Chapter 4 INTERNATIONAL TRADE - CA Study...01 Against of International Trade 03 The Theory of...

INTERNATIONAL TRADE

Chapter 4

5 UNITS

Theories of International Trade

Trade Negotiations

Exchange Rates & Economic Effects

The Instruments of Trade Policy

International Capital Movement

1

2

3

4

5

- CA Mayank Kothari | CA Inter FM-ECO |Paper 8 | Video Lectures at caconnect.in

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Introduction

�4

International trade is the exchange o f goods and services as well as resources between countries.


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Introduction

�5

It involves transactions between residents of different countries.


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/ International trade is the exchange of goods and services as well as resources between countries.

It involves transactions between residents of different countries.

Introduction

1. heterogeneity of customers and currencies,

2. differences in legal systems,

3. more elaborate documentation,

4. diverse restrictions in the form of taxes,

5. regulations,

6. duties,

7. tariffs,

8. quotas,

9. trade barriers,

10. standards,

11. restraints to movement of specified goods and services and

12. issues related to shipping and transportation.

�6

Compared to internal trade, international trade has greater complexity as it involves


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THEORIES OF INTERNATIONAL TRADEArguments in Support and Against of International Trade01

03 The Theory of Absolute Advantage

0204

The Theory of Comparative Advantage

The Mercantilist View of International Trade

05 The Heckscher-Ohlin Theory of Trade06

Comparison Between Theory of Comparative Cost and Modern Theory07 New Trade Theory an

Introduction08

Introduction


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#01

ARGUMENTS IN SUPPORT OF INTERNATIONAL TRADE

• I n t e r n a t i o n a l t r a d e i s a p o w e r f u l s t i m u l u s t o e c o n o m i c e f f i c i e n c y a n d c o n t r i b u t e s t o e c o n o m i c g r o w t h a n d r i s i n g i n c o m e s .

• I t c o m p e l s m a n u f a c t u r e r s , e s p e c i a l l y i n d e v e l o p i n g c o u n t r i e s t o e n h a n c e e f f i c i e n c y a n d p r o f i t a b i l i t y b y a d o p t i o n o f c o s t r e d u c i n g t e c h n o l o g y a n d b u s i n e s s p r a c t i c e s .

• I t w i l l r e d u c e t h e l i k e l i h o o d o f d o m e s t i c m o n o p o l y .

• T r a d e p r o v i d e s a c c e s s t o n e w m a r k e t s a n d n e w m a t e r i a l s a n d e n a b l e s s o u r c i n g o f i n p u t s a n d c o m p o n e n t s i n t e r n a t i o n a l l y a t c o m p e t i t i v e p r i c e s


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#01

ARGUMENTS IN SUPPORT OF INTERNATIONAL TRADE• I n t e r n a t i o n a l t r a d e

e n h a n c e s t h e e x t e n t o f m a r k e t a n d a u g m e n t s t h e s c o p e f o r m e c h a n i z a t i o n a n d s p e c i a l i s a t i o n .

• E x p o r t s s t i m u l a t e e c o n o m i c g r o w t h b y c r e a t i n g j o b s , w h i c h c o u l d p o t e n t i a l l y r e d u c e p o v e r t y a n d a u g m e n t i n g f a c t o r i n c o m e s a n d i n s o d o i n g r a i s i n g s t a n d a r d s o f l i v e l i h o o d a n d o v e r a l l d e m a n d f o r g o o d s a n d s e r v i c e s

• C o u n t r i e s c a n g a i n f u l l y d i s p o s e o f f t h e i r s u r p l u s o u t p u t a n d , t h u s , p r e v e n t u n d u e f a l l i n d o m e s t i c p r i c e s c a u s e d b y o v e r p r o d u c t i o n .

• I n t e r n a t i o n a l T r a d e a l s o a l l o w s n a t i o n s t o m a i n t a i n s t a b i l i t y i n p r i c e s a n d s u p p l y o f g o o d s d u r i n g p e r i o d s o f n a t u r a l c a l a m i t i e s l i k e f a m i n e , f l o o d , e p i d e m i c e t c .


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#01

ARGUMENTS IN SUPPORT OF INTERNATIONAL TRADE• T r a d e c a n a l s o c o n t r i b u t e

t o h u m a n r e s o u r c e d e v e l o p m e n t , b y f a c i l i t a t i n g f u n d a m e n t a l a n d a p p l i e d r e s e a r c h a n d e x c h a n g e o f k n o w - h o w a n d b e s t p r a c t i c e s b e t w e e n t r a d e p a r t n e r s .

