국제경영론 International Business
Chapter. International trade
international trade theory 국제 무역 이론
- explain why it is beneficial for countries to engage in international trade
- explain pattern of international trade in the world economy
- helps country formulate their economic policy
- free trade
- refer to a situation where a government does not attempt to influence through quotas or duties on what its citizen can buy from another country or what they can produce and sell to another country
- resource yield more efficiently, consumer 효용 ↑ cost ↓ ⇒ countries want free trade → minimizing entry barrier, more freely
- quotas : 수입수출 수량 제한
- refer to a situation where a government does not attempt to influence through quotas or duties on what its citizen can buy from another country or what they can produce and sell to another country
- mercantilism 중상주의
- when : mid 16th century europe
- it is in a country’s best interest to maintain a trade surplus, to export more than it imports
- government intervention advocate - to achieve a surplus in the balance of trade active
- trade= zero sum game (there will be winner and loser, one gain by another loss)
- Mercantilism is problematic and not economically valid, yet many political views today have the goal of boosting export
- 수출을 장려, 수입을 제한 → 수출잉여를 통한 국부의 증가
- adsolute advantage (고전적 무역이론 -1)
- when : 1776 adam smith
- attacked the mercantilist assumption that trade is a zero-sum game
- efficiency countries differ in their ability to produce goods efficiently, and has an absolute advantage in production of a product when it is more efficient than any other country in producing it
- specialization countries should specialize in the production of goods for which they have an absolute advantage and trade these goods for the goods produced by other countries → collaboration
- win-win game, (complete specialization) → 전 세계 산출을 극대화, 증가된 산출물을 자유무역을 통해 교환하여 양국 국민 모두 많은 소비 가능
- comparative advantage (고전적 무역이론 -2)
- when : 1817 david ricardo
- what might happen when one country has an absolue advantage in production of all goods → no trade happens
- country specialize in production of those goods that it produces most efficiently and buy goods that it produces less efficiently from other country
- even if this means buying goods from other country that it could produce more efficiently itself (for labor efficiency)
- it argues that trade is a positive sum gain in which all gain
- potential world production is greater with unrestricted free trade than it is with restricted trade
- theory of comparative advantage provides a strong rationale for encouraging free trade
- heckscher-ohlin theory (근대적 무역이론)
- when : heckscher and ohlin
- comparative advantage arises from differences in national factor endowments (the extent to which a country is endowed with resources such as land, labor, and capital)
- more abundant fator, lower its cost and vice versa
- country will export goods that make intensive (집중적으로) use of those factors that are locally abundant, and import goods that make intensive use of factors that are locally scarce
- A국은 노동풍부국이고, B국은 자본풍부국이라고 하자. X재는 Y재에 비해 노동집약재이고, Y재는 X재에 비해 자본집약재라고 하자. 헥셔-올린 정리에 따르면 A국은 노동이 B국에 비해 상대적으로 풍부하기 때문에 노동집약재인 X재에 비교우위를 가지고 X재를 B국으로 수출하고, 자본집약재인 Y재를 수입한다.
- product life cycle theory (현대적 무역이론)
- when: mid 1960s Raymond Vernon
- as products mature, both the location of sales and the location of production will change, which affect the flow and direction of trade
- In the mid-1960s, the wealth and size of the U.S. market gave a strong incentive to U.S. firms to develop new products
- early stages of a product’s life cycle, demand may grow in the U.S., but demand in other advanced countries is limited to high-income groups
- Therefore, it is not worthwhile for firms in those countries to start producing the new product, but it does necessitate some exports from the U.S. to those countries
- Over time, demand for the new product starts to grow in other advanced countries making it worthwhile for foreign producers to begin producing for their home markets
- Also, U.S. firms might set up production facilities in those advanced countries where demand is growing. This limits the exports from the U.S.
- As the market in the U.S. and other advanced nations matures, the product becomes more standardized, and price becomes the main competitive weapon.
- Producers based in advanced countries where labor costs are lower than the United States might now be able to export to the U.S.
