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A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
Asia has been a hub for e-commerce companies in the past decade and the growth trajectory narrates the story of bright future. Its growth has largely impacted the economic, social and technological advancements in every country and contributed to global trade. Nonetheless, the success and failure of e-commerce companies lies on various factors, some of which include product pricing, competition, strategies and business models. However, with surveys in India indicating how sale of counterfeit products remains a significant problem for online shoppers across many e-commerce sites, e-commerce companies claim they are taking tough steps to ensure that counterfeit products do not make their way to customers, by delisting fraud sellers, using tamper-proof packaging and monitoring warehouses.This book aims to unwrap the stories of e-commerce companies in Asia and how they have contributed to the society. It discusses the growth and failures of some e-commerce giants and looks at both theoretical and practical aspects of e-commerce by presenting the issues, challenges and successes of e-commerce businesses. It examines interdisciplinary and transdisciplinary aspects from micro and macro perspectives and links disciplines like strategy, management, entrepreneurship, competitiveness, finance, technology and operations.
Industry 4.0 and Global Businesses: A Multidisciplinary Investigation provides a multidisciplinary perspective on the transformative effects of Industry 4.0 by aggregating original theoretical, conceptual, and empirical research.
Cities of Commerce develops a model of institutional change in European commerce based on urban rivalry. Cities continuously competed with each other by adapting commercial, legal, and financial institutions to the evolving needs of merchants. Oscar Gelderblom traces the successive rise of Bruges, Antwerp, and Amsterdam to commercial primacy between 1250 and 1650, showing how dominant cities feared being displaced by challengers while lesser cities sought to keep up by cultivating policies favorable to trade. He argues that it was this competitive urban network that promoted open-access institutions in the Low Countries, and emphasizes the central role played by the urban power holders--the magistrates--in fostering these inclusive institutional arrangements. Gelderblom describes how the city fathers resisted the predatory or reckless actions of their territorial rulers, and how their nonrestrictive approach to commercial life succeeded in attracting merchants from all over Europe. Cities of Commerce intervenes in an important debate on the growth of trade in Europe before the Industrial Revolution. Challenging influential theories that attribute this commercial expansion to the political strength of merchants, this book demonstrates how urban rivalry fostered the creation of open-access institutions in international trade.
A Financial Times and Economist Best Book of the Year exploring world trade from Mesopotamia in 3,000 BC to modern globalization. How did trade evolve to the point where we don’t think twice about biting into an apple from the other side of the world? In A Splendid Exchange, William J. Bernstein, bestselling author of The Birth of Plenty, traces the story of global commerce from its prehistoric origins to the myriad controversies surrounding it today. Journey from ancient sailing ships carrying silk from China to Rome in the second century to the rise and fall of the Portuguese monopoly on spices in the sixteenth; from the American trade battles of the early twentieth century to the modern era of televisions from Taiwan, lettuce from Mexico, and T-shirts from China. Bernstein conveys trade and globalization not in political terms, but rather as an ever-evolving historical constant, like war or religion, that will continue to foster the growth of intellectual capital, shrink the world, and propel the trajectory of the human species. “[An] entertaining and greatly enlightening book.” —The New York Times “A work of which Adam Smith and Max Weber would have approved.” —Foreign Affairs “[Weaves] skillfully between rollicking adventures and scholarship.” —Pietra Rivoli, author of The Travels of a T-Shirt in the Global Economy
An analysis of how the working class can mobilize as a force for change in the present day One of the horrors of the capitalist system is that slave labor, which was central to the formation and growth of capitalism itself, is still fully able to coexist alongside wage labor. But, as Karl Marx points out, it is the fact of being paid for one's work that validates capitalism as a viable socio-economic structure. Beneath this veil of “free commerce” – where workers are paid only for a portion of their workday, and buyers and sellers in the marketplace face each other as “equals” – lies a foundation of immense inequality. Yet workers have always rebelled. They've organized unions, struck, picketed, boycotted, formed political organizations and parties – sometimes they have actually won and improved their lives. But, Marx argued, because capitalism is the apotheosis of class society, it must be the last class society: it must, therefore, be destroyed. And only the working class, said Marx, is capable of creating that change. In his timely and innovative book, Michael D. Yates asks if the working class can, indeed, change the world. Deftly factoring in such contemporary elements as sharp changes in the rise of identity politics and the nature of work, itself, Yates asks if there can, in fact, be a thing called the working class? If so, how might it overcome inherent divisions of gender, race, ethnicity, religion, location – to become a cohesive and radical force for change? Forcefully and without illusions, Yates supports his arguments with relevant, clearly explained data, historical examples, and his own personal experiences. This book is a sophisticated and prescient understanding of the working class, and what all of us might do to change the world.
This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
The COVID-19 pandemic caused global shock to the entire economic system. As a result of the government restrictions, both production and distribution channels were interrupted. In this situation, however, it was possible to observe that some companies were able to adapt to these new conditions. The demand for the possibility of translating physical business into virtual increased. The COVID-19 restrictions showed that many entrepreneurs do not have enough knowledge about the available online tools and possibilities. Given that the digital transformation of business today often consists only of incorporating existing tools into existing processes, transition to e-commerce could be made easily and quickly. Moving Businesses Online and Embracing E-Commerce: Impact and Opportunities Caused by COVID-19 analyzes the impact of COVID-19-related restrictions on business models of enterprises affected most by these restrictions and examines transformational changes induced by the accelerated adoption of internet technologies and transition to e-commerce-based business models. Covering topics such as customer relationship management (CRM), small and medium enterprises (SMEs), and customer loyalty, this book serves as an essential resource for business owners, CEOs, managers, IT consultants, web developers, students, professors, entrepreneurs, researchers, industry professionals, and academicians.
An authoritative and comprehensive study of the palm oil trade.