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Chapter 19 - International trade policy. After reading this chapter, you should be able to: Summarize some important data of trade, explain policies countries use to restrict trade, summarize the reasons for trade restrictions and why economists generally oppose trade restrictions, explain how free trade associations both help and hinder international trade. | International Trade Policy Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against free trade. — Ludwig von Mises Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Goals Summarize some important data of trade Explain how free trade associations both help and hinder international trade Explain policies countries use to restrict trade Summarize the reasons for trade restrictions and why economists generally oppose trade restrictions 2 The Nature and Patterns of Trade Differences in the importance of trade Total Output ($) Export Ratio (%) Import Ratio (%) Netherlands 844 78 71 Germany 3,695 47 41 Canada 1,706 29 31 Italy 2,180 27 29 France 2,825 26 28 United Kingdom 2,462 30 33 Japan 6,078 15 14 United States 15,094 13 16 3 OPEC 4% Central and South America 11% Other 10% Pacific Rim 25% European Union 18% Mexico 13% Canada 19% . | International Trade Policy Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against free trade. — Ludwig von Mises Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Goals Summarize some important data of trade Explain how free trade associations both help and hinder international trade Explain policies countries use to restrict trade Summarize the reasons for trade restrictions and why economists generally oppose trade restrictions 2 The Nature and Patterns of Trade Differences in the importance of trade Total Output ($) Export Ratio (%) Import Ratio (%) Netherlands 844 78 71 Germany 3,695 47 41 Canada 1,706 29 31 Italy 2,180 27 29 France 2,825 26 28 United Kingdom 2,462 30 33 Japan 6,078 15 14 United States 15,094 13 16 3 OPEC 4% Central and South America 11% Other 10% Pacific Rim 25% European Union 18% Mexico 13% Canada 19% U.S. Exports by Region, 2012 U.S. Imports by Region, 2012 OPEC 9% Central and South America 8% Other 9% Pacific Rim 31% European Union 17% Mexico 11% Canada 15% The Changing Nature of Trade As technological changes in telecommunications reduce costs, foreign countries will be able to provide more services This trade in services is often called outsourcing Customer service calls for U.S. companies are now more frequently answered in India The nature of trade is continually changing, both in terms of the countries with which the U.S. trades and the goods and services traded 6 The Changing Nature of Trade Using overseas suppliers is not a new development in trade Because technology is growing in these countries, the U.S. economy must develop new technologies to remain competitive The difference is the potential size of outsourcing to India and China with combined populations of 2.5 billion people Is Chinese and Indian outsourcing different from previous outsourcing? 7 Balance of Trade .
