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International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

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Page 1: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

International EconomicsSecond Edition

Chapter 1Trade in the Global Economy

Copyright © 2011 by Worth Publishers

Robert C. Feenstra and Alan M. Taylor

Page 2: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.1 The Changing Face of U.S. Import and Export Industries, 1925–2009Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 3: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.1 (a) The Changing Face of U.S. Import and Export Industries, 1925–2009Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 4: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.1 (b) The Changing Face of U.S. Import and Export Industries, 1925–2009Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 5: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.2 World Trade in Goods, 2006 ($ billions)Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 6: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Table 1.1 Shares of World Trade, Accounted for by Selected Regions, 2006Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 7: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Table 1.2 Trade/GDP Ratio in 2008Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 8: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.3 Trade in Goods and Services Relative to GDPFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 9: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.4 Average Worldwide Tariffs, 1860–2000Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 10: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.5 Change in the Value of Trade, 2007–2009 (percent)Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 11: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.6 Foreign-Born Migrants, 2005 (millions)Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 12: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 1.7 Stock of Foreign Direct Investment, 2006 ($ billions)Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 13: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Table 2.1 U.S. Imports of Snowboards, 2005 and 2009Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 14: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Table 2.2 Apparel, Textiles, and Wheat in the United States and ChinaFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 15: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.7 Labor Productivity and Wages, 2001Feenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 16: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 17: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (a) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 18: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (b) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 19: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (c) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 20: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (d) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 21: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (e) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 22: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (f) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 23: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.8 (g) Labor Productivity and Wages over TimeFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 24: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.12 (a) Relative Price of Primary CommoditiesFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 25: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.12 (b) Relative Price of Primary CommoditiesFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers

Page 26: International Economics Second Edition Chapter 1 Trade in the Global Economy Copyright © 2011 by Worth Publishers Robert C. Feenstra and Alan M. Taylor

Figure 2.12 (c) Relative Price of Primary CommoditiesFeenstra and Taylor: International Economics, Second EditionCopyright © 2011 by Worth Publishers