专业文献选读讲义版Word格式.docx
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专业文献选读讲义版Word格式.docx
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theprimaryreasonistoprotectdomesticworkersfromcompetitionfromabroad.Thebasisforthedecisionismainlypoliticalalthoughthereissomeeconomicbasisforprotectionism.
IntheUnitedStates,PresidentGeorgeW.BushappliedthistechniquetooffersupporttoworkersinthesteelindustryintheMidwestoftheUSA.TheMidwestincludesthestatesofMichigan,Ohio,Illinois,IowaandWisconsin.Theindustrywascomplainingthatforeignsteelproducerswere'
dumping'
cheapsteelontotheUSmarketrenderingUSsteelproducersuncompetitive.Textbookreasonsforimposingsomeformoftradebarrieroftenquote'
protectinganinfantindustry'
asareasonandexplainthatsuchprotectionofferstheindustryanopportunitytobeabletogrowtobeabletocompeteonanequalbasisatwhichtimethetradebarrierisremoved.Niceandconvenientintheorybutnotquitesoeasyinpractice.
BushtookthedecisiontoimposeatariffonsteelimportsintotheUSamountingto30%;
hisdecisionpleasedthesteelproducersbuthasangeredthesteelusers.Steelisusedforawholehostofindustrialapplicationsfromchemicalmanufacturetoroadbuilding.SteelusersintheUSthereforefacedachoice;
continuebuyingfromforeignsuppliersandpayahigherpriceorbuyfromtheUSproducers.OnthefaceofitthesecondoptionlookstobethebestbutUSsteelproducerstookadvantageoftheprotectiontheyhadbeenaffordedtoraisetheirprices.
Steelisaproductthatisusedinawidevarietyofdifferentindustriesformanydifferentpurposes.
Sohowdobusinessesreacttothis-theytrytofindawayroundtheproblem.Somesteelusingbusinesseshavedonejustthat.TheyarerearrangingtheirsupplychainandratherthanmanufacturingcomponentpartsintheUStheyaretransferringtheworktoCanada.ThetariffdoesnotaffectsteelimportslandinginCanadaandsogettingaCanadiancompanytomanufacturethecomponentandthenshipittotheUShelpstokeepcostslowandavoidshavingtopaythetariff.TheimpactinmanufacturingjobsinsteelusingbusinessesintheUSthoughisevident;
iftheworkistransferredtoCanadathereisno-longeraneedfortheworkersintheUS.Anattempttosolveaprobleminonesectorbyinterferinginthemarketcreatesproblemselsewhere.Thequestionhastobewhatisthebalanceofthecostsandbenefits,notjustintheshorttermbutalsointhelongterm,forallinterestedparties?
Theories
AbsoluteAdvantage:
Asituationwhereacountrycanproduceagoodorservicemoreefficientlythananother.
ComparativeAdvantage:
AtheorydevelopedbytheScottisheconomistDavidRicardo(1772-1823)thatstatesthattherewillbeadvantagestoallpartiesintradingifcountriesspecialiseinproducinggoodsinwhichtheyhaveacomparativeadvantage(thelowestopportunitycost).Soevenifonecountrypossessesanabsoluteadvantageintheproductionofarangeofgoodstherecanstillbegainsfromtradeprovidedtheopportunitycostratiosaredifferent.Anexamplemayservetohelp:
Country
Oranges
Melons
O/COranges
O/CMelons
UK
120
80
0.6
1.5
Spain
180
90
0.5
2.0
Thetableshowstheoutputperunitofresourceintwoproducts-orangesandmelons.ThetableindicatesthatSpainhasanabsoluteadvantageintheproductionofbothgoodsbutismoreefficientintheproductionoforangesasopposedtotheproductionofmelons.FortheUK,movingoneresourcefromorangeproductiontomelonproductionwouldresultinagainof80melonsandasacrificeof120oranges;
theopportunitycostofproducingoneextramelonthereforewouldbe1.5orangessacrificedwhereastheopportunitycostofmovingoneresourcefrommelonstoorangeproductionwouldbe120orangesgainedbut80melonssacrificed-anopportunitycostof0.6.ForSpain,movingaresourcefrommelonproductiontoorangeproductionwouldleadtoagainof180orangesbutatasacrificeof90melons-anopportunitycostof0.5whereasaresourcemovefromorangestomelonsmeanssacrificing180orangestogain90melons-anopportunitycostof2.0(oneextrameloninvolvesthesacrificeoftwoorangesthatcouldhavebeenproducedbythesameresource).Ifthetwocountriesweretospecialiseintheresourcesinwhichtheyhadacomparativeadvantagethentotaloutputcouldrise.AssumethattheUKhas20unitsofresourceandSpain16.Totaloutput,giventhatthenationsresourcesweredividedequallytotheproductionofbothgoods,wouldbeasfollows:
BeforeTrade:
1200
800
1440
720
Total
2640
1520
Nowassumethatthetwocountriesspecialiseandagreetotrade-SpainwillfocusitsoutputonorangesandtheUKonmelons.Thesituationnowlookslikethis:
AfterSpecialisation:
-
1600
2880
Itisclearthattotaloutputofbothmelonsandorangeshaveincreased-tradecouldnowbearrangedbetweenSpainandtheUKatsomemutuallyacceptablerate.Forexample,theUKcouldagreetosell800melonstoSpaininexchangefor1300oranges.SpainwouldbebetteroffthanbeforeintermsofbothorangesandmelonsandsowouldtheUK.
