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Trade Deficits In The Long Run
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Download or read book Balanced Trade written by Jesse Richman and published by Lexington Books. This book was released on 2014-04-24 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should a principled nation which believes in the benefits of mutually beneficial trade respond to the predations of mercantilist trading partners and imbalanced trade? Many argue that the response should be to do little or nothing. Balanced Trade argues that achieving the full benefits of international trade requires an effective response. Although trade deficits provide short-term gains in consumption, these are combined with long-term losses in consumption, innovation, investment, employment and power. Furthermore, market mechanisms do not correct trade imbalances that result from mercantilism, nor do they compensate for the long term shift in production and consumption towards the mercantilist. Balancing trade can make important short run and long run contributions to economic stability and prosperity. In America today, despite the growing evidence that imbalanced free trade is not working, many American economists remain adamant in their promotion of free trade. They are also quick to label actions taken to balance trade as protectionism. The political system has also failed to effectively address the problem of imbalanced trade, and the Federal Reserve has often exacerbated rather than addressed the challenge. We show that the classical economic arguments against mercantilism do not justify doing nothing. Effectively responding to imbalanced trade and mercantilism requires careful selection of strategy in order to achieve multiple objectives: balancing trade while maintaining the benefits of international trade, avoiding unnecessary inefficiencies, and maintaining compliance with international law. One of the best options is the Scaled Tariff. By targeting countries with which the United States has a large current account deficit, the Scaled Tariff would efficiently, legally, and effectively balance trade. It would be applied to all imported goods from trade surplus countries that have had a sizable trade surplus with the United States over the most recent four economic quarters.The tariff rate would be designed to take in a portion (e.g. 50%) of the bilateral trade deficit (goods plus services) as revenue. No particular product is protected; the scaled tariff simply changes the terms of trade between the two countries, much as currency devaluation would change the terms of trade with all countries.
Book Synopsis Is the U.S. Trade Deficit Sustainable? by : Catherine L. Mann
Download or read book Is the U.S. Trade Deficit Sustainable? written by Catherine L. Mann and published by Peterson Institute. This book was released on 1999 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis of 1997-98 and the widening US trade deficit have precipitated fresh inquiry into a set of perennial questions about global integration and the US economy. How has global integration affected US producers and workers, and overall growth and inflation? Is a chronic and widening deficit sustainable, or will the dollar crash, perhaps taking the economy with it? If the problem was one of "twin deficits," as many thought, why has the trade deficit continued to grow even as the budget deficit narrowed to zero? If US companies are so competitive, why does the trade deficit persist? Is the trade deficit a result of protectionism abroad? Will it lead to protectionism at home? What role do international capital markets have? Each chapter presents relevant data and a simple analytical framework as the basis for concise discussions of these major issues. The final section of the book provides an outlook for the deficit and suggests alternative policy courses for dealing with it. This book is designed for policymakers and others who are interested in the US role in the world economy. It is also suitable for courses in international economics, business, and international affairs.
Book Synopsis Making Of An Economic Superpower, The: Unlocking China's Secret Of Rapid Industrialization by : Yi Wen
Download or read book Making Of An Economic Superpower, The: Unlocking China's Secret Of Rapid Industrialization written by Yi Wen and published by World Scientific. This book was released on 2016-05-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.
Book Synopsis A Country is Not a Company by : Paul R. Krugman
Download or read book A Country is Not a Company written by Paul R. Krugman and published by Harvard Business Press. This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy. Krugman's article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see. Since 1922, Harvard Business Review has been a leading source of breakthrough management ideas-many of which still speak to and influence us today. The Harvard Business Review Classics series now offers readers the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world-and will have a direct impact on you today and for years to come.
Book Synopsis The Volatility Machine by : Michael Pettis
Download or read book The Volatility Machine written by Michael Pettis and published by Oxford University Press, USA. This book was released on 2001 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
Book Synopsis The Collapse of Global Trade, Murky Protectionism, and the Crisis by : Richard E. Baldwin
Download or read book The Collapse of Global Trade, Murky Protectionism, and the Crisis written by Richard E. Baldwin and published by . This book was released on 2011-03 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis of 2008/9 is the Great Depression of the 21st century. For many though, the similarities stop at the Wall Street Crash as the current generation of policymakers have acted quickly to avoid the mistakes of the past. Yet the global crisis has made room for mistakes all of its own. While governments have apparently kept to their word on refraining from protectionist measures in the style of 1930s tariffs, there has been a disturbing rise in "murky protectionism." Seemingly benign, these crisis-linked policies are twisted to favour domestic firms, workers and investors. This book, first published as an eBook on VoxEU.org in March 2009, brings together leading trade policy practitioners and experts - including Australian Trade Minister Simon Crean and former Mexican President Ernesto Zedillo. Initially its aim was to advise policymakers heading in to the G20 meeting in London, but since the threat of murky protectionism persists, so too do their warnings.
