hnd经济学2世界经济学.docx

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

F86E35Economics2:

TheWorldEconomy

Economics2:

TheWorldEconomy

F86E35

CandidateName:

RENLU

GradeandClass:

2021BA1

F86E35Economics2:

TheWorldEconomy

Introduction...............................................................................................................................3

1.Freetrade...............................................................................................................................4

2.Absoluteadvantagesandcomparativeadvantages................................................................4

3.Thebenefitsoffreetrade.......................................................................................................5

4.Thepurposeofcarryingouttradeprotectionism...................................................................7

5．OneMechanismoftheWorldTradeOrganization.............................................................7

6.OnemeasureofEuropeanUnionpromoteseconomicintegration........................................8

7.Balanceofpayments..............................................................................................................9

8.ThegeneraltrendsinUKtradeoverthelast30year..........................................................12

9.Thebalanceofpaymentsaffectedbyexchangerates..........................................................13

10.Advantagesanddisadvantagesoffixedrateandfloatingrate..........................................14

11.Effectsoffixedrateandfloatingrateonindividualsandcompany..................................16

12.Thecharacteristicsofthenewlyindustrializedcountriesandthedevelopingcountries...18

13.Theissuesofthenewlyindustrializedcountriesandthedevelopingcountries................19

14.TheinfluencesMulti-NationalCorporationsbringtonewlyindustrializedcountries......19

Conclusion...............................................................................................................................21

Reference.................................................................................................................................22

F86E35Economics2:

TheWorldEconomy

Introduction

Thisreporthasintroducedtheworldeconomicssimply.Thecontentincludes:

Internationaltrade,freetrade,Protectionism,theroleofWTOandunder-developed

nation,UKabsoluteandcomparativeadvantage,theprotectionismandtworecent

examplesaboutdemonstrateargumentswhichgovernmentmayputforwardforits

use,twobarriersoftrade,aEUinitiativeabouttheroleoftheEUinpromotingtrade,

thecompositionofthebalanceofpayments,thegeneraltrendsinUKtradeoverthe

last30years,thewaywhichthebalanceofpaymentsaffectedbyexchangerates,an

analysisoftwocurrentissuesthatfaceLDCs,andtheaidofrecentexamplesabout

twoimpactsofmultinationalsonNICsandLDCs.

F86E35Economics2:

TheWorldEconomy

I.Freetrade

（1）.Freetradeisatypeoftradepolicythatallowstraderstoactandtransactwithout

interferencefromgovernment.Thus,thepolicypermitstradingpartnersmutualgains

fromtrade,withgoodsandservicesproducedaccordingtothetheoryofcomparative

advantage.

China-ASEANfreetradeareawasformallyestablishedinJanuary1,2021,coveringa

populationof1900000000.China-ASEANfreetradearea’sGDPamountedto$6and

tradeamountedto$4.5.Itisthelargestfreetradezoneamongdevelopingcountries.

AftertheestablishmentofCAFTA,morethan90%productsarecarriedoutforzero

tariffsonbothsides.AveragetariffsfromChinesetoASEANdecreasefrom9.8%to

0.1%,AveragetariffsfromASEAN’ssixoldmemberstoChinesedecreasefrom

12.8%to0.6%.Tariffs’hugereductionpromotedtherapidgrowthofbilateraltrade.

ChinaandASEANcountries’tradeinvestmentgrows,economicintegrationdeepens,

companiesandpeoplearewidelybenefit,realizinggoalsofmutualbenefitand

win-wincooperationandcommondevelopment.ChinaandASEAN’stotalquantityof

bilateraltradegrowsrapidly.FromJanuarytoOctoberthisyear,thebilateraltrade

volumehasreachedto$295900000000,ayear-on-yeargrowthof25.7%.

（2）.Absoluteadvantagesandcomparativeadvantages

Absoluteadvantagesissaidtooccurwhenonecountrycanproduceagoodor

servicetopre-determinedqualitywithlessresourcesormorecheaplythananother

country.

Evenwhenacountryhasanabsoluteadvantageoveranothercountryintermsof

commoditiestheywishtotradeitwillstillbetotheirmutualadvantagetotrade

providingeachcountryhasthecomparativeadvantages.

UKisamajorimporterofmanufacturinggoodssuchclothes,shoes,toys,electronic

F86E35Economics2:

TheWorldEconomy

producesetc.astheselabororientedconsumergoodswillcostmoreinUKbefore

1980s.UKhastheWiththedevelopmentofservice,theadvantageoftradeisservice

trade.

Thegoodsthatcourtryimportandexportchangeovertimeasthegoodsinwhichthey

haveacomparativeadvantagechangeovertime.Before1970s,manufacturing

industryisitsabsoluteadvantage.After1970s,serviceindustryismorecompetitive

forinternationaltradesuchascomputersoftware,businessserviceand

pharmaceuticals.Theseindustryareseentobringthepossibilityoflongtermgrowth,

whiletheindustriesbasedonheavycapitalinvestmentorrequiringrelativelycheap

laborwillnotbecompetitivewithdevelopingcountries.

2.Thebenefitsoffreetrade

（1）.Goodsandservicesproducedatlowercost.Freetradecanpromotethe

cooperationofdifferentcountriesintheworld.Itcandecreasethecostofproducing

goods.

（2）.Greaterrangeofcommoditiesforconsumers,morechoice.Anycountriescannot

produceallproducts,theyallhaveproductswhichareunabletoproduce.Tradeallow

ustobuyallofthem.Greaterrangeofcommoditiesprovidecustomerswithmore

choice.

