Abstract This paper explains that increased trade between countries does create wealth; however, the rules of the trade game are such that the wealth being generated by increased level of international trade does not reach all sections of the world in a fair manner. The author argues that there is an urgent need for creating a level-playing field for all in international trade so that the benefits reach everyone; organizations such as the WTO and the IMF, which make and oversee trade rules and international monetary policies, must be purged of the pervasive influence of large multi-national corporations and big business. The paper relates that unprecedented development in the communication and information technologies in the last few decades and the eclipse of communism have given a great boost to international trade; international trade leads to prosperity and development but such trade also gives rise to a number of problems such as increasing inequality and rural poverty.
Table of Contents
The Pros and Cons of International Trade Reasons Why Increased International Trade is Beneficial
Growing International Trade Pros: Benefits of Increased International Trade Growth in Countries that Adopted Free-Trade Policies
Example of the United States
Cons: The Disadvantages
Policies Based on Corporate Interests
Removing the Guiding Hand
How International Free Trade Policies Favor Big Corporations
Corporations Exempt from Free Market Discipline
Inequality
Rural Poverty
Trade and Environment
Analysis of the Arguments
What Should Be Done?
Conclusion
From the Paper "The colonialist powers, particularly Britain, had realized the benefits of international trade after its industrial revolution although it is highly debatable whether such trade was beneficial for the colonies as well. In the last two decades, international monetary institutions such as IMF and trade organizations, particularly the Word Trade Organization (WTO) have been at the forefront for promoting free international trade. Unrestricted international trade has been touted as the panacea for all economic ills and an agent of development. The results of international trade have, however, been mixed. While supporters of free trade point to several success stories such as China, others point to the growing inequality, economic shocks such as the Asian Economic Crisis of 1997, and the increasing poverty in Sub-Saharan Africa as "fruits" of increased international trade (also known as globalization)."
This paper analyzes the issue of the U.S. trade balance and its significant impact on the exchange rate in America due to the burgeoning trade deficit and declining value of the dollar against other major world currencies.
Abstract This paper examines the relationship between the trade balance and the exchange rate. The writer details the general rule of economics that states a negative trade deficit normally leads to a weaker currency while trade surplus results in enhanced value of currency, although there are exceptions to the rule, which are detailed in this paper. This paper discusses the issue of the U.S. trade balance and its effect on the exchange rate of the country's currency which is currently in the limelight due to the burgeoning U.S. trade deficit and the declining value of the dollar against other major world currencies. The writer of this paper delves into America's economy against that of China's and questions whether the U.S. dollar will retain its status of the reserve currency in the long run. This paper touches on the opinions and views of economists and U.S. treasury officials who contend that the current trade deficit is nothing to be alarmed about as the country's economy and the U.S. dollar survived a similar slide in the late 1980s. This paper also discusses the opinion of the U.S. administration that believes the alleged under-valuation of the Chinese Yen is a prime source for the deficit problems since there is a huge and growing trade imbalance between the U.S. exports and imports to China. The well-researched and well-written paper clearly define the terms: Trade balance, exchange rate and reserve currency.
Table of Contents:
What is Trade Balance?
What is Exchange Rate?
The Extent of Trade Balance Deficit in the U.S.
What is a Reserve Currency?
Can the U.S. Dollar Retain its 'Reserve Currency' Status for Long?
Is the U.S. Trade Deficit Sustainable?
Is China the Source of the Deficit Problem?
Possible Solutions to the Trade Deficit Problem
Conclusion
References
From the Paper "The key question is, can the US dollar retain its status of the resrve currency for long? History suggests that it may not. Before the advent of the dollar as the world's reserve currency, the British Pound had enjoyed such a status. Between the two World Wars and the post-World War II period saw the weakeing of the British economy. As a result, the British Pound was devalued by 30% in 1949, effectively ending its run as the world's reserve currency and the start of the dollar's reign. Dollar has been able to retain its status as the reserve currency since it was relatively stable, was backed up by the formidable economy of the US, low interest rates and the absence of an alternative currency."
