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강의자료실 - 자료실 - 언장광장(삼척) - KNU광장 - 강원대학교

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International

Economics

Eleventh Edition

Introduction

Dominick Salvatore

John Wiley & Sons, Inc.

CHAPTER

O N E

1

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Learning Goals:

Understand the meaning and importance of

globalization.

Understand the relationship between international

trade and the nation’s standard of living.

Describe the subject matter (trade and monetary

aspects) of international economics.

Identify the major international economic problems

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The Globalization of the World Economy

A globalizing world provides opportunities

and challenges to nations and people in the

world.

Flow of goods and services

Flow of labor and jobs

(4)

The Globalization of the World Economy

Three periods of rapid globalization

1870-1914

Resulted from industrial revolution, opening

up of new resource sources in “regions of

recent settlement”

Millions of immigrants, vast amounts of foreign

investments, increased production

(5)

The Globalization of the World Economy

Three periods of rapid globalization

1945-1980

Dismantling of heavy trade protection led to

(6)

The Globalization of the World Economy

Three periods of rapid globalization

1980 to present

Most pervasive and dramatic period of

globalization

Fueled by improvements in telecommunications

and transportation

Elimination of restrictions on capital flows led to

massive international capital movements

(7)

Anti-Globalization Movement

Claims globalization sacrifices human and

environmental well-being to corporate profits

of mutinationals

Globalization is blamed for:

World poverty and child labor in poor countries

Job losses and lower wages in rich countries

Environmental pollution and climate change

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International Trade and the Nation’s

Standard of Living

Interdependence

Economic relationship among nations

Roughly measured as ratio of a nation’s

imports and exports of goods and services to

GDP

Much larger for smaller industrial and

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FIGURE 1-1 Imports and Exports as a Percentage of GDP in

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International Trade and the Nation’s

Standard of Living

Sources of potential gain for United States:

Access to items with limited availability

domestically

(such as coffee, bananas, cognac, tin,

tungsten, petroleum and copper)

Access to lower cost products

Access to greater product variety

Economic interdependence has been

increasing over the years.

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FIGURE 1-2 Growth of World Production and Trade, 2000-2011

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The International Flow of Goods, Services,

Labor and Capital

Gravity Model

Other things equal, the bilateral trade between

two countries is proportional, or at least

positively related, to the product of the two

countries’ GDPs, and the greater the distance

between the two countries, the smaller is their

bilateral trade.

That is, the larger (and more equal in size) and

the closer two countries are, the larger the

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The International Flow of Goods, Services,

Labor and Capital

The International Flow of Labor and Capital

About 190 million people live in a country other

than where they were born.

Migration is primarily for economic reasons,

although nations place many restrictions on

migration.

In general, capital flows more freely that labor,

(15)

International Trade Theory

Analyzes the basis of and the gains from

international trade.

International Trade Policy

Examines the reasons for and the effects of

restrictions on international trade.

Balance of Payments

Measures a nation’s total receipts from and

total payments to rest of the world.

(16)

Foreign Exchange Markets

The institutional framework for the exchange of

one national currency into another.

Adjustments in the Balance of Payments

Focuses on the relationship between internal and

external aspects of the economy of a nation, and

their interdependence with rest of the world

economy under different international monetary

systems.

(17)

Deep financial and economic crisis

Trade protectionism in advanced countries

Excessive fluctuations and misalignments in

exchange rates and financial crises

(18)

Structural imbalances in US, slow growth in

Europe and Japan, and insufficient restructuring

in transition economies

Deep poverty in many developing countries

Resource scarcity, environmental degradation,

climate change and sustainable development

Current International Economic Problems,

Continued

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Organization and Methodology of the Text

Part One

(Chapters 2-7)

International Trade Theory

Part Two

(Chapters 8-12)

International Trade Policies

Part Three

(Chapters 13-15)

Balance of Payments, Foreign Exchange

Part Four

(Chapters 16-21)

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Case Study 1-1: The Dell PCs, iPhones, and

iPads sold in the United States Are Anything

but American

(21)

Case Study 1-3: Is India’s Globalization

Harming the United States?

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Case Study 1-4: Rising Importance of International

Trade to the United States

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Case Study 1-5: Major Net Exporters and Importers of

Capital

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Copyright 2013 John Wiley & Sons, Inc.

All rights reserved. Reproduction or translation of this work beyond

that permitted in section 117 of the 1976 United States Copyright Act

without express permission of the copyright owner is unlawful.

Request for further information should be addressed to the Permissions

Department, John Wiley & Sons, Inc. The purchaser may make back-up

copies for his/her own use only and not for distribution or resale. The

Publisher assumes no responsibility for errors, omissions, or damages

caused by the use of these programs or from the use of the information

herein.

수치

FIGURE 1-1 Imports and Exports as a Percentage of GDP in
FIGURE 1-2 Growth of World Production and Trade, 2000-2011

참조

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