Textbook Notes (362,772)
Canada (158,052)
GMS 522 (43)
Chapter 2


2 Pages
Unlock Document

Ryerson University
Global Management Studies
GMS 522
Helene Moore

Facts :  Trade allows nations to specialize in the areas of economic activity they are best suited to  United States and EU implemented protectionist policies  Trade helps increasing domestic production and productivity, allows a use of resources more efficient, a source of tax revenue, more product available for the consumer  More trade= richer Definition :  Mercantilism : manufacturing sector, agricultural sector and foreign colonies - I win, you lose - Population growth a good think to keep wage down  Trade of balance: difference between export and import  Adam Smith - showed that the country should specialize in the production of what it could produce more efficiently than its prospective trading partner - should produce products in which they have an absolute advantage  Product cycle theory 1) New and innovation 2) Maturity of product - Export the product - Mass production technique 3) Standardize product stage - Low cost labor that takes place in developing countries  Krugman’s model: monopolistic competition and economy of scale  Porter: Competitive advantage in international markets - Factor conditions - Demand conditions - Supporting industries - Firm strategy  Protectionism: measures a
More Less

Related notes for GMS 522

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.