POLI 283 Lecture Notes - Lecture 9: Hegemonic Stability Theory, Consumer Protection, Per Capita Income
6 Apr 2017
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Document Summary
Production will be more efficient for both. Absolute vs comparative advantage; labor required to produce one unit of: Protection of individual who have lost jobs or declared bankruptcy. Trade barriers are often a result of a conflict of a domestic interest: risks countervailing measures affecting your exports, forms of protectionism. Non-tariff barrier (import quotas, vers, consumer protection measures, and subsidies) Trade: balance of payment, trade balance, how much money local earned overseas, the amount of foreign and given to other countries, the amount of foreign currency held by the central bank, the current account balance. A positive current account balance that the country enjoys a trade surplus. A negative balance indicates a trade deficit. May be harmful to the domestic economy. Creates efficiencies and spawns entire new industries. The importance of the ability to move and use information: globalization and fragmentation are capable of stripping ostensible economic power from a country or enhancing it.
