hnd经济学2世界经济学.docx
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hnd经济学2世界经济学
Economics2:
TheWorldEconomy
F86E35
CandidateName:
RENLU
GradeandClass:
2013BA1
Introduction2
1.Freetrade3
2.Absoluteadvantagesandcomparativeadvantages3
3.Thebenefitsoffreetrade4
4.Thepurposeofcarryingouttradeprotectionism5
5.OneMechanismoftheWorldTradeOrganization6
6.OnemeasureofEuropeanUnionpromoteseconomicintegration8
7.Balanceofpayments9
8.ThegeneraltrendsinUKtradeoverthelast30year10
9.Thebalanceofpaymentsaffectedbyexchangerates12
10.Advantagesanddisadvantagesoffixedrateandfloatingrate13
11.Effectsoffixedrateandfloatingrateonindividualsandcompany15
12.Thecharacteristicsofthenewlyindustrializedcountriesandthedevelopingcountries16
13.Theissuesofthenewlyindustrializedcountriesandthedevelopingcountries17
14.TheinfluencesMulti-NationalCorporationsbringtonewlyindustrializedcountries.18
Conclusion19
Reference20
Introduction
Thisreporthasintroducedtheworldeconomicssimply.Thecontentincludes:
Internationaltrade,freetrade,Protectionism,theroleofWTOandunder-developednation,UKabsoluteandcomparativeadvantage,theprotectionismandtworecentexamplesaboutdemonstrateargumentswhichgovernmentmayputforwardforitsuse,twobarriersoftrade,aEUinitiativeabouttheroleoftheEUinpromotingtrade,thecompositionofthebalanceofpayments,thegeneraltrendsinUKtradeoverthelast30years,thewaywhichthebalanceofpaymentsaffectedbyexchangerates,ananalysisoftwocurrentissuesthatfaceLDCs,andtheaidofrecentexamplesabouttwoimpactsofmultinationalsonNICsandLDCs.
I.Freetrade
(1).Freetradeisatypeoftradepolicythatallowstraderstoactandtransactwithoutinterferencefromgovernment.Thus,thepolicypermitstradingpartnersmutualgainsfromtrade,withgoodsandservicesproducedaccordingtothetheoryofcomparativeadvantage.
China-ASEANfreetradeareawasformallyestablishedinJanuary1,2010,coveringapopulationof00.China-ASEANfreetradearea’sGDPamountedto$6andtradeamountedto$.Itisthelargestfreetradezoneamongdevelopingcountries.
AftertheestablishmentofCAFTA,morethan90%productsarecarriedoutforzerotariffsonbothsides.AveragetariffsfromChinesetoASEANdecreasefrom%to%,AveragetariffsfromASEAN’ssixoldmemberstoChinesedecreasefrom%to%.Tariffs’hugereductionpromotedtherapidgrowthofbilateraltrade.
ChinaandASEANcountries’tradeinvestmentgrows,economicintegrationdeepens,companiesandpeoplearewidelybenefit,realizinggoalsofmutualbenefitandwin-wincooperationandcommondevelopment.ChinaandASEAN’stotalquantityofbilateraltradegrowsrapidly.FromJanuarytoOctoberthisyear,thebilateraltradevolumehasreachedto$0000,ayear-on-yeargrowthof%.
(2).Absoluteadvantagesandcomparativeadvantages
Absoluteadvantagesissaidtooccurwhenonecountrycanproduceagoodorservicetopre-determinedqualitywithlessresourcesormorecheaplythananothercountry.
Evenwhenacountryhasanabsoluteadvantageoveranothercountryintermsofcommoditiestheywishtotradeitwillstillbetotheirmutualadvantagetotradeprovidingeachcountryhasthecomparativeadvantages.
UKisamajorimporterofmanufacturinggoodssuchclothes,shoes,toys,electronicproducesetc.astheselabororientedconsumergoodswillcostmoreinUKbefore1980s.UKhastheWiththedevelopmentofservice,theadvantageoftradeisservicetrade.
Thegoodsthatcourtryimportandexportchangeovertimeasthegoodsinwhichtheyhaveacomparativeadvantagechangeovertime.Before1970s,manufacturingindustryisitsabsoluteadvantage.After1970s,serviceindustryismorecompetitiveforinternationaltradesuchascomputersoftware,businessserviceandpharmaceuticals.Theseindustryareseentobringthepossibilityoflongtermgrowth,whiletheindustriesbasedonheavycapitalinvestmentorrequiringrelativelycheaplaborwillnotbecompetitivewithdevelopingcountries.
2.Thebenefitsoffreetrade
(1).Goodsandservicesproducedatlowercost.Freetradecanpromotethecooperationofdifferentcountriesintheworld.Itcandecreasethecostofproducinggoods.
(2).Greaterrangeofcommoditiesforconsumers,morechoice.Anycountriescannotproduceallproducts,theyallhaveproductswhichareunabletoproduce.Tradeallowustobuyallofthem.Greaterrangeofcommoditiesprovidecustomerswithmorechoice.
(3).Increasedworld-wideoutput.Eachcountryproducingaccordingtotheirrespectiveadvantageshashighefficiency.Underthesameresources,ithashighyield.Therefore,internationaltradeincreasedworld-wideoutput.
