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1、世界經(jīng)濟(jì)教學(xué)資料-4世界經(jīng)濟(jì)教學(xué)資料-4Learning ObjectivesTo see how trade and investment policies have historically been a subset of domestic policiesTo examine how historical attitudes toward trade and investment policies are changingTo see how global links in trade and investment have made policymakers less able to
2、 focus solely on domestic issuesTo understand that nations must cooperate closely in the future to maintain a viable global trade and investment environmentLearning ObjectivesTo see how Rationale and Goals of Trade and Investment PoliciesNational SovereigntyStandard of LivingQuality of LifeForeign P
3、olicyRationale and Goals of Trade Rationale and Goals of Trade and Investment PoliciesGovernment policies are designed to regulate, direct, and protect national activities. The exercise of these policies is the result of national sovereignty, which provides a government with the right to shape the e
4、nvironment of the country and its citizens.The domestic policy actions of most governments aim to increase the standard of living of citizens and to improve the quality of life, and to achieve full employment.These policies affect international trade and investment indirectly.Rationale and Goals of
5、Trade aRationale and Goals of Trade and Investment Policies (cont.)In more direct ways, a country may also pursue technology transfer from abroad or the exclusion of foreign industries to the benefit of domestic infant firms.Government officials can also develop regulations on imports to protect cit
6、izens.Nations institute foreign policy measures designed with domestic concerns in mind but explicitly aimed to exercise influence abroad. A major foreign policy goal is national security.Rationale and Goals of Trade aThe Price of ProtectionismIndustry Total Costs toNumber ofCost perConsumersJobs Sa
7、vedJob Saved(in $ millions)Textiles and apparel$27,000640,000$42,000Carbon Steel6,8009,000$750,000Autos5,80055,000$105,000Dairy products5,50025,000$220,000Shipping3,00011,000$270,000Meat1,80011,000$160,000The Price of ProtectionismInduThe Effects of TariffsIncrease Inflationary pressures. Special in
8、terests privileges. Government control and political considerations in economic matters. The number of tariffs they beget via reciprocity.Weaken Balance-of-payments positions. Supply-and-demand patterns. International understanding (they can start trade wars).Restrict Manufacturer supply sources. Ch
9、oices available to consumers Competition.The Effects of TariffsIncreaseThe International Trade Organization In 1948, the ITO represented an agreement among 53 countries to:Aid in international commercial policies, restrictive business practices, commodity agreements, employment and reconstruction, a
10、nd economic development and international investment.It developed a constitution for a new United Nations agency.The ITO was never implemented.The International Trade OrganiThe General Agreement on Tariffs and TradeGATT started in 1947 as a set of rules to ensure nondiscrimination, transparent proce
11、dures, the settlement of disputes, and the participation of the lesser-developed countries in international trade.GATT used tariff concessions to limit the level of tariffs that would be imposed on other GATT members.The Most Favored Nation clause calls for each member country to grant every other m
12、ember country the same treatment that it accords with any other country with respect to imports and exports.The General Agreement on Tarif世界經(jīng)濟(jì)教學(xué)資料-4The World Trade OrganizationThe WTO was introduced in 1995 and administers international trade and investment accords.In 2002, the Doha Round ended the
13、first stage of implementation. The aim is to further hasten implementation of liberalization to help the impoverished and developing nations.The World Trade OrganizationThWhat WTO Means to Different IndustriesBanks will be allowed to compete freely in South Korea and other places where they are rest
14、ricted. Insurance companies will be able to sell policies in India, one of the Worlds most tightly closed markets. Movies will have better protection from Thai film counterfeiters. Pharmaceuticals will have better protection from Argentine imitators. Computer software makers will have better protect
15、ion from Brazilians who rip off copyrighted programs.GainersWhat WTO Means to Different InGlassware tariffs as high as 30 percent on inexpensive drinking glasses will be reduced, threatening some 40,000 jobs.Textiles will gradually lose quotas and tariffs that protect 1.1 million U.S. workers - and
16、add 50 percent to wholesale prices of clothing.Peanuts will lose quotas that limit imports to a handful and that protect 19,000 American farmers.Dairy imports of foreign cheese, now limited to 19,000 tons a year, will go up, hurting 240,000 U.S. farmers. Sugar import ceilings, now 25 percent of the
17、nine million tons the United States uses each year, will go, threatening 11,000 sugar beet and cane growers.What WTO Means to Different IndustriesLosersGlassware tariffs as high aMany Japanese Products, like Toyotas, are produced or assembled in the U.S.Many Japanese Products, like TWho Builds the B
18、oeing 777?Who Builds the Boeing 777?Changes in the Global Policy EnvironmentThree major changes have occurred over time in the global policy environment:a reduction of domestic policy influence;a weakening of traditional international institutions;and a sharpening of the conflict between industriali
19、zed and developing nations. Changes in the Global Policy EReduction of Domestic Policy InfluencesCurrency flows have increased from an average daily trade volume of $18 billion in 1980 to $1.2 trillion in 2001.As a result, currency flows have begun to set the value of exchange rates independent of t
20、rade, which in turn have now begun to determine the level of trade.The interactions between global and domestic financial flows have severely limited the influence of governments.To regain influence, some governments have tried to restrict world trade by erecting barriers, charging tariffs, and impl
