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Industrialization, advanced in
technology transportation, globalization
, multinational corporations, and
outsourcing are all having a major
impact on the international trade
system.
Increasing international trade is crucial
to the continuance of globalization.
Without international trade, nations
would be limited to the goods and
services produced within their own
borders.
International
Trade Theories
Free trade refers to a situation where a
government does not attempt to influence
through quotas or duties what its citizens
can buy from another country or what they
can produce and sell to another country.
Mercantilism, which emerged in England
in the mid-16th century, asserted that it is
in a countrys best interest to maintain a
trade surplus-- to export more than it
imports.
ABSOLUTE ADVANTAGE
HECKSCHER-OHLIN THEORY
Hecksher and Ohlin argued that
that countries will export goods
that make intensive use of those
factors that are locally abundant,
while importing goods that make
intensive use of factors that are
locally scarce.
EU (European Union)
Founded in 1951 by six neighboring states as the
European Coal and Steel Community (ECSC).
Over time evolved into the European Economic
Community, then the European Community and,
in 1992, was finally transformed into the European
Union.
Regional block with the largest number of members
states (27). These include Austria, Belgium,
Bulgaria, Cyprus, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, Poland, Portugal, Romania,
Slovakia, Slovenia,
Spain, Sweden, The Netherlands, and the United
Kingdom
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