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9781405108003

International Trade and Agriculture Theories and Practices

by ;
  • ISBN13:

    9781405108003

  • ISBN10:

    1405108002

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2005-02-11
  • Publisher: Wiley-Blackwell

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Summary

In an increasingly globalized world, an understanding of the role of international trade is central to the study of agricultural economics and agribusiness. This text interweaves these two elements, explaining the theories and practices relevant to agricultural trade. Using real-life examples to explain theories and models, the text prepares readers to critically examine agricultural trade issues. Starting with the basic economics of trade, the text covers agricultural policies affecting trade flows, macroeconomic issues such as exchange rates and the balance of trade, and other important issues including foreign direct investment and the environment. Each chapter features overviews and summaries, key concepts, questions for review, and suggested readings. With its international focus, agricultural perspective, and engaging pedagogy, this text offers an innovative and accessible approach to the study of agricultural trade.

Author Biography

Won W. Koo is Professor of Agricultural Economics and the Director of the Center for Agricultural Policy and Trade Studies at North Dakota State University. Dr. Koo has co-edited three volumes, including Agricultural Trade Under CUSTA (2002), and Agricultural Trade Policies in the New Millennium (2002). He has received an outstanding research award (Quality in Research Discovery) from the American Agricultural Economics Association and an Outstanding Published Research award from the Western Agricultural Economics Association.

Lynn Kennedy is the William H. Alexander Endowed Professor of Agricultural Economics and Agribusiness at Louisiana State University. Dr. Kennedy has co-edited three volumes, including Competition in Agriculture: The United States in the World Market (2000), and Agricultural Trade Policies in the New Millennium (2002).

