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国际贸易理论chapter4

国际贸易理论chapter4


CHAPTER 4
WHO GAINS AND WHO LOSES FROM TRADE?

McGraw-Hill/Irwin

? 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.

Short-run effects of opening trade
In the short run, no factor movement between the sectors The factors employed in exporting products or rising sectors will gain The factors employed in declining sectors will lose
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Long-run factor price response
In the long run, factors can move between sectors in response to differences in returns But there is an imbalance in the changes in factor supply and demand, so the situation become more complicated
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McGraw-Hill/Irwin ? 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.

In the long run
Theoretically, price equalized between countries, net gains for both countries, but different effects on different groups:
? winner: the owner of abundant factor, ? loser: the owner of scarce factor.

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Wage changes in both countries
For the owner of abundant factor: Wage rate is high than the level with no trade For the owner of scarce factor: wage rate is lower than the level with no trade

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Figure 4.2

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McGraw-Hill/Irwin ? 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.

Three implications of H-O theory
The stopler-samuelson theorem The specialized-factor pattern The factor-price equalization theorem

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Stople-samuelson theorem
Difficult to understand , but it worth try !

Given certain conditions and assumptions, including full adjustment to a new long-run equilibrium, the changes in product price have two effects:
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It raise the real return to the factor used intensively in the rising-price industry

It lower the real return to the factor used intensively in the falling price industry
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Opening trade must enable one of two factors to buy more of either good, it will make the other factor poorer in its ability to buy either good.

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McGraw-Hill/Irwin ? 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.

Under compete perfect competition P = marginal cost of wheat r: rent rate w: wage rate Pwheat=ar+bw (land intensive) Pcloth= cr+dw (labor intensive) What happens? when Pwheat rises 10%, Pcloth remains the same.
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So Pwheat rises 10%, Pclothremains the same means : r will increase more than 10%, and w fall absolutely The price of intensively used factor in rising-price sector rise faster the product price rise.

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The real return ( the purchasing power with respect to either product) rises.

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International Factor Price Equalization
With no trade, the wage rate is high in the laborscarce country. The wage rate is low in the laborabundant country.

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With free trade, the import of labor-intensive products pushes the wage-rate down in the labor-scarce country. The export of laborintensive products pulls the wage rate up in the labor-abundant country.

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International Factor Price Equalization
given curtain conditions and assumption, free trade equalizes not only product prices but also the prices of individual factors between the two countries

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Does factor prices equalize internationally?
The real world is not what it should be! It only show the tendency toward international factor-prize equalization

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Read book and discussion what had happened around the world.

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McGraw-Hill/Irwin ? 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.


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