TAILIEUCHUNG - THẠC SỸ KINH TẾ - KINH TẾ VI MÔ - CHAPTER 17

Nations never really trade; people do. This simple point is important, for international trade allows us to approach international trade as an extension of models already developed, rather than a completely new topic. Earlier discussion focused on the local or national marketplace. In this chapter, our marketplace will be the world. We divide our discussion of international economics into its major subdivisions, international trade (mainly dealing with the exchange of real goods and services across national boundaries and their terms of trade) and international finance (mainly dealing with the exchange of national currencies and their exchange rates). . | CHAPTER 17 International Trade and Finance It can be of no consequence to America whether the commodities she obtains in return for her own cost Europeans much or little labor all she is interested in is that they shall cost her less labor by purchasing than by manufacturing them herself. David Ricardo Nations never really trade people do. This simple point is important for international trade allows us to approach international trade as an extension of models already developed rather than a completely new topic. Earlier discussion focused on the local or national marketplace. In this chapter our marketplace will be the world. We divide our discussion of international economics into its major subdivisions international trade mainly dealing with the exchange of real goods and services across national boundaries and their terms of trade and international finance mainly dealing with the exchange of national currencies and their exchange rates . INTERNATIONAL TRADE Of course there are differences between international and domestic trade enough to make international economics an important subdiscipline of the profession. Some differences are obvious like the many different national currencies cultures institutions laws languages artificial barriers tariffs quotas embargoes health regulations and countercyclical domestic policies involved in international exchange. Others go largely unrecognized. An intangible but significant factor is the difference in people s attitudes toward domestic and international trade call international trade nationalism. As Abraham Lincoln is supposed to have said Domestic trade is among us international trade is between us and them. Yet people all over the world trade with each other for the same reason They stand to gain from the transaction in spite of the politics. There is much greater immobility of resources than commodities between nations. International trade is the substitute for the international movement of human and property .

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