Transcription of INTRODUCTION: GLOBALIZATION AND INTERNATIONAL …
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INTRODUCTION: GLOBALIZATION AND INTERNATIONAL …
1 Chapter 1 INTRODUCTION: GLOBALIZATION AND INTERNATIONAL TRADEWe live in a world that is highly interconnected by a bewildering array of complexeconomic transactions, social and environmental problems, and INTERNATIONAL politicalcollaborations and conflicts. Examples from global economics are found in the news everyday. A decision by American policymakers to subsidize the production of ethanol, a form of gasolinecontaining an additive produced from corn, is seen by many as a key reason that grain prices arehigh around the world. The spectacular emergence of China as a major exporter ofmanufactured goods has affected wages in both rich and poor countries. As large corporations,such as Microsoft, Intel, Toyota, General Electric, and Siemens have expanded their investmentsin affiliates in many nations around the world, they have built global production networks thatshare technological knowledge across locations to produce increasingly complex goods thatcould be sold anywhere.
2We discuss trade barriers in chapters 18-20 and the international institutions governing trade and investment in chapters 21-23. 3The importance of transportation costs and other trade costs will be discussed in detail in Chapter 13. 3 of a treaty called the General Agreement on Tariffs and Trade (GATT).2 This process continued through nearly five decades until 1994 when the …
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