International trade system

3 Key excerpts on "International trade system"

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  eBook - ePub

  Global Trading System at the Crossroads

  • Dilip K. Das(Author)
  • 2002(Publication Date)
  • Routledge

    (Publisher)

  1 Global trading system Contemporary scenario Hope is a thing with feathers, That perches in the soul. Emily Dickinson 1.1 The new global trading system Although imprecisely defined, economic globalization has almost become a catch phrase at the end of the twentieth century, and for good reason. Globalization is a multifaceted phenomenon. It covers a range of trends in economic, finance, technology, business, and international relations, which may be mutually reinforcing but which have diverse origins. As conventionally understood, international trade and capital flows are central to the globalization process. Although capital flows are important in their own right, trade in goods and services has captured a great deal of attention. Along with rapid technological developments—especially in information and communication technologies, telecommunications, and transport—international trade has been a significant driving force behind globalization. Trade has contributed to the enormous benefits that have flowed from mutual interdependence among nations and from integration of the global economy. The objective of this opening chapter is to introduce the reader to the World Trade Organization (WTO) 1 and recent transformations in the global trading system. Over the last half-century a great deal of liberalization has taken place in both developing and industrial economies, albeit the process moved at an uneven pace. This chapter analyzes its welfare effects—including effects on poverty—over different countries and country groups. Despite its salutary economic effects, trade liberalization and the opening up of economies have always been an onerous process. We analyze here the how and why of this seeming irrationality. Employment-related decisions make this process of opening up even more difficult to handle for the policy makers. In addition, not all developing economies benefit from liberalization

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  eBook - ePub

  International Marketing

  • Daniel W. Baack, Barbara Czarnecka, Donald Baack(Authors)
  • 2018(Publication Date)
  • SAGE Publications Ltd

    (Publisher)

  This first chapter establishes the foundation of international marketing. Marketing is an exchange of value, typically between a buyer and a seller. To provide value, marketers must understand the nature of markets in order to effectively identify the target markets a company intends to reach.

  Chapter 2 introduces a more in-depth analysis of culture. The challenges of marketing across cultural differences receive attention. Techniques for adjusting to cultural variances are noted.

  Chapter 3 investigates the nature of global trade. Various ideas about global trade will be presented. Then, integration, or the agreements between countries to lower limits on the movements of products, capital, and/or labor is described. Free trade has both supporters and critics.

  Chapter 4 examines the factors which influence the selection of countries to enter and items that eliminate them as prospects. It also details the various modes of entry companies utilize. Modes of entry constitute the methods marketers use to place products in new host countries.

  Chapter 5 reviews the critical activities associated with planning, organizational design, and control systems. Linkages between the three constitute a key ingredient in creating a successful international marketing program.

  Figure 1.8 Topics Presented in This Textbook

  Part II: International Markets and Market Research

  The second part of this book examines international markets and market research. Chapter 6 describes international target market segmentation and selection. The effects of culture on segmentation programs are noted. This includes an analysis of the emergence of ways to identify market segments as a business becomes more globalized. In essence, markets can be segmented at the country level and then at smaller levels, such as by consumer groups and types of businesses.

  Chapter 7

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  eBook - ePub

  Economics After the Crisis

  An Introduction to Economics from a Pluralist and Global Perspective

  • Irene van Staveren(Author)
  • 2014(Publication Date)
  • Routledge

    (Publisher)

  14International trade

  14.1 Introduction

  14.1.1 Globalisation and trade

  Globalisation is the process through which the world becomes increasingly interconnected through the international expansion of markets. This happens along four axes:

  1. International trade in goods and services: imports and exports;
  2. International capital flows with foreign direct investments and portfolio investments;
  3. International labour migration, for example within trade unions such as the European Union or through undocumented migrant workers without official residence permits;
  4. Internationalisation of production processes in global value chains through the production facilities of multinational companies and subcontracting (outsourcing).

  In our globalised world, these four axes are closely inter-related in global production networks producing for global value chains. Global value chains (GVCs) are the globally organised production activities for a final good driven by a lead firm. They organise production either through foreign subsidiaries of a single multinational company, or through outsourcing production activities to a variety of foreign firms. Lead firms in global value chains, often a well-known consumer brand such as Wall-Mart, IKEA, or Mitsubishi, break up their activities across the globe, sourcing inputs and organising production activities from a large number of low-cost suppliers. Some lead firms, such as Nike, are even ‘fab-less firms’: they are manufacturers without factories for fabrication (fab). Approximately 50 per cent of global trade occurs within multinational companies (MNCs).

  International trade is key to globalisation. Trade is the international exchange of goods and services. It is the opposite of autarky, when a country is self-sufficient and produces everything that it consumes. Trade makes sense when it provides benefits as compared to autarky. These are called the gains from trade

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