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Infant Industry Argument
The infant industry argument is an economic rationale for trade protectionism. The core of the argument is that nascent industries often do not have the economies of scale that their older competitors from other countries may have, and thus need to be protected until they can attain similar economies of scale. The logic underpinning the argument is that trade protectionism is costly in the short run but leads to long-term benefits. Early articulations The argument was first fully articulated by the first United States Secretary of the Treasury Alexander Hamilton in his 1790 Report on Manufactures. Hamilton professed that developing an industrial base in a country was impossible without protectionism because import duties are necessary to shelter domestic "infant industries" until they could achieve economies of scale. The argument was systematically developed by American political economist Daniel Raymond, and was later picked up by economist Friedrich List in his 1841 work ''T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Barrier
Trade barriers are government-induced restrictions on international trade. According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products. If two or more nations repeatedly use trade barriers against each other, then a trade war results. Barriers take the form of tariffs (which impose a financial burden on imports) and non-tariff barriers to trade (which uses other overt and covert means to restrict imports and occasionally exports). In theory, free trade involves the removal of all such barriers, except perhaps those considered necessary for health or national security. In practice, however, even those countries promoting free trade heavily subsidize certain industries, such as agriculture and steel. Overview High- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Nationalism
Economic nationalism, also called economic patriotism and economic populism, is an ideology that favors state interventionism over other market mechanisms, with policies such as domestic control of the economy, labor, and capital formation, including if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. The core belief of economic nationalism is that the economy should serve nationalist goals. Economic nationalists oppose globalization or at least question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where the goal is to derive relative gains (as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin America
Latin America or * french: Amérique Latine, link=no * ht, Amerik Latin, link=no * pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived from Latin — are predominantly spoken. The term was coined in the nineteenth century, to refer to regions in the Americas that were ruled by the Spanish, Portuguese and French empires. The term does not have a precise definition, but it is "commonly used to describe South America, Central America, Mexico, and the islands of the Caribbean." In a narrow sense, it refers to Spanish America plus Brazil (Portuguese America). The term "Latin America" is broader than categories such as ''Hispanic America'', which specifically refers to Spanish-speaking countries; and ''Ibero-America'', which specifically refers to both Spanish and Portuguese-speaking countries while leaving French and British excolonies aside. The term ''Latin America'' was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Taiwan
The economy of Taiwan is a highly developed market economy. It is the 8th largest in Asia and 18th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. It is gauged in the high-income economies group by the World Bank. Taiwan is one of the most technologically advanced computer microchip makers in the world. History Taiwan has transformed itself from a recipient of U.S. aid in the 1950s and early 1960s to an aid donor and major foreign investor, with investments primarily centered in Asia. Private Taiwanese investment in mainland China is estimated to total in excess of US$150 billion, and official tallies cite Taiwan as having invested a comparable amount in Southeast Asia. : during the early Qing Dynasty, the preceding Ming dynasty supporters survived for a brief period of time in exile in Taiwan, and in 1949, as the Chinese Communist Party gained control of mainland China, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of South Korea
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 5th largest economy in Asia and the 13th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world, following the Great Recession. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century. South Korea's education system and the establishment of a motivated and educated populace is largely responsible for spurring the country's high technology boom and economic development. South Korea began to adapt an export-oriented economic strategy to fuel its economy. In 2019, South Kor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Napoleonic Wars
The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of French domination over most of continental Europe. The wars stemmed from the unresolved disputes associated with the French Revolution and the French Revolutionary Wars consisting of the War of the First Coalition (1792–1797) and the War of the Second Coalition (1798–1802). The Napoleonic Wars are often described as five conflicts, each termed after the coalition that fought Napoleon: the Third Coalition (1803–1806), the Fourth (1806–1807), the Fifth (1809), the Sixth (1813–1814), and the Seventh (1815) plus the Peninsular War (1807–1814) and the French invasion of Russia (1812). Napoleon, upon ascending to First Consul of France in 1799, had inherited a republic in chaos; he subsequently created a state with stable financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ha-Joon Chang
Ha-Joon Chang (; ; born 7 October 1963) is a South Korean institutional economist, specialising in development economics. Chang is the author of several widely discussed policy books, most notably ''Kicking Away the Ladder: Development Strategy in Historical Perspective'' (2002). In 2013, ''Prospect'' magazine ranked Chang as one of the top 20 World Thinkers. He has served as a consultant to the World Bank, the Asian Development Bank, the European Investment Bank, as well as to Oxfam and various United Nations agencies. He is also a fellow at the Center for Economic and Policy Research in Washington, D.C. In addition, Chang serves on the advisory board of Academics Stand Against Poverty (ASAP). Biography After graduating from Seoul National University's Department of Economics, he studied at the University of Cambridge, earning an MPhil and a PhD for his thesis entitled ''The Political Economy of Industrial Policy – Reflections on the Role of State Intervention'' in 199 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariffs In American History
Tariffs have historically served a key role in the trade policy of the United States. Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization (industrialization of a nation by replacing foreign imports with domestic production) by acting as a protective barrier around infant industries. They also aimed to reduce the trade deficit and the pressure of foreign competition. Tariffs were one of the pillars of the American System that allowed the rapid development and industrialization of the United States. The United States pursued a protectionist policy from the beginning of the 19th century until the middle of the 20th century. Between 1861 and 1933, they had one of the highest average tariff rates on manufactured imports in the world. However American agricultural and industrial were cheaper than rival products and the tariff had an impact primarily on wool products. After 1942 the U.S. promoted worldwide free trad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoliberal Economics
Neoliberalism (also neo-liberalism) is a term used to signify the late 20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. The defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. As an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas diminish in popu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production.''A Comprehensive Dictionary of Economics'' p.88, ed. Nelson Brian 2009. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich ListMehmet, Ozay (1999). ''Westernizing the Third World: The Eurocentricity of Economic Development.'' London: Routledge. and Alexander Hamilton.Chang, Ha-Joon (2002). ''Kicking Away the Ladder: Development Strategy in Historical Perspective.'' London: Anthem Press. ISI policies have been enacted by developing countries with the intention of producing development and self-sufficiency by the creation of an internal market. The state leads economic development by nationalizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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