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Unit 4.1 and 4.2 Free Trade and Protectionism

Unit 4.1 and 4.2 Free Trade and Protectionism

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Published by: deepneupane on Feb 24, 2010
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05/11/2014

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U n i t 4 . 1 a n d 4 . 2  F r e e T r a d e a n d P r o t e c t i o n i s m      w w w . w e l k e r s w i k i n o m i c s . c o m 1   
Unit4:InternationalEconomics   
UnitOverview     
4.1Reasonsfortrade   
•       
Differencesinfactorendowments   
•       
Varietyandqualityofgoods   
•       
Gainsfromspecialization   
•       
Higherlevelextensiontopic   >>Absoluteandcomparativeadvantage(numericalanddiagrammaticrepresentations)  >>opportunitycost  >>limitationsofthetheoryofcomparative
advantage   
4.2Freetradeandprotectionism     
•       
Definitionoffreetrade   
•       
Typesofprotectionism     
Tariffs   
Quotas   Subsidies   VoluntaryExportRestraints(VERs)  Administrativeobstacles   Healthandsafetystandards   Environmentalstandards   
•       
Argumentsforprotectionism     Infantindustryargument  Effortsofadevelopingcountrytodiversify   Protectionofemployment  
Sourceofgovernmentrevenue   
Strategicarguments   
Meanstoovercomeabalanceofpayments
disequilibrium     Anti-dumping   
•       
Argumentsagainstprotectionism     Inefficiencyofresourceallocation   Costsoflong-runrelianceonprotectionistmethods   Increasedpricesofgoodsandservicestoconsumers   Theeffectofprotectedimportsonexportcompetitiveness   
Blogposts:"Freetrade"  
Blogposts:"Protectionism"  Blogposts:"Internationaltrade"  Blogposts:"Barrierstotrade"  
 
U n i t 4 . 1 a n d 4 . 2  F r e e T r a d e a n d P r o t e c t i o n i s m      w w w . w e l k e r s w i k i n o m i c s . c o m 2    
Blogpost:"TheLordoftheRingofFreeTrade"  
ReasonsforTrade   
Introduction    
1.Whydonationstrade?   2.Whatisspecialization?   
3.Howdoesanationdeterminewhatitshouldspecializein?   
4.Howdonationsbenefitfromtrade?   
AbrahamLincolnwasonceadvisedtobuycheapironrailsfromBritaintofinishthe
transcontinentalrailroad.Hereplied,"ItseemstomethatifwebuytherailsfromEngland,thenwe'vegottherailsandthey'vegotthemoney.Butifwebuildtherailshere,we'vegotourrails   a    ndwe'vegotourmoney."
Toparaphrase:
"IfIbuymeatfromthebutcher,thenIgetthemeatandhegetsmymoney.ButifIraiseacowinmybackyardforthreeyearsandslaughteritmyself,thenI'vegotthemeatandI'vegotmymoney."   
Whydon'twekeepcowsinourbackyard?   
 
U n i t 4 . 1 a n d 4 . 2  F r e e T r a d e a n d P r o t e c t i o n i s m      w w w . w e l k e r s w i k i n o m i c s . c o m 3    
"Youcouldsaythatglobalization,drivennotbyhumangoodnessbutbytheprofitmotive,hasdonefarmoregoodformorepeoplethanalltheforeignaidandsoftloansprovidedbywell-intentionedgovernmentsandaidagencies."   -PaulKrugman    
WhatevidenceistheretosupportKrugman'sclaim?   Whatevidenceistheretorefuteit?   
GroupA:
Researchandfinddataoranarticlethatsupportsthestatement.  
GroupB:  
Researchandfinddataoranarticlethatrefutesthestatement.  
ReasonsforTrade   
Introduction    

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