国际贸易与金融II(双语)课程M11-Krugman-46657-09-IE-C11-F课件.ppt
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1、Chapter 11 Trade Policy in Developing CountriesPreview Import-substituting industrialization Trade liberalization since 1985 Trade and growth:takeoff in Asia2Introduction Which countries are“developing countries”?The term“developing countries”does not have a precise definition,but it is a name given
2、 to many low-and middle-income countries.3Table 11-1:Gross Domestic Product Per Capita,2009(dollars)4Import-Substituting Industrialization Import-substituting industrialization was a trade policy adopted by many low-and middle-income countries before the 1980s.The policy aimed to encourage domestic
3、industries by limiting competing imports.5Table 11-2:Effective Protection of Manufacturing in Some Developing Countries(percent)6Import-Substituting Industrialization(cont.)The principal justification of this policy was/is the infant industry argument:Countries may have a potential comparative advan
4、tage in some industries,but these industries cannot initially compete with well-established industries in other countries.To allow these industries to establish themselves,governments should temporarily support them until they have grown strong enough to compete internationally.7Problems with the In
5、fant Industry Argument1.It may be wasteful to support industries now that will have a comparative advantage in the future.2.With protection,infant industries may never“grow up”or become competitive.3.There is no justification for government intervention unless there is a market failure that prevents
6、 the private sector from investing in the infant industry.8Infant Industries and Market FailuresTwo arguments for how market failures prevent infant industries from becoming competitive:1.Imperfect financial asset marketsBecause of poorly working financial laws and markets(and more generally,a lack
7、of property rights),firms cannot or do not save and borrow to invest sufficiently in their production processes.If creating better functioning markets and enforcing laws is not feasible,then high tariffs would be a second-best policy to increase profits in new industries,leading to more rapid growth
8、.9Infant Industries and Market Failures(cont.)2.The problem of appropriability Firms may not be able to privately appropriate the benefits of their investment in new industries because those benefits are public goods.The knowledge created when starting an industry may not be appropriable(may be a pu
9、blic good)because of a lack of property rights.If establishing a system of property rights is not feasible,then high tariffs would be a second-best policy to encourage growth in new industries.10Import-Substituting Industrialization(cont.)Import-substituting industrialization in Latin American count
10、ries worked to encourage manufacturing industries in the 1950s and 1960s.But economic development,not encouraging manufacturing,was the ultimate goal of the policy.Did import-substituting industrialization promote economic development?No,countries adopting these policies grew more slowly than others
11、.11Import-Substituting Industrialization(cont.)It appeared that the infant industry argument was not as valid as some had initially believed.New industries did not become competitive despite or because of trade restrictions.Import-substitution industrialization involved costs and promoted wasteful u
12、se of resources:It involved complex,time-consuming regulations.It set high tariff rates for consumers,including firms that needed to buy imported inputs for their products.It promoted inefficiently small industries.12Trade Liberalization Some low-and middle-income countries that had relatively free
13、trade had higher average economic growth than those that followed import substitution.By the mid-1980s,many governments had lost faith in import substitution and began to liberalize trade.Dramatic fall in tariff rates in India and Brazil,and less drastic reductions in many other developing countries
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