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Laissez-Faire versus Interventionist Approaches

to Exports & Imports

Barter

Interventionist:

Mercantilism

Neomercantilism

Free-trade theories:

Absolute advantage Comparative advantage

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Theories of Trade Patterns

Explaining trade patterns:

Country size

Factor proportions Country similarity

Trade competitiveness:

Product life cycle theory

Porter diamond

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Mercantilist Theory

y Mercantilist theory proposed that a country

should try to achieve a favorable balance of

trade (export more than it imports)

y Neomercantilist policy also seeks a favorable

balance of trade, but its purpose is to achieve

some social or political objective

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Mercantilist Theory

MERCANTILISM

Trade Theory Formed During 1500 to 1800 AD

Countries to Have More Exports Than Imports

Countrys Wealth Depends On Its Holdings ofTreasure - Gold

Dependence on Raw Material Rather ThanManufactured Goods

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Mercantilist Theory

MERCANTILISM

Government Established Monopolies OverCountrys Trade

Restricted Imports Mercantilism Helped Colonial Powers, Colonies

ere Not Manufactures and Imported ValueAdded Goods

This Was Cause of American Revolution

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TRADE THEORIES

THEORY OF ABSOLUTE ADVANTAGEAdam Smith in 1776 developed theory of

absolute advantage

Highlighting that countrys wealth is basedon its available goods and services

Some countries produce goods more

efficiently than other countries

This is good for free trade

If consumer gets choice of cheaper product,

why buy expensive domestic product?DR.MANOHAR PANDIT


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TRADE THEORIESTHEORY OF ABSOLUTE ADVANTAGE

If trade was unrestricted then each countrywill produce only those goods where theyhave competitive advantage

Specialisation increase countrys efficiency Labour more skilled by repeating same task

No changeover time, more skills

Long production runs, efficient productionMarketplace would determine what countryshould produce,

Is the advantage natural or acquired?

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TRADE THEORIES

Natural advantage

Climate, natural resources and human

resources availability

Most countries import natural resourcesfrom other countries whose resources are

plentiful

USA cannot grow tea and Sri Lanka cannotgrow wheat

Variation among countries in natural

advantages helps in international tradeDR.MANOHAR PANDIT


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TRADE THEORIES

Acquired advantage

Countries that produce manufacturedgoods and services competitively have

acquired advantageMost of the world trade is of manufactured goods and services

Japan exports steel

Denmark exports silverware

Technology changes alter relativepositions of the countries due to new

usage, substitutesDR.MANOHAR PANDIT


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TRADE THEORIES

COMPARATIVE ADVANTAGE DAVID RICORDO

Countries With Absolute Advantage Should Give up Less

Efficient Output To Produce More Efficient Output

CostCost ComparisionComparision

Labour Cost of Production in Hours

1 unit of Wine 1 unit of Cloth

Portugal 80 90

England 120 100

Opportunity CostOpportunity Cost

Wine Cloth

Portugal 80/90=8/9 90/80=9/8

England 120/100=12/10 100/120=10/12

Country has Comparative Advantage if Opportunity Cost is

lower to produce at home than in foreign country

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TRADE THEORIESCOMPARATIVE ADVANTAGE

Eng - Cost of 1 unit of Wine = 1.2 units of Cloth

Port - Cost of 1 unit of Wine = 0.89 units of Cloth

England will gain to Import 1 unit of Wine at less

than 1.2 units of Cloth. England to export cloth andimport Wine

Portugal will gain to Import more than 0.89 units of

Cloth for 1 unit of Wine. Portugal to import cloth

and export WineSaving of labour hours can help country to produce

more, England should give up production of Wine

and use labour for production of Cloth

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Theory of Comparative Advantage

Through specialization and free trade total

global output can increase even if one country

has an absolute advantage in the production

of all products

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Resources required to produce 1 ton of Cocoa and Rice

