Showing papers on "Globalization published in 1971"

The Economics of Public Issues

Abstract: KEY BENEFIT "The Economics of Public Issues""16e" is a collection of brief, relevant readings that spark independent thinking. KEY TOPICS The Foundations of Economic Analysis; Supply and Demand; Labor Markets; Market Structures; Political Economy; Property Rights and the Environment; Globalization and Economic ProsperityMARKET For readers interested in applying theoretical discussions to today's important issues and gaining a deeper understanding of current economic policy concerns.

The Multinational Enterprise: Power versus Sovereignty

Abstract: THE extraordinary spread of U.S. enterprises into foreign countries in the last two decades has produced its inevitable aftermath. Though the multinational enterprise as an eco nomic institution seems capable of adding to the world's aggre gate productivity and economic growth, it has generated tensions in foreign countries. As a rule, the tensions are a manifestation of powerful psychic and social needs on the part of ?lite groups in host countries, including the desire for control and status and the desire to avoid a sense of dependence on outsiders. There are several unresolved conflicts. Sovereign states have legitimate goals toward which they try to direct the resources under their command. Any unit of a multinational enterprise, when operating in the territory of a sovereign state, responds not only to those goals but also to a flow of commands from outside, including the commands of the parent and the commands of other sovereigns. As long as the potential clash of interests re mains unsolved, the constructive economic role of the enterprise will be accompanied by destructive political tensions. II

Growth of the International Economy, 1820-2015

Abstract: Kenwood and Lougheed’s classic book has been the benchmark introduction to the development of the global economy for decades. For this fifth edition, Michael Graff has brought the story up to date to include events from the early part of the twenty first century – continued globalization, the emergence of Asia as an economic power and the greater role played by business on the international scene. Beginning with the industrial revolution, the book charts the long nineteenth century, the impact of colonialism, the fast pace of technology growth and the impact of global wars. New features to this edition include: a prologue explaining the initial conditions faced by the world economy in 1820, detailing the beginnings of international trade and the influence of slavery greater coverage of developing countries increased coverage of World Wars I and II and of the twentieth century a number of appendices outlining the economic concepts and theories underlying the text This new edition of Growth of the International Economy provides the reader with a clear understanding of the factors which have been instrumental in creating the economic environment we face two hundred years after the industrial revolution.

The Neotechnology Account of International Trade: The Case of Petrochemicals

Abstract: Since the publication of the Leontief paradox in 1953, there has been a proliferation of theories and studies intended to provide a better explanation of observed trade patterns than does the traditional factor proportions theory.11These are summarized in G. C. Hufbauer, “The Impact of National Characteristics and Technology on the Commodity Composition of Trade in Manufacturing Goods.” in The Technology Factor in International Trade, ed. by Raymond Vernon (New York: National Bureau of Economic Research, 1970), pp. 145-232.© 1971 JIBS. Journal of International Business Studies (1971) 2, 41–60

International trade theory is still relevant

Abstract: It has become common place to argue that the theory of comparative advantage and international trade is no longer relevant to the realities of the world economy and that concepts such as free trade versus protectionism are outdated. It is the contention of this paper, however, that international theory still has much to offer as a guide for policy. The author argues that, despite profound changes and new trends in the world economy, international trade theory has not lost its relevance and that the presumption which may be derived from it in favour of free international exchange as a general policy remains a wise basis for international trade and investment policy in the 1970s.

A Note on Economic Expansion and International Trade

Abstract: This problem has been well analysed by many economists, e. g. Johnson [1, 2], Findlay and Grubert [3], Amano [4], Takayama [5], Bhagwati [6, 7, 8] and Kemp [9], to cite a few. The main purpose of this article is to give a simple and systematic analysis of the impact of exogeneous economic expansion on international trade. First we propose a modified classification of an economic expansion. Then as an immediate consequence we obtain the well-known Johnsonformula [1, p. 71]. Lastly we investigate the possibilities of immiserizing growth employing a different formulation of welfare measurement as compared to Bhagwati's formulation. We deal with a two-country, two-commodity, two-factor model and assume for each country (the foreign country being distinguished f rom the home country by an asterisk) that : (i) each country produces two commodities, X t (the first good being the exportable of the home country) and X2 (being the importable), by means of two factors of production, capital (K) and labour (L), which are fixed in their supplies and fully employed; (ii) factors are perfectly mobile within each country and completely immobile internationally; (iii) there is perfect competition in product and factor markets; (iv) production functions are of the usual neoclassical kind; and (v) the demand side of the economy can be represented by an aggregate demand function. Given these assumptions and assuming that each country is always realizing points on its own offer curve (Walras Law is fulfilled), we can restrict our analysis to the investigation of a one-good-world-market, say of good 2. We start then f rom a stable equilibrium position of our considered world market for the second good in the sense that we require the convergence of a Walrasian dynamic adjustment process [Compare e. g. 9, p. 61]. Let us define) first the world-excess-demand-function,