Abstract This paper compares the values of free trade to managed trade. It begins by defining trade and identifying the ideal trade. The paper argues that free trade is the best policy to increase prosperity and equality in a capitalist society. It describes managed trade as the current situation, as tariffs and trade policy try to create fair grounds for commerce between two nations, as seen through the example of Japan and the United States. The writer states that protectionist policies, as used in managed trade, have been the anthem of the past and have led to war and conflict.
From the Paper "Trade is the exchange of goods and services between two countries. In order for trade to be successful, both sides must perceive that they benefit from the exchange, or the trade will not take place. In a perfect world, both parties go away from the trade happy that they have ridded themselves of something of which they have surplus, and gained something of value to them. However, in the real world, this does not happen all of the time and one party or the other walks away feeling ?cheated.?
Tags: world, trade, organization, wto, globalization, capitalism, capitalist, policy, global, economy, equality, tariff, japan, usa, united, states
This paper is a detailed analysis of the literature relating to the United States trade policy with China and its affects on civil liberties within China.
Abstract This work makes a thorough review of the available literature relating to U.S. trade relations and policy with China, as well as the impact that free trade has had upon human civil rights and democracy in the country of China. The paper states that one of the important outcomes of free trade in the country of China has been the reduction of poverty. This in turn, according to the paper, has lead to growing power vested in citizens of the country and less power vested in the ruling party. Furthermore, it asserts that the rapid change in China has been termed to be a 'transformation' in many primary aspects of living demonstrated in the improved economic and financial aspects in China, as well as serving to impact political aspects in the country as well. The paper concludes that the government in China does not appear to be ready to shun the economic benefits of trade liberalization even if that means making room for the effects of democratization that goes along with economic benefits.
Outline:
Introduction
Idealism versus Realism
Free Trade: U.S.and China Trade Relations
Trade Liberalization and Democratization
Creeping Democratization (Minxin, 1995)
Summary and Conclusion
From the Paper "The work of Ying Ma relates that in spite of what the United States or even the citizens of China may desire, 'the Chinese Government has so far quashed and neutralized pressure for fundamental political change. Beijing controls and stunts precisely those instruments that contribute to the success of broad-cased domestic opposition: It cracks down on political opponents, co-opts potential ones, and indoctrinates the masses. It is eagerly attempting to maximize economic modernization while minimizing its liberalizing effects.' (Ma, 2007) Ying Ma states that there are several 'concrete steps' that might assist promotion of democracy in China. The first of these steps is that 'the United States should not wade into the quandary of slowing Chinese economic growth and cannot stop the Chinese government from institutionalization itself or co-opting its rival political groups,...' however it is possible that the U.S. can do more toward combating 'other sources of authoritarian resilience by strengthening China's political opposition and countering the regime's restriction of coordination goods that range from press freedom to the ability to organize.'"
Abstract This paper deals with the imperialism of free trade and the expansion of this trade between many countries in the world and England of the time. The paper also includes a review of how trade was organized then and how it is organized now. In addition to this, the paper details a few controls which have resulted in our modern day trade that also allow many of us to enjoy vast trade benefits which might not have been the case if imperialism of trade had not occurred.
From the Paper "In the early 1800s the British Empire was still recovering from the economic blow to their nation from the fight for the American Colonies, as well as massive industrial growth within their own country. Financially the bill was significant but the trade issues that faced the country were new and would only improve the financial state of the government, as well as the company owners and traders. However, as with all things, trading would be a very sensitive issue with some countries and obviously a political issue in England, as well as the chosen countries of trade."
Abstract This paper discusses the World Trade Organization (WTO) and the free trade that it supports. The paper presents and discusses the debate over the WTO and free trade and presents the views of those who support it and are critical of it. It examines the fundamental inequality in global trade that is fostered by the WTO and suggests that global trade serves to support the wealth and power of a global economic elite.
From the Paper "As this example suggests, while global trade and its associated wealth may be expanding rapidly - a process which the WTO seems to support - in many cases this expansion serves to promote inequality on a global scale instead of shared prosperity. When we consider that only 1/200th of the price of an average coffee beverage is actually paid to the original harvester of the crop, we can understand the extraordinary profits made at different middle stages of the trade before coffee is actually consumed in the wealthy markets of the world. The expanding and highly profitable global trade in coffee thus allows us to understand that while trade may expand and greater wealth is created as a result, this does not necessarily have to be equally or fairly distributed wealth. In fact, in many cases, global trade seems to support greater inequality."