Cocoa Rice

Ghana 10 20

South Korea 40 10

Production and Consumption without Trade

Cocoa Rice

Ghana 10.0 5.0

South Korea 2.5 10.0

Total Production 12.5 15.0

Production with Specialisation

Cocoa Rice

Ghana 20.0 0.0


Total Production 20.0 20.0

Consumption after Ghana trades 6 tons of Cocoa for 6 tons of rice from South Korea

Ghana 14.0 6.0


Total Production

Increase in Consumption as a result of specialisation and trade

Ghana 4.0 1.0

South Korea 3.5 4.0

Gain from the Trade

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Theories of Specialization

Both absolute and comparative advantagetheories are based on specialization

Assumptions policymakers question:

full employment economic efficiency

division of gains

transport costs services

production networks

mobility

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Factor Endowment

(Hecksher-Ohlin) Theory

A nation will export the goods whose production

requires intensive use of the nations relatively

abundant and cheap factors and import the

goods whose production requires intensive use

of its scarce and expensive factors.

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Trade Pattern Theories

How much a country will depend on

trade if it follows a free trade policy

What types of products countries will

export and import

With which partners countries will

primarily trade

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Theory Of Country Size

Countries with large land areas are apt tohave varied climates and variety of natural resources

They are generally more self-sufficientthan smaller countries are due to size ofeconomy and production scale

Large countries production and marketcenters are more likely to be located at agreater distance from other countries,raising the transport costs of foreign trade

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Factor-Proportions Theory

Country Classifications Factor Conditions / Production Factors

Physical Resources

Human Recourses

Knowledge Resources

Capital Resources

Infrastructure

Demand Conditions Composition of Home Demand

Size and Growth Pattern of Home Demand

Internationalisation of DemandDR.MANOHAR PANDIT


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Factor-Proportions Theory A countrys relative endowments of land,

labor, and capital will determine the relativecosts of these factors

Factor costs will determine which goods thecountry can produce most efficiently

Land Labour Relationship Hon Kong CanHave Garment Factories But Cannot ProduceYarn / Cotton

Labour Capital Relationship Low

Investment Cheap Labour Carpets from Iran,Afghanistan

Technological Complexities Mechanisationof Wheat Farm In Canada and Cheap FarmLabour in India

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Country-similarity Theory

Most trade today occurs among high-incomecountries because they share similar market

segments and because they produce and

consume so much more than emerging

economies - Economic similarity Much of the pattern of two-way trading partners

may be explained by cultural similarity between

the countries, political and economic agreements,

and by the distance between them - LocationSimilarity, Cultural Similarity

Independence Interdependence Dependence

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Product Life Cycle (PLC) Theory

All Phases of PLC Affects Production

Location, Market Location, Competitive

Factors and Production Technology

Companies will manufacture products first inthe countries in which they were researched

and developed, almost always developed

countries

Over the products life cycle, production will

shift to foreign locations, especially to

developing economies as the product

reaches the stages of maturity and declineDR.MANOHAR PANDIT


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TRADE THEORIES

IPLC THEORYIPLC THEORY

Advance Nations Becomes Victim of

Its Own InnovationStage 0 Local Innovation

Stage 1 Overseas Innovation

Stage 2 MaturityStage 3 Worldwide Imitation

Stage 4 Reversal

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TRADE THEORIES

PLC THEORYPLC THEORY

Validity of PLC

Leather Goods

Wholesale BankingApparel

Transportation Equipment

Electronic and ElectronicPrimary Metals

Instruments

Non-electrical MachineryDR.MANOHAR PANDIT


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TRADE THEORIES

PLC THEORYPLC THEORY

01

2

3

Time

Export

Import USA

Adv NationsLDCs

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The Porter Diamond

Four conditions as important for competitive

superiority:

demand conditions factor conditions

related and supporting industries

firm strategy, structure, and rivalry

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Limitations of the Porter Diamond Theory

