori ” I am currently doing research on economic integration and FDI relationship. I have looked on websites of UNCTAD and OECD but I am unable to find bilateral FDI data.
I found data on UNCTAD but it is only from 2001 to 2012 whereas I am looking for data dating back to 1990. “Other than UNCTAD's bilateral FDI database which is mentioned by Mr.
Bjelic above, there is also the now-discontinued series published by UNCTAD called the World Investment Directory which comes in 6 volumes with the following regional coverage:Vol 1: Asia and the PacificVol 2: Central and Eastern EuropeVol 3: Developed CountriesVol 4: Latin America and the CaribbeanVol 5: Africa and West AsiaVol 6: Global Trends. Hope this helps” I want to assess the effects of US unemployment on the ratio of US consumer demand for Chinese manufactured products to US consumer demand for US products.
The idea is that decreased manufacturing employment in the US (partly caused by imports from China which are caused by the supply shock in China (Autor, Dorn en Hanson, 2013)), results in lower household income, which in turn increases demand for cheap Chinese products (relative to the demand for US products). in the sense of using the same commuting zones in the US. So, it will be a panel The recent rise of China as a regional superpower is raising concern from a geopolitical perspective.
Yet there are also indicators that India, Iran, Turkey and some of the ex-USSR republics -which were historically on the silk road- are becoming key players on the international trade scene. Do you think a new silk route is on the remake?“Let's look at the question from the basic economics perspective - demand and supply.
Out of the six billions population on the planet, nearly half live astride the 'silk road'. Including Japan (old Maritime Silk Road port of Nara), nearly everything that the six billion need are either manufactured in this region and half as such consumed.
six centuries ago, when Western Europe began the colonisation process and thus reversed the flow of manufactured goods from West to East, the old silk road fell to disuse. Today, with China and India rising, Japan already an economic powerhouse and the.
” moreGiven the recent political developments in several European countries and the US, we could expect increasing policy efforts toward economic protectionism, barriers to immigration, and perhaps, in some cases, a growing emphasis on local, traditional values in contrast to cultural liberalization and diversity. It has been argued for some time now that there is a backlash against globalization underway in many Western countries, even if international trade and finance, and to a lesser extent immigration, have come mostly to a halt since the crisis of 2008.
In your opinion, how far could “Dear all:We thought that this reversal trend could involve some re-emphasis on traditional values. @Louis already mentioned the decriminalization of family violence (husband beating wife) in Russia.
Now we find another deplorable example: A Polish nationalist member of the European Parliament may be punished after he said women "must earn less than men because they are weaker, smaller and less intelligent". /news/world-europe-39152562 /en/weaker-smaller-less-intelligent-women-deserve-less-than-men-polish-mep-states/a-37794898” I am in process to develop my PhD synopsis on the above topic.
The questions are; 1) does globalization positively or negatively influence international trade? 2) Do international trade and globalization harm or faster economic development?Please help me both in methodology and developing synopsis.
“The evidence of globalization in past 25 years is a great benefit to the few wealthiest people in developed countries, and a large benefit to the cheapest labor of underdeveloped countries. Every other group in developed countries loses on average, although not every individual loses.
The damage to an industrialized country occurs gradually among experienced workers who find ways to cope. Evidence of greatest tragedy is found in next generations among the children of industrial workers who find meager opportunities.
The measured result is great in manufacturing countries such as USA,.
1 SPS Agreement provides that WTO members have rights to take measures necessary for the protection of health and life Economic research and analysis back to top Online database containing time series on international trade, country trade and tariff Tariff Analysis Online.
It is clear that this provision provides rights, not an obligation. What if measure taken is found unnecessary? Does that state violate Art.
1 above? If not, is there any other ground to find a violation to prevent members from taking unnecessary measures?“This specific provision is not stating an obligation, because it is provided as a protection from potential harms (if something endangering its citizens occurs, the State can take measures to protect their health and life), but the protection of health and life is an obligation resulting from other provisions both internationally and nationally.
” Tourism (involving and ecotourism in it) is one of the fastest growing socio-economic sectors: in 2014 tourism was the third world export earning category — after fuels and chemicals — accounting currently for an estimated 10% of world GDP, 1 in 11 jobs, 7% of global trade and 30% of trade in services. “dear all,I have requested to know more about the new industry of the tourism (involving and ecotourism in it), that it is one of priorities for sustainable development of your country, as one of the fastest growing socio-economic sectors: yes, in 2014 tourism was estimated 11% of our country GDP.
