Internatial Trade Theory Words free essay sample

Trade Theory 1. International(or foreign) trade is across borders. 2. The Mercantilist Doctrine : mercantilism is the first(or preclassical) theory of international trade. 3. Absolute Advantage Theory : The absolute advantage theory holds that the market would reach an efficient end by itself. Government intervention in the economic life of a nation and in trade relations among nations is counterproductive. 4. Comparative Advantage Theory : It was the comparative advantage of a nation in producing a good relative to the other nation that determined international trade flow. It is useful to introduce the concept of opportunity cost. 5. Heckscher-Ohlin Theorem : The central notion of the H-O theorem is that a country exports goods that make intensive use of the country’s abundant factor and imports goods that make intensive use of the country’s scarce factor. 6. The Leontief Paradox : Leontiefs paradox in economics is that the country with the worlds highest capital-per worker has a lower capital/labor ratio in exports than in imports. We will write a custom essay sample on Internatial Trade Theory Words or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This econometric find was the result of Professor Wassily W. Leontiefs attempt to test the Heckscher-Ohlin theory empirically. In 1954, Leontief found that the U. S. (the most capital-abundant country in the world) exported labor-intensive commodities and imported capital-intensive commodities, in contradiction with H-O theorem. 7. Human Skills and Technology-Based Views : The human skills and technology-based view is regarded as a refinement of the conventional theory of trade. It added two new factors of production, namely human skills and technology gaps, to the explanation of comparative advantage sources. 8. The Product Life-Cycle Model : Product life cycle is the stages through which a product or its category bypass. From its introduction to the marketing, growth, maturity to its decline or reduce in demand in the market. Not all products reach this final stage, some continue to grow and some rise and fall. 9. Linder’s Income-Preference Similarity Theory : If two countries have the same or similar demand structures, then their consumers and investors will demand the same goods with similar degrees of quality and sophistication, a phenomenon known as preference similarity. 10. The New Trade Theory : Countries do not necessarily specialize and trade solely to take advantage of their differences; also trade because of increasing returns, which makes specialization advantageous per se. Although this theory is not totally â€Å"new†, it makes several contributions to the understanding of international trade. Because of economies of scale, there are increasing returns to specialization in many industries. Economy of scale is reduction of manufacturing cost per unit as a result of increased production quantity during a given time period. 11. Trade Balance : Calculated as exports minus imports of goods and sevices. 2. Tariff Barriers : include mainly tariffs and quotas and their derivatives as well as export controls and antidumping laws. 13. Tariffs : are surcharges that an importer must pay above and beyond taxes levied on domestic goods and services. 14. Optimal Tariff : assumes that by imposing a tariff, governments can capture a significant portion of the manufacturer’s profit margin. 15. Infant Industries : are that an industry new to a country, especially a developing one, needs to be protected by tariff walls or risk being squashed by established global players before it is given a chance to grow and develop. 6. Quotas : are quantitative limitations on the importation of goods typically spelled in terms of units or value. 17. Rule of Origin : Both tariffs and quotas are administered on the basis of their country of origin, for which the default is the first importing country. Rule of origin terms may differ between different types of tariffs and supports. 18. Export Controls : are typically activated against products with a national security potential but also may be applied to so-called dual-use products such as advanced computers or trucks that can have both security and civilian uses. 9. Dumping and Antidumping : Dumping is defined by the WTO as selling a product at an unfairly low price, with the â€Å"fair priceà ¢â‚¬  defined as the domestic price, the price charged by an exporter in another market, or a calculation of production costs. Whereas antidumping measures were once almost exclusively applied by developed nations fearing competition from developing and especially emerging economies, they are now taken by developed and developing nations alike. 20. Administrative Barriers : Often a government will use administrative measure to block the entry of products while continuing to argue that no barrier exists. (e. g.. Labeling) 21. Production Subsidies : are payments provided by a government or its agencies to domestic companies in order to make them more competitive vis-a-vis foreign competitors at home and/or abroad. 22. Emergency Import Protection : A government protect from sudden and dramatic increase in imports or in market share that can cause material damage to the domestic industry. 23. Embargoes and Boycotts : Embargo is the prohibition on exportation to a designated country. Boycott is the blank prohibition on importation of all or some goods and services from a designated country. 24. Technical Standards : are provisions made by government agencies in various countries that pertain to a large array of areas. 25. Barriers to Service Trade : are quite different from the barriers affecting merchandise trade. Because knowledge plays a key role in a service economy, any limitations on the free flow of information, including constraints on individual mobility, represent barriers to service trade.

Battle of Arkansas Post - Civil War Battle of Arkansas Post - John McClernand

Battle of Arkansas Post - Civil War Battle of Arkansas Post - John McClernand Battle of Arkansas Post - Conflict: The Battle of Arkansas Post occurred during the American Civil War (1861-1865). Armies Commanders: Union Major General John McClernandRear Admiral David D. Porter32,000 men Confederate Brigadier General Thomas Churchill4,900 men Battle of Arkansas Post - Date: Union troops operated against Fort Hindman from January 9 to January 11, 1863. Battle of Arkansas Post - Background: While returning up the Mississippi River from his defeat at the Battle of Chickasaw Bayou in late December 1862, Major General William T. Sherman encountered the corps of Major General John McClernand. A politician turned general, McClernand had been authorized to make an attack against the Confederate stronghold of Vicksburg. The senior officer, McClernand added Shermans corps to his own and continued south accompanied by gunboats commanded by Rear Admiral David D. Porter. Alerted to the capture of the steamer Blue Wing, McClernand elected to abandon his attack on Vicksburg in favor of striking at Arkansas Post. Situated at a bend in the Arkansas River, Arkansas Post was manned by 4,900 men under Brigadier General Thomas Churchill, with defenses centered on Fort Hindman. Though a convenient base for raiding shipping on the Mississippi, the principal Union commander in the area, Major General Ulysses S. Grant, did not feel that it warranted shifting forces from efforts against Vicksburg to capture. Disagreeing with Grant and hoping to win glory for himself, McClernand diverted his expedition through the White River Cutoff and approached Arkansas Post on January 9, 1863. Battle of Arkansas Post - McClernand Lands: Alerted to McClernands approach, Churchill deployed his men to a series of rifle pits approximately two mile north of Fort Hindman with the goal of slowing the Union advance. A mile away, McClernand landed the bulk of his troops at Nortrebe’s Plantation on the north bank, while ordering a detachment to advance along the south shore. With the landings completed by 11:00 AM on January 10, McClernand began moving against Churchill. Seeing that he was badly outnumbered, Churchill fell back to his lines near Fort Hindman around 2:00. Battle of Arkansas Post - The Bombardment Begins: Advancing with his assault troops, McClernand was not in position to attack until 5:30. Porters ironclads Baron DeKalb, Louisville, and Cincinnati opened the battle by closing and engaging Fort Hindmans guns. Firing for several hours, the naval bombardment did not cease until after dark. Unable to attack in the darkness, the Union troops spent the night in their positions. On January 11, McClernand used the morning meticulously arranging his men for the assault on Churchills lines. At 1:00 PM, Porters gunboats returned to action with the support of artillery that had been landed on the south shore. Battle of Arkansas Post - The Assault Goes In: Firing for three hours, they effectively silenced the forts guns. As the guns fell silent, the infantry moved forward against the Confederate positions. Over the next thirty minutes, little progress was made as several intense firefights developed. At 4:30, with McClernand planning another massive assault, white flags began appearing along the Confederate lines. Taking advantage, the Union troops quickly seized the position and accepted the Confederate surrender. After the battle, Churchill firmly denied authorizing his men to capitulate. Aftermath of the Battle of Arkansas Post: Loading the captured Confederate on transports, McClernand had them sent north to prison camps. After ordering his men to raze Fort Hindman, he dispatched a sortie against South Bend, AR and began making plans with Porter for a move against Little Rock. Learning of McClernands diversion of forces to Arkansas Post and his intended Little Rock campaign, an irate Grant countermanded McClernands orders and demanded that he return with both corps. Given no choice, McClernand embarked his men and rejoined the main Union effort against Vicksburg. Considered an ambitious dilettante by Grant, McClernand was relieved later in the campaign. The fighting at Arkansas Post cost McClernand 134 killed, 898 wounded, and 29 missing, while Confederate estimates list 60 killed, 80 wounded, and 4,791 captured. Selected Sources CWSAC Battle Summaries: Battle of Arkansas PostNational Park Service: Arkansas Post