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Global Trade and Conflicting National Interests

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Overview

In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive ...

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Overview

In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.

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Editorial Reviews

From the Publisher
"The church of global free trade, which rules American politics with infallible pretensions, may have finally met its Martin Luther. An unlikely dissenter has come forward with a revised understanding of globalization that argues for thorough reformation. This man knows the global trading system from the inside because he is a respected veteran of multinational business. His ideas contain an explosive message: that what established authorities teach Americans about global trade is simply wrong disastrously wrong for the United States." William Greider The Nation
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Product Details

  • ISBN-13: 9780262072090
  • Publisher: MIT Press
  • Publication date: 1/22/2001
  • Series: Lionel Robbins Lectures
  • Pages: 215
  • Product dimensions: 6.10 (w) x 9.10 (h) x 0.80 (d)

Meet the Author

William J. Baumol is Professor of Economics at New York University and Director of the university's C. V. Starr Center for Applied Economics.

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Table of Contents

Foreword
Preface
I For the Nonspecialist: National Welfare and Trade in the Modern World 1
1 The Modern Global Economy and Inherent Trade Rivalry: Introduction 3
2 Significance of the Multiple Outcomes That Result from Economies of Scale 13
3 Regions of Equilibria: Desirable and Undesirable Market-Based Outcomes 23
4 Multiple Outcomes That Result from Productivity Changes 41
5 Conclusions for Part I 57
II For the Specialist: Further Theory and Extensions 75
6 The Economies Model, the Equilibria, and the Number of Specialized Outcomes 77
7 Mapping Trade Outcomes: The Shape of the Graph, Beneficial and Harmful Equilibria, and the Role of the Market 83
8 Conflicting National Interests in Linear Trade Models 99
9 Three-Country Models and Other Complications 117
10 Predecessors 143
11 Empirical Evidence: The Persistence of Specialization in Industrialized Countries 163
Notes 177
Annotated Bibliography 187
References 189
Index 193
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Customer Reviews

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted July 30, 2001

    The Welfare of a country depends critically on the sucess of the internationally traded sector...

    Outstanding, reader-friendly book. Mutilple equilibria, economies of scale, and differences in productivity in international trade. If you are interested in these concepts, you will definitely like this book. The authors show that international trade does not always benefits everyone involved by using the concepts above.

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