Production factors and finished goods

are only partially mobile internationally

The cost and feasibility of transferring

production factors rather than

exporting finished goods internationally

will determine which alternative is

better

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The Relationship

between Trade and Factor Mobility

Capital and labor move internationally

to gain more income and flee adverse

political situations

Although international mobility of

production factors may be a substitute

for trade, the mobility may stimulate

trade through sales of components,equipment, and complementary

products

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REGIONAL TRADE BLOCKS

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REGIONAL INTEGRATION

Agreement between the countries in ageographical region to reduce and ultimatelyremove all tariff and non-tariff barriers to thefree flow of goods, services and factors ofproduction between each other

WTO members to notify WTO about participation

1948 -1994 124 notifications to GATT

After 1995 130 notifications to WTO

Till date 170 are in force

Planned 300 agreements if materialised

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Impediments to Integrations

Shift of manufacturing in NAFTA from Canadaand US to Mexico

Loss of control over Monetary, Fiscal and Tradepolicies

High cost producers replaced by low costproducers from the region Trade creation

High cost producers are replaced by low costproducers from outside region Trade diversion

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Free Trade Area

No Barriers To Trade of Goods and ServicesAmong Member Countries

No Discrimination of Quota, Tariff, SubsidiesAmong Member Countries

Member Countries Can Decide Own Policies forNon-member Countries

Variable Tariffs By Each Member Country OnSame Products Imported From Non-member

Countries

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Customs Union

Step Towards Economic and Political Integration

No Barriers To Trade of Goods and Services

Among Member Countries

Common External Trade Policy Among MemberCountries

Administrative Mechanism To Oversee Trade

Relations With Non-members

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Common Market

Similar To Customs Union

No Barriers To Trade of Goods and ServicesAmong Common and Same External Trade Policy

Free Movement of Factors Like Labour andCapital

No Restrictions on Immigration and CapitalMovements

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REGIONAL INTEGRATIONEconomicUnions

Closer Economic Integration and CooperationThan Common Market No Barriers To Trade of Goods and Services

Among Members and Same External Trade Policyand Free Movement of Factors Like Labour and

Capital Common Currency, Hormonisation of Tax Rates

and Common Fiscal & Monetary Policy. A StepTowards Political Union

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NAFTA

January 1994

USA, Canada, Mexico Worlds Largest Free Trade Area

Increased Trade and Investments

Tariff and Non-tariff Elimination Will Include South American Countries

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NAFTA

Pact to Eliminate Barriers for 10,000

Products for Trade Between MemberCountries

Pact to Benefit Over 380 million Consumers

Implementation Over a Period of 15 Years

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NAFTA

India and NAFTA Countries

USA Largest Business Partner of India

India Preferred Destination for Auto Parts

Canada Imports Electronics and Software

Mexico Focused Destination, Fastest GrowingCountry

Proximity to Latin America and Member ofNAFTA

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NAFTA

NAFTA & WTO

Regionalisation May Harm WTO

Regionalisation Has Helped Mexico

There are No Indications That Regionalisation is

Harmful For Economic Growth NAFTA is Complementary To WTO

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EUROPEAN UNION

1 January 1993

The single market

the free movement of goods, services, people and

money

More than 200 laws have been agreed since 1986covering tax policy, business regulations,