- If cost pressures become intense, developing countries begin to acquire a production advantage over advanced countries
- As a result, the US switches from being an exporter of the product to an importer of the product as production becomes more concentrated in lower-cost foreign locations
- 도입→성숙→표준화 단계: 도입은 고숙련 노동력을 이용한 소규모 실험적 생산 → 생산이 증가함에 따라 성숙 단계 → 대규모 소비에 이르면 제품 생산이 표준화됨 → 대량생산 저숙련 노동자들 → 선진국으로부터 개발도상국으로 변화, 표준화 단계에서는 최초 제품 개발국에서 저렴한 노동을 가진 국가로의 해외직접투자를 수반하기도 함
- new trade theory (현대적 무역이론)
- when: 1970s , a number of economists
- pointed out that the ability of firms to attain economics of scale (unit cost reduction associated with a large scale of output) might have important implications for international trade
- because of economies of scale: trade can increase variety of goods available to consumers and decrease average cost of those goods (무역은 소비자들이 이용할 수 있는 상품을 다양화하고 그 상품들의 평균 비용을 감소시킴)
- in those industries in which output required to attain economies of scale represents a significant proportion of total world demand, the global market may only be able to support a small number of firms
- without trade
- small nation → may not be able to support demand necessary for producers to realize requied economies of scale → so certain product may not be produced
- → Demand for minivan is limited to 80,000 units in each national market (Total output of 100,000 units is required to realize EoS).
- with trade
- A nation may be able to specialize in producing a narrower range of products and then buy the goods that it does not make from other countries
- each nation then simultaneously increases the variety of goods available to its consumers and lowers the costs of those goods
- economies of scale, first mover advantage, pattern of trade
- Firms with first mover advantages (the economic and strategic advantages that accrue to many entrants into an industry) will develop economies of scale and create barriers to entry for other firms
- The pattern of trade we observe in the world economy may be the result of first mover advantages and economies of scale
- new trade theory suggests
- nations may benefit from trade even when they do not differ in resource endowments or technology
- country may predomonate in the export of a good simply because it was lucky enough to have one or more firms among the first to produce that good
- national competitive advantage: porter’s diamond
- Porter (1990) tried to explain why a nation achieves international success in a particular industry
- Porter identified four attributes he calls the that promote or impede the creation of competitive advantage
- Factor endowments
- A nation's position in factor endowments (factors of production) can lead to competitive advantage.
- These factors can be either basic (natural resources, climate, location) or advanced (skilled labor, infrastructure, technological know-how).
- Basic factors can provide an initial advantage that is then reinforced and extended by investment in advanced factors.
- Related and supporting industries
- Related and supporting industries refers to the presence supplier industries and related industries that are internationally competitive
- Investing in these industries can spill over and contribute to success in other industries
- Successful industries tend to be grouped in clusters in countries, which then prompts knowledge flows between firms.
- Firm strategy, structure, and rivalry
- Firm strategy, structure, and rivalry refers to the conditions in the nation governing how companies are created, organized, and managed, and the nature of domestic rivalry.
- Different nations are characterized by different management ideologies which influence the ability of firms to build national competitive advantage.
- There is a strong association between vigorous domestic rivalry and the creation and persistence of competitive advantage in an industry.
- Factor endowments
- evaluating porter’s theory
- Porter suggests that the four attributes of the diamond together with government policy, and chance work as a reinforcing system, complementing each other and in combination creating the conditions appropriate for competitive advantage.
- Porter believes that government policy can affect demand through product standards, influence rivalry through regulation and antitrust laws, and impact the availability of highly educated workers and advanced transportation infrastructure
- trade theory and government policy
- While the theories all suggest that trade is beneficial, they lack agreement in their recommendations for government policy
- Mercantilism : makes a case for government involvement in promoting exports and limiting imports
- Smith, Ricardo, and Heckscher-Ohlin : promote unrestricted free trade
- New trade theory, Porter: justify limited and selective government intervention to support the development of certain export-oriented industries (특정 수출 중심 산업의 발전을 지원하기 위해)
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