Transportation, Globalization And International Trade

Home Contents Chapter 5 Concept 2 Transportation, Globalization and International Trade Author: Dr. Jean-Paul Rodrigue 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 it produces, to acquire what it lacks and also to produce more efficiently in some economic sectors than its trade partners. International Trade. An exchange of goods or services across national jurisdictions. Inbound trade is defined as imports and outbound trade is defined as exports. Subject to the regulatory oversight and taxation of the involved nations, namely through customs. As supported by conventional economic theory, trade promotes economic efficiency by providing a wider variety of goods, often at lower costs, notably because of specialization, economies of scale and the related comparative advantages. The main theoretical foundations of international trade include: †¢ Mercantilism. A trade system where a nation tried to impose a positive trade balance (more exports than imports, particularly value-wise) on other nations to favor the accumulation of wealth. This system was prevalent during the colonial era and often undertaken by charter companies receiving a monopoly on trade. Mercantilism represents the antithesis of free trade since trade relations are controlled and aligned to benefit one partner at the expense of the other. Still, mercantilism established the foundations of a global tradingShow MoreRelatedEconomic Globalization And The Global Economy972 Words   |  4 Pagescommunication sharing technology, the push for free trade agreements, and the sustaining of a prolonged period of international peace, globalization has rapidly taken over political discourse and dealings. 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