Global Trade, Global Markets

7/30/2019 Global Trade, Global Markets

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ALONZO, RUTCHELL

CORDERO, HAZEL

FILIO, MICHAEL

MAGSARILI, LUISRAMIREZ, KRISTINA

ZINAMPAN, SOPHIA


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Alonzo, Rutchell


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Key mechanism for moving goods, and increasing

services around the globe

Central to technology transfer

Connects domestic markets to international markets

Emerged with the establishment of nation-states


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Trade has revolutionized the prospects of all industrialsectors

Trade has been entwined with the rise of the modernstate and its fortunes

Trade Globalization suggests the emergence ofworldwide markets for traded goods and services


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Trade Globalization implies the existence of

significant levels of interregional trade

Global Trade entails a new system of regularized

exchange of good and services at an interregionallevel

As transregional competition evolves, demand

and supply of goods increasingly operate at aglobal level


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How far contemporary flows of trade are consistentwith this notion of trade globalization?

How far markets for goods and services now operate at

the global level?


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GLOBAL MARKET

Requires the existence of regularized exchange of goodand services at interregional level

The most common type of global markets are those forsome primary commodities where trade is concentratedat handful of locations

Resulted from interpenetration of national markets thatcreated networks of trade


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Extensity refers to intercontinental flows and networks of trade

Regionalization (or globalization) refers to evolution of markets for trading goods

involving geographically contiguous economies

Intensity measure of the magnitude of global trading activity.

Estimated by the ratio of World Trade to World Output


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Impact trade-GDP ratios provide the starting for its qualitative

assessment

Structural economic impact- must form a non-trivialproportion of output and have developed beyond anenclave to become integral to production in theeconomy as a whole


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Distributional impact- it makes some groups richerand some poorer

Institutional impact- trade relations have been

institutionalized as global legal frameworks haveemerged governing the conduct and trade policy ofnations and firms


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Intercontinental Trade dates back to antiquity

Early Mesopotamia, China (Via Silk Route), West Indies,Europe, Africa and Atlantic (Slave Triangle)

World Trade System is said to have emerged around 16th

century

Trade was in metals and luxury goods

Entrepots were home to merchant communities


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Technological innovations, improved navigations andbetter organization of trade lowered transport costs.

Banking Systems evolved to finance trade

Merchant courts developed wherein disputes among

merchants were settled

International legal framework for trade wasinstitutionalized

Protectionism emerged in the 17th century becausemercantilist achieved political dominance


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Trade played a significant role in the emergence ofcities and the rise of nation state

Mercantilism grew out of belief that an economy couldincrease its wealth through a trade surplus and

consequent accumulation of precious metals

Trade was thus conceived as a zero-sum competition:one states loss was another states gain

Maximize exports and minimize imports bypromoting domestic industry while limiting imports


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Trade was not significant enough by itself to

determine patterns of inequality

Trade was essential to the economic prosperity of the

major trading cities that comprised the worlds tradingposts, but its impact on economic activity moregenerally was limited.


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The Philippines have been a colony of Spain for 333years. The archipelago has been subjected to Spainstrade rules and regulations. They also have control

over the exports and imports of the country. Under theSpanish rule, the Galleon trade system replaced theancient system of trading known as Bartertrade.Products for the Philippines were shipped to Acapulco,

Mexico and then it will be sold to the EuropeanMarket.


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The Philippine Archipelago is a strategic tradingnation because of its topography and geographiclocation. It is a country rich in natural resources- land,marine resources and minerals. The Philippiness main

exports are rice, sugar and coconut. Several companieshave expanded their business in the Philippines due tofavourable economic conditions that the country isexperiencing now. The Philippines, on the other hand,

imports mainly technology from western countriesand Asian countries like Japan and Korea


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Cordero, Hazel


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Foreign Trade

Most Favored Nation Principle (MFN) Trade preferences granted by one state to its most

favored trading partner are applied equally to all othercountries

Trade volumes grew from1820-1850 & 1870


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Industrialization

The Gold Standard (1870)