professional qualifications and other barriers to

open frontiers

The free movement of some services is delayed

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EUROPEAN UNION

PowerCenter in GlobalEconomyeffective

Second Largest Economy 26.6% Share to Global GDP, US Share 32.5%,

Japan Share 12.2%

Block of 25 Countries, Population over 500 m

31.1% Share to Merchandise Global Exports, USShare 11.1%

$3300 b Merchandise and $712 b Services in

2004

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EUROPEAN UNION

PowerCenter in GlobalEconomy

Major Player in Capital Markets Lending andInvestments

Most Important Source of FDI in the World

48 Out of 100 Largest Assets Are In EU 70% Global M&A Are of EU MNCs

Major Banking Activities in the East

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EUROPEAN UNION

Background

Headquarters in Brussels Established on Nov 1, 1993

Started As European Coal & Steel Community in1951

Became European Community in 1967

12 Members Signed Treaty of EU

In 2007 27 Member Countries

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EUROPEAN UNION

Presentscenario

24,000 employees

One commissioner from each country

Council of EU takes care interest of memberstates

Court of Justice single judge from eachcountry, independent officials

Establishment of Euro 01.01.1999 / 2002

16 out of 27 members have Euro

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Three key players

The European Parliament- voice of the peopleJerzy Buzek, President of

of the European Parliament

The council of Ministers- voice of the Member StatesHerman Van Rompuy, President of the European Council

The European Commission- promoting the common interestJos Manuel Barroso, Presidentof the European Commission

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EUROPEAN UNION

India andEU

India recognised EU in 1962 EU is Largest Trading Partner and Source of FDI

India is EUs 17th Largest Supplier and 20th Largest

Export Destination, in Value Terms High Import Duty in India

High Standards, a Barrier for Indian Exporters

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EUROPEAN UNION

India andEU Bilateral Agreements

Agreement on SugarcaneExports to EU, at Guaranteed Price

Administrative Agreement on Textile Trade

Management of Quotas and Reduction in Tariff

Cooperation Agreement

Agreement on Trade, Economic Cooperation,Environment, Agriculture, Tourism, IPR

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EUROPEAN UNION

India andEU Bilateral Agreements

Science and Technology AgreementCovers Health, Agriculture and Natural Resources

Allows Access to Indian Researchers to EUs

Programme of Research and TechnologigyDevelopment

Customs Cooperation Agreement

Simplify Customs Procedures as per Intl. Standards

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ASEAN

Formation

August 8, 1967, Signed at Bangkok

Signatories

Thailand

Indonesia

Malaysia

Singapore

Philippines

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ASEAN

Objectives

Accelerate Economic Growth, Social Progress andCultural Development

Spirit of Equality and Partnership for Prosperity

in The Region Promote Peace and Stability, Respect to Other

Nations as per Charter of UN

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ASEAN

FundamentalPrinciples

The Treaty of Amity and Cooperation in SE Asia

Signed on February 24, 1976

Mutual Respect for the Independence, Sovereignty,Equality, Territorial Integrity and National Identity of

All Nations The Right of Every State to Lead Its National

Existence Free From External Interference,Subversion or Coercion

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ASEAN

FundamentalPrinciples

Non-interference in The Internal Affairs of OtherMember Nations

Peaceful Settlements of Difference or Disputes

Renunciation of The Use of Threats or Force Effective Cooperation Between Themselves

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ASEAN

Agreements WithIndia

Signed on October 8, 2003 Agreement to Create Indo ASEAN Free Trade Area

By 2011

Agreement to Counter Terrorism India Becoming Signatory To ASEAN Treaty of Amity

and Cooperation

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ASEAN

Trade Opportunities in ASEANCountries

Tourism Open Sky Policy

Indian Film Industry

BPO Other Areas Like Auto Parts, Natural Resources

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ANDEAN COMMUNITY

Agreementsigned in 1969

Bolivia, Chile, Ecuador, Colombia, Peru signedAndean Pact

Collapsed in 1980

Political and Economic problems cause for failure 1990 renamed Andean Community, Venezuela

replaced Chile, now it is a custom union

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MERCOSUR

Originated in 1988

Argentina and Brazil Moderate reduction in tariff increased business

by 80% over 1980

Paraguay and Uruguay joined in 1990 Population of over 200 m

Roadblock in 1998 as member countries had

recession

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CENTRAL AMERICAN COMMON MARKET

