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1、国际贸易专业英语lesson 1Unit Onen nInternational Trade TheoriesThe Comparative Cost Modeln nThe comparative cost model is based on two countries,two products and one factor of production:labor.Technical know-how or the state of technology is different in the two countries.There are also constant returns to
2、scale and perfect competition.The Heckscher-Ohlin-Samuelson(HOS)Modeln nThis model was also based on the comparative cost concept and the idea that competitive positions depend on the supply conditions in specific locations and are therefore linked to countries(rather than companies).The Leontief Pa
3、radoxn nEmpirical research conducted by Leontief quite soon Empirical research conducted by Leontief quite soon after the Second World War showed that the after the Second World War showed that the specialization process in the US,for example,did not specialization process in the US,for example,did
4、not correspond to what HOS predicted(and this was correspond to what HOS predicted(and this was repeatedly found in later research).Where free trade repeatedly found in later research).Where free trade ought to have caused the Americans to concentrate ought to have caused the Americans to concentrat
5、e increasingly on producing relatively capital-intensive increasingly on producing relatively capital-intensive goods the goods in which the US had a comparative goods the goods in which the US had a comparative advantage this did not appear to be what happened in advantage this did not appear to be
6、 what happened in practice;the US imported relatively capital-intensive practice;the US imported relatively capital-intensive goods instead of exporting them.goods instead of exporting them.Factor Intensity Reversaln nA fundamental criticism of the HOS model was that it A fundamental criticism of th
7、e HOS model was that it assumes that the sectors can be arranged in order of assumes that the sectors can be arranged in order of capital-intensity and that this arrangement is universal,capital-intensity and that this arrangement is universal,i.e.the same in all countries.This does not appear to be
8、 i.e.the same in all countries.This does not appear to be so in reality:for example,where the agricultural sector so in reality:for example,where the agricultural sector in the industrialized countries often has above average in the industrialized countries often has above average capital-intensity,
9、in the developing countries it is often capital-intensity,in the developing countries it is often highly labor-intensive in comparison with other sectors highly labor-intensive in comparison with other sectors in those countries.Such a phenomenon is known in in those countries.Such a phenomenon is k
10、nown in theory as factor intensity reversal.theory as factor intensity reversal.Modern Trade Theoriesn nThe new trade theories focused increasingly on the question:The new trade theories focused increasingly on the question:what can we say about the business characteristics of exporting what can we
11、say about the business characteristics of exporting companies as opposed to companies which do not or cannot companies as opposed to companies which do not or cannot export?The idea is that it is not so much national factors or,if export?The idea is that it is not so much national factors or,if you
12、like,locational factors that explain in which goods a strong you like,locational factors that explain in which goods a strong competitive position can be developed,but rather factors relating competitive position can be developed,but rather factors relating to specific sectors or companies.to specif
13、ic sectors or companies.n nAnother important difference in relation to traditional trade Another important difference in relation to traditional trade theories is that modern trade theories abandon the assumption theories is that modern trade theories abandon the assumption of constant returns to sc
14、ale and replace it with the concept of of constant returns to scale and replace it with the concept of economies of scale in production.For example,this may mean economies of scale in production.For example,this may mean that as a company produces on a larger scale,average costs fall that as a compa
15、ny produces on a larger scale,average costs fall(internal economies of scale),but also that costs will decline if(internal economies of scale),but also that costs will decline if numerous other businesses are established in the vicinity numerous other businesses are established in the vicinity(exter
16、nal economies of scale),or both.(external economies of scale),or both.Key Terms interest raten nThe fee charged by a lender to a borrower for the use of borrowed money,usually expressed as an annual percentage of the principal;the rate is dependent upon the time value of money,the credit risk of the
17、 borrower and the inflation rate.Interest rates can be calculated as simple,compounded or effective.division of laborn nThe increasing specialization of occupations and specific tasks within occupations.The Division of Labor becomes more evident with increasing industrialism and modernity in societi
18、es.absolute advantagen nTerm coined,and theory developed by Adam Smith in The Wealth of Nations(1776).If country A can produce and export more of a commodity X at a cheaper cost or more efficiently than country B,then country A has an absolute advantage in producing X over country B.free traden nFre
19、e trade exists when the international exchange of goods is neither restricted nor encouraged by government-imposed trade barriers.Subsequently,the determination of the distribution and level of international trade is left to the operation of market parative advantagen nThe theory of comparative adva
20、ntage is a key idea in classical liberal economic theory put forward by David Ricardo.It posits that if all countries specialize in producing what they are comparatively best at-i.e.what they are most efficient at producing-and then trade freely with one another,then the world will be better off eco
21、nomically.opportunity costn nThe cost of using a resource in one enterprise when it could be used in alternative enterprises or investment opportunities measured by the return that could be obtained from using the resource in the alternative in investment.For example,if cash used in crop production
22、could be placed in the bank at a 10%rate of interest，the opportunity cost of cash to the crop would be 10%.general equilibriumn nThe condition reached when all markets(for products and productive factors)have cleared,that is,established equilibrium prices and quantities.factor of productionn nA huma
23、n service or material good that can be used to contribute to the success of a process of production.A constituent element of any production process.Factors of production can be classified as to(1)human(labor)or nonhuman(material)factors,or(2)original or produced factors.economy of scalen nthe reduct
24、ion in costs per item(unit costs)that results from large-scale production.The high capital costs of machinery or a factory are spread across a greater number of units as more are produced.This may be a result of automation or mass production;for example,in the car industry.Economies of scale can als
25、o be produced when firms that need similar services locate together,sharing the costs of their services;for example,on industrial estates.factor intensityn nThe relative importance of one factor versus others in production in an industry,usually compared across industries.It is most commonly defined
26、 in/by ratios of factor quantities employed at common factor prices,but sometimes by factor shares or by marginal rates of substitution between factors.factor intensity reversaln nA property of the technologies for two industries such that their ordering of relative factor intensities is different at different factor prices.For example,one industry may be relatively capital intensive compared to the other at high relative wages and labor intensive at low relative wages.Some propositions of the Heckscher-Ohlin Model require the absence of FIRs.