Protectionist Policy

Fredrich List emerging economies needed to shelter their industries

until they developed to the levels of the leadingeconomies

International Trade Diplomacy International agreements


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1929 -1930s Wide spread ofProtectionism and abandoned the

MNF Principle

Beggar-my-neighbor protection

Tariff protection (1920) Trade fell in 1930

Decline in word trade

The protectionist policies

US and Japan (new world trading powers)


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Trade Cause or a consequence of rapid economic growth According to Morris and Adelman(1988), Trade had a

significant positive impact on developing economies

depended on whether their domestic structure weresufficiently advanced to realize the gains from trade anddiffuse theme throughout the national economy

Impact on stimulating the development relations withinan economy

Role of primary exports, Demand of Goods andRevenues

Impact on domestic politics


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Trade Stratification Resources exporters countries

Manufacturers (Industrializing countries) Standard Trade Theory

Predicts that as countries became more open to tradethe returns to factors of production will converge

internationally Trade + Migration + International Capital Flows =

Global Competitive Pressures


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1870-1939 National patterns of production were influenced by

Global competition Standard Trade Theory

Extensity of trade

Intensity of trade


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Filio, Michael Angelo T.


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3.4.1 The development of global free trade

3.4.2 The extensity of trade and the emergence ofglobal markets

3.4.3 The growing intensity of postwar trade 3.4.4 Shifting patterns of trade stratification

3.4.5 The infrastructure and institutionalization ofglobal trade

Philippine Connection


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1944 Bretton Woods Agreement not only established asystem of fixed exchange rates but also the basis for amultilateral trading order.

Avoid Protectionism

General Agreement on Tariffs and Trade (GATT)


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Non-discrimination ( the MFN Principle)

Reciprocity

Transparency (nature of trade measures should be

clear) Fairness, so that practices like dumping of goods at

below market prices or predatory pricing by exporterswere deemed unfair and countries were entitled to

institute protection against them


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Not only did the GATT produce large reductions in

tariffs and thereby liberalize trade, but latterly itmoved into other sectors, notably reducing barriersto trade in services.

By the 1970s a largely free trade order had been

established among all the OECD countries and sincethe 1980s this has been extended to developingcountries and countries formerly closed to tradeunder communism, with the result that a global

trading system now exists.


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The emergence of global free trade provided the basisfor open worldwide markets.

Extensive as they are, trade networks still appear to be

concentrated within certain geographical areas:Europe, the Americas and Asia-Pacific.

Skeptics believed this development in trade isbecoming regionalized rather than globalized


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Regionalization-The process of dividing an area intosmaller segments called regions. Businesses also use

regionalization as a managementtool and a way tomake certain that needs unique to particular areas aremet.

Contemporary regional trading arrangements have

been designed to liberlaizer trade not to buildprotectionist fortresses, recognizing the potentialbenefits from freer trade but also the relative case ofreaching agreement at the regional, as opposed to

global level.
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In the postwar period trade grew more rapidly thanworld income.

Played an important role in the rise of GDP ofdeveloped and developing countries.

Classical Gold Standard Era.

Data on world trade in services only became availablefrom 1980 onwards are subject to a considerable

margin of error.


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Developments are indicative of a qualitative shiftin the intensity of postwar trade as nationalmarkets became increasingly enmeshed with eachother such that trade is now integral to national

economic prosperity.


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Developed states have dominated postwar trade

Decline or fluctuation in their share of world trade isattributed to oil-exporting developing countries.

Growth in trade shares is attributed to the rise of theEast Asian Tiger economies.


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For much of the postwar period, world trade has beenconcentrated among the developed countries.

Increased trade between developed and developingcountries.

From primary products as exports to manufactures andservices.

Trade has played a key role in the performance ofindividual developing countries.

Trade competition in the world economy led to divergingincome levels.

Polarization of economic fortunes in the global economyand new patterns of stratification.


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Intra-industry trade

Trade has expanded relative to output for most of the

postwar period not just because of decreasing tariffbarriers and transport costs, but also because of thechanging structure of global production.