Abstract This paper examines how economic development of any country promotes the trade and business and how free trade and liberalization in trade policies, on behalf of the governments, help the businesses to flourish and effectively compete in the world market. The writer covers the issues related to the economic development of the developing nations and discusses the aspects that have caused hindrance in the economic development of these countries. Finally the paper cites the example of a developing country (India) and discusses how liberalization in trade has helped it in making remarkable achievements with respect to economic growth and to bring improvements in its industry and trade.
From the Paper "In an era of increased globalization and advancements in technology, it has become increasingly important for all of the nations of the world to keep bringing improvements in their economic infrastructure and to expand their businesses on the global scale. It has been observed that without a reasonable level of economic development any country cannot gain a competitive position in the world market. This is the dilemma faced by most of the developed nations of the world."
Abstract The paper explores trade and trade issues between Brazil and the USA. The paper details the principal export products and examines the controversies in international trade between the USA and Brazil regarding access to markets. The paper includes the balance of trade.
From the Paper "This paper reviews international trade between Brazil and the United States. The principal products exported by Brazil to the United States are manufactured goods, iron ore, soybeans, footwear, coffee, automobiles and steel. The United States accounts for ? percent of Brazil's total exports The principal products imported by Brazil from the United States are machinery and equipment, chemical products, oil, electricity, automobiles and automobile parts. The United States accounts for ? percent of Brazil's total imports."
Abstract This paper is about global trade statistics. It looks at the role of the WTO and discusses direction and trends in trade, structure of world trade, Egypt in world trade, and major exporters and importers.
From the Paper "Sluggish import demand in Western Europe and a sharp contraction of Latin America's imports constituted a drag on global trade expansion. The World Trade Organization WTO suggests that developments in ..."
Tags: Global trade, balance of trade, export, import, statistics, egypt, trends, deficit, egypt
Abstract This paper explains that fast track trade legislation in the US is the process by which the President can introduce legislation to Congress involving trade agreements with foreign countries. The author points out that this type of legislation is unique in that there is a time limit on any debate and that the legislation must either be passed without modification or rejected altogether. The paper relates that the justification for fast track legislation is that it expedites trade negotiations with other countries but still allows congressional oversight. The author presents the issues of globalization, natural resource depletion, labor organizations and poverty in relationship to fast track free trade legislation.
From the Paper "Labor organizations oppose free trade because it can mean a loss of jobs in certain sectors of the U.S. economy. The increase in globalization has also given rise to a large number of U.S. firms relocating production processes to other countries to benefit from cheaper labor costs. Labor intensive industries such as manufacturing and textiles have almost entirely left the United States. While American consumers as a whole benefit from lower prices for these goods when they are imported back to the United States workers who have lost their jobs may have a hard time finding new employment."
Tags: congress, time limit, oversight globalization trade-offs
Abstract This paper discusses the advent of online trading. The author outlines the pros and cons of trading online versus using traditional brokers. Sections of the paper include a look at specific companies providing online trading services, a history of online trading, and a brief look into the future.
From the Paper "The stock market has been a part of people's lives throughout the twentieth century. Millions of people around the world have money invested in their countries own respective markets. Since the coming of age of online trading, more people have been investing their money in stocks than ever before because of the advantages it offers. Online trading allows people to trade stocks quickly without the help of a broker, letting the investors have more control over their transactions. The competition between companies has helped decrease the cost of making the transactions. In addition to that, ordinary people now have access to information that could only be seen by brokers. Overall, online trading saves time, money and gives power to the investor rather than the broker."
Abstract This paper endeavours to explore the impact of the slave trade on West Africa. It examines how the historical injustices of the slave trade have undeniably affected West Africa detrimentally in the political, economic and social arenas. It details the recent discussions by leaders of nations historically involved in the slave trade as they determine what reparations can be made to the victims of this inhumane practice. It gives an historical overview of the slave trade in general and specifically in West Africa.