Book Synopsis The Global Trade Slowdown by : Cristina Constantinescu
Download or read book The Global Trade Slowdown written by Cristina Constantinescu and published by International Monetary Fund. This book was released on 2015-01-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Book Synopsis Changing Patterns of Global Trade by : Nagwa Riad
Download or read book Changing Patterns of Global Trade written by Nagwa Riad and published by International Monetary Fund. This book was released on 2012-01-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
Book Synopsis The Great Trade Collapse: Causes, Consequences and Prospects by : Richard E. Baldwin
Download or read book The Great Trade Collapse: Causes, Consequences and Prospects written by Richard E. Baldwin and published by CEPR. This book was released on 2009 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Conflict and Trade Policy by : C. Fred Bergsten
Download or read book Currency Conflict and Trade Policy written by C. Fred Bergsten and published by Columbia University Press. This book was released on 2017-06-27 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.
Book Synopsis The Fourth Industrial Revolution by : Klaus Schwab
Download or read book The Fourth Industrial Revolution written by Klaus Schwab and published by Crown Currency. This book was released on 2017-01-03 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolution, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wearable sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manufacturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individuals. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frameworks that advance progress.
Author :Board of Governors of the Federal Reserv Publisher :Createspace Independent Publishing Platform ISBN 13 :9781542904476 Total Pages :34 pages Book Rating :4.9/5 (44 download)
Book Synopsis The Global Trade Slowdown and Its Implications for Emerging Asia by : Board of Governors of the Federal Reserv
Download or read book The Global Trade Slowdown and Its Implications for Emerging Asia written by Board of Governors of the Federal Reserv and published by Createspace Independent Publishing Platform. This book was released on 2016-11-18 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy is at a critical juncture today. According to the International Monetary Fund's latest World Economic Outlook, global gross domestic product (GDP) is set to grow at only 3.1 percent this year, the lowest rate of growth since the Global Financial Crisis. Investment and productivity remain subdued, despite extremely low and even negative interest rates in many economies. One key aspect of global weakness that is of particular relevance to emerging Asian economies is the sharp slowdown in global trade. This slowdown represents a notable departure from the "normal" times of the past few decades, and is the subject of my remarks today.
Book Synopsis Principles of Macroeconomics for AP® Courses 2e by : Steven A. Greenlaw
Download or read book Principles of Macroeconomics for AP® Courses 2e written by Steven A. Greenlaw and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Principles of Macroeconomics for AP® Courses 2e covers the scope and sequence requirements for an Advanced Placement® macroeconomics course and is listed on the College Board's AP® example textbook list. The second edition includes many current examples and recent data from FRED (Federal Reserve Economic Data), which are presented in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition was developed with significant feedback from current users. In nearly all chapters, it follows the same basic structure of the first edition. General descriptions of the edits are provided in the preface, and a chapter-by-chapter transition guide is available for instructors.
Book Synopsis World Cities Report 2020 by : United Nations
Download or read book World Cities Report 2020 written by United Nations and published by . This book was released on 2020-11-30 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a rapidly urbanizing and globalized world, cities have been the epicentres of COVID-19 (coronavirus). The virus has spread to virtually all parts of the world; first, among globally connected cities, then through community transmission and from the city to the countryside. This report shows that the intrinsic value of sustainable urbanization can and should be harnessed for the wellbeing of all. It provides evidence and policy analysis of the value of urbanization from an economic, social and environmental perspective. It also explores the role of innovation and technology, local governments, targeted investments and the effective implementation of the New Urban Agenda in fostering the value of sustainable urbanization.
Book Synopsis Articles of Agreement of the International Monetary Fund by : International Monetary Fund
Download or read book Articles of Agreement of the International Monetary Fund written by International Monetary Fund and published by . This book was released on 1944 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Future of North American Trade Policy by : Kevin P. Gallagher
Download or read book The Future of North American Trade Policy written by Kevin P. Gallagher and published by . This book was released on 2009-11-30 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on International Relations. Subcommittee on International Economic Policy and Trade Publisher : ISBN 13 : Total Pages :136 pages Book Rating :4.0/5 ( download)
Book Synopsis The U.S. Trade Deficit by : United States. Congress. House. Committee on International Relations. Subcommittee on International Economic Policy and Trade
Download or read book The U.S. Trade Deficit written by United States. Congress. House. Committee on International Relations. Subcommittee on International Economic Policy and Trade and published by . This book was released on 2000 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
