国际贸易与金融双语ch(6).ppt

International Economics By Robert J. Carbaugh 9th Edition,Chapter 7: Trade Regulations and Industrial Policies,Carbaugh, Chap. 7,2,The US and international trade,Smoot-Hawley Tariff Act (1930) High point of US protectionism Reciprocal Trade Agreements Act (1934) Introduced “most favored nation” (MFN) clause (now called “normal trade relations”) General Agreement on Tariffs and Trade GATT (1947) World Trade Organization (1995),Trade regulation,Carbaugh, Chap. 7,3,GATT - Postwar trade liberalization,Founded on the principle of non-discrimination, including: “Normal Trade Relations“ treatment National treatment of imported goods Included trade dispute resolution mechanisms Committed signatories to use tariffs rather than quotas,Trade regulation,Carbaugh, Chap. 7,4,GATT - Postwar trade liberalization (2),Started regular negotiations to reduce tariffs and NTBs Exceptions allowed nations to sidestep the rules when they felt threatened, without abandoning the entire process,Trade regulation,Carbaugh, Chap. 7,5,GATT negotiations,Early bilateral agreements Kennedy Round (1964-67) - first multi-lateral negotiations; focus on tariff cuts Tokyo Round (1973-79) - focus on lowering non-tariff barriers Uruguay Round (1986-93) - covered new issue areas (intellectual property, services, agriculture), included developing nations,Trade regulation,Carbaugh, Chap. 7,6,GATT becomes WTO,GATT agreement became World Trade Organization in January 1995 WTO members must adhere to all agreements negotiated under GATT (not pick and choose) Covers trade in goods, services, intellectual property and investment WTO strengthens GATTs dispute-settlement mechanisms,Trade regulation,Carbaugh, Chap. 7,7,Controversy over WTO,Worries about infringement on national sovereignty Concern about trade liberalization undermining environmental protection WTO became a target for broader opposition to “globalization“,Trade regulation,Carbaugh, Chap. 7,8,US trade remedy laws,Escape clause Countervailing duties Anti-dumping duties Unfair trade practices (Section 301) Protection of intellectual property Trade adjustment assistance,Trade regulation,Carbaugh, Chap. 7,9,Effects of dumping, subsidies, and remedies,Trade regulation,Carbaugh, Chap. 7,10,Effects of dumping, subsidies, and remedies,Trade regulation,Carbaugh, Chap. 7,11,US “industrial policy”,Broad policies to foster economic growth Aid to targeted sectors Agriculture, ship-building, energy, technology, manufacturing (autos, for example), etc. Tariff protection of declining sectors Export promotion and financing Export-Import Bank Commodity Credit Corporation Knowledge based growth policy,Industrial policy,Carbaugh, Chap. 7,12,Japans industrial policy,Trade protection and subsidies (especially early on) Assistance to targeted sectors Shipbuilding, steel, autos, machine tools, high-technology Ministry of International Trade and Industry (MITI) to target aid to promising sectors It is unclear how much of Japans success can be attributed to government assistance,Industrial policy,Carbaugh, Chap. 7,13,Strategic trade policy,Response to competition in sectors with imperfect competition - small number of producers, each large enough to affect market price Subsidies can give the advantage to domestic manufacturers over foreign ones Critics argue that it is too difficult to determine where assistance makes economic sense,Industrial policy,Carbaugh, Chap. 7,14,Welfare effects of strategic trade policy,Industrial policy,Carbaugh, Chap. 7,15,Economic sanctions,Trade sanctions Financial sanctions Success of sanctions depends on: