专业英语翻译1.docx
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专业英语翻译1.docx
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专业英语翻译1
专业翻译英语作业
APPLICATION:
INTERNATIONALTRADE
Ifyoucheckthelabelsontheclothesyouarenowwearing,youwillprobablyfindthatsomeofyourclothesweremadeinanothercountry.AcenturyagethetextilesandclothingindustrywasamajorpartoftheU.S.economy,butthatisnolongerthecase.Facedwithforeigncompetitorsthatcouldproducequalitygoodsatlowcost,manyU.S.firmsfounditincreasinglydifficulttoproduceandselltextilesandclothingataprofit.Asaresult,theylaidofftheirworkersandshutdowntheirfactories.Today,muchofthetextilesandclothingthatAmericansconsumeisimportedfromabroad.
Thestoryofthetextilesindustryraisesimportantquestionsforeconomicpolicy:
Howdoesinternationaltradeaffecteconomicwell-being?
Whogainandwholosesfromfreetradeamongcountries,andhowdothegainscomparetothelosses?
Accordingthestudyofinternationaltradebyapplyingtheprincipleofcomparativeadvantage,allcountriescanbenefitfromtradingwithoneanotherbecausetradeallowseachcountrytospecializeindoingwhatitdoesbest.
Wenowreturntothestudyofinternationaltradeandtakeupthesequestions.Wehavedevelopedmanytoolsforanalyzinghowmarketswork:
marketswork:
supply,demand,equilibrium,consumersurplus,producersurplus,andsoon.Withthesetoolswecanlearnmoreabouttheeffectsofinternationaltradeoneconomicwell-being.
THEDETERMINANTSOFTRADE
Considerthemarketforsteel.Thesteelmarketiswellsuitedtoexaminingthegainsandlossesfrominternationaltrade:
Steelismadeinmanycountriesaroundtheworld,andthereismuchworldtradeinsteel.Moreover,thesteelmarketisoneinwhchpolicymakersoftenconsider(andsometimesimplement)traderestrictionstoprotectdomesticsteelproducersfromforeigncompetitors.WeexamineherethesteelmarketintheimaginarycountryofIsoland.
TheEquilibriumwithoutTrade
Asourstorybegins,theIsolandiansteelmarketisisolatedfromtherestoftheworld.Bygovernmentdecree,nooneinIsolandisallowedtoimportorexportsteel,andthepenaltyforviolatingthedecreeissolargethatnoonedarestry.
FIGURE1TheEquilibriumwithoutInternationalTrade
Becausethereisnointernationaltrade,themarketforsteelinIsolandconsistssolelyofIsolandianbuyersandsellers.AsFigure1shows,thedomesticpriceadjuststobalancethequantitysuppliedbydomesticsellersandthequantitydemandedbydomesticbuyers.Thefigureshowstheconsumerandproducersurplusintheequilibriumwithouttrade.Thesumofconsumerandproducersurplusmeasuresthetotalbenefitsthatbuyersandsellersreceivefromthesteelmarket.
Nowsupposethat,inanelectionupset,Isolandelectsanewpresident.Thepresidentcampaignedonaplatformof“change”andpromisedthevotersboldnewideas.HerfirstactistoassembleateamofeconomiststoevaluateIsolandiantradepolicy.Sheasksthemtoreportbackonthreequestions:
·IfthegovernmentallowedIsolandianstoimportandexportsteel,whatwouldhappentothepriceofsteelandthequantityofsteelsoldinthedomesticsteelmarket?
·Whowouldgainfromfreetradeinsteelandwhowouldlose,andwouldthegainsexceedthelosses?
·Shouldatariff(ataxonsteelimports)oranimportquota(alimitonsteelimports)bepartofthenewtradepolicy?
Afterreviewingsupplyanddemandintheirfavoritetextbook,theIsolandianeconomicsteambeginsitsanalysis.
TheWorldPriceandComparativeAdvantage
ThefirstoureconomiststakeupiswhetherIsolandislikelytobecomeasteelimporterorasteelexporter.Inotherwords,iffreetradewereallowed,wouldIsolandiansendupbuyingorsellingsteelinworldmarkets?
Toanswerthisquestion,theeconomistscomparethecurrentIsolandianpriceofsteeltothepriceofsteelinothercountries.Wecallthepriceprevailinginworldmarketstheworldprice.Iftheworldpriceofsteelishigherthanthedomesticprice,thenIsolandwouldbecomeanexporterofsteeloncetradeispermitted.Isolandiansteelproducerswouldbeeagertoreceivethehigherpricesavailableabroadandwouldstartsellingtheirsteeltobuyersinothercountries.Conversely,iftheworldpriceofsteelislowerthanthedomesticprice,thenIsolandwouldbecomeanimporterofsteel.Becauseforgeignsellersofferabetterprice,Isolandiansteelconsumerswouldquicklystartbuyingsteelfromothercountries.
Inessence,comparingtheworldpriceandthedomesticpricebeforetradeindicateswhetherIsolandhasacomparativeadvantageinproducingsteel.Thedomesticpricereflectstheopportunitycostofsteel:
IttellsushowmuchanIsolandiansteelmustgiveuptogetoneunitofsteel.Ifthedomesticpriceislow,thecostvantageinproducingsteelrelativetotherestoftheworld.Ifthedomesticpriceishigh,thenthecostofproducingsteelinIsolandishigh,suggestingthatforeigncountrieshasacomparativeadvantageinproducingsteel.
Tradeamongnationsisultimatelybasedoncomparativeadvantage.Thatis,tradeisbenefiticialbecauseitallowseachnationtospecializeindoingwhatitdoesbest.Bycomparingtheworldpriceandthedomesticpricebeforetrade,wecandeterminewhetherIsolandisbetterorworseatproducingsteelthantherestoftheworld.
THEWINNERSANDLOSERSFROMTRADE
Toanalyzethewelfareeffectsoffreetrade,theIsolandianeconomistsbeginwiththeassumptionthatIsolandisasmalleconomycomparedtotherestoftheworldsothatitsactionshaveanegligibleeffectonworldmarkets.Thesmall-economyassumptionhasaspecificimplicationforanalyzingthesteelmarket:
IfIsolandisasmalleconomy,thenthechangeinIsoland’stradepolicywillnotaffecttheworldpriceofsteel.TheIsolandiansatesaidtobepricetakersintheworldeconomy.Thatis,theytaketheworldpriceofsteelasgiven.Theycansellsteelatthispriceandbeexportersorbuysteelatthispriceandbeimporters.
Thesmall-economyassumptionisnotnecessarytoanalyzethegainsandlossesfrominternationaltrade.ButtheIsolandianeconomistsknowfromexperiencethatthisassumptiongreatlysimplifiestheanalysis.Theyalsoknowthatthebasiclessonsdonetchangeinthemorecomplicatedcaseofalargeeconomy.
TheGainandLossesofanExportingCountry
Figure2showstheIsolandiansteelmarketwhenthedomesticequilibriumpricebeforetradeisbelowtheworldprice.Oncefreetradeisallowed,thedomesticpricerisestoequaltheworldprice.Nosellerofsteelwouldacceptlessthantheworldprice,andnobuyerwouldpaymorethantheworldprice.
Withthedomesticpricenowequaltotheworldprice,thedomesticquantitysupplieddiffersfromthedomesticquantitydemanded.ThesupplycurveshowsthequantityofsteelsuppliedbuIsolandiansellers.ThedemandcurveshowsthequantityofsteeldemandedbyIsolandianbuyers.Becausethedomesticquantitysuppliedisgreaterthanthedomesticquantitydemanded,Isolandsellssteeltoothercountries.Thus.Isolandbecomesasteelexporter.
Althoughdomesticquantitysuppliedanddomesticquantitydemandeddiffer,thesteelmarketisstillinequilibriumbecausethereisnowanotherparticipantinthemarket:
therestoftheworld.Onecanviewthehorizontallineattheworldpriceasrepresentingthedemandforsteelfromtherestoftheworld.ThisdemandcurveisperfectlyelasticbecauseIsoland,asasmalleconomy,cansellasmuchsteelasitwantsattheworldprice.
FIGURE2InternationalTradeinanExportingCountry
Nowconsiderthegainsandlossesfromopeninguptrade.Clearly,noteveryonebenefits.Tradeforcesthedomesticpricetorisetotheworldprice.Domesticproducersofsteelarebetteroffbecausetheycannowsellsteelatahigherprice,butdomesticconsumersofsteelareworseoffbecausetheyhavetobuysteelatahigherprice.
Tomeasurethesegainsandlosses,welookatthechangesinconsumerandproducersurplus,whichareshowninthegraphandtableinFigure2.Beforetradeisallowed,thepriceofsteeladjuststobalancedomesticsupplyanddomesticdemand.Consumersurplus,theareabetweenthedemandcurveandthebefore-tradeprice,isareaA+B.Producersuiplus,theareabetweenthesupplycurveandthebefore-tradeprice,isareaC.Totalsuiplusbeforetrade,thesumofconsumerandproducersurplus,isareaA+B+C.
Aftertradeisallowed,thedomesticpricerisestotheworldprice.ConsumersuiplusisareaA(theareabetweenthedemandcurveandtheworldprice).ProducersurplusisareaB+C+D(theareabetweenthesupplycurveandtheworldprice).Thus,totalsurpluswithtradeisareaA+B+C+D.
Thesewelfarecalculationsshowwhowinsandwholosesfromtradeinanexportingcountry.SellersbenefitbecauseproducersurplusdecreasesbytheareaB.BecausethegainsofsellersexceedthelossesofbuyersbytheareaD,totalsurplusinIsolandincreases.
Thisanalysisofanexportingcountryyieldstwoconclusions:
·Whenacountryallowstradeandbecomesanexporterofagood,domesticproducersofthegoodarebetteroff,anddomesticconsumersofthegoodareworseoff.
·Traderaisestheeconomicwell-beingofanationinthesensethatthegainsofthewinnersexceedthelossesofthelosers.
TheGainsandLossesofanImportingCountry
Nowsupposethatthedomesticpricebeforetradeisabovetheworldprice.Onceagain,afterfreetradeisallowed,thedomesticpricemustequaltheworldprice.AsFigure3shows,thedomesticquantitysuppliedislessthanthedomesticquantitydemanded.Thedifferencebetweenthedomesticquantitydemandedandthedomesticquantitysuppliedisboughtfromothercountries,andIsolandbecomesasteelimporter.
FIGURE3InternationalTradeinanImportingCountry
Inthiscase,thehorizontallineattheworldpricerepresentsthesupplyofthe
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