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Summary International Economics and Business
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Summary of Chapter 1-7, the studymaterial for the midterm of international economics at the University of Utrecht.
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Summary International Economicsand Business
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Internationale economie
Samenvatting midterm Chapters 1,2,3,4,5,6,7.
Articles:
Week 2(8):
- IMF (2002). Trade and financial integration. World Economic Outlook, September 2002, pp.108-127.
- Pradip Bhatnagar (2004). Liberalising the Movement of Natural Persons: A Lost Decade?. The World
Economy, Vol.27, Issue 3, pp.459-472.
Week 3(9):
- Robert E. Baldwin (2009). Trade negotiations within the GATT/WTO framework: A survey of
successes and failures, Journal of Policy Modeling, Vol. 31, Issue 4 pp. 515-525.
- Pascal Lamy (2002). Stepping Stones or Stumbling Blocks? The EU’s Approach Towards the Problem
of Multilateralism vs. Regionalism in Trade Policy. The World Economy, Vol.25, Issue 10, pp.1399-
1413.
Week 4(10):
- Allan Rugman and Simon Collison (2005). Multinational Enterprises in the New Europe: Are They
Really Global?, Organizational Dynamics, Volume 34, Issue 3, pp. 376-397
- David Greenaway, David Sapsford, Stephen Pfaffenseller (2007). Foreign Direct Investment, Economic
Performance and Trade Liberalisation, The World Economy, Vol. 30, Issue 2, pp. 197-210.
Chapter 1. The Global Economy.
Economic globalization process: the increased interdependence of national economies, and the trend
towards greater integration of goods, labour and capital markets.
It influences all these factors, and thus indirectly affects managerial decisions and market organization.
International economics, analyses the interactions in the global economic environment.
International business, analyses the managerial decisions taken on the basis of a cost-benefit analysis in the
global economic environment.
Managers of international firms care about the population distribution, the age profile, demographic trends
and projected developments. Firms study such trends and try to predict the implications that these trends are
likely to have for their core activities and strategies.
Total value of the goods and services produced in a certain time period, is the best indicator of economic
power of a nation.
1. A well-functioning statistics centre in each nation must gather accurate information on the value of
millions of goods and services produced and provided by the firms in the economy.
2. Decide whether to compare gross domestic product or gross national product.
3. Decide how to compare the outcome for different nations
GDP: Gross Domestic Product, market value of goods and services produced by labour and property
located in a country.
GNP: Gross National Product, market value of goods and services produced by labour and property of
residents of a country.
GDP + Net receipts of factor income = GNP
Tradable goods: which can be transported or provided in another country, perhaps with some difficulty and
some cost. Providers of these tradable goods in different countries compete with one another fairly directly,
implying that the prices of such goods are related and can be compared effectively on the basis of observed
(average) exchange rates.
Non-tradable goods: have to be provided locally and don’t compete we international providers. (Haircut,
cinema)
Since:
1. Different sectors in the same country compete for the same labourers
2. So that the wage rate in an economy reflects the average productivity of a nation
3. And productivity differences between nations in the non-tradable sectors tend to be smaller than in
tradable sectors
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