Growing trade between developed and developing

countries in the 1980s also reflects a shift in the natureof production


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Improved transport and communications networkshave provided the infrastructure for a global tradingsystem while the institutionalization of tradeliberalization has contributed to the growing intensity

of trade activity. GATT trading regime and its structures was crucial to

postwar trade expansion


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GATTs success in developing and maintaining an opentrading system (at least for the manufactures) through

trade barrier reduction negotiations. Since Barriers were eliminated, interest has shifted

towards differences in the domestic regulations and lawsgoverning competition in different countries.

WTO and OECD states seek greater trade liberalization,the focus of their activity has shifted towards theharmonization of domestic competition and businessrules in so far as these are perceived as the major

barriers to global free trade.


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The Philippines has been a World Trade Organization(WTO) member since 1 January 1995.

Aside from the WTO, the Philippines is also a memberof ASEAN and APEC


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Since 1980s, the Philippines have opened their economyto foreign markets, and established a network of freetrade agreements with several countries. The UnitedStates is one of the Philippines top trading

partner. In 2010, according to US Department ofCommerce dad, trade between the Philippines and USamounts to US$15.4 billion. US is also the Philippineslargest foreign investor, with foreign direct investment

close to US$6 billion at the end of 2009.


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Primary exports - commodities: semiconductorsand electronic products, transport equipment,garments, copper products, petroleum products,coconut oil, fruits

Primary exports partners: US (17.6 percent of totalexports), Japan (16.2 percent), Netherlands (9.8percent), Hong Kong (8.6 percent), China (7.7percent), Germany (6.5 percent), Singapore (6.2percent), South Korea (4.8 percent)


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Primary imports - commodities: electronicproducts, mineral fuels, machinery and transportequipment, iron and steel, textile fabrics, grains,chemicals, plastic

Primary imports partners:Japan (12.5 percent oftotal imports), US (12 percent), China (8.8 percent),Singapore (8.7 percent), South Korea (7.9 percent),Taiwan (7.1 percent), Thailand (5.7 percent)


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The Transformation of Global Trade


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Gold was a primary means of exchange in the RomanEmpire, gold mining was an important motive forRoman invasion of Britain.


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a monetary system in which the standard economicunit of account is based on a fixed quantity of gold.

In the 1850s, the industrial revolution was taking placein England.

In the United States, the Civil War (1861-1865) was just

over.


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In Japan, the military rule of Tokugawa shogunate(1603-1867) was just over, some ports were opened totrade with European countries, and Emperor Meijiwas instituting a major change in Japan.

Admiral Perry of the United States came to Uraga,Japan and forced Japan to open up to trade, causing

the fall of shogunate and triggering the MeijiRestoration.

The second Opium War (1856-1860) was just over and

imports of opium was legalized in China.


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The gold standard has no precise date of origin. It graduallyemerged around 1870-1880 when most of the industrial nationsof Europe adopted the gold standard. (Great Britain adopted thegold standard in 1821, Australia in 1852, Canada in 1853, Francein 1878, Germany in 1871, the US in 1879)

It lasted until 1914, before the outbreak of World War I. Duringthis period, most of the industrial nations linked theircurrencies to gold and inflation rates were about 0.1 percent.

When these nations were on the gold standard, there were noformal agreements with other nations. No treaty wassigned. Each nation defended its currency in terms of gold. Itstreasury or central bank was required by law to buy and sell gold

without limit at the stated price. The public had completeconfidence in the convertibility of its currency into gold.


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The gold standard is deflationary. In an open economy, a balance of payments deficit is

followed by a gold outflow.

Transmission of monetary shocks.

For the world as a whole, the growth of money supplyis regulated by the flow of newly produced gold.


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INTERWAR PERIOD, 1918-1940

During World War I the international gold standardceased to function.

European economies had been interlocked closely, butthey were suddenly cut loose from the connectivemechanism by war.

Countries diverged and developed in differentdirections during the war.