Originated in early1960s

Failed attempt Costa Rica, El Salvador, Guatemala, Honduras,

and Nicaragua

War between Honduras and El Salvador oversoccer match

Some progress with US initiative after 2003 for

common market

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CARICOM

Established in 1973

English speaking community of Caribbeancountries

Planned operation of customs union in 1991

Failed repeatedly on creation of economicintegration

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INTERNATIONAL BUSINESSWTOWTO

22,000 page document signed on Jan 1st, 1995 by 128 countries

WTO Single Institutional frame work encompassing GATT and

results of UR

5 Specific Functions

Facilitate implementation, administration & operation, and further

the objectives of Multilateral Trade Agreement and

Provide framework for implementation, administration & operation

of Plurilateral Trade Agreements


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INTERNATIONAL BUSINESSWTO

Provide forum for negotiations among members concerning their

multilateral trade relations

Administer understanding on Rules and Procedures governing

settlements of disputes

Administer trade review mechanism

Cooperate with IMF and other bodies for achieving greater

coherence in Global Economic Policy making


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INTERNATIONAL BUSINESSWTO

4 Main Functions

Supervise on regular basis operations related to declarations

related to Goods, Services, TRIPS

Act as dispute settlement body

To serve as Trade Review Mechanism

Establish Goods Council, Services Council and TRIPS Council as

subsidiary bodies


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INTERNATIONAL BUSINESSWTOWTO

Three BasicIssues Taken up byUR

Reducing specific trade barriers and improving market access

Strengthening GATT principles

TRIPs (Trade Related Intellectual Property Rights)TRIMs (Trade Related Investment Measures)


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INTERNATIONAL BUSINESS

IMFIMF

BrettonBretton Woods Conference, 1945Woods Conference, 1945 ITO, WorldITO, World

Bank, IMFBank, IMF

Unstable currencies & inadequate monetaryUnstable currencies & inadequate monetary

reserves could not develop & function worldreserves could not develop & function world

marketsmarkets

01.03.194701.03.1947 IMF FunctioningIMF Functioning

29 Signatories to29 Signatories to startwithstartwith, 184 by 2002 end, 184 by 2002 end


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IMFIMF -- Major ObjectivesMajor Objectives

To Promote International MonetaryTo Promote International MonetaryCooperationCooperation

To Facilitate Expansion and Balanced GrowthTo Facilitate Expansion and Balanced Growthof International Tradeof International Trade

To Promote Exchange Rate StabilityTo Promote Exchange Rate Stability

To Establish Multilateral System of paymentTo Establish Multilateral System of payment

To Make Its Resources Available to ItsTo Make Its Resources Available to ItsMembers Who Are Experiencing Balance ofMembers Who Are Experiencing Balance ofPayment DifficultiesPayment Difficulties


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INTERNATIONAL BUSINESSIMFIMF

BrettonBretton Woods Agreement Established FixedWoods Agreement Established FixedExchange Rates for Each Member CountryExchange Rates for Each Member Country

USD 35 = Gold 1 Oz. par Value was sameUSD 35 = Gold 1 Oz. par Value was samewhether Gold or USD was usedwhether Gold or USD was used

Variation of 1% allowed, raised to 2.25% InVariation of 1% allowed, raised to 2.25% In19711971

US had 70% of Worlds Gold Reserve in 1947US had 70% of Worlds Gold Reserve in 1947

Redemption of Dollar in GoldRedemption of Dollar in Gold


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IMFIMF

Member Countries Contribute to IMFMember Countries Contribute to IMF -- QuotaQuota

Quota Depends Upon National Income, MonetaryQuota Depends Upon National Income, Monetary

Reserves, Trade Balance and Other EconomicReserves, Trade Balance and Other Economic

IndicatorsIndicators

Quota is Pool of Money IMF can Lend to MemberQuota is Pool of Money IMF can Lend to Member

Countries, Basis of How Much Country Can BorrowCountries, Basis of How Much Country Can Borrowas Allocation of SDRas Allocation of SDR

