IDSB01 - Lecture 5

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International Development Studies
Liang Chen

IDSB01 Lec 5: International Trade Admin Stuff - Exam o 13 short answer, multiple choice mainly from readings o 23 essays, lectures + readings - Essays should be handed back sometime this week; Lecture notes and samples (at least 1 with answers) posted - No class next week (Thanksgiving) International Trade - Key component of international economic interaction o Trade in goods and services *focus of today* o Capital flows Foreign direct investment o Technological transfers o Migration - Wave of globalization (now) o 2 in the last few hundred years, but there were earlier waves in middle ages, etc. st th 1 wave -> late 19 century and ended with WWI 50 years of pause, then in 1970s (or 80s, depends on how you define it), wave 2 (the one now) Brought on by depression 1930s (market crash) End of wave 2 beginning (maybe) Wall Streets collapsing Has a lot of elements of what happened in last one Assume wont happen for now o Globalization means (in quantitative sense): An increase in share of anything a country does is now international i.e. exportsGDP went up (ship out fraction goes up in relation to total production) virtually every country (some exceptions) has seen ratio increase within recent years An increase in capital flows internationally International capital market now very integrated; unfortunately reason why US crisis spreading to Europe now Migration has increased somewhat, but not as much as exports and capital flow Trade General question: Whether and to what degree is international trade good? - Most assume trade is good, but depends - Controversialpolitical issue - Ranges from free-traders to high protectionists o Protection: ways a country can block off trade (esp. imports); trade barriers Tariffs taxes
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