• T r a d e s t r e n g t h e n s b o n d s b e t w e e n n a t i o n s b y b r i n g i n g c i t i z e n s o f d i f f e r e n t c o u n t r i e s t o g e t h e r i n m u t u a l l y b e n e f i c i a l e x c h a n g e s a n d , t h u s , p r o m o t e s h a r m o n y a n d c o o p e r a t i o n a m o n g n a t i o n s .


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Economic Growth and Rising Income

Enhanced Efficiency and Profitability

Reduction in Domestic Monopoly

Inputs at Competitive Prices

Enhance the Scope of Mechanisation and Specialisation

Generating Employment & Raising Standards of Livelihood

Prevent Undue Fall in Domestic Prices Due to Overproduction

Supply of Goods During Natural Calamities

Contributes to Human Resource Development

Strengthens Bonds Between Nations

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ARGUMENTS IN SUPPORT OF INTERNATIONAL TRADE


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#02

ARGUMENTS AGAINST THE INTERNATIONAL TRADE

• P o s s i b l e n e g a t i v e l a b o u r m a r k e t o u t c o m e s i n t e r m s o f l a b o u r - s a v i n g t e c h n o l o g i c a l c h a n g e t h a t d e p r e s s d e m a n d f o r u n s k i l l e d w o r k e r s , l o s s o f l a b o u r e r s ’ b a r g a i n i n g p o w e r , d o w n w a r d p r e s s u r e o n w a g e s o f s e m i s k i l l e d a n d u n s k i l l e d w o r k e r s a n d f o r c e d w o r k u n d e r u n f a i r c i r c u m s t a n c e s a n d u n h e a l t h y o c c u p a t i o n a l e n v i r o n m e n t s .

• I n t e r n a t i o n a l t r a d e i s o f t e n c r i t i c i z e d f o r i t s e x c e s s i v e s t r e s s o n e x p o r t s a n d p r o f i t - d r i v e n e x h a u s t i o n o f n a t u r a l r e s o u r c e s d u e t o u n s u s t a i n a b l e p r o d u c t i o n a n d c o n s u m p t i o n .


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#02


• P r o b a b l e s h i f t t o w a r d s a c o n s u m e r c u l t u r e a n d c h a n g e i n p a t t e r n s o f d e m a n d i n f a v o u r o f f o r e i g n g o o d s w h i c h a r e l i k e l y t o o c c u r i n l e s s d e v e l o p e d c o u n t r i e s m a y h a v e a d v e r s e e f f e c t o n t h e d e v e l o p m e n t o f d o m e s t i c i n d u s t r i e s a n d m a y e v e n t h r e a t e n t h e s u r v i v a l o f i n f a n t i n d u s t r i e s .

• R i s k y d e p e n d e n c e o f u n d e r d e v e l o p e d c o u n t r i e s o n f o r e i g n n a t i o n s i m p a i r s e c o n o m i c a u t o n o m y a n d e n d a n g e r s t h e i r p o l i t i c a l s o v e r e i g n t y . S u c h r e l i a n c e o f t e n l e a d s t o w i d e s p r e a d e x p l o i t a t i o n a n d l o s s o f c u l t u r a l i d e n t i t y .

• I m p o r t o f h a r m f u l p r o d u c t s m a y c a u s e h e a l t h h a z a r d s a n d e n v i r o n m e n t a l d a m a g e . ( e . g . C h i n e s e p r o d u c t s ) .


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#02


• I n s t e a d o f c o o p e r a t i o n a m o n g n a t i o n s , t r a d e m a y b r e e d r i v a l r y o n a c c o u n t o f s e v e r e c o m p e t i t i o n

• T h e r e a r e m a n y r i s k s i n t r a d e w h i c h a r e a s s o c i a t e d w i t h c h a n g e s i n g o v e r n m e n t s ’ p o l i c i e s o f p a r t i c i p a t i n g c o u n t r i e s , s u c h a s i m p o s i t i o n o f a n i m p o r t b a n o r t r a d e e m b a r g o e s .


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Depressed Demand of Unskilled and Semiskilled workers

Exhaustion of Natural Resources

Threat to the Survival of Domestic Industries

Loss of Cultural Identity

Harmful Imports Will Damage Environment and Health

Rivalry on Account of Severe Competition

Risk of Trade Embargoes

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0204





Introduction08

Introduction


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Maximise Exports & Minimise ImportsMercantilism advocated maximizing exports in order to bring in more “specie” (precious metals) and minimizing imports through the state imposing very high tariffs on foreign goods.

86%

Trade is a ‘zero-sum game’This view argues that trade is a ‘zero-sum game’, with winners who win does so only at the expense of losers and one country’s gain is equal to another country’s loss, so that the net change in wealth or benefits among the participants is zero.