I need the same for your country, for lessons only, to have a progress in our project, thank you!” Mr. Trump, the new presidential candidate of Republican Party and Senator Sanders, a powerful ex nomination candidate to the Democratic Party, are opposed to the TPP (Trans-Pacific Partnership), while Ms.
How the International Trade theory and International Political Economy explain this phenomenon?“Dear Yoshinori,Because the middle and working classes have been hit by neoliberal globalization.
Trump and Sanders represent the loosers of globalization although from a very different ideological perspective and values. But both coincide that free trade has been detrimental to large sectors of the population and beneficial to others: large multinational companies, financial sector, etc.
best, Marcelo” This question is a derivative from my other question:Why did Eaton and Kortum model perform so badly?https:// /post/Why did Eaton and Kortum model perform so badlyThe topic International Trade counts (as of September 16, 2015) 99 questions and 6,003 followers. My above question attracted only 50 views and two followers including me (ditto).
This state may indicate the general atmosphere of researchers who work on international trade. This indifference in theory problems must really be a serious problem in international “ More than one year ago, I posed this question. Many aspect concerning trade theory have been discussed and I have to thank all of those who have participated in the discussion.
I also want to express my thanks to all readers of this question pages. I want to restart my discussion, because the result of the US presidential election which brought Mr.
Trumps an unexpected victory and it is, I believe, closely related to my question. Mainstream trade theory only preaches gains from trade.
” moreTPP (Trans-Pacific Partnership) before effectuation is the latest multi-national trade agreement and its ratification is now a big political issue for almost all participating countries.
In the recent republican national convention, Trump declared its opposition to TPP.
Senator Sanders, who was a closely competing candidate for democratic party nomination, has expressed his opposition to TPP as well Top Markets. Economists and trade experts analyze and rank industry opportunities in key overseas markets. Find the latest market intelligence, trade events, and trade leads for your industry. The International Trade Administration Logo External links to other Internet sites should not be construed as an endorsement .
How do International Political Economy and International Trade Theory explain the strong opposition among people to free-trade agreement in general and to TPP in particular?“I have posted a following question:How do you explain the Trump’s victory as a question of economics?https:// /post/How do you explain the Trumps victory as a question of economics#582dce974048548ea67ac3f6Although I think this is a new sincere good question concerning economics, the RG people in charge of topics link cut all links to topics toEconomicsInternational political economyInternational tradeInternational economics Is it a fair measure?” I am interested who first examined two-person, two-good economy as a situation. In the international trade theory, it is so common to think two-country, two-commodity economy.
This is of course the minimum setting for international trade to occur. Then who has started to argue two-person, two-good economy / model as a situation to study exchange process?I have found in James Mill's Elements of Political Economy (1821) a paragraph like this:To produce exchange, therefore, there must be two countries, and two commodities.
9 )“In his Introduction to The Turgot Collection, (above cited) Murray Rothbard writes:One of the most remarkable contributions by Turgot was an unpublished and unfinished paper, “Value and Money,” written around 1769.
Turgot developed an Austrian-type theory first of Crusoe economics, then of an isolated two-person exchange, which he later expanded to four persons, and then to a complete market. By concentrating first on the economics of an isolated Crusoe figure, Turgot was able to work out economic laws that transcend exchange and apply to all individual actions.
” more Of course I can understand a stronger dollar means cheaper materials, since they are priced in dollar. But what confuses me is that a stronger dollar, at the same time, boosts the purchasing power of the money that such countries receives for selling their commodities, which in my opinion, must makes up for the cheaper price.
So there should be no harm to them unless the price decrease is more than increase in purchasing power of dollar which I think is theoretically unsound. For example if oil price be 50 dollar pb and suddenly the dollar doubles in value, the oil price must, “you are saying that If the value of dollar increases, then imports become cheaper,then purchasing power increases,then demand for imports increases,then total expenditure will increase or decrease depending on how much demand increases, in volumen terms, compared to the reduction in price.
The problem might be that purchasing power is affected by changes in overall activities in the economy, not just by a bilateral /single commodity transactions. Net exporters will on average loose from an appreciation, but gain if the country is highly indebted in other currencies.