专业文献选读讲义版Word格式.docx

专业文献选读讲义版Word格式.docx

《专业文献选读讲义版Word格式.docx》由会员分享，可在线阅读，更多相关《专业文献选读讲义版Word格式.docx（59页珍藏版）》请在冰豆网上搜索。

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-