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After the war in 1918, US immediately announced thatit would maintain the dollar price of gold at its prewarlevel.

Britain resorted to a deflationary policy (1920-1925)

French Franc dropped from $0.18 in 1918 to $0.0392 in

1926, which stopped gold outflow from France. Afterthe depreciation, France returned to the goldstandard in 1928.


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The United States and Great Britain were to hold only gold asreserve asset.

Key reserve currencies, dollar and pound. Nonreserve countrieswere asked to hold dollar or pound (rather than gold) as reserve

asset (Hence, gold exchange standard.) Other currencies areconvertible into reserve currencies at fixed parities.

Dollar and pound were freely convertible into gold betweencentral banks, but not for the general public.

Most countries that were on the silver standard also pegged silverto the dollar, except China and Hong Kong.


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Deflationary policy stifles growth.


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Countries tried to manage or stabilize the flexibleexchange rates - by raising interest rate, but it did notprevent capital outflow.

Some countries devalued their currencies, but many

countries already did this without success.

Others imposed exchange control when faced withcapital flight.


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In April 1933, President Roosevelt suspended the goldstandard.

Gold Reserve Act of 1934

It prohibited gold coinage.

It allowed the President to change the gold content of

dollar.

France devalued Franc in 1936.


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The Bretton Woods system of monetary managementestablished the rules for commercial and financialrelations among the world's major industrial states inthe mid-20th century.

First example of a fully negotiated monetary orderintended to govern monetary relations amongindependent nation-states.


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1. The Flows of Globalization In a global economy, no nation is self-sufficient. Each

is involved at different levels in trade to sell what itproduces, to acquire what it lacks and also to produce

more efficiently in some economic sectors than itstrade partners.


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2. The Setting of the Contemporary Global Trade System International trade, both in terms of value and

tonnage, has been a growing trend in the globaleconomy.

The emergence of the current structure of global tradecan mainly be articulated within three major phases:


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First phase (immobile factors of production)

Second phase (mobility of factors of production)

Third phase (global production networks)


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3. Trade Facilitation

The facilitation of trade involves how the proceduresregulating the international movements of goods canbe improved. It depends on the reduction of thegeneral costs of trade, which considers transaction,tariff, transport and time costs, often labeled as the"Four Ts" of international trade.


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Distribution-based

Regulation-based

Transaction-based


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4. Global Trade Flows

The nature of what can be considered internationaltrade has changed, particularly with the emergenceofglobal value chains and the trade of intermediarygoods they involve.


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5. International Transportation

The growth of the amount of freight being traded as well asa great variety of origins and destinations promotes

the importance of international transportation as afundamental element supporting the global economy.

Economic development in Pacific Asia and in China in

particular has been the dominant factor behind thegrowth of international transportation in recent years.


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France Germany

Japan

Sweden United Kingdom

United States of America


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Sophia Zinampan


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Impact of international conditions on national

economies intensified

Domestic economic activity affect transmission ofeconomic fluctuations


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Protectionism vs. Free Trade

Transformation of trade towards intra-industry trade


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Demand for labour influence global competition

Technological advantage in production

Falling wages = rising unemployment


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Specialization among countries

Pressure to reallocate resources

Technological inferiority significantly differ inproductivity

As productivity rises in manufacturing, progressively

fewer and fewer workers are needed to produce a givenlevel of output


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Effects of Trade Liberalization on Agriculture in the

Philippines: Institutional and Structural Aspects(1998) by Minda C. Mangabat

The Philippines in the ASEAN Free Trade Area (2002)by Rodolfo C. Severino


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Ramirez, Kristina


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grown in unprecedented levels

intergral to postwar growth among OECD countries(1980s and 1990s and Post-war period)

intensified competition across national boundaries.Domestic economic activity

distribution of gains are uneven


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There are clear winners and losers from

trade. Economic globalization has brought with it anincreasingly unified world for elites

Developing countries are being re-ordered

divided nations and communities as the globalworkforce is segmented

Multiplicity of trade relationships

remain open to competition from the rest of the

world renegotiationWestphalian notion of state

sovereignity


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new global division of labour in the production of goodsis emerging

increasingly consume goods from abroad

their own production processes significantly dependent on components

produced overseas.


