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2. Evaluate the benefits of globalization and Western hegemony to our country.
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- What factors does Paul Krugman identity that supported expanding international trade in the 1800s?How can governments identify good candidates for infant industry protection? Can you suggest some key characteristics of good candidates? Why are Industries like computers not good candidates for infant industry protection?Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?
- What three factors will determine whether a nation has a higher or lower share of trade relative to its GDP?Will nations that are more involved in foreign trade tend to have higher trade imbalances, lower trade imbalances, or is the pattern unpredictable?Name and define three policy tools for enacting protectionism.
- What is splitting up the value chain?Occasionally, a government official will argue that a country should strive for both a trade surplus and a healthy inflow of capital from abroad. Explain why such a statement is economically impossible.Economists sometimes say that protectionism is the second-best choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem—a choice that would still allow the benefits of trade to occur. Explain why protectionism is a second-best choice for helping workers as a group helping industries stay strong protecting the environment advancing national defense
- In Exercise 33.31, is there an ask where Venezuelans may say no thank you to trading with Canada?Occasionally, a government official will argue that a country should strive for both a trade surplus and a healthy inflow of capital from abroad. Is this possible?Why would countries promote protectionist laws, while also negotiate for freer trade internationally?