chapter1 - The World Economy Trade and Finance Yarbrough...

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1 Chapter One The World Economy Trade and Finance Introduction to The World Economy Slide 1-2 Chapter Organization s Introduction s What is International Economics About? s International Economics: Trade and Money
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2 Slide 1-3 s The study of international economics has never been as important as it is now. At the beginning of the 21 st century, nations are more closely linked through trade in goods and services, through flows of money, and through investment in each others’ economies than ever before. Figure 1-1 shows that international trade for the United States has roughly tripled in importance compared with the U.S. economy as a whole. Introduction Slide 1-4 Figure 1-1 : Exports and Imports as a Percentage of U.S. National Income Introduction
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3 Slide 1-5 Figure 1-2 : Exports and Imports as Percentages of National Income in 1994 Introduction Figure 1.6: Exports and Imports of Goods and Services, 1996 (Percent of GDP) Exports (Percent of GDP) Myanmar United States, India China, Russia, Mexico Canada Czech Republic Belgium Malaysia Hong Kong Singapore South Korea Estonia Imports (Percent of GDP) 160 140 120 100 80 60 40 20 0 0 100 150 200 Brazil, Japan
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4 International Interdependence Countries continue to differ significantly in the extent to which they engage in trade. Large countries like the U.S. tend to engage in less trade (as % of production), than do smaller ones. Reason? Their domestic markets can efficiently satisfy many needs. Figure 1.7 shows the marked increase in the U.S.’s global trade in recent years (although it remains relatively small when compared to our GDP). International Interdependence s One of the most important recent trends is the increasing involvement of developing countries in the world economy. Many nations had attempted to isolate themselves for
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This note was uploaded on 10/21/2011 for the course ECON 300 taught by Professor Gang during the Spring '06 term at Rutgers.

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chapter1 - The World Economy Trade and Finance Yarbrough...

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