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Ronald Jones suggests how the basic core of real trade theory can be modified to take into account the increased international mobility of inputs and productive factors. As trade liberalization and the fragmentation of production processes promote greater international exchange of inputs, economists must adjust their thinking on trade issues. Transport costs have plummeted, and the difficulties of communicating between locales half a world apart have practically vanished. In this book Ronald Jones suggests how the basic core of real trade theory can be modified to take into account the increased international mobility of inputs and productive factors. He emphasizes the role of country "hinterlands" and how it is related to agglomeration effects in determining the location of economic activity. After discussing the positive aspects of enhanced mobility for output patterns and market prices, Jones evaluates the significance of globalization for governmental trade policies and public attitudes about regional alliances.
"Meticulous, well-structured, and persuasive." Martin Vander Weyer, Spectator.
Bertil Ohlin, international trade theorist, winner of the 1977 Nobel Prize in Economics, and leader of the Swedish Liberal Party for more than twenty years, is considered to be the major single influence on the development of international economics in the twentieth century. This volume, celebrating the centennial of Ohlin's birth, examines his life and his influence on modern economic thought. It also contains the first English translation of his licentiate thesis, in which he first set out his theory of international trade.
The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives. LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.
Using state-of-the-art econometric tools, this book examines the implications of international fragmentation of production for the performance of the Japanese manufacturing industry.The impact of the ongoing process of international fragmentation of production and outsourcing has become a highly contentious issue in developed economies such as the US and Japan. Concerns about deindustrialisation and large-scale job losses - 'the export of jobs' have generated a political backlash against multinationals and globalisation. Using detailed data from Japanese multinationals this book rigorously analyses the Japanese experience and compares and contrasts it with the experience of US manufacturing. The study finds no empirical evidence that expansion of multinational activities in foreign countries produces job losses in the home country. Indeed, when demand induced indirectemployment effects are taken into account the increased profitability of Japanese firms is likely to have increased overall employment in Japan. However, the shift of labour intensive activities to low wage economies associated with the international fragmentation of production generates adjustment pressures and a structural shift in favour of skilled workers in Japanese manufacturing.
China’s efforts in searching for new sources of growth are increasingly pressing given the persistence of the growth slowdown in recent years. This year’s book elucidates key present macroeconomic challenges facing China’s economy in 2017, and the impacts and readiness of human capital, innovation and technological change in affecting the development of China’s economy. The book explores the development of human capital as the foundations of China’s push into more advanced growth frontiers. It also explores the progress of productivity improvement in becoming the primary mechanism by which China can sustain economic growth, and explains the importance of China’s human capital investments to success on this front. The book demonstrates that technical change is a major contributor to productivity growth; and that invention and innovation are increasingly driving technical change but so far lumpily across regions, sectors and invention motivations. Included are chapters providing an update on reform and macroeconomic development, educational inequality, the role of intangibles in determining China’s economic growth, and China’s progress in transitioning towards being an innovative country. The book also covers the regional dimension of innovation and technological progress by sector: in agricultural productivity, renewable energy and financial markets. Chapters on trade, investment, regional cooperation and foreign aid explore further the mechanisms through which technological change and innovative activities are emerging locally and internationally.
The Dominican Republic stands out as a fast growing economy that has not been able to generate a commensurate reduction in poverty. Three reasons have been raised before to explain this conundrum: (i) a labor market that does not translate productivity gains into salary increases; (ii) a domestic economy with weak inter-sectoral linkages; (iii) and a public sector that does not spend enough nor particularly well to reduce poverty. In addition, the country remains largely exposed to natural disasters and exogenous shocks that, if not mitigated properly, may affect the sustainability of growth in the medium and longer terms. This book assembles a collection of empirical analyses that explore three complementary hypotheses that could help understand why the Dominican Republic continues, to this date, experiencing high economic growth rates with limited poverty reduction. The first hypothesis is concerned with testing whether the observed pattern of fast economic growth cum persistent poverty in the DR is partly driven by a poverty methodology that does not account for price variation that affects distinctly the consumption patterns of low-income and better-off households. If that hypothesis holds, the DR may face a situation in which household income for households at the bottom of the distribution is underestimated. The second hypothesis tests whether the pattern of specialization in the DR might be such that it does not favor unskilled labor. If that hypothesis holds, then returns to capital are probably much higher than returns to labor which would be an indication that the DR has had a comparative advantage in products that are capital intensive instead of labor-intensive. The third hypothesis investigates whether poverty and wage inequality in the DR are affected not only by immigration but also by emigration. The contribution of the volume, therefore, lies in precisely offering a more careful exploration of specific issues around common explanations for the shortcomings of the DR in reducing poverty on a faster basis.