21、ementing import regulations. Reduction of Domestic Policy IWeakening of International InstitutionsThe intense links among nations and the new economic environment resulting from new market entrants and the encounter of different economic systems are weakening the WTO.The International Monetary Fund
22、does not have the funds available to satisfy the needs of all struggling nations.The World Bank has been unsuccessful in furthering the economic goals of the developing world and newly emerging market economies. Some claim that its bank policies have created more poverty.Weakening of International I
23、nsConflict Between Industrialized and Developing NationsIn the past, it was hoped that the gap between industrialized and developing nations would gradually be closed.Although several less-developed nations have emerged as newly industrialized countries, even more nations are facing grim economic fu
24、tures.An increase in environmental awareness has led to a further sharpening of the conflict. Conflict Between IndustrializePolicy Responses to Changing ConditionsRestrictions of ImportsTariffsQuotasNontariff BarriersVoluntary Restraint AgreementsAnti-Dumping LawsThe Effects of Import RestrictionsRe
25、strictions of ExportsNational Security ControlsPolicy Responses to Changing CPolicy Responses to Changing ConditionsThe Positive ImpactTechnology TransferThe Negative ImpactBrain DrainThe Home-Country PerspectiveRestrictions on InvestmentCapital FlightPolicy Responses to Changing CPolicy Responses t
26、o Changing ConditionsExport PromotionU.S. Export PromotionMixed Aid CreditsImport Promotion EffortsInvestment PoliciesCommittee for Foreign Investments in the United States (CFIUS)The Host-Country PerspectivePolicy Responses to Changing CPolicy Responses to Changing ConditionsInvestment PromotionFis
27、cal IncentivesFinancial IncentivesNonfinancial IncentivesManagement of the Policy RelationshipPolicy Responses to Changing CRestrictions of ImportsMany countries including the United States have passed antidumping laws which help domestic industries by restricting foreign products being sold below t
28、he cost of production, or at prices lower than those in the home market.Imports are also restricted by nontariff barriers, such as buy-domestic campaigns. It is difficult to remove these barriers.Imports can also be reduced by tightening market access and entry of foreign products through involved p
29、rocedures and inspections.Restrictions of ImportsMany coEffects of Import RestrictionImport control may mean that the most efficient sources of supply are not available, resulting in second-best products or higher costs for restricted supplies.Import control may result in the downstream change in th
30、e composition of imports.Due to inefficiency, import controls may cause a lag in technological advancements.Effects of Import RestrictionIRestrictions of ExportsNations control their exports for reasons of short supply, national security and foreign policy purposes, or the desire to retain capital.N
31、ational security controls are placed on weapons and high-technology exports.Although restriction of exports is a valuable international relations tool, it may give a countrys firms the reputation of being unreliable suppliers and may divert orders to firms of other nations.Restrictions of ExportsNat
32、ionsExport PromotionExport promotion is designed to help firms enter and maintain their position in international markets and to match or counteract similar efforts by other nations.Various approaches toward export promotion include:knowledge transferdirect or indirect subsidization of export activi
33、tiesreducing governmental red tape for exportersexport financing and mixed aid credits to exportersaltered tax legislation for nationals living abroadExport PromotionExport promotiImport PromotionCountries that maintain large balance-of-trade surpluses use import promotion measures.The Japan Externa
34、l Trade Organization (JETRO) has begun to focus on the promotion of imports to Japan.Import PromotionCountries thatRestrictions on InvestmentMany nations that lack necessary foreign exchange reserves restrict exports of capital, because capital flight can be a major problem.Once governments impose r
35、estrictions on the export of funds, the desire to transfer capital abroad increases. This creates problems for gaining new outside investors. Restrictions on InvestmentManyInvestment PromotionFiscal IncentivesFinancial IncentivesNonfinancial IncentivesInvestment PromotionFiscal IncInvestment Promoti
36、on (cont.)Fiscal incentives are specific tax measures designed to attract the foreign investor, including special depreciation allowances, tax credits or rebates, special deductions for capital expenditures, tax holidays, and reduction of tax burdens.Financial incentives offer special funding for th
37、e investor by providing land or building, loans, and loan guarantees.Nonfinancial incentives can consist of guaranteed government purchases, special protection from competition, and investments in infrastructure facilities.Investment Promotion (cont.)FiU.S. Perspective on Trade and Investment Polici
38、esThe U.S. seeks a positive trade policy rather than reactive, ad hoc responses to specific situations.Protectionist legislation can be helpful, provided it is not enacted into law.Trade promotion authority gives Congress the right to accept or reject treaties and agreements, but reduces the amendme
39、nt proceduresU.S. Perspective on Trade and International Perspective on Trade and Investment PoliciesFrom an international perspective, trade and investment negotiations must continue.In doing so, trade and investment policy can take either a multilateral or bilateral approach:bilateral negotiations are carried out mainly between two nations.multilateral negotiations are carried out among a number of nations.International Perspective on TSpecific Limitations on Trade:Quotas Import Lic
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