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The Growth of Globalization. Since the end of WWII, world trade has grown much faster than world output Openness Index = (Exports + Imports)/GNP The index is a measure of trade Since 1945 (over 64 years) (Exports + Imports) > GWP GNP = gross national product GWP = gross world product.

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the growth of globalization
The Growth of Globalization
  • Since the end of WWII, world trade has grown much faster than world output
  • Openness Index = (Exports + Imports)/GNP
  • The index is a measure of trade
  • Since 1945 (over 64 years)
    • (Exports + Imports) > GWP
    • GNP = gross national product
    • GWP = gross world product
slide2

Openness Index for select nations over time

graph taken from James Gerber, 2008, International Economics, 4th Edition, Pearson Education

the u k and the european continent have traditionally been open nations
The U.K., and the European Continent have traditionally been open nations
  • The Dutch international trade patterns have traditionally been leading others
    • Traditional Dutch flower auctions
    • Engines
    • Services
    • Processing & packaging produce
    • Amsterdam & other import/export centers
france and germany
France and Germany
  • French agriculture -- processing
    • But “common agricultural policy” import protection --- is a contention in World trade Organization negotiations
  • German engineering & manufacturing
  • Movement to common market
  • Western market relative to the Russian market – do East European nations go west or go to Russia?
japanese export expansion
Japanese export expansion
  • Export expansion policies and exchange rate policy
  • Imports come into Japan primarily via state import houses -- import restrictions
  • Efficient manufacturing to reduce cost of exports to other nations
china and other asian nation export expansion policies
China and other Asian nationexport expansion policies

China -- exchange rate policy and export expansion policies --- manufacturing

Taiwan – export expansion policies and manufacturing efficiency

Singapore – the “city state” --- assembly and manufacturing center

Malaysia – textiles, synthetics

Hong Kong – trade center --- HK has their own currency separate of the PRC

the u s
The U. S.
  • Not really an open trade state until the close of the gold window in 1973
  • The big market --- so imports loom large
  • FDI – foreign direct investment by U.S. firms
  • U. S. agriculture now an exporting force
  • Inputs come in from all over the world to U.S. manufacturing
  • Isolationist and high tariff policies during the 1930’s – 1950’s
issues in the international economy
Issues in the international economy
  • TRADE DEFICITS
  • REGIONAL TRADE AGREEMENTS
  • RESOLUTION OF TRADE CONFLICTS
  • GAINS FROM TRADE – DEVELOPED VS. DEVELOPING NATIONS
  • THE ROLE OF INTERNATIONAL INSTITUTIONS
  • EXCHANGE RATES & THE MACROECONOMY
  • FINANCIAL CRISES
  • CRISES & REFORM IN LATIN AMERICA
  • DEBT & CAPITAL FLOWS
  • EXPORT EXPANSION
  • CHINA & INDIA COME TO TOWN
  • WHAT OF THE EASTERN EUROPEAN NATIONS?
  • WHAT ABOUT RUSSIA
  • WHAT’S TO BECOME OF THE ENVIRONMENT & THE RULE ON NATURAL RESOUCES?
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