Quota determines Voting RightsQuota determines Voting Rights


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IMFIMF

Total SDRTotal SDR -- 213 million213 million

Largest Quota USA 17.5%, Japan 6.6%,GermanyLargest Quota USA 17.5%, Japan 6.6%,Germany6.11%, France and UK 5.05% each6.11%, France and UK 5.05% each

Board of Governors is Final AuthorityBoard of Governors is Final Authority

Day to Day Business with 24 Executive DirectorsDay to Day Business with 24 Executive Directors


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IMFIMF

SDRSDR

Created in 1969Created in 1969

SDR 213 = $ 280 billionSDR 213 = $ 280 billion

SDR is weighted average of USD (45%), Euro (29%),SDR is weighted average of USD (45%), Euro (29%),

JPY (15%), GBP (11%) by end 2002JPY (15%), GBP (11%) by end 2002

SDR designed to take over GoldSDR designed to take over Gold

Several Countries Have SDR Base for Value for TheirSeveral Countries Have SDR Base for Value for Their

CurrenciesCurrencies


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IMFIMFThe currency value of the SDR is determined by

summing the values in U.S. dollars, based on market

exchange rates, of a basket of major currencies (theU.S. dollar, Euro, Japanese yen, and pound sterling).

The SDR currency value is calculated daily (except

on IMF holiday or whenever the IMF is closed for

business) and the valuation basket is reviewed and

adjusted every five years.


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IMFIMFFriday, September 03, 2010

Currency Currency amount under

Rule O-1

Exchange rate 1 USD eq

% change in Ex rate against

USD from previous

calculation

Euro 0.4100 1.28410 0.526481 0.156

Japanese Yen18.4000 84.51000 0.217726 -0.379

Pound Sterling 0.0903 1.54000 0.139062 0.006

USD 0.6320 1.00000 0.632000

1.515269

U.S.$1.00 = SDR 0.659949 2

SDR1 = US$ 1.51527 4


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IMFIMF

SDRSDR

Created in 1969Created in 1969

SDR 213 = $ 280 billionSDR 213 = $ 280 billion

SDR is weighted average of USD (45%), Euro (29%),SDR is weighted average of USD (45%), Euro (29%),

JPY (15%), GBP (11%) by end 2002JPY (15%), GBP (11%) by end 2002

SDR designed to take over GoldSDR designed to take over Gold

Several Countries Have SDR Base for Value for TheirSeveral Countries Have SDR Base for Value for Their

CurrenciesCurrencies


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INTERNATIONAL BUSINESSWORLD BANKWORLD BANK

Lending Money to the governments of developingLending Money to the governments of developing

countries to finance development projects in education,countries to finance development projects in education,

health and infrastructurehealth and infrastructure Providing assistance to governments for developmentalProviding assistance to governments for developmental

projects to the poorest developing countriesprojects to the poorest developing countries

Lending directly to private sector to help strengthen theLending directly to private sector to help strengthen the

private sector in developing countries with longprivate sector in developing countries with long--termtermloans equity investments and other financial assistanceloans equity investments and other financial assistance


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INTERNATIONAL BUSINESSWORLD BANKWORLD BANK

ProvidingProviding investorsinvestors withwith investmentinvestment guaranteesguarantees

againstagainst nonnon--commercialcommercial risks,risks, toto createcreate anan

environmentenvironment inin developingdeveloping countriescountries toto attractattract foreignforeigninvestmentsinvestments

PromotingPromoting increasedincreased flowflow ofof internationalinternational investmentsinvestments

byby providingproviding facilitiesfacilities forfor conciliationconciliation andand arbitrationarbitration

betweenbetween governmentsgovernments andand foreignforeign investorsinvestors Advise,Advise, Research,Research, PublicationPublication

ContributedContributed forfor tradetrade sincesince WWWW22

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