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Summary Chapter 2: globalization and international trade
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In this document I summarized Chapter 2: globalization and international trade
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Chapter 2: Globalization andinternational trade
(pg 20-33 in textbook)
1. Growth in international trade
In recent decades, there has been considerable growth in world trade
Facilitated by:
- reduction in trade barriers between countries and regions
- [regional] trade agreements (EU, NAFTA,..)
- emergence of institutions such as WTO, IMF, World bank, OECD
- product tourism (taking advantage of lower taxes, material sold at “transfer price”)
- technology advancements, e.g. containerization (see later)
Hence more freight in moving all around the world
Logistics systems => an increasingly important role in the global economy
, The demand for international transport is derived from increase in international trade
Last few hundred years: greater openness and liberalized trade
However:
protectionism has always immersed
Advanced nations are realizing that economic growth and stability depend on a strategic mix of trade
policies, meaning both free trade & protectionism.
Graphs… What are they telling us?
Some tips:
Look at the title!
• Trade: import + export
• Merchandise (goods) vs
services
• What is the legend telling us?
• Annual percentage change
• In relation to a starting point
• ...
• Volume vs value
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