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Chapter 3: International Trade Theory US EU Australia China TRADE THEORY Comparative advantage New Trade Theory 3 -1 Absolute advantage PORTER’S DIAMOND FACTOR ENDOWMENTS

TOPIC PLAN: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3 -2

Mercantilism: mid-16 th century ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3 - 3 Copyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/a International Trade and Investment by John Gionea Slides prepared by John Gionea

Theories of International Trade: Absolute Advantage ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3 - 4

Theory of Comparative Advantage ,[object Object],[object Object],3.5

Alternative production possibilities from 100 units of resources 3.6

Opportunity Cost and Comparative Advantage 3.7

Diversified production before trade Production/Consumption 3.8

The Theory of Comp arative Advantage and the Gains from Trade Cheese (tonnes) Cloth (bolts) Production and Consumption without Trade Australia 125 60 U.K. 40 60 Total production 165 12 0 Production with Trade Specialization Australia 200 - U.K - 120 Total production 200 120 Consumption after U.K. Trades 60Bolts of C loth for 60 tons of Australian Cheese Australia 140 60 U.K. 60 60 Increase in Consumption as a Result of Specialization and Trade Australia 15 0 U.K 20 0 3 - 9 Total consumption 35 0

Comparative versus Competitive Advantage ,[object Object],[object Object],3 - 10

Factor Endowments (Heckscher and Ohlin) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3 - 11

Limitations of the Trade Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],3 -1 2

The New Trade Theory ,[object Object],[object Object],[object Object],[object Object],3 -1 3

The New Trade Theory ,[object Object],[object Object],[object Object],3 -1 4

Implications from the application of the New Trade Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],3 -1 5

National Competitive Advantage: Porter’s Diamond ( Harvard Business School, 1990) ,[object Object],[object Object],[object Object],[object Object],3 -1 6 Copyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/a International Trade and Investment by John Gionea Slides prepared by John Gionea

Determinants of National Competitive Advantage Firm Strategy Structure, and Rivalry Related and Supporting Industries Demand Conditions Factor Endowments Government Chance 3 -1 7

The Diamond ,[object Object],[object Object],[object Object],[object Object],3 -1 8 Copyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/a International Trade and Investment by John Gionea Slides prepared by John Gionea

Evaluating Porter’s Theory ,[object Object],[object Object],[object Object],[object Object],3 - 19 Copyright ©2003 McGraw-Hill Australia Pty Ltd PPTs t/a International Trade and Investment by John Gionea Slides prepared by John Gionea

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