国际贸易实务 Unit 1 Part B
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The difference between the value of merchandise exports and the value of merchandise imports for a nation during a given period of time.
favorable balance of trade Unfavorable balance of trade
Chapter 1 Introduction and Highlight Part B
Warming-up
Nature of International Business Reasons for International Trade Major Categories of International Business Theories about International Trade
1. Theory of Absolute Advantage
Theory of Absolute Advantage (AA) ---- When one nation is more efficient (AA over) than another in the production of one good but is less efficient than (absolute disadvantage with respect to) the other nation in producing a second good, then both nations can gain by each specializing in the production of the good of its AA and exchanging part of its output with the other nation for the good of its absolute disadvantage (AD).
John Stuart Mill
(1900s)
Theory of Comparative 比较优势原理---- 即使一 Advantage (CA) ---- Even 国(A国)与另一国(B国) if one nation is less efficient than (has an AD 相比在生产两种商品 with respect to) the other 时都没有效率（都有 nation in the production 绝对劣势），两国仍 of both commodities, there is still a basis for 有互利贸易的基础。 mutually beneficial trade. A国应专业化生产和出口 The first nation should specialize in the 劣势较小(即具有比较 production of and export 优势CA)的商品而进口 of the commodity in 其劣势更大(比较劣势 which its AD is smaller (this is the commodity of CD)的商品；而B国应 its CA), and import the 专业化生产和出口优 commodity in which its 势相对更大(即具有比 AD is greater (this is the commodity of its CD). 较优势CA)的商品而进 And the second nation …..
Protection theory of F.List
There should be different trade policies in different stages of economic development.
农业时期 农工业时期 农工商业时期
畜牧时期 原始未开化时期
Free Trade
J.M.Keynes
Economic growth came from investment, and investment could multiply the increase of national income.
Free Trade Theories David Ricardo 大卫李嘉图 “Free flow of international trade benefits all who participate” Theory of Absolute Advantage Theory of Comparative Advantage Factor-proportions Theory
Britain Cloth yard/man-hour Wine gallon/man-hour 20 4 Portugal 10 3 efficiency 2:1 1 : 0.75
★重点
2. Theory of Comparative Advantage
Comparative cost theory David Ricardo,
Table 1 Comparison of the measures of the wealth of a nation between mercantilists and modern economists Measure the wealth of a nation by Mercantilists the stock of precious metals it possessed the stock of human, man-made & natural Modern resources available for producing goods economists & service.
Reasons for international trade
1) The uneven distribution of resources around the world is one of the basic reasons for the appearance of international trade. A. Favorable climatic conditions and terrain B. Natural resources C. Skilled workers D. Capital resources E. Favorable geographic location and transport costs F. Insufficient production 2) Economic reasons---A. to expand their sales B. to acquire resources C. to diversify their sources of sales and supplies
Policies of the mercantilism
只 有 金 银 才 是 财 富
增口是任 加赚有何 本取限国 国别的家 财国，金 富金只银 银有储 才靠量 能出都 支本同 出国时 本购要 国买限 金别制 银国或 商禁 品止
限制或禁止进口，
同时鼓励出口
Balance of Trade 贸易差额
The Absolute Advantage in International Trade
Britain Cloth yard/man-hour Wine gallon/man-hour 20 2 Portugal 10 4 efficiency 2:1 1:2
What can we learned from the table?
Free trade Protect (Portugal ) (France) (Britain) infant (Spain) industry (Germany) (USA)
Infant industry
Underdeveloped industry that, in the face of competition from abroad, may not be able to survive the early years of struggle before reaching maturity.
绝对优势理论(AA) ---当一国(A国)在生产 一种产品时比另一国 (B国)更有效率（即 有绝对优势AA）， 但在生产另一种产品 时效率又不如另一国 (B国)（即有绝对劣 势AD），那么，两 个国家都可专业化生 产各自具有绝对优势 的产品并出口部分该 产品以与对方换取自 己具有绝对劣势的产 品，从而双方都可受 益.
England began the first large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). An early statement on national balance of trade appeared in Discourse of the Common Weal of this Realm of England<论英国本土的公共 福利>, 1549: "We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them."
---- Britain more efficient than (AA over) Portugal in producing cloth. ---- Portugal more efficient than (AA over) Britain in producing wine
---- According to AA theory, if as in table 2-2, can the trade take place between Britain and Portugal? Why?
The Major Categories of International Business
Merchandise Exports and Imports (Tangible) Service Exports and Imports (invisibles) Investments (FDI; portfolio investment)
? first voiced T.P.
Mercantilism来自1.Mercantilists' view on Trade: The more gold and silver a nation had, the richer and more powerful it was. Thus, the government had to do all in its power to stimulate the nation's exports and discourage and restrict imports (particularly the import of luxury consumption goods).
In actual practice, however, the world has never had a completely free trading system because every individual country puts controls on trade for reasons.
Nature of International Business
International business is all business transactions that involve two or more countries. Private companies undertake international transactions for profit while governments may not be profit-motivated.