The Routledge Handbook of Contemporary Vietnam is a comprehensive resource exploring social, political, economic, and cultural aspects of Vietnam, one of contemporary Asia’s most dynamic but least understood countries. Following an introduction that highlights major changes that have unfolded in Vietnam over the past three decades, the volume is organized into four thematic parts: Politics and Society Economy and Society Social Life and Institutions Cultures in Motion Part I addresses key aspects of Vietnam’s politics, from the role of the Communist Party of Vietnam in shaping the country’s institutional evolution, to continuity and change in patterns of socio-political organization, political expression, state repression, diplomatic relations, and human rights. Part II assesses the transformation of Vietnam’s economy, addressing patterns of economic growth, investment and trade, the role of the state in the economy, and other economic aspects of social life. Parts III and IV examine developments across a variety of social and cultural fields through chapters on themes including welfare, inequality, social policy, urbanization, the environment and society, gender, ethnicity, the family, cuisine, art, mass media, and the politics of remembrance. Featuring 38 essays by leading Vietnam scholars from around the world, this book provides a cutting-edge analysis of Vietnam’s transformation and changing engagement with the world. It is an invaluable interdisciplinary reference work that will be of interest to students and academics of Southeast Asian studies, as well as policymakers, analysts, and anyone wishing to learn more about contemporary Vietnam.
La República Dominicana se destaca por ser una economía en rápido crecimiento que no le ha sido posible generar una reducción proporcional en la pobreza. Tres razones han sido planteadas anteriormente para explicar esta paradoja: (i) un mercado laboral que no traduce el aumento de la productividad en aumentos salariales; (ii) una economía interna con débiles encadenamientos intersectoriales; (iii) y un sector público que ni gasta lo suficiente, ni particularmente bien, para reducir la pobreza. Además, el país permanece mayormente expuesto a desastres naturales y choques exógenos que, si no se mitigan adecuadamente, pueden afectar la sostenibilidad del crecimiento a largo y mediano plazos. Esta obra conjuga varios análisis empíricos que exploran tres hipótesis complementarias que podrían ayudar a entender porqué la República Dominicana, aún hoy, sigue experimentando altas tasas de crecimiento económico con reducción limitada de la pobreza. La primera hipótesis trata de probar si el patrón de rápido crecimiento económico con la pobreza persistente que se observa en la RD lo impulsa en parte una metodología de la pobreza que no toma en cuenta la variación de precios que claramente afecta los patrones de consumo de los hogares de ingresos bajo y aquéllos de mejor posición económica. Si se sostiene esa hipótesis, la RD puede enfrentar una situación en la cual se subestiman los ingresos del hogar con respecto a los hogares en el extremo inferior de la distribución. La segunda hipótesis intenta validar si el patrón de especialización en la RD podría ser tal que no favorece la mano de obra no calificada. Si se sostiene esa hipótesis, entonces el rendimiento del capital probablemente es mucho mayor que el rendimiento de la mano de obra lo que podría ser un indicio de que la RD ha tenido una ventaja comparativa en productos que son de uso intensivo de capital. La tercera hipótesis investiga si la pobreza y la desigualdad salarial en la RD se ven afectadas no solo por la inmigración, sino también por la emigración. El aporte del volumen, por tanto, descansa precisamente en ofrecer una exploración más cuidadosa de los asuntos específicos que giran en torno a explicaciones comunes para las deficiencias de la RD en reducir la pobreza de manera más rápida.