Trade policy: Lecture 1 Introduction will cover the following: effects of globalization, features of a globalized world, first wave of globalization,... We invite you to refer to the lecture Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz TRADE POLICY 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m Lecture Introduction sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m Fulbright School of Public Policy and Management September 2023 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 Ari Kokko Copenhagen Business School j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m • “Nordic” • Graduated from Stockholm School of Economics in 1992 • Professor at Abo Akademi 1999-2001, SSE 2000-2010, CBS 2009• Core research areas: International trade, FDI, development, IB • Worked extensively in Southeast Asia (Vietnam), Japan, and China • Outside academia: assignments for Sida, Swedish MoF, Vietnamese ministries, H&M, SAAB, etc t3 m cp 2ư 1a pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db • hc f oh 5ln he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy Recent paper: “Who Uses the EU’s Free Trade Agreements? A Transaction-Level Analysis of the EU–South Korea FTA” World Trade Review, 2021 (with J Kasteng and P Tingvall) Ari Kokko Who am I? dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap Agenda for today ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e • Why we bother about the international economy? • Effects of globalization and internationalization • The coming week: schedule and learning objectives • Trade theory and trade policy: the classical and neoclassical view 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 Why should we trade with other countries? 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx Why should we trade with other countries? e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db To get goods that are not available at home To get goods that are cheaper abroad than at home To earn money To benefit from scale economies To use existing resources To grow faster To access foreign resources • • • • • • • he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx Why should we trade with other countries? e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu • To get goods that are not available at home Salt • To get goods that are cheaper abroad than at home English cloth • To earn money Or gold – mercantilism • To benefit from scale economies Lower cost and higher 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d competitiveness rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b • To use existing resources When there is unemployment • To grow faster Dynamic effects: competition, R&D, technology ed jư nz 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx • To access foreign resources FDI oc transfer za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf Different theories, policies, and strategies depending on motives xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn What is globalization? Features of a globalized world: fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x International communications Free trade Convertible currencies and capital mobility Multinational companies Technology flows Export growth • • • • • • wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp First wave of globalization at the turn of the century (around 1900) bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g • Improved communications xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 – Steam engine, telegraph, telephone ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg • Free trade • Convertible currencies and capital mobility xp o6 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w v wt j2h hf oh s5 68 ar m op uf 4u • Multinational corporations 67 cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw • Export growth h – World Fairs ll3 • Technology flows rf – Many of today’s giants e h7 ưn m – Gold standard qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 – Agricultural commodities, manufacturing 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp Latest wave of globalization at the turn of the century (around 2000) bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g • Improved global communications xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 – ICT: telecom and internet ov x yư 6i1 is w1 eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv • Convertible currencies and capital mobility o6 bu 8r op ww zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw • Multinational corporations 67 kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj – Science and education b2 • Technology flows 17 – Even Monetary Unions g4 fn lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 • Exports essential ey • Free trade – WTO and regional integration – Even relatively small firms go MNC 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap Differences between then and now ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef • Lower communication and transportation costs • Value chains can be fragmented wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 – Global production systems and deeper specialization within multinational firms 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg • Services are part of the global economy ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 – And increasingly important both for trade and FDI v wt j2h hf oh 68 ar m op uf 4u cd f2 dn 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 7o dl i1 wc – Global competition in most industries g3 o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh • Global environmental problems • Global consumers z0 py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx – Pressure for ethical behavior s5 • Global markets za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap Trade Theory 1: agenda ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf • Classical trade theories ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb – Main conclusion: every country gains if autarky price ratios are not identical t8 xn uh 97 3s vw sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư – Institutions for global trade m 7s • Policy consequences ba t8 • Neoclassical theory – The Heckscher-Ohlin model nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx Gains from trade: the simple view e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg • Classical models of trade 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 – Adam Smith 1776: absolute advantage and specialization – David Ricardo 1815: comparative advantage and specialization v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 • Clear gains from trade if countries are strong in different areas: absolute advantages • Less obvious - but undisputed - gains from trade even if one country is “better” in all areas: comparative advantages 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap Simplest classical models ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd • Assumptions 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v 9g 58 m k0 f 1z ny vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x – Two countries, two products – Labor is the only factor of production – Countries have different technologies: the labor requirements for producing one unit of output differ between the two countries – No money, only relative prices by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw (constant returns to scale, no transport costs, no policy distortions + other simplifications) qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg f 4h 69 4k 8x 5x p7 6o ig 0v g4 gr c0 9h ac 8o cm hn z8 dm 98 ln 9y kw 64 ze 9j as df wb 63 w w5 m 07 pt 8x t6 tt in yd 2d z7 9v ql t4 7b 96 7li tn bg hb g9 le 5a nb 5d 4t gt 9g hr b m f4 vw pi z1 h7 rr ba q7 0o 46 2b t7 az vw 9c 0d 0z q4 q2 e3 5p tư 2ư qz y7 nr 2f d 5j4 a6 ap Absolute advantages ư9 34 oz 5u wy up bh t3 m cp bo rn fs u7 ưn c2 0k v3 75 gx e3 eh w iz3 jw 4c 5t ug 4a u4 e 6ư cfz 6w gj si h0 16 qb qu ob vw x9 ui wd p eg 0m m 2p 04 00 xp 45 3l 01 3v y0 vd nn 82 dư h5 6g xe pp sf d0 cc 7ư ưy cf ro b5 ei jh w0 bh ju 2b 59 ak lv yd 7m wg 2w p0 42 h4 g e j1a lf9 ov x yư 6i1 is w1 ey eo pu ef wf w9 f0 yz sl 87 5q r0 2y q4 n6 0z r9 ji 09 33 ao g9 1w 7a 2z n7 nb rb c3 p5 1s p2 f8 c2 4j ưa ux bq yh yc 3m 5m m 5r u8 yb t8 xn uh 97 3s vw ba t8 sl o2 30 4v jr8 j9 ul d9 8q yd tg xp o6 rf e h7 ưn m h ll3 3ư ax 9p 9w 24 4s 3q m sc 0k 10 7a 1m 8g u9 0c tg ws 33 m vtv bu 8r op ww g4 fn b2 17 zl 5c vm i2 yp e7 zn zx 9jg m k9 pu 3d 6z 3w 67 v wt j2h hf oh s5 68 ar m op uf 4u cd f2 dn z0 7u 4d rn fl ư6 po ya b8 fb 89 m 7s o0 8v k0 f 1z vp op 0jt m wq vw kd 8z bb z7 wj t7 6m cv uư 9x v2 h9 42 g3 7o dl i1 wc 10 ny Portugal m 20 9g 58 20 England Cloth Wine o6 5s c8 34 0z xb v er m 2ư 1a hc f oh 5ln pe s jp xjd 8ư 3x wh ve xq od 59 0c om ym 1l 0x by db he 3b ed jư nz oc 7t z1 am 74 vq 6b clq nf p3 81 y s6 j5o lp ss 4k f8 xm su 3q 9b ưm e3 q9 t8 x7 kp q tfh py n4 07 o8 yx gb bl nj lx b7 a3 ar tk 1jw Labor requirements for one unit of output qb gl s a0 i2e 5k c4 bj 0ư g3 t3 bu p3 6o 65 vtx za d3 nk hw qj x3 j8 ưs y9 sy dj c9 52 1q i3h y1 9b kd 2h 9c v9 n7 ad 6p xu y5 6q 33 m m v5 j bl 8i0 hư bx xh br m l8 i n2 hf xl1 8n gr bt ưg 9m 0o va cu uh ưh 6m ag m cd g i bg