Letiche International Economics Policies and Their Theoretical Foundations

A Source Book
1. Auflage 2014
ISBN: 978-1-4832-7128-6
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 686 Seiten, Web PDF

International Economics Policies and Their Theoretical Foundations: A Source Book provides information pertinent to the increasing differentiation of international economic policies among the developed and developing market economies. This book presents an analysis of fundamental principles of international economics. Organized into nine parts encompassing 33 chapters, this book begins with an overview of the certain elements of the relationship between the developing and the developed countries that the developing countries find particularly irksome. This text then analyzes the determinants of secular changes in the terms of trade and attempt to assess the influence of these changes on the development of a poor country. Other chapters consider the different concepts of the terms of trade, including the gross barter, income, net barter or commodity, and utility terms of trade. The final chapter deals with the economic scenarios for the 1980s. This book is a valuable resource for teachers, students, and government officials.

Autoren/Hrsg.

Letiche, John M.

Inhaltsverzeichnis

1;Front Cover;1
2;International Economic Policies and Their Theoretical Foundations: A Source Book;4
3;Copyright Page;5
4;Table of Contents;6
5;Preface;10
6;INTRODUCTION;12
7;Part I: Evolution and Revision of the International Economic Order;24
7.1;CHAPTER 1. THE EVOLUTION OF THE INTERNATIONAL ECONOMIC ORDER;26
7.1.1;INTRODUCTION;26
7.1.2;2. THE DIVISION OF THE WORLD;27
7.1.3;3. THE FACTORAL TERMS OF TRADE;37
7.1.4;4.
CUMULATIVE FORCES;44
7.2;Chapter 2.
Introduction;50
7.2.1;Developing Countries: Shifting Postures;50
7.2.2;Shifts in Perception of Existing International Economic Order3;51
7.2.3;Post-OPEC Emphasis on Collective Action: The Rise of "Trade Unionism;55
7.2.4;Populism;56
7.2.5;Developed Countries: Factors Affecting Response;58
7.2.6;Sovereignty;58
7.2.7;Efficiency;62
7.2.8;Desirable and Feasible Dimensions of the New International Economic Order;63
7.2.9;Resource Transfers;64
7.2.10;Mutual-Gain Bargains;66
7.2.11;Notes;70
8;Part II: Terms of Trade and Gains from Trade;74
8.1;Chapter 3. Terms of Trade;76
8.2;CHAPTER 4. THE DEVELOPMENT OF GAINS FROM TRADE THEORY: CLASSICAL TO MODERN LITERATURE;102
8.2.1;THE EARLY WRITINGS;103
8.2.2;POST-WORLD WAR I LITERATURE;107
8.2.3;GAINS FROM TRADE: SOME RECENT MATHEMATICALCONTRIBUTIONS;121
8.2.4;TRADE, DEVELOPMENT AND UNCERTAINTY;122
8.2.5;CONCLUDING REMARKS;126
8.2.6;NOTES;126
9;Part III: World Food, International Trade, and Agriculture;134
9.1;CHAPTER 5. THE ALLOCATIVE EFFICIENCY OF TRADITIONAL AGRICULTURE;136
9.1.1;THE ECONOMIC EFFICIENCY HYPOTHESIS;136
9.1.2;PANAJACHEL, GUATEMALA: VERY POOR BUT EFFICIENT;141
9.1.3;SENAPUR, INDIA: POOR BUT EFFICIENT;144
9.1.4;INFERENCES AND IMPLICATIONS;148
9.2;CHAPTER 6. THE ECONOMICS OF THE VALUE OF HUMAN TIME;154
9.3;CHAPTER 7. THE WORLD FOOD SITUATION: DEVELOPMENT SDURING THE 1970s AND PROSPECTS FOR THE 1980s;158
9.3.1;INTRODUCTION;158
9.3.2;FOOD SUPPLY AND DEMAND DURING THE 1970s;159
9.3.3;MALNUTRITION—HOW MUCH?;161
9.3.4;PRICE INSTABILITY;163
9.3.5;FOOD SECURITY, POVERTY, AND MALNUTRITION;164
9.3.6;PROSPECTS FOR THE 1980s;165
9.3.7;CONCLUDING COMMENTS;169
10;Part IV: Common Markets
Developed Countries;172
10.1;Chapter 8.