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IMPACT:

economic activity in any one country is stronglyaffected (through trade networks) by economicactivity in other countries.

The distinction between domestic economicactivity and worldwide economic activity, as therange of products in any superstore will confirm,

is becoming increasingly difficult to sustain.


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play an important role in ameliorating the impact ofstructural change arising from trade

Nation state used trade protection to:Raise revenues

Manage difficulty in balance of payments

Promote domestic industry


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Late 20th century InstitutionalConstraints

& Economic Cost Limited scope for national protectionism

Subjected to growing international scrutiny: Tariffs Quota restrictions Policies support domestic industry

Domestic laws w/ respect to: Business competition Safety standards


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Historical experience:

economic development through protection diminishedpolicy option (East Asian Crisis of 1997)

Enthusiasm human capital policieseducation &trainingreflects:

Academic & political interest potential of measures toameliorate consequences of global free trade

Foreclosing of other policy options


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Trade globalization is onlyonestrand in overall story of emergence

of todays global economy


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Transformed state autonomy and induced shifts instate policy

Contemporary financial globalization is amarket, rather than a state, drivenphenomenon. Financial liberalization

poses serious questions about the nature of state powerand economic sovereignty


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Operations of multinational corporations integrate

national and local economies into global and regionalproduction networks.

national economies No longer function as autonomous systems of wealth creation

distinction between domestic economic activity andworldwide economic activity becoming difficult to sustain.


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Central to the organization of this new globalcapitalist order

Today transnational production considerably exceedsthe level of global exports Account for at least 20% of world production and 70% of

world trade

increasingly important sites through which

economic globalization is contested, byweaker states and by the agencies oftransnational civil society.


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Political dynamics of multilateral institutions tend to mediate great power control

consensual modes of decision making,

such that they are never merely tools of dominant states

and particular social groupings.


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exceeds the regulatory reach of national governments existing multilateral institutions of global economic

governance have limited authority States refuse to cede these institutions substantial power

global markets may effectively escape politicalregulation


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Economic globalization has been accompanied by asignificant internationalization of political authority

associated with a corresponding globalization ofpolitical activity.


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MANILA The Philippines is NOT immune to a

financial crisis elsewhere inAsia

ifa BOP crisis breaks out elsewhere, the Philippineswont be spared the contagion, and no economy in Asia

ex-Japan would," -Tim Condon-

ING chief economist inAsia


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"The Philippines is less vulnerable to contagion thanits South East Asian neighbors because it has astronger external payments position," Condonsaid.


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Spanish trading galleons regularly sailed across the Pacific Oceanbetween Manila and Acapulco, trading spices and silk from Indiaand China for silver from the vast mines in Mexico and Peru. Theties between what was known as the East Indies and the West Indies

were deep, and profitable.

Today, we are witnessing an intensification of those historic East-West ties and Asia and Latin America are two vital engines ofgrowth on which the rest of the world's economies increasinglydepend.

.


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There is no single, all-encompassing definition of globalization. Instead, it has become a broad heading for a multitude of global

interactions, ranging from the expansion of cultural influences acrossborders to the enlargement of economic and business relations throughoutthe world.

The protectionism which emerged in international trade after the WW IIgave way to gradual liberalization, comprising both unilateralliberalization and rules-based multilateral liberalization spearheaded byGATT.

From a multidisciplinary angle, globalization may be treated as aphenomenon, a philosophy and a process which affect human beings asprofoundly as any previous event.

Several factors have been responsible for this phenomenon and confines its

attention to four growth-enhancing facets of globalization that have beenamong its key drivers, namely, trade, finance, communications andtransport.


