International Trade

Paper Summary:

This paper discusses international trade patterns and trends, specifically the relationship between trade and world output. It also discusses the methods governments use to promote and restrict international trade. The paper then discusses the consequences of the nations of the world cutting off trade with one another. It gives examples of what the repercussions would be in the United States and in Japan.

Table of Contents:
Trade and World Output
Patterns of International Trade
Cutting off all Trade

From the Paper:

"Island nations would be most hard-hit by a cessation of trade however. Japan, for example, although it has one of the world's most developed agricultural sectors, is land-poor. Japan has little farmable land compared to its high population. It cannot grow enough wheat, soybeans, or other major crops to feed all its citizens and has one of the lowest rates of food self-sufficiency of all industrialized countries. ("Economy and Industry," 2006, Explore Japan) It must import a high percentage of its food from abroad, and food is already prohibitively expensive in Japan. Japan also must import a large percentage of its energy resources, and were these resources not available from abroad, its manufacturing sector would be substantially curtailed unless other methods of production using sources of power such as electricity or solar power could be deployed to fuel the industry, as Japan does not even have access to much untapped fossil fuel."

Sample of Sources Used:

• Dean, Mark & Maria Sebastia-Barriel. (2004). Why Has World Trade Grown Faster than World Output?" The Bank of England. Retrieved 30 Nov 2006 at <http://www.bankofengland.co.uk/publications/quarterlybulletin/qb040304.pdf>
• "Economy and Industry." (2006). Explore Japan. Retrieved 30 Nov 2006 at <http://web-japan.org/kidsweb/japan/economy.html>
• Krugman, Paul. (2006). "Competitiveness: Does it Matter?" The unofficial Paul Krugman Webpage. Retrieved 30 Nov 2006 at <http://www.pkarchive.org/trade/CompetitivenessDoesItMatter.html>

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