Warming-up 完结
Essential Theories About International Trade
Protectionist Theories Trade protectionism F. List J.M. Keynes
Trade protectionism holds that governments should intervene with trade to prevent the free interflow of foreign products into their domestic markets.
favorable balance of trade Unfavorable balance of trade
Chapter 1 Introduction and Highlight Part B
Warming-up
Nature of International Business Reasons for International Trade Major Categories of International Business Theories about International Trade
1. Theory of Absolute Advantage
Theory of Absolute Advantage (AA) ---- When one nation is more efficient (AA over) than another in the production of one good but is less efficient than (absolute disadvantage with respect to) the other nation in producing a second good, then both nations can gain by each specializing in the production of the good of its AA and exchanging part of its output with the other nation for the good of its absolute disadvantage (AD).
John Stuart Mill
(1900s)
Theory of Comparative 比较优势原理---- 即使一 Advantage (CA) ---- Even 国(A国)与另一国(B国) if one nation is less efficient than (has an AD 相比在生产两种商品 with respect to) the other 时都没有效率（都有 nation in the production 绝对劣势），两国仍 of both commodities, there is still a basis for 有互利贸易的基础。 mutually beneficial trade. A国应专业化生产和出口 The first nation should specialize in the 劣势较小(即具有比较 production of and export 优势CA)的商品而进口 of the commodity in 其劣势更大(比较劣势 which its AD is smaller (this is the commodity of CD)的商品；而B国应 its CA), and import the 专业化生产和出口优 commodity in which its 势相对更大(即具有比 AD is greater (this is the commodity of its CD). 较优势CA)的商品而进 And the second nation …..
Protection theory of F.List
There should be different trade policies in different stages of economic development.
农业时期 农工业时期 农工商业时期
畜牧时期 原始未开化时期
Free Trade
J.M.Keynes
Economic growth came from investment, and investment could multiply the increase of national income.
Free Trade Theories David Ricardo 大卫李嘉图 “Free flow of international trade benefits all who participate” Theory of Absolute Advantage Theory of Comparative Advantage Factor-proportions Theory
Britain Cloth yard/man-hour Wine gallon/man-hour 20 4 Portugal 10 3 efficiency 2:1 1 : 0.75
★重点
2. Theory of Comparative Advantage
Comparative cost theory David Ricardo,
Table 1 Comparison of the measures of the wealth of a nation between mercantilists and modern economists Measure the wealth of a nation by Mercantilists the stock of precious metals it possessed the stock of human, man-made & natural Modern resources available for producing goods economists & service.
Reasons for international trade
1) The uneven distribution of resources around the world is one of the basic reasons for the appearance of international trade. A. Favorable climatic conditions and terrain B. Natural resources C. Skilled workers D. Capital resources E. Favorable geographic location and transport costs F. Insufficient production 2) Economic reasons---A. to expand their sales B. to acquire resources C. to diversify their sources of sales and supplies
Policies of the mercantilism
只 有 金 银 才 是 财 富
增口是任 加赚有何 本取限国 国别的家 财国，金 富金只银 银有储 才靠量 能出都 支本同 出国时 本购要 国买限 金别制 银国或 商禁 品止
限制或禁止进口，
同时鼓励出口
Balance of Trade 贸易差额
The Absolute Advantage in International Trade
Britain Cloth yard/man-hour Wine gallon/man-hour 20 2 Portugal 10 4 efficiency 2:1 1:2
What can we learned from the table?
Free trade Protect (Portugal ) (France) (Britain) infant (Spain) industry (Germany) (USA)
Infant industry
Underdeveloped industry that, in the face of competition from abroad, may not be able to survive the early years of struggle before reaching maturity.
绝对优势理论(AA) ---当一国(A国)在生产 一种产品时比另一国 (B国)更有效率（即 有绝对优势AA）， 但在生产另一种产品 时效率又不如另一国 (B国)（即有绝对劣 势AD），那么，两 个国家都可专业化生 产各自具有绝对优势 的产品并出口部分该 产品以与对方换取自 己具有绝对劣势的产 品，从而双方都可受 益.
England began the first large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). An early statement on national balance of trade appeared in Discourse of the Common Weal of this Realm of England<论英国本土的公共 福利>, 1549: "We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them."
---- Britain more efficient than (AA over) Portugal in producing cloth. ---- Portugal more efficient than (AA over) Britain in producing wine
---- According to AA theory, if as in table 2-2, can the trade take place between Britain and Portugal? Why?
The Major Categories of International Business
Merchandise Exports and Imports (Tangible) Service Exports and Imports (invisibles) Investments (FDI; portfolio investment)
? first voiced T.P.
Mercantilism来自1.Mercantilists' view on Trade: The more gold and silver a nation had, the richer and more powerful it was. Thus, the government had to do all in its power to stimulate the nation's exports and discourage and restrict imports (particularly the import of luxury consumption goods).
In actual practice, however, the world has never had a completely free trading system because every individual country puts controls on trade for reasons.
Nature of International Business
International business is all business transactions that involve two or more countries. Private companies undertake international transactions for profit while governments may not be profit-motivated.
Warming-up 完结
Essential Theories About International Trade
Protectionist Theories Trade protectionism F. List J.M. Keynes
Trade protectionism holds that governments should intervene with trade to prevent the free interflow of foreign products into their domestic markets.