Developing Countries;172
10.2;CHAPTER 9. THE ECONOMICS OF CUSTOMS UNIONS;174
10.2.1;CUSTOMS UNION AS AN APPROACH TO FREE TRADE;174
10.2.2;CUSTOMS UNION AND THE "TERMS OF TRADE;175
10.3;CHAPTER 10. THE THEORY OF CUSTOMS UNIONS: A GENERAL SURVEY;176
10.4;Chapter 11. Conclusions;194
10.4.1;What Lies Behind the Convergence Debate?;198
10.4.2;The Implications for the Community;201
10.4.3;Economics and Politics, Theory and Practice;209
10.4.4;Notes: Chapter 11;211
10.5;CHAPTER 12. THE THEORY OF COMMON MARKETSAS APPLIED TO REGIONAL ARRANGEMENTS AMONG DEVELOPING COUNTRIES;214
10.5.1;I. INTRODUCTION;214
10.5.2;II. THE BALANCE BETWEEN TRADE-DIVERTING AND TRADE-CREATING EFFECTS;217
10.5.3;III. COMPLEMENTARY VERSUS COMPETITIVE PARTNERSAND THE PATTERN OF EXISTING TRADE;220
10.5.4;IV. PARTIAL VERSUS COMPLETE REMOVAL OF RESTRICTIONS ON INTRA-REGIONAL TRADE;222
10.5.5;V. THE ECONOMIES OF SCALE;224
10.5.6;VI. THE EFFECTS OF COMPETITION;226
10.5.7;VII. UNEQUAL WELFARE EFFECTS ANDECONOMIC DUALISM;230
10.5.8;VIII. THE PAYMENTS PROBLEM;233
10.5.9;IX. THE INDUCEMENT EFFECTS ON INVESTMENT FROM BROADENING THE MARKET AREA;235
10.5.10;X. CONCLUSION;237
11;Part V: International Cartels, Commodity
Agreements, and the Oil Problem;240
11.1;Chapter 13. International Cartels and Monopoliesin International Trade;242
11.1.1;I. CREATION AND MAINTENANCE OF INTERNATIONAL CARTELS;242
11.1.2;II. POLICY TOWARD COMMERCIAL MONOPOLY;255
11.1.3;III. CONCLUSIONS;271
11.1.4;REFERENCES;272
11.2;Chapter 14.
Comment;276
11.3;CHAPTER 15. Simple Theoretical Analysis of International Commodity Agreements;280
11.3.1;3.1 IMPLICATIONS OF PRICE STABILIZATION ATTEMPTS FOR VARIABILITY AND LEVEL OF PRODUCERS' REVENUES;280
11.3.2;3.2 WHO GAINS FROM PRICE STABILIZATION?;287
11.3.3;3.3 NORMATIVE IMPLICATIONS OF MARKET SOLUTIONS;289
11.3.4;3.4 CONDITIONS UNDER WHICH COLLUSIVE ACTION BY PRODUCERS ALONE CAN RAISE MARKET PRICES;295
11.3.5;3.5 CONCLUSIONS;297
11.3.6;REFERENCES;297
11.4;CHAPTER 16.
