第2章国际贸易的动态环境

2019/9/14IM-chj-chapter2122019/9/14IM-chj-chapter22Introduction•Historyofworldtrade:–Stockmarketcrashof1929;U.S.gaveuponfreetrade–Othercountriesretaliatedandworldtradecollapsedintoaglobaldepression–AfterWorldWarII,theU.S.andtheindustrializednationswantedfreetrade–Worldtradeincreased22-foldsince1950–GeneralAgreementonTariffsandTrade(GATT)wasformedin1944tohelpreducetariffs2-222019/9/14IM-chj-chapter23Overview•Transitionoftheworldtradefromthe20thtothe21stcentury•Balanceofpayments•Protectionism–Logicandillogic•Tradebarriers•Easingtraderestrictions–GATT,WTO,IMF,andtheWorldBankGroup•Anti-globalizationprotests2-322019/9/14IM-chj-chapter24GlobalPerspectiveTradeBarriers:AnInternationalMarketer’sMinefield•ManycountriestakeadvantageofU.S.openmarketswhileputtingbarriersinthewayofU.S.exports–Japan(snowskis,rice,baseballs,andbeef)–France(Americanmoviesandsongs)–Britain(taxingofP&G’sPringlepotatochips)•TradebarriersnotonlylimithowmuchU.S.companiescansell,theyalsoraisepricesforimportedproductsmuchhigherthantheysellforintheU.S.•SincethebirthoftheWTO(WorldTradeOrganization),effortshavebeenmadebymanycountriestoreducetradebarriers,benefitingtheworldsocially,politically,andeconomically2-422019/9/14IM-chj-chapter25TheInternationalTradeEnvironment•Yesterday’scompetitivemarketbattleswerefoughtinwesternEurope,Japan,andtheUnitedstates;nowthesebattleshaveexpandedtoLatinAmerica,easternEurope,Russia,China,India,Asia,andAfrica.•Thisemergingglobaleconomybringssignificantadvantagestobothmarketersandconsumers:–Marketersbenefitfromnewmarketsthatgivethemviablebusinessopportunities–Consumersbenefitfromawidearrayofgoodsatthelowestprices.2-522019/9/14IM-chj-chapter26TopTen2009U.S.TradingPartners($billions,merchandisetrade)Exhibit2.12-622019/9/14IM-chj-chapter27TwentiethtotheTwenty-FirstCentury(1of2)•FirstHalfoftheTwentiethCentury–TheDepressionera(1930s)betweentwoworldwars-WWI(1914-1919)andWWII(1939-1945)•CapitalismwaspromotedbytheU.S.throughtheMarshallPlan:–EconomicallyrebuildingEuropeandJapan–Fosteringeconomicgrowthintheunderdevelopedworld•Inshort,theUnitedStateshelpedmaketheworld’seconomiesstronger,whichenablethemtobuymorefromus.2-722019/9/14IM-chj-chapter28TwentiethtotheTwenty-FirstCentury(2of2)•GATT(GeneralAgreementonTariffsandTrade)wascreatedin1986byworldleaderstohelpnegotiatereductionsintariffsandothertradebarriers.•WTO(WorldTradeOrganization)wascreatedin1995toreinforceGATTrulesandlegislatetradedisputes.•Lasthalfofthe20thcenturymarredbycompetingapproachestoeconomicdevelopmentbetweentheSocialistMarxistandDemocraticcapitalist.2-822019/9/14IM-chj-chapter29WorldTradeandU.S.Multinationals(1of2)•21stcenturyusheredintheeraofnewglobalmarketingopportunities•1950s–U.S.companiesbegantoexportandmakesignificantinvestmentsinoverseasmarketingandproductionfacilities•1960s–U.S.multinationalcorporations(MNCs)facedmajorchallengesontwofronts–Resistancetodirectinvestment–Increasingcompetitioninexportmarkets2-922019/9/14IM-chj-chapter210WorldTradeandU.S.Multinationals(2of2)•AmericanMNCswereconfrontedbyaresurgenceofcompetitionfromallovertheworld–Japan,Germany,NIC(NewlyIndustrializedCountries–Brazil,Mexico,India,SouthKorea,Taiwan,Singapore,HongKong),developingcountriessuchasVenezuela,Chile,BangladeshestablishedSOE(State-OwnedEnterprises)•TheU.S.roleasaneconomicpowerhousewaschallengedontwofronts:–U.S.positioninworldtrade(seechartonthenextslide)–U.S.tradedeficit(ashighas$700billionin2007)•Lastdecadeofthe20thcenturysawprofoundchangesinthewayworldtradewouldbedone–FreetradezonesdevelopedsuchasNAFTA,AFTA,andAPEC2-1022019/9/14IM-chj-chapter211World’s100LargestIndustrialCorporations(AnnualRevenues)Exhibit2.22-1122019/9/14IM-chj-chapter212BeyondtheFirstDecadeofthe21stCentury(1of2)•GrowthoftheU.S.economysloweddramaticallyinthelastfewyearsespeciallyin2009•Economiesofthedevelopedworldexpectedonaveragetogrowannuallyat3%forthenext25years(OECD)•Economiesofthedevelopingworldexpectedonaveragetogrowannuallyat6%forthenext25years(OECD)•Asaresult,economicpowerandinfluencewillmoveawayfromindustrializednationstodevelopingnations(LatinAmerica,Asia,EasternEurope,andAfrica)2-1222019/9/14IM-chj-chapter213BeyondtheFirstDecadeofthe21stCentury(2of2)•Companiesarelookingforwaystobecomemoreefficient,improveproductivity,andexpandtheirglobalreachwhilemaintaininganabilitytorespondquicklyanddeliverproductsthatthemarketsdemand.–Nestle,Samsung,Whirlpool•Smallercompaniesalsousingnovelapproachestotargetglobalmarkets–NocharInc.(fireretardant)–BuztronicsInc.(promotionallapelbuttons)2-1322019/9/14IM-chj-chapter214BalanceofPayments(1of2)•Balanceofpaymentsisdefinedasthesystemofaccountsthatrecordsanation’sinternationalfinancetransactions.–Transactionsrecordedannually–Mustalwaysbeinbalance–Arecordofcondition,notdeterminantofcondition•Balanceofpaymentsincludethreeaccounts:–Currentaccount(exports,imports,services,funds)–Capitalaccount(investmentsandshort-termcapital)–Reservesaccount(gold,foreignexchange,andliabilities)2-1422019/9/14IM-chj-chapter215BalanceofPayments(2of2)Receipts(+)Payments(-)•Exportsales•Money