AfterTrade:
1300
1580
Tariffsoperateasatax.Theexporterpaysthetaxasthegoodsenteracountry.Intheexample,steelexportersfrom,saytheUK,wouldhavetopay30pintaxtotheUSgovernmentforeveryextra£
1ofsteelenteringtheUS;
thiseffectivelyraisesthecostofproductionandsoitraisesitspricetothebuyerintheUStocoverthecostofthetax.ThesupplycurveshiftstotheleftbytheamountofthetaxleadingtoariseinthepriceofsteelintheUSandareductionintheamountboughtandsold.Thedomesticproducercanthenfillthereductionintheamountofsteelimported.Astaticviewoftheimpactisshownbelow.
Questions
1.Apartfrommovingproductionelsewhereasmentionedinthe'
News'
above,whatotherstrategiescouldabusinessemploytocopewiththechangesincostscreatedbythetariff?
2.Whatfactorsarelikelytolimittheextenttowhichtheprincipleofcomparativeadvantagecanbeadoptedinrealworldsituations?
3.Explainhowtheimpositionoftradebarriersleadstogreaterinequalitybetweendevelopedandlessdevelopedcountries.
4.AssesstheextenttowhichtheWTOhasbeensuccessfulinreducingbarrierstotradeandreducinginequalitybetweentradingnations.
RelatedWebsitesforresearch
∙http:
//www.wto.org/-LinktotheWorldTradeOrganisationWebsite
//www.steel.org/USSteelindustryWebsite
∙Steelnewswithsomeusefullinks
2.Insurance
Everybusinesshastothinkaboutinsuranceinoneformoranother;
itisoneoftheinescapablefixedcoststhatmustbepaid.Likedomesticinsurance,theprincipleisfairlysimplebutasameansofcoveringthepotentialliabilitiesofabusinessshouldsomethinggowrong,itisvital.
Insuranceisbasedon:
∙Thepotentialrisksofsomethinghappening
∙Howmuchwouldbeneededtocoverthatliability
∙Howmanypeoplearewilingtocontributepremiums
∙Theabilityofthefundmanagerswhoinvestthepremiumstogetthereturnsnecessarytocoverpotentialoutlays
Themoreriskythelikelihoodoftheoutcome,themorethepremiumswillneedtobeandthelesswillinginsurancecompanieswillbetocovertherisk.
Imagine,then,theproblemsfacingSirRichardBransonashetriestogethislatestbusinessventureofftheground-literally.BransonisworkingondevelopingVirginGalactic.TheplanistoextendtheVirginaviationbusinessintospace.Bransonhasplanstolaunch100initialflightslastingtwoandahalfhoursandincluding15minutesinspace,with5minutesofweightlessness.
RichardBransonandBillRichardson,GovernorofNewMexico,showofftheproposedspacecraftthatwillholdpassengersgoingontheVirginGalacticspacetours.BransonplanstobuildaspaceportinNewMexicoandhavethefirstflightsin2009.
Bransoniscommitting$240million(£
138million)totheproject.Todate,45,000peoplehaveregisteredaninterestinthetours-butthesearenottoursthatyouwillfindadvertisedinyourlocaltravelagent.Thepriceforthetouris$200,000(£
115,000),paidinadvance.156peoplehaveapparentlypaidadeposittoregistertheirinterestandafewhavepaidthewholefee.
Bransonthinkstherealcompetitiveadvantagewillbeinthewaytheaircraftisdesignedandthatthesenseofweightlessnessisthethingmostpeoplearelookingfor.Thecabinhasbeendesignedtoallowpeopletobeabletofloataroundratherthanremainingseatedforthispartoftheflight.
SirRichardscoffsatthescepticswhothinkthattheideawillnever'
takeoff'
andseesthechanceforordinarypeopletobeabletotakepartinspacetoursinhislifetime.HepointstothefactthataflightbetweenLondonandNewYorkpriorto1939wouldhavecosttheequivalentof$80,000(£
46,000)!
Themajorstumblingblocktohisplans,however,isnotlikelytobethetechnicalchallengesoftheprojectbutsecuringthenecessarybusinessinsurance.Theriskfactorinspacetravelishigh-
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