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Developing country like the Philippines , is one of the countries in Asia wherethe country has been effected by globalization. The country is taking part inthe process of globalization ever since the country signed agreements withWTO (World Trade Organization) in 1995. Since then, the nation had hope forWTO to bring developments within the nations poor economy and also tohave a role within the global economy and trade. Now, globalization is very

effective in the Philippines, it has allowed major changes in the nation likemore labor, and more Filipino and foreign companies has emerged in thenation in order to help the countrys developing economy. Generally, thePhilippines is one of the developing countries that is rapidly dealing withglobalization ever since the influence of the US during the World War II.


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Asian and Pacific states have developed numerousmultilateral trade agreements, particularly among PacificRim states. A region with some of the highest economicgrowth rates in the world, the Pacific Rim has seen tradeagreements flourish as countries have begun workingtogether to lower trade barriers and encourage economicgrowth. The trade agreements listed here is not complete

by any means, but should cover all of the major,multilateral agreements.

Asean Free Trade Area (AFTA)-AFTA is a part of the larger ASEAN tradeagreement and works to lower tariff barriers between member countries The


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agreement, and works to lower tariff barriers between member countries. TheASEAN free trade area (AFTA)is to be phased in over the next 15 years, and aims toincrease trade among ASEAN members; it may also lead to free trade arrangementswith other countries.

Members (7): Brunei , Indonesia, Malaysia, the Philippines, Singapore, Thailand,Vietnam

Asia-Pacific Economic Cooperation Forum (APEC)- Founded in 1989 to providea discussion forum for countries to discuss a wide range of economic issues,promote multi-lateral cooperation amoung market-oriented economiesthroughout the Pacific Rim. APECs 18 member countries hope to achieve free andopen trade and investment throughout the region by the year 2020.

Members (18): Australia , Brunei, Canada, Chile, China, Taiwan, Hong Kong,Indonesia, Japan, Mexico, New Zealand, North Korea, Papua New Guinea, thePhilippines, Singapore, South Korea, Thailand, United States

South Pacific Regional Trade & Economic Cooperation Agreement(SPARECA)- Trade agreement between Australia and New Zealand to encourageeconomic growth between the two countries and around the Pacific Rim.


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Rising incomes will propel millions of Asians into themiddle class, affecting not only intra-regional tradebetween rapid growth markets, but global trade as well.

Rapid growth markets in Asia-Pacific can benefit from

expected trade growth in the region. Through verticalspecialization, the contributions of these economies areincreasingly complementary, enabling every country in theregion to thrive.

For most Asia-Pacific economies, trade with the MiddleEast and Africa (MENA) will grow faster than trade to theEurozone. Meanwhile, India will be the fastest-growingtrade route for almost every economy in the region.


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In the Philippines, the most evident effects or trends withreference to globalization both on firm and industry levelsare, trends toward labor flexibilization, trends toward theinformalization of labor, trend toward an HRD strategy.

poses threat on job security which could increase the

countrys unemployment and underemploymentconditions, restriction on legislation matters, basereduction for union organizing and difficulty in collectivebargaining.3

Such effects create greater instability in the Philippine

Industrial Relations System as it already is. The outcomeillustrates the weakening power and influence of the laborsector which could result in the ineffectiveness of thecountry to deal with such crisis.
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Globalization to a certain extent pushes workers in the formal sector tothe other end. These include economic restructuring, market-drivenpolicies, technological change, the degree of government interventionin labor markets and industrial relations, flexibility in the way work isorganized and growing diversity of work, and the increasing dichotomyin terms of employment and income opportunities between workersfrom both formal and informal sectors.

Globalization has taken its socio-economic toll in the exploitation of

the labor sector, primarily those located in third world countries suchas the Philippines. The old model of the international division of laborhas been replaced by a more exploitative paradigm having direct effecton those that belongs in the working class and its trade unions.


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Addressing the economic needs by adapting to thechanging conditions brought about by globalization isessential for the countrys survival. However, interests of

workers in the formal labor sector should also be taken intoconsideration to fully capitalize on the changing trend inthe economy.


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Held, D., & McGraw, A. (1999, March). Essays: Globalization (Entry for

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Global Trade, Global Markets