0

This theory have many shortcomingsThe arguments put forth by mercantilists were later proved to have many shortcomings by later economists. Although it is still very important theory which explains policies followed by many big and fast growing economies in Asia.

~

Collect precious metals to become richNational wealth and power are best served by increasing exports and collecting precious metals in return. Mercantilists also believed that the more gold and silver a country accumulates, the richer it becomes.



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0204





Introduction08

Introduction


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THE THEORY OF ABSOLUTE ADVANTAGE

Adam Smith was the first to put across the possibility that international trade is

not a zero-sum game


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THE THEORY OF ABSOLUTE ADVANTAGEAccording to Adam Smith who supported unrestricted trade and free international competition, absolute cost advantage is the determinant of mutually beneficial international trade.

The absolute cost advantage theory points out that a country will specialize in the production and export of a commodity in which it has an absolute cost advantage.

In other words, exchange of goods between two countries will take place only if each of the two countries can produce one commodity at an absolutely lower production cost than the other country.


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2 X 2 M O D E L

Country A Country B

Wheat (Bushels/Hour) 6 1

Cloth (Yards/Hour) 4 5


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2 X 2 M O D E L

Country A Country B




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0204





Introduction08

Introduction


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THE THEORY OF COMPARATIVE ADVANTAGE

David Ricardo developed the classical theory of comparative advantage in his book

‘Principles of Political Economy and Taxation’ published in 1817


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The law of comparative advantage states that even if one nation is less efficient than (has an absolute disadvantage with respect to) the other nation in the production of all commodities, there is still scope for mutually beneficial trade.

The first nation should specialize in the production and export of the commodity in which its absolute disadvantage is smaller (this is the commodity of its comparative advantage) and import the commodity in which its absolute disadvantage is greater

THE THEORY OF COMPARATIVE ADVANTAGE

Commodity Absolute Disadvantage

Export Smaller

Import Greater


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2 X 2 M O D E L

Country A

Country B



Absolute Disadvantage

Absolute Disadvantage

Absolute Advantage

Absolute Advantage


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Country A Country B



Comparative Cost

Comparative Advantage in Wheat

Comparative Advantage in Cloth

Terms of Trade


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Planes Cruise Ships

US 20 2

France 12 2

Comparative Cost

Comparative Advantage in Planes

Comparative Advantage in Cruise

Terms of Trade


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Car Motorcycles

Korea 3 9

Germany 4 8

Comparative Cost

Comparative Advantage in car

Comparative Advantage in motorcycle

Terms of Trade


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Laptop Phones

China 4 12

Japan 1 5

Comparative Cost

Comparative Advantage in laptop

Comparative Advantage in phones

Terms of Trade


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0204





Introduction08

Introduction


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HECKSCHER -OHLIN THEORY OF TRADE

The Heckscher-Ohlin theory of trade, (named after two Swedish economists, Eli Heckscher

and his student Bertil Ohlin), also referred to as

1. Factor-Endowment Theory of Trade 2. Modern Theory of Trade 3. Heckscher-Ohlin-Samuelson theorem


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HECKSCHER -OHLIN THEORY OF TRADE

Based on

Factor Endowment Amount of labor, land, money and entrepreneurship that could be exploited for manufacturing within a country. Countries with large factor endowments are often financially better off than countries

with less factor endowment


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LABOUR CAPITAL


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�40

0

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Country A

Country A

Labour Capital

0

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30

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Country A

Country B

Labour Capital


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�41

0

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Country A

Labour Capital

Export

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Labour Capital

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Import

Import


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THE HECKSCHER -OHLIN THEORY OF TRADEThe theory states that a country’s exports depend on its resources endowment i.e. whether the country is capital-abundant or labour-abundant.

- If a country is a capital abundant one, it will produce and export capital-intensive goods relatively more cheaply than another country.

- Likewise, a labour-abundant country will produce and export labour-intensive goods relatively more cheaply than another country.


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Labour Abundant Country

The labour-abundant countries have

comparative cost advantage in the

production of goods which require labour-intensive technology

Capital Abundant Country

capital-abundant countries have

comparative cost advantage in the

production of goods that need capital-intensive

technology.


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�44

The Heckscher-Ohlin theory of foreign trade can be stated in the form of two theorems namely

2

1 Heckscher-Ohlin Trade Theorem

2

1

Factor-Price Equalization Theorem.


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�45

1 Heckscher-Ohlin Trade Theorem

The Heckscher-Ohlin Trade Theorem establishes that a country tends to specialize in the export of a commodity whose production requires intensive use of its abundant resources and imports a commodity whose production requires intensive use of its scarce resources.


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�46

The Factor-Price Equalization Theorem states that international trade tends to equalize the factor prices between the trading nations.