From the Paper "Before embarking on the political, economic and social fallout of the slave trade on West Africa, it is important to give a brief description of this blight in history. From the middle of the 15th century, the Portuguese initiated the slave trade. They were followed by the Spaniards and at a lengthier period (1562) by the British. Then in rapid succession by the Dutch (approximately 1620), the French (approximately 1640), the Swedes, Danes and Prussians, before culminating in its most awful activities in the 18th century (Morel, E.D., 1920, 4). Foreigners conducted wholly unprovoked attacks on African villages and kidnapped the young people who were strong enough to work their sugar and coffee plantations as well as for domestic servitude in their homes. The export of Africans to the New World furnished the workforce for the colonial plantations and mines whose yield (gold, silver and, most importantly, sugar, cocoa, cotton, tobacco and coffee) were the principal components of global commerce (M?Bokolo, E., 1998, 2). The horror of the Africans being torn from their homes and their families is matched only by the horror of the number of Africans who perished in the course of transportation on the slave ships
??. the slaves could not turn around, were wedged immovably, in fact, and chained to the deck by the neck and legs?.not infrequently would go mad before dying of suffocation?.in their frenzy some killed others in the hopes of procuring more room to breathe?.men strangled those next to them, and women drove nails into each others? brains.? (Morel, E.D., 1920, 4)."
Tags: slave, trade, West, Africa, Black, political, social, history
Abstract This is an in-depth analysis of the risks and pitfalls of possible U.S. tariffs on European Steel products, as in Section 203 (B) (1) of the Trade Act of 1974. It examines the global trade agreements, and their goal of creating a level playing ground for both industrialized and emerging countries. The paper argues that U.S. tariffs on imported steel will not have a direct effect on the exchange rate of the Euro and the U.S. dollar, and that the solution for the steel industry depends on the ability of the world to act as a global community in solving a global problem. Irrational presidential manners and international trade wars may cause a ripple effect that is more dangerous than the damage to one industrial sector. This is precisely the situation that we face with the steel industry. The paper includes statistics and tables to support its thesis.
Table of Contents
Size of the US-European import-export trade.
Mass Media Reactions to the Tariffs
Other Countries? Reactions
History of the Steel Industry in the US
The Situation from an Economist's Standpoint
Conclusion
Works Cited
Appendices
From the Paper "Free Trade has been a key agenda for the past three presidents. In an expanding global market, tariffs and trade policies are more important today than they have been in the past. More and more countries are forming alliances such as the North American Free Trade Agreement (NAFTA), the Asian Alliance, and the European Union (EU). These trade agreements are meant to level the playing for all countries, both industrialized and emerging countries.
President Bush's trade policy is aimed at helping to generate American jobs, open markets to American products, and provide economic growth. Sometimes massive increases in imports can have a devastating effect on US industries. [This has been the case for the US steel Industry and is the issue addressed in Section 203 (B) (1) of the Trade Act of 1974. Foreign steel makers have had the luxury of government support which allowed them to have large capacity for expansion and as a result they have flooded the US market with cheap imports. Since 1998, thirty percent of all US steel producers have filed for bankruptcy as a result of falling steel prices in the US. The World Trade Organization allows countries who have been severely effected by changes in trade policy to take temporary actions to provide ailing relief to suffering industries. This is the premise behind the Presidential Proclamation issued by President Bush (Congressional Report, 1974).]"
Tags: import-export, trade, import, export, mass, media, tariff, united, states, us, economy, free, war, bush, eu, european, union, president, industrialized, emerging, countries, products, markets, uk, united, kingdom, germany
Abstract The following paper will explore a U.S. product or service that is extensively traded internationally. The paper will analyze whether the product has a comparative advantage and why. The paper will also assess what trade barriers exist and why, and the impact that the trade barriers have on the product. Further analysis will be conducted as to the percentage of U.S. trade that is involved in the product or service; and the United States' current account surplus or deficit in the produce or service.
Abstract The issue of trade in human organs is a loaded gun in the health care industry, where profit generated from the sale of human organs is substantial yet the ethical concerns are almost beyond measure. This paper explores the ethical and the philosophical nature of trading in human organs with the intention of demonstrating why organ trade is so highly controversial that a great deal more investigation is needed before wholesale organ trade is permitted
