TAILIEUCHUNG - Lecture International economics: Chapter 17 - Hendrik Van den Berg

Chapter 17 - The future path of globalization. After completing this chapter, students will be able to: The performance of each economy is linked to the performance of other economies in many ways, as the circular flow diagram clearly illustrated; the Nebraska automobile industry example taught us the protectionism does not favor national interests over foreign interests, but one national interest over other national interests;. | The Future Path of Globalization .the sea brought Greeks the vine from India, from Greece transmitted the use of grain across the sea, from Phoenicia imported letters as a memorial against forgetfulness, thus preventing the greater part of mankind from being wineless, grainless, and unlettered. (Plutarch, 100 .) Globalization Means Interdependence The performance of each economy is linked to the performance of other economies in many ways, as the circular flow diagram clearly illustrated. The Nebraska automobile industry example taught us the protectionism does not favor national interests over foreign interests, but one national interest over other national interests. The Lerner symmetry theorem shows that protection of an import competing industry hurts the same country’s export industries. The two-country model of trade makes it very clear that protectionism is not just a domestic political matter: Protectionism has clear economic effects abroad as well as at home. Globalization Means Interdependence The performance of each economy is linked to the performance of other economies in many ways. The circular flow diagram from Chapter 2 clearly illustrated the links between the domestic economy and the rest of the world. Globalization Means Interdependence The Lerner symmetry theorem reminds us that protection is costly to an economy because it favors a higher-cost industry over a lower-cost industry. In the extreme case, protectionism that eliminates all trade takes the economy back to self-sufficiency and a lower level of welfare. Globalization Means Interdependence The two-country model of trade makes it very clear that protectionism is not just a domestic political matter: Protectionism has clear economic effects abroad as well as at home. Globalization and Growth The power of compounding means that long-run growth invariably does more for human welfare than any short-run economic change. The costs of protectionism extend beyond the immediate opportunity .

• Kinh tế học
• International economics
• Lecture International economics
• The global economy
• Controversial aspects of globalization
• International inequality
• Opportunities of globalization
• International economics theory
• International economics policy
• International economics theory and policy
• International trade theory
• International trade policy
• Political economy of trade policy
• International investment
• Economics of international investment
• Intertemporal equilibrium
• Exchange rates
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• National income accounting
• International financial system
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• The gold standard
• International trade
• Economic model
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• Multi National Enterprises
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• International migration
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• Exchange rate changes
• Economic growth
• The power of compounding
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