（3）.Increasedworld-wideoutput.Eachcountryproducingaccordingtotheir

respectiveadvantageshashighefficiency.Underthesameresources,ithashighyield.

Therefore,internationaltradeincreasedworld-wideoutput.

3.BarrierstoInternationalTrade

Tradebarriersaregovernment-inducedrestrictionsoninternationaltrade.Thebarriers

cantakemanyforms,includingthefollowingtariffsandnontariffs.

F86E35Economics2:

TheWorldEconomy

NonTarriffBarriers-exchangecontrols

Inarealworld,thereisandshouldbeacertaindegreeofgovernmentinterventionon

foreignexchange.Importsneedforeigncurrenciestobuygooodsandservicesfrom

abroad.Importersmustapplytothecenytalbankforthecurrencytheyneedto

purchasegoodsinthatcountry,TheCentralbankcanerxertcontroloverthevariety

andvolumeofbothimportsandexportsbycontrollingthequantityofforeign

cuurencyitwillissuetoexportersandimporters.

NonTarriffBarriers-ImportDepoits

Governmentrequiresimporterstolodgeanon-interestbearingdepositinadvance

withitsCentralBankbeforetheycanbuygoodsandservicesfromabroad.Besides,

thedepositisusuallyinanamountequaltoallorpartofthecostofimportedgoods.

Thisistimeconsumingandobviouslyexpensivesinceitreducestheliquidityofthe

importingfirms,whichtendtohindertheirimportingactivities.Before1984,the

Nigerianadvancedimportdepositrangedfrom50%to200%ofthevalueofalistof

importitems.

Giveaexampleabouttariffs,35%tariffsonChinesetyresimposedontheUnited

Stateson11thSeptemberin2021.ItmakeChinesetyresfirmshavetoincreasepriceif

salesinAmerica.

Forexample,tnontariffsinRussiatoUkraineforembargoeswhichsuspensionof

Ukraineimportsofjuiceon29thJulyin2021.ItmakeUkraine’sjuicenotallowsale

inRussia.

F86E35Economics2:

TheWorldEconomy

4.ThepurposeofraisingbarrierstoInternationalTrade

（1）Thepurposeistoprotectemployment.

FootwearmanufactureersassociationsofItaly,SpainadPortugalarereportedtohave

fieldapplicationstotheEUtocurbfootwearimportsfromChina.Localshoemarkers

inElche,thecapitalofSpain’sonceflourishingfootwearindustry,arguethat“made

inChina〞istakingawaytheirjobsbythatChineseshoeshavebeenboomingin

Spainjustbecauseofgoodqualityandreasonableprices.

（2）Thepurposeistoanti-dumping.InJuly2021,SolarWorldAG,aGerman

giant,ledaconsortiumofaround25EUsolarpanelproducerstofileacomplaintto

theEUCommissiontoinvestigatewhethertherehasbeendistortionofcompetition

byChinesecounterpartsduetodumping.SoonGermanyagainstChinalowprice.

5．TheRoleofWTO

TheWorldTradeOrganization（WTO）isanorganizationthatintendstosupervise

andliberalizeinternationaltrade.Theorganizationofficiallycommencedon1January

1995undertheMarrakechAgreement,signedby123nationson15April1994,

replacingtheGeneralAgreementonTariffsandTrade（GATT）,whichcommencedin

1948.Theorganizationdealswithregulationoftradebetweenparticipatingcountries

byprovidingaframeworkfornegotiatingandformalizingtradeagreementsanda

disputeresolutionprocessaimedatenforcingparticipants'adherencetoWTO

agreements,whicharesignedbyrepresentativesofmembergovernmentsandratified

bytheirparliaments.

TheWTOdisputesettlementmechanismismeasuresofdealingwithtradedisputes

betweenmembers.Itistheeffectivewayforcountriesespeciallythedeveloping

countriestoresolvetheeconomicfrictionandsafeguardtheirlegitimaterightsand

interests.Itisveryunfavorableforthedevelopingcountriestoresolvetradedisputes

F86E35Economics2:

TheWorldEconomy

especiallytradedisputeswiththedevelopedcountriesthroughbilateralchannels.The

bilateralapproachpursuesstrengthdoctrine.Involvedintradedisputesamong

developingcountries,theWTOdisputesettlementmechanismrulingiscomparatively

fairandreasonable.Aseitherthecomplainantorrespondent,thelegitimateinterests

ofthedevelopingcountrieshavebeeneffectivelyprotected.ItisbecausetheWTO

disputeadjudicationhasverystrongfairness,developingcountriesgenerallyhavea

highenthusiasmtousetheWTOdisputesettlementmechanism.Somelarger

economicscaledevelopingcountriesismoreactiveintheuseofWTOdispute

settlementmechanism.Ithelpstoreducetheeconomicfrictionbetweencountries,and

promotefriendlyrelationsamongnations.

TheUruguayRoundwasthe8throundofmultilateraltradenegotiations（MTN）

conductedwithintheframeworkoftheGeneralAgreementonTariffsand

Trade（GATT）,spanningfrom1986to1994andembracing123countriesas

"contractingparties".TheRoundledtothecreationoftheWorldTradeOrganization,

withGATTremainingasanintegralpartoftheWTOagreements.Thebroadmandate

oftheRoundhadbeentoextendGATTtraderulestoareaspreviouslyexemptedas

toodifficulttoliberalize（agriculture,textiles）andincreasinglyimportantnewareas

previouslynotincluded（tradeinservices,intellectualproperty,investment

policytradedistortions）

Herearesomeothersareasthe