Table of Contents

Preface and Acknowledgments xiii
Introduction
1(8)
Introduction
1(3)
The Pure Theory of International Trade
4(1)
Protection of the Domestic Industry
5(1)
Foreign Exchange Markets and the Balance of Payments
6(1)
Direct Foreign Investment, Economic Growth, and Environment
7(2)
Selected Bibliography
8(1)
Part I Pure Theory of International Trade
9(68)
Classical Theory of Comparative Advantage
11(19)
Introduction
11(1)
The Principle of Absolute Advantage
11(2)
The Principle of Comparative Advantage
13(1)
Opportunity Cost and Comparative Advantage
14(3)
The Terms of Trade and the Trade Pattern
17(1)
Production Possibilities Frontier and Constant Opportunity Cost
18(3)
Production Equilibrium and the Consumption Possibilities Frontier
21(4)
Consumption Equilibrium and the Social Indifference Curve
25(5)
Summary
27(1)
Key Concepts
28(1)
Questions and Tasks for Review
29(1)
Selected Bibliography
29(1)
Comparative Advantage with Two Factors of Production
30(16)
Introduction
30(1)
A Production Possibilities Frontier with Increasing Opportunity Costs
30(3)
Equilibrium in a Closed Economy
33(1)
Production Equilibrium in an Open Economy
34(2)
Consumption Equilibrium and the Pattern of Trade
36(2)
Gains from Trade
38(1)
Neoclassical Demonstration of Comparative Advantage
39(2)
The Offer Curve and International Equilibrium
41(5)
Summary
43(1)
Key Concepts
44(1)
Questions and Tasks for Review
44(1)
Selected Bibliography
45(1)
Comparative Advantage and Factor Endowments: The Heckscher-Ohlin Theorem
46(12)
Introduction
46(1)
Assumptions of the Theorem
46(1)
Factor Intensity and Abundance
47(2)
The Heckscher-Onlin Theorem
49(2)
Equalization of Factor Prices
51(1)
The Leontief Paradox
52(2)
Factor Intensity Reversal
54(4)
Summary
55(1)
Key Concepts
56(1)
Questions and Tasks for Review
56(1)
Selected Bibliography
56(2)
Imperfect Competition and Economies of Scale in Trade
58(19)
Introduction
58(1)
Economies of Scale and International Trade
58(2)
Imperfect Competition and International Trade under Internal Economies of Scale
60(6)
External Economies and International Trade
66(6)
Strategic Trade Policy, Economies of Scale, and Imperfect Competition
72(5)
Summary
73(1)
Key Concepts
74(1)
Questions and Tasks for Review
74(1)
Selected Bibliography
75(2)
Part II Protection of Domestic Industry and International Treaties
77(106)
The Partial Equilibrium Analysis of International Trade
79(16)
Introduction
79(1)
Import Demand and Demand Elasticities
79(3)
Export Supply and Elasticities
82(3)
International Equilibrium
85(1)
International Equilibrium in Small Importing and Exporting Countries
85(1)
Effects of Transfer Cost
86(9)
Summary
91(1)
Key Concepts
91(1)
Questions and Tasks for Review
92(1)
Selected Bibliography
92(1)
Appendix 6.1 Derivation of Price Elasticity of Import Demand
92(1)
Appendix 6.2 Derivation of Price Elasticity of Export Supply
93(1)
Appendix 6.3 Derivation of the Incidence of Transportation Costs
94(1)
Trade Restrictions: Tariffs
95(17)
Introduction
95(1)
Arguments for Protection
95(3)
Tariffs
98(1)
The Incidence of Tariffs
99(5)
Welfare Implication of Tariffs
104(1)
Optimal Tariff Policy
105(1)
The Effective Rate of Protection
106(1)
General Equilibrium Analysis of Tariffs
107(5)
Summary
109(1)
Key Concepts
110(1)
Questions and Tasks for Review
110(1)
Selected Bibliography
111(1)
Appendix 7.1 Derivation of the Relationship between Effective and Nominal Tariff Rates
111(1)
Nontariff Trade Barriers
112(24)
Introduction
112(1)
Quotas
113(7)
Tariff-Rate Quotas: A Two-Tier Tariff
120(2)
Voluntary Export Restraints
122(2)
International Cartels and Commodity Agreements
124(2)
Price Discrimination and Dumping
126(2)
Export Subsidies
128(4)
Technical, Administrative, and Other Regulations
132(4)
Summary
133(1)
Key Concepts
134(1)
Questions and Tasks for Review
135(1)
Selected Bibliography
135(1)
Domestic Support Policies and Trade
136(16)
Introduction
136(1)
Specific Production Subsidy
137(2)
Variable Production Subsidy
139(5)
Domestic Subsidies in a Large Exporting or Importing Country
144(1)
The Aggregate Measure of Support
145(3)
Domestic Support and the WTO: The Green, Blue, and Amber Boxes
148(4)
Summary
149(1)
Key Concepts
150(1)
Questions and Tasks for Review
150(1)
Selected Bibliography
151(1)
Multilateral Trade Negotiations and US Trade Policy
152(15)
Introduction
152(1)
The General Agreement on Tariffs and Trade (GATT)
153(2)
Accomplishments in Agricultural Trade Liberalization
155(2)
The World Trade Organization (WTO)
157(3)
US Trade Policy and Trade Remedy Law under GATT and WTO
160(7)
Summary
165(1)
Key Concepts
165(1)
Questions and Tasks for Review
166(1)
Selected Bibliography
166(1)
Economic Integration
167(16)
Introduction
167(1)
Forms of International Economic Integration
167(7)
Effects of Economic Integration: Trade Creation and Diversion Effects
174(3)
Implications of RFTAs
177(1)
Characteristics of Trade Flows under RFTAs
178(5)
Summary
179(1)
Key Concepts
180(1)
Questions and Tasks for Review
181(1)
Selected Bibliography
181(2)
Part III Foreign Exchange Markets
183(42)
Foreign Exchange Markets and the Exchange Rate
185(25)
Introduction
185(1)
The Currency Exchange Market and its Functions
186(3)
Forward Exchange, Currency Exchange Risk, Hedging, and Speculation
189(1)
Exchange Rate Systems and Exchange Rate Determination
190(7)
Macroeconomic Factors Affecting the Exchange Rate
197(6)
The Exchange Rate and the Balance of Trade
203(7)
Summary
207(1)
Key Concepts
208(1)
Questions and Tasks for Review
209(1)
Selected Bibliography
209(1)
Agricultural Trade and the Exchange Rate
210(15)
Introduction
210(1)
Analyzing Exchange Rate Impacts: A General Equilibrium Perspective
211(5)
Analyzing Exchange Rate Impacts: A Partial Equilibrium Perspective
216(9)
Summary
223(1)
Key Concepts
223(1)
Questions and Tasks for Review
224(1)
Selected Bibliography
224(1)
Part IV Direct Foreign Investment, Economic Growth, and the Environment
225(43)
International Capital Movements and Multinational Corporations
227(11)
Introduction
227(1)
Multinational Corporations
227(2)
Movements of International Capital and Foreign Direct Investment
229(3)
Outsourcing and the US Economy
232(1)
Foreign Direct Investment in the Food Industry
233(5)
Summary
236(1)
Key Concepts
237(1)
Questions and Tasks for Review
237(1)
Selected Bibliography
237(1)
Agricultural Trade and Economic Development
238(17)
Introduction
238(1)
The Economics of Agricultural Trade and Development
239(4)
Technical Progress and Development
243(3)
Economic Growth and Trade
246(3)
Agriculture in Developed and Developing Economies
249(1)
Development Issues in the WTO
249(6)
Summary
252(1)
Key Concepts
252(1)
Questions and Tasks for Review
253(1)
Selected Bibliography
253(1)
Appendix 15.1 Proof of the Rybczynski Theorem
254(1)
Trade and the Environment
255(13)
Introduction
255(1)
Interdependence between Trade and the Environment
256(2)
Economics of Trade and the Environment
258(3)
Environmental Consequences of Trade Liberalization
261(7)
Summary
265(1)
Key Concepts
266(1)
Questions and Tasks for Review
266(1)
Selected Bibliography
267(1)
Index 268

Supplemental Materials

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The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

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