WHAT FACTORS INFLUENCE OIL PRICES?;298
12;Part VI: Multinationals and International Investment;302
12.1;CHAPTER 17. FOREIGN DIRECT INVESTMENT AND MARKET PERFORMANCE;304
12.1.1;IV. SUMMARY: INTERNATIONAL FORCES AND MARKET PERFORMANCE;313
12.1.2;REFERENCES;316
12.2;CHAPTER 18. INTERNATIONAL INVESTMENT AND INTERNATIONAL TRADE IN THE PRODUCT CYCLE;318
12.2.1;THE MATURING PRODUCT8;324
12.2.2;THE STANDARDIZED PRODUCT;330
12.3;CHAPTER 19. THE MULTINATIONAL CORPORATION AND THE LAW OF UNEVEN DEVELOPMENT;336
12.3.1;Part I. THE EVOLUTION OF THE MULTINATIONAL CORPORATION;338
12.3.1.1;The Marshallian Firm and the Market Economy;338
12.3.1.2;The Corporate Economy;340
12.3.2;Part II. UNEVEN DEVELOPMENT;345
12.3.3;Part III. THE POLITICAL ECONOMY OF THE MULTINATIONAL CORPORATION;353
12.3.3.1;CONCLUSION:;356
12.3.3.2;EPILOGUE;357
12.3.3.3;NOTES;359
13;Part VII: Commercial Policies
Developing Market Economies;364
13.1;Chapter 20.
The Choice of a Development Strategy: Lessons and Prospects;366
13.1.1;Vulnerability and Policy Responses to External Shocks;369
13.1.2;Policy Prescriptions and Prospects for the Future;371
13.2;CHAPTER 21. THE "CLASSICAL THEORY" OF INTERNATIONAL TRADE AND THE UNDERDEVELOPED COUNTRIES;376
13.2.1;II;378
13.2.2;Ill;381
13.2.3;IV;388
13.3;Chapter 21. The Latin American periphery in the global system of capitalism;396
13.3.1;I.
The dynamics of the centres;396
13.3.2;II.
The internal dynamics of peripheral capitalism;397
13.3.3;III.
Towards a theory of change;402
13.4;CHAPTER 22. EFFECTS OF THE WORLD ECONOMIC CRISISON THE EAST EUROPEAN ECONOMIES;404
13.4.1;EXTERNAL DISTURBANCES AND MACROECONOMIC ADJUSTMENT IN CENTRALLY PLANNED ECONOMIES;404
13.4.2;IMPACTS OF THE CRISIS ON EASTERN EUROPE;412
13.4.3;EAST EUROPEAN POLICY RESPONSES;415
13.4.4;CONCLUSIONS;421
13.5;Chapter 23. The Tokyo Round of multilateral trade negotiations;424
13.5.1;Background to the negotiations;426
13.5.2;Results for developing countries;428
13.5.3;Framework for the conduct of world trade;430
13.5.4;Tariffs;433
13.5.5;Non-tariff measures;435
13.5.6;Agriculture;442
13.5.7;Agreement on Trade in Civil Aircraft;445
13.5.8;The multilateral safeguard system;446
13.6;CHAPTER 24.
INTERNATIONAL ASSISTANCE POLICIES;452
13.6.1;THE EFFECTIVENESS OF ASSISTANCE;452
13.6.2;POLICIES FOR RECIPIENT COUNTRIES;453
13.6.3;POLICIES FOR DONOR COUNTRIES;454
14;Part VIII:
International Payments;458
14.1;SECTION 1: THE ECONOMIC JOURNAL;460
14.1.1;CHAPTER 25.
THE MEANING OF "INTERNAL BALANCE;460
14.1.1.1;I;460
14.1.1.2;II;460
14.1.1.3;Ill;464
14.1.1.4;IV;467
14.1.1.5;V;471
14.1.1.6;REFERENCES;472
14.1.2;CHAPTER 26. MONEY, BALANCE OF PAYMENTS THEORY, AND THE INTERNATIONAL MONETARY PROBLEM;474
14.1.2.1;Money and the Balance of Payments;476
14.1.2.2;The International Monetary Problem;487
14.1.2.3;References;499
14.1.3;CHAPTER 27.
