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Globalization a la Facebook
Openness
Trade in goods and services Finance Labor Nations are more closely linked through trade in goods and services, through flows of money, through investments, but not through labor flows.
Chinese Trade
Trade Openness
(exports+imports)/GDP
Financial Openness
Labor Openness
Immigrants as a Percentage of the U.S. Population
What is different about the study of international economics from a study of a national economy?
On the trade side:
Governments regulate international trade (tariffs, quotas and regulation) and investment (taxes and regulation). Governments can discriminate against a subgroup (typically foreign) companies.
Patterns of Trade
Differences in labor productivity may explain why some countries export/import certain products. Differences in climate and resources can explain why Brazil exports coffee and Australia exports iron ore. How relative supplies of capital, labor and land are used in the production of different goods may also explain why some countries export certain products. But why does Japan export automobiles, while the US exports aircraft? Historical developments can also inform us about the patterns of trade.
Trade is a voluntary transaction, both sides receive something that they want. Even a country that is the most efficient producer of everything will gain from trade.
Ricardian Comparative advantage.
3.
Countries will export goods which use abundant resources and imports goods which use scarce resources.
H-O trade theory
4.
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Specialization induced by trade can also make countries more vulnerable to shocks.
Intra-temporal trade.
or through other regulations (e.g., product specifications) that exclude foreign products from the market, or restrict exports of certain domestic products, services or financial assets.
An Ethical Framework
Describe the detailed impact of any trade policy; both intended and unintended. What are the benefits and drawbacks of the policy in question? How do we aggregate / evaluate the total impact of this policy? Are there different frameworks of ethical reference that lead to different conclusions? What do I think?