3.BarrierstoInternationalTrade
Tradebarriersaregovernment-inducedrestrictionsoninternationaltrade.Thebarrierscantakemanyforms,includingthefollowingtariffsandnontariffs.
NonTarriffBarriers-exchangecontrols
Inarealworld,thereisandshouldbeacertaindegreeofgovernmentinterventiononforeignexchange.Importsneedforeigncurrenciestobuygooodsandservicesfrommustapplytothecenytalbankforthecurrencytheyneedtopurchasegoodsinthatcountry,TheCentralbankcanerxertcontroloverthevarietyandvolumeofbothimportsandexportsbycontrollingthequantityofforeigncuurencyitwillissuetoexportersandimporters.
NonTarriffBarriers-ImportDepoits
Governmentrequiresimporterstolodgeanon-interestbearingdepositinadvancewithitsCentralBankbeforetheycanbuygoodsandservicesfromabroad.Besides,thedepositisusuallyinanamountequaltoallorpartofthecostofimportedgoods.Thisistimeconsumingandobviouslyexpensivesinceitreducestheliquidityoftheimportingfirms,whichtendtohindertheirimportingactivities.Before1984,theNigerianadvancedimportdepositrangedfrom50%to200%ofthevalueofalistofimportitems.
Giveaexampleabouttariffs,35%tariffsonChinesetyresimposedontheUnitedStateson11thSeptemberin2009.ItmakeChinesetyresfirmshavetoincreasepriceifsalesinAmerica.
Forexample,tnontariffsinRussiatoUkraineforembargoeswhichsuspensionofUkraineimportsofjuiceon29thJulyin2014.ItmakeUkraine’sjuicenotallowsaleinRussia.
4.ThepurposeofraisingbarrierstoInternationalTrade
(1)Thepurposeistoprotectemployment.
FootwearmanufactureersassociationsofItaly,SpainadPortugalarereportedtohavefieldapplicationstotheEUtocurbfootwearimportsfromChina.LocalshoemarkersinElche,thecapitalofSpain’sonceflourishingfootwearindustry,arguethat“madeinChina”istakingawaytheirjobsbythatChineseshoeshavebeenboominginSpainjustbecauseofgoodqualityandreasonableprices.
(2)Thepurposeistoanti-dumping.InJuly2012,SolarWorldAG,aGermangiant,ledaconsortiumofaround25EUsolarpanelproducerstofileacomplainttotheEUCommissiontoinvestigatewhethertherehasbeendistortionofcompetitionbyChinesecounterpartsduetodumping.SoonGermanyagainstChinalowprice.
5.TheRoleofWTO
TheWorldTradeOrganization(WTO)isanorganizationthatintendstosuperviseandliberalizeinternationaltrade.Theorganizationofficiallycommencedon1January1995undertheMarrakechAgreement,signedby123nationson15April1994,replacingtheGeneralAgreementonTariffsandTrade(GATT),whichcommencedinTheorganizationdealswithregulationoftradebetweenparticipatingcountriesbyprovidingaframeworkfornegotiatingandformalizingtradeagreementsandadisputeresolutionprocessaimedatenforcingparticipants'adherencetoWTOagreements,whicharesignedbyrepresentativesofmembergovernmentsandratifiedbytheirparliaments.
TheWTOdisputesettlementmechanismismeasuresofdealingwithtradedisputesbetweenistheeffectivewayforcountriesespeciallythedevelopingcountriestoresolvetheeconomicfrictionandsafeguardtheirlegitimaterightsandisveryunfavorableforthedevelopingcountriestoresolvetradedisputesespeciallytradedisputeswiththedevelopedcountriesthroughbilateralchannels.Thebilateralapproachpursuesstrengthdoctrine.Involvedintradedisputesamongdevelopingcountries,theWTOdisputesettlementmechanismrulingiscomparativelyfairandreasonable.Aseitherthecomplainantorrespondent,thelegitimateinterestsofthedevelopingcountrieshavebeeneffectivelyprotected.ItisbecausetheWTOdisputeadjudicationhasverystrongfairness,developingcountriesgenerallyhaveahighenthusiasmtousetheWTOdisputesettlementmechanism.SomelargereconomicscaledevelopingcountriesismoreactiveintheuseofWTOdisputesettlementhelpstoreducetheeconomicfrictionbetweencountries,andpromotefriendlyrelationsamongnations.
TheUruguayRoundwasthe8throundofmultilateraltradenegotiations(MTN)conductedwithintheframeworkoftheGeneralAgreementonTariffsandTrade(GATT),spanningfrom1986to1994andembracing123countriesas"contractingparties".TheRoundledtothecreationoftheWorldTradeOrganization,withGATTremainingasanintegralpartoftheWTOagreements.ThebroadmandateoftheRoundhadbeentoextendGATTtraderulestoareaspreviouslyexemptedastoodifficulttoliberalize(agriculture,textiles)andincreasinglyimportantnewareaspreviouslynotincluded(tradeinservices,intellectualproperty,investmentpolicytradedistortions)
HerearesomeothersareastheWTOhasdealtwithinattemptstoestablishitselfasthepolicingbodypromotingfreetrade.TheBananaDispute.TheWTOruledthattheEuropeanUniondiscriminatedunfairlyagainsttheUSwithitsbananaimportrules.TheWTOallowedtheUStoslapa$