【正文】 200 6300 1998 5200 1300 6500 2022 6455 1570 8025 2022 8880 2100 10980 2022 10393 2415 12808 2022 12083 2755 14838 2022 13950 3290 17240 2022/5/25 64 表 : 兩次經濟全球化浪潮 2022/5/25 65 Chapter 1: III. Economic Globalization B. Reasons for trade expansion a. Elimination of trade barriers b. Deregulation and privatization c. Technological advances in munications and transportation 2022/5/25 66 Appendix: About privatization ● Definition: transferring assets from the public sector to the private sector. ● Advantages of privatization ① Providing revenue for the government ② Cutting public spending ③ Increasing petition ● advantages of nationalization ① Economies of scale ② Preventing monopoly ③ Strategic reasons 2022/5/25 67 Table: GATT Negotiating Rounds and Tariff Cut Negotiating Round Date Participants Tariff Cut (%) Geneva 1947 23 21 Annecy 1949 33 2 Torquay 1951 38 3 Geneva 1956 26 4 Dillon Round 6061 26 2 Kennedy Round 6467 62 35 Tokyo Round 7379 99 33 Uruguay Round 8693 125 34 2022/5/25 68 Table: Uruguay Round Tariff Cut on Industrial Products by Selected Countries Country Average Tariff Rate (%) PreUruguay Round PostUruguay Round Industrial countries Australia Canada EU Japan . Argentina Brazil India Korea 2022/5/25 69 Table: US Tariff History: average tariff rates Tariff Laws and Dates Average Tariff Rate (%) Tariff Laws and Dates Average Tariff Rate (%) MacKinley Law (1890/10/06) 19301939 Wilson Law (1894/08/28) 19401949 Dingley Law (1897/07/24) 19501959 PayneAldrich Law (1909/08/06/ 19601969 Underwood Law (1913/10/04) 19701979 FordneyMcCumber Law (1922/09/22) 19801989 SmootHawley Law (1930/06/18) 1995 2022/5/25 70 Table: China Tariff History Date Average Rate Date Average Rate Before 1992 % 2022/01/01 1992/01/01 2022/01/01 End 1992 2022/01/01 End 1993 2022/01/01 2022/01/01 1996/04/01 23 2022/01/01 1997/04/01 17 2022/01/01 1999/01/01 2022/01/01 2022/5/25 71 Chapter 1: III. Economic Globalization (2) Financial internationalization Removal of capital controls Creation of financial instruments Technological advances in munication Financial internationalization Large trade volume close economic linkage Borrowed investment plexity and instability of Derivatives of international finance Financial crises 2022/5/25 72 Chapter 1: III. Economic Globalization (3) FDI and MNCs: production internationalization A. Increase of MNCs B. Increase of FDI (see: textbook figure ) C. High concentration of FDI D. MNCs: the determinant of world economy control of trade control of technology control of FDI transfer Inequality of social and racetothebottom economic benefits capital gains,labor loses environmental dumping 2022/5/25 73 Figure: FDI Inflow 19802022 2022/5/25 74 Table: Global MNCs and Their Branches Year Number of MNC (10thousand) Overseas subsidiaries and Branches (10 thousand) 1970s approximate approximate 1983 . 1992 20 1994 approximate 25 1996 1998 + 1999 + 2022 + + 2022 + 2022/5/25 75 Table: FDI區(qū)位格局 （十億美圓， %） 國家和地區(qū) 流入 流出 金額 比重 金額 比重 1998 2022 1998 2022 1998 2022 1998 2022 發(fā)達國家 473 367 68 66 632 570 92 93 發(fā)展中國家 194 172 28 30 53 36 8 6 中、東歐 24 21 4 4 2 7 0 1 全球 691 560 100 100 687 613 100 100 2022/5/25 76 Table: Share of the Largest Recipients of FDI among Developing Countries,19852022 (%) Economy Average 8385 Economy Average 9800 Saudi Arabia China Mexico Hong Kong Brazil Brazil China Argentina Singapore Mexico Malaysia Korea Egypt Singapore Bermuda Bermuda HongKong Chile Argentina Cayman Islands Top 10 Total Top 10 Total 2022/5/25 77 Chapter 1: III. Economic Globalization 5. The negative side of globalization (1) Intensification of global petition Competition between hiwage and lowwage economies Deindustrialization in advanced economies Unemployment and ine inequality in advanced economies sentiment against developing countries Protectionism and regionalism 2022/5/25 78 Chapter 1: III. Economic Globalization (2) Productive overcapacity rising of NICs overcapacity in manufacturing oversupply/underconsumption industrial adjustment unemployment or lower pay Krugman’s view: Japanese and German antiinflationary policies insufficient money supply oversupply/underconsumption 2022/5/25 79 Chapter 1: III. Economic Globalization 6. The controversy of the role of economic factors (1) The similarity of the two schools Both admit that economic interest is the first priority in international affairs. (2) The difference A. School of the marketoriented position: emphasis on market force and cooperation. a. In the 21st century free markets and economic forces will increasingly determine economic affairs. b. The world is moving toward a politically borderless and highly interdependent global economy. c. American economic and political system has bee the model for the world. 2022/5/25