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comprehensive summary International Trade & Risk
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comprehensive summary international trade & risk! first chance of exam only learned from this summary lessons + notes
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Trade & risk,1. World trade flows & Belgium status
1 INTRO 2
1.1 KEY WORDS INTERNATIONAL TRADE ................................................................................................................ 2
1.2 TRADE IS CENTRAL TO ENDING GLOBAL POVERTY – WTO & WORLD BANK............................................................. 2
1.3 “OPEN TRADE POLICIES ENABLE ECONOMIC GROWTH FOR ALL” – WORLD BANK...................................................... 2
1.4 BUT CAN WE DO IT IN A SUSTAINABLE WAY? ..................................................................................................... 3
2 WHY INTERNATIONAL TRADE ? 3
2.1 ADAM SMITH............................................................................................................................................. 3
2.2 DAVID RICARDO ......................................................................................................................................... 3
2.3 LAST FEW 100 YEARS .................................................................................................................................. 3
3 WORLD TRADE 4
3.1 TRADE GROWTH ......................................................................................................................................... 4
3.2 EXPORT AND IMPORT .................................................................................................................................. 5
3.3 WORLD LEADING TRADERS OF GOODS AND COMMERCIALS SERVICES ..................................................................... 5
3.4 COVID-19? ............................................................................................................................................. 5
3.5 IMPORTANT CONCLUSIONS ........................................................................................................................... 6
4 BELGIUM’S STATUS 6
4.1 WHY DO YOU THINK THIS IS?......................................................................................................................... 6
4.2 BALANCE TRADE ......................................................................................................................................... 7
4.3 DISTRIBUTION OF TRADE BY TRADING PARTNERS (2020) .................................................................................... 7
4.4 IMPORT/ EXPORT BY SECTOR (2019) .............................................................................................................. 8
4.5 BELGIUM STATUS: ....................................................................................................................................... 8
Trade & Risk
1
,1 INTRO
KEY WORDS INTERNATIONAL TRADE
TRADE IS CENTRAL TO ENDING GLOBAL POVERTY – WTO & WORLD BANK
1.2.1 THE ROLE OF TRADE IN SUPPORTING GROWTH AND REDUCING POVERTY.
- https://www.youtube.com/watch?v=Ap-M30CRGtI
- It provides jobs & access to new technology
- Reduce prices for consumers –> including food for extreme poverty
- Increase employment
- Help elementary poverty
- Trade provide wealth
WTO:
- World trade organization
- de Wereldhandelsorganisatie is een intergouvernementele organisatie die toeziet op de
naleving van afspraken over de handel tussen landen. Veel van die afspraken zijn van belang
voor het internationale zakendoen
WERELDBANK :
- De Wereldbank is 's werelds grootste instituut voor ontwikkelingssamenwerking. Zij verstrekt
leningen aan ontwikkelingslanden en middeninkomenslanden, met als voornaamste doel het
bestrijden van armoede. De internationale bank is technisch gezien een gespecialiseerde
organisatie van de Verenigde Naties
“OPEN TRADE POLICIES ENABLE ECONOMIC GROWTH FOR ALL” – WORLD BANK
- Trade is central to ending global poverty. Countries that are open to international trade tend
to grow faster, innovate, improve productivity and provide higher income and more
opportunities to their people.
o Make it possible for there inhabitants to have a certain living standard
- Open trade also benefits lower-income households by offering consumers more affordable
goods and services.
- Integrating with the world economy through trade and global value chains helps drive
economic growth and reduce poverty—locally and globally
Trade & Risk
2
, BUT CAN WE DO IT IN A SUSTAINABLE WAY?
- “Air Pollution Deaths Cost Global Economy US$225 Billion” – World Bank
- Different critiques on globalization – see chapter 2
- Link with UN SDG’s (sustainable development goals – logistics mgmt.)
o DOEL 2030
HOWEVER
- Always take the triple bottom line into account:
o People
o Planet
o Profit
(don’t look ‘only’ at profit if it comes to growth !!!)
2 WHY INTERNATIONAL TRADE ?
ADAM SMITH
- Founding father of Internationale trade
- “Wealth of Nations” (1776)
- Smith applied the doctrine of laissez-faire to international trade. All nations would benefit
from unregulated, free trade that would allow individual countries to specialize in goods they
were best suited to produce because of natural and acquired advantages.
- Smith’s theory of trade has come to be known as the theory of absolute advantage.
DAVID RICARDO
- “On the principles of political economy and taxation” (1817)
- the principle of comparative advantage postulates that all nations can gain from trade if each
specializes in producing what they are relatively more efficient at producing and import the
rest: “do what you do best, import the rest”.
LAST FEW 100 YEARS
- Greater openness and liberalized trade
- Protectionism has always immersed
o Recent example: The US/China trade war
CONCLUSION:
- advanced nations are realizing that economic growth and stability depend on a strategic mix
of trade policies, meaning both free trade & protectionism
- (Chapter 2: Globalization)
Trade & Risk
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