CURRENCY DEVALUATIONIN DEVELOPING COUNTRIES;500
14.1.3.1;I. A SUMMARY OF THE THEORY OF DEVALUATION;501
14.1.3.2;II. MODIFICATION IN THE ANALYSIS FOR DEVALUATION IN MOST DEVELOPING COUNTRIES;507
14.1.3.3;III. SOME EVIDENCE ON THE IMPACT OF DEVALUATION;517
14.1.3.4;IV. CONCLUSIONS;526
14.1.4;Chapter 28. Some Questions and Brief Answers About the Eurodollar Market;530
14.1.4.1;1. WHAT IS A EURODOLLAR DEPOSIT?;531
14.1.4.2;2. HOW DID THE EURODOLLAR MARKET ORIGINATE,WHAT FACTORS HAVE BEEN RESPONSIBLE FOR ITS GROWTH, AND WHAT IS ITS CURRENT SIZE?;531
14.1.4.3;3. HOW DOES THE EURODOLLAR MARKET OPERATE?;533
14.1.4.4;4. DOES THE EURODOLLAR MARKET CREATE MONEY?;534
14.1.4.5;5. WHAT IS THE IMPACT OF THE EURODOLLAR MARKET ON THE U.S. BALANCE OF PAYMENTS?;536
14.1.4.6;6. WHAT IS THE IMPACT OF THE EURODOLLAR MARKET ON THE FOREIGN EXCHANGE VALUEOF THE DOLLAR?;537
14.1.4.7;7. IS THE EURODOLLAR MARKET AN ENGINE OF INFLATION?;538
14.1.4.8;8. IS A CUMULATIVE CREDIT COLLAPSE LIKELY?;541
14.1.4.9;9. DOES THE OPERATION OF THE EURODOLLAR MARKET UNDERMINE THE IMPLEMENTATION OF MONETARY POLICY IN THE UNITED STATES?;542
14.1.4.10;10. CAN THE EURODOLLAR MARKET BE REGULATED? IS REGULATION DESIRABLE?;543
14.1.4.11;CONCLUSION;544
14.1.4.12;BIBLIOGRAPHY;545
14.1.4.13;Notes;546
14.1.5;Chapter 29. Operating Principles and Procedures of the European Monetary System;548
14.1.5.1;Operating Principles and Requirements for Success ful Functioning of the EMS;551
14.1.5.2;Objections;554
14.1.5.3;Conclusion;556
14.1.5.4;Appendix: Contents of the EMS Agreement;556
14.1.5.5;Comments by Ralph C. Bryant;560
14.1.6;Chapter 30.
Exchange Rate Economics:Where Do We Stand;568
14.1.6.1;Exchange Rate Theories and Empirical Evidence;569
14.1.6.2;The Flexible Exchange Rate System;597
14.1.6.3;Exchange Rate Flexibility and the Capital Mobility Problem;607
14.1.7;Chapter 31.
Floating Exchange Ratesand the Need for Surveillance;612
14.1.7.1;Introduction;612
14.1.7.2;Issues Related to the Short-Run Variability of Exchange Rates;614
14.1.7.3;The Role of Exchange Rates in Eliminating Payments Disequilibria;628
14.1.7.4;Assessing Exchange-Rate Policies;636
14.1.7.5;References;645
14.1.7.6;APPENDIX;647
14.1.8;CHAPTER 32. USE OF INTERNATIONAL MONETARY FUND' SRESOURCES TO MEET BALANCE OF PAYMENTS NEEDS;650
14.1.8.1;USE OF RESOURCES;650
14.1.8.2;RESERVE TRANCHE;651
14.1.8.3;CREDIT TRANCHE;651
14.1.8.4;COMPENSATORY FINANCING;652
14.1.8.5;BUFFER STOCK FINANCING;653
14.1.8.6;EXTENDED FACILITY;653
14.1.8.7;SUPPLEMENTARY FINANCING FACILITY;653
14.1.8.8;ENLARGED ACCESS POLICY;655
14.1.8.9;CHARGES FOR USE OF RESOURCES;655
14.1.8.10;REMUNERATION ON CREDITOR POSITIONS;661
15;Part IX:
Perspectives and Implications;662
15.1;CHAPTER 33. SOME ECONOMIC SCENARIOS FOR THE 1980's;664
15.1.1;BASE CASE – UNITED STATES;664
15.1.2;BASE CASE-THE WORLD ECONOMY;670
15.1.3;POSSIBLE DISTURBANCES;681
15.1.4;AN OPTIMISTIC CASE;683
16;ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS;686