Reading Guide for Unit 13 – International Trade
Table of Contents from Taylor:Chapter Number/Title; Sub-section titles and page numbers |
Jim’s Comments |
| 3 International Trade 41
Absolute Advantage 43 A Numerical Example of Absolute Advantage and Trade 43 Trade and Opportunity Cost 46 Limitations of the Numerical Example 47 Comparative Advantage 48 Identifying Comparative Advantage 48 Mutually Beneficial Trade with Comparative Advantage 50 How Opportunity Cost Sets the Boundaries of Trade 52 Comparative Advantage Goes Camping 53 The Power of the Comparative Advantage Example 53 Intra-industry Trade between Similar Economies 54 The Prevalence of Intra-industry Trade between Similar Economies 54 Gains from Specialization and Learning 55 Economies of Scale, Competition, Variety 56 Dynamic Comparative Advantage 57 The Size of Benefits from International Trade 57 From Interpersonal to International Trade 59 Key Concepts and Summary 60 Review Questions 60 |
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| 6 Globalization and Protectionism 105
Protectionism: An Indirect Subsidy from Consumers to Producers 106 Demand and Supply Analysis of Protectionism 107 Who Benefits and Who Pays? 108 International Trade and Its Effects on Jobs, Wages, and Working Conditions 110 Fewer Jobs? 110 Trade and Wages 111 Labor Standards 112 The Infant Industry Argument 114 The Dumping Argument 115 The Growth of Anti-Dumping Cases 115 Why Might Dumping Occur? 116 Should Anti-Dumping Cases Be Limited? 116 The Environmental Protection Argument 117 The Race to the Bottom Scenario 117 Pressuring Low-Income Countries for Higher Environmental Standards 118 The Unsafe Consumer Products Argument 119 The National Interest Argument 119 How Trade Policy Is Enacted: Global, Regional, and National 122 The World Trade Organization 122 Regional Trading Agreements 123 Trade Policy at the National Level 123 Long-Term Trends in Barriers to Trade 124 The Trade-offs of Trade Policy 125 Key Concepts and Summary 126 Review Questions 128 |
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