In the absence of foreign trade, it is quite likely that factor prices are different in different countries.

2 Factor-Price Equalization Theorem.


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�47


0

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Wages

US India

0

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Capital

US India


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�49


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2 Factor-Price Equalization Theorem.- CA Mayank Kothari | CA Inter FM-ECO |Paper 8 | Video Lectures at caconnect.in

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�52


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0204





Introduction08

Introduction


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Theory of Comparative Cost Modern Theory

Basis of difference

The basis of the difference between countries is comparative costs

Explains the causes of differences in comparative costs as differences in factor endowments

Based on Based on labour theory of value Based on money cost which is more realistic.

One and two factor model

Considered labour as the sole factor of production and presents a one-factor (labour) model

Widened the scope to include labour and capital as important factors of production. This is 2-factor model and can be extended to more factors.

International trade

Treats international trade as quite distinct from domestic trade

International trade is only a special case of inter-regional trade.

Difference in Comparative advantage

Attributes the differences in comparative advantage to differences in productive efficiency of workers

Attributes the differences in comparative advantage to the differences in factor endowments.- CA Mayank Kothari | CA Inter FM-ECO |Paper 8 | Video Lectures at caconnect.in

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Theory of Comparative Cost Modern Theory

Factor Price differences

Does not take into account the factor price differences

Considers factor price differences as the main cause of commodity price differences

Nature Normative; tries to demonstrate the gains from international trade

Positive; concentrates on the basis of trade


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0204





Introduction08

Introduction


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NEW TRADE THEORY (NTT)New Trade Theory (NTT) is an economic theory that was developed in the 1970s as a way to understand international trade patterns.

NTT came about to help us understand why developed and big countries are trade partners when they are trading similar goods and services. These countries constitute more than 50% of world trade.

Paul Krugman


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This is particularly true in key economic sectors such as electronics, IT, food, and automotive. We have cars made in the India, yet we purchase many cars made in other countries.


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The mobile phones we use are a good example. India produces them and also imports them.

NTT argues that, because of substantial economies of scale and network effects, it pays to export phones to sell in another country.

Those countries with the advantages will dominate the market, and the market takes the form of monopolistic competition.


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Monopolistic competition tells us that the firms are producing a similar product that isn't exactly the same, but awfully close. According to NTT, two key concepts give advantages to countries that import goods to compete with products from the home country:

E C O N O M I E S O F S C A L E

N E T W O R K E F F E C T S


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ECONOMIES OF SCALE

As a firm produces more of a product its cost per unit keeps going down. So if the firm serves domestic as well as foreign market instead of just one, it can reap the benefit of large scale of production consequently the profits are likely to be higher.


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NETWORK EFFECTSNetwork effects are the way one person’s value of a good or service is affected by the value of that good or service to others.

The value of the product or service is enhanced as the number of individuals using it increases. This is also referred to as the ‘bandwagon effect’.

Consumers like more choices, but they also want products and services with high utility, and the network effect offers increased utility from these products over others.

A good example will be Mobile App such as Whats App and software like Microsoft Windows.


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0204





Introduction08

Introduction


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INTERNATIONAL TRADE

Chapter 4

5 UNITS

Theories of International Trade

Trade Negotiations

Exchange Rates & Economic Effects

The Instruments of Trade Policy

International Capital Movement

1

2

3

4

5


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THANK YOU

www.caconnect.inB U Y L E C T U R E S

CA Mayank KothariJ O I N Y O U T U B E


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Unit I NATIONAL INCOME ACCOUNTING

Unit II THE KEYNESIAN THEORY

Unit I FISCAL FUNCTIONS

Unit I MARKET FAILURE

Unit III GOVERNMENT INTERVENTION TO CORRECT MARKET FAILURE

Unit IV FISCAL POLICY

Unit I THE CONCEPT OF MONEY DEMAND

Unit II THE CONCEPT OF MONEY SUPPLY

Unit III MONETARY POLICY

Unit I THEORIES OF INTERNATIONAL TRADE

Unit II THE INSTRUMENTS OF TRADE POLICY

Unit III TRADE NEGOTIATIONS

Unit IV EXCHANGE RATES AND IT’S ECONOMIC EFFECTS

Unit V INTERNATIONAL CAPITAL MOVEMENTS

Chapter 1: Determination of National Income

Chapter 2: Public Finance

Chapter 3: Money Market

Chapter 4: International Trade

To watch the videos tap the respective unit | Video Lectures at w

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CA Inter | Economics | Paper 8 | Revision Videos by CA Mayank Kothari

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Chapter 4 INTERNATIONAL TRADE - CA Study...01 Against of International Trade 03 The Theory of...

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