Year 2 Macro - Globalisation, Trade and Protectionism
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The consumer benefits of trade agreements | VOX, CEPR’s Policy Portal

The consumer benefits of trade agreements | VOX, CEPR’s Policy Portal | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
There has been a surge in the number of trade agreements over the past two decades. This column investigates the impact of trade agreements implemented by the EU between 1993 and 2013 and asks how consumers benefit from such agreements. The evidence shows that trade agreements increased quality by 7% on average but did not affect prices or variety. This translates into a cumulative reduction in consumer prices of 0.24%, equivalent to savings of €24 billion per year for EU consumers. Higher-income EU countries enjoyed much stronger quality increases and larger overall consumer benefits.
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Why have containers boosted trade so much?

Why have containers boosted trade so much? | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
AT FIRST glance they may just appear to be humble metal boxes. But containers—uniform boxes that can be easily moved between lorry, train and ship—have reshaped global trade over the past few decades. Why have containers boosted trade so much?
Ben Christopher's insight:
For many years it was thought to be impossible to quantify the value of containerisation, because the advent of the metal box coincided with a global reduction in trade barriers as a result of European integration and the work of the General Agreement on Tariffs and Trade (GATT), the predecessor of the World Trade Organisation (WTO). But a paper published in February cleverly disentangles the impact of trade deals from that of containers. Looking at 22 industrialised countries, it finds that containerisation is associated with a 320% increase in bilateral trade over the first five years and 790% over 20 years. A bilateral free-trade agreement, by contrast, boosts trade by 45% over 20 years, and membership of GATT raises it by 285%. In other words, containers have boosted globalisation more than all trade agreements in the past 50 years put together. Not bad for a simple box.
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China defends tariffs on sugar imports, says will maintain fairer trade

China defends tariffs on sugar imports, says will maintain fairer trade | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
China's recent decision to impose extra tariffs on sugar imports would help maintain a fairer market and trade, the Chinese commerce ministry said on Thursday, its first comment on the safeguards announced earlier this week.
Ben Christopher's insight:
Draw the diagram.
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What trading outside the Single Market looks like

What trading outside the Single Market looks like | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Once the UK has left the Single Market – and assuming it does not join EFTA or negotiate a bespoke deal with the EU – it will have to revert to World Trade Organisation membership. In t…
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James Williamson's curator insight, May 17, 2017 2:08 AM
International perspectives are useful for teaching globalisation in my year 9 class. Thanks!!
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What is the EU customs union and why should people care?

What is the EU customs union and why should people care? | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
After months of vague and ambiguous statements about what Brexit actually means (apart, of course, from Brexit), Prime Minister Theresa May will lay out plans for negotiations in a speech on Tuesday.
Ben Christopher's insight:
Analysis of leaving a customs union
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Is international trade always good for the economy? - BBC News

Is international trade always good for the economy? - BBC News | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Colm O'Regan reports on the global rise in protectionist sentiment.
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Watch Nobel Prize-winning economist Joseph Stiglitz explain globalization in three minutes

Watch Nobel Prize-winning economist Joseph Stiglitz explain globalization in three minutes | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Watch Nobel Prize-winning economist Joseph Stiglitz explain a contested and complex phenomenon: globalization.
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Bitesize: Mapping the UK’s trade

Bitesize: Mapping the UK’s trade | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Jonathan Fullwood. With trade negotiations apparently looming, one may wonder with whom the UK trades most. Given the geospatial aspect of the data, perhaps a map may help. Even better, how about a cartogram? Cartograms can be formed by distorting a map so that the areas of countries correspond to the relative values of some…
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British Expats Are Suing European Commission President Jean-Claude Juncker

British Expats Are Suing European Commission President Jean-Claude Juncker | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
They are not happy how things have gone since we voted for Brexit.
Ben Christopher's insight:
Interesting development
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Imagine Inclusive Trade

What if trade was truly inclusive? Learn more: https://www.wto.org/english/forums_e/public_forum16_e/public_forum16_e.htm
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James Williamson's curator insight, May 17, 2017 2:09 AM
There are deeper aspects to globalisation. In this video, inclusive globalisation is discussed. Race, gender, religion influence globalisation and trading decisions, so it is important my year 9 students understand this!!
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What Next? Economics After Brexit

What are economists saying since the Brexit vote? We asked 16 economists - here is a 2-minute summary. Full Interviews - Econ After Brexi
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Key insights:
The UK needs to stay part of the European Single Market, otherwise services trade is at risk - particularly financial services. But there is a stalemate: The Single Market vs. Free Movement of People. The EU may be willing to compromise on the free movement of people as EU politics is getting complicated. But this will take time and is uncertain. To deal with the uncertainty, the UK might consider a temporary fix whereby the UK adopts a Norway-style relationship with the EU until a new deal can be agreed. Whatever the outcome of negotiations, the UK should not overlook a major cause of the Brexit vote: the inequality caused by globalisation. Unless there are policies to address some of the inequality caused by trade, there is the risk that many people who voted to leave because they feel left behind could be left even further behind as the UK seeks greater free trade with the rest of the world.
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TPP? RCEP? Trade jargon explained - BBC News

TPP? RCEP? Trade jargon explained - BBC News | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Karishma Vaswani explains some of the trade deals - and the jargon behind them - that will be discussed at the Asean summit this week.
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Letter to friends: this is why I will vote Remain in the referendum

Letter to friends: this is why I will vote Remain in the referendum | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
 The LSE’s Nicholas Barr explains why he will be voting to Remain in the EU referendum – citing a wide range of arguments about sovereignty, migration, international influence, regulati…
Ben Christopher's insight:
Best argument yet to REMAIN
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Dani Rodrik: Globalisation - the trade-offs

Dani Rodrik of the Institute for Advanced Study tells The CORE Project (http://core-econ.org) about "The Globalisation Trilemma". It shows how economics i
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Containers and globalisation | VOX, CEPR’s Policy Portal

The introduction and subsequent diffusion of container shipping in the second half of the 1950s marked a major innovation in transportation. By allowing increased mechanisation and inter-modality, ‘the box’ increased efficiency and became a major force behind the expansion of international trade in the post-war period (Levinson 2008, Bernhofen et al. 2016).
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Trump Slaps Duty on Canadian Lumber, Intensifying Trade Fight

Trump Slaps Duty on Canadian Lumber, Intensifying Trade Fight | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
U.S. President Donald Trump intensified a trade dispute with Canada, slapping tariffs of up to 24 percent on imported softwood lumber in a move that drew swift criticism from the Canadian government, which vowed to sue if needed.
Ben Christopher's insight:
Great up to date example of tariff imposition. Can you draw the diagram?
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THE INEFFECTIVENESS OF GOVERNMENT EFFORTS TO PROMOTE PRODUCTS MADE AT HOME: Evidence from the ‘Buy British’ campaigns of the 1960s and 1980s

THE INEFFECTIVENESS OF GOVERNMENT EFFORTS TO PROMOTE PRODUCTS MADE AT HOME: Evidence from the ‘Buy British’ campaigns of the 1960s and 1980s | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
David Clayton (University of York) and David Higgins (Newcastle University) Campaigns to promote the purchase of domestic manufactures feature prominently during national economic crises. The key triggers of such schemes include growing import penetration and concern that consumers have been misled into purchasing foreign products instead of domestic ones. Early examples of such initiatives occurred…
Ben Christopher's insight:
These campaigns don't work Donald! Study the evidence.
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Thank Fathom it's Friday - Pity the poor cork manufacturers | Fathom Consulting

Thank Fathom it's Friday - Pity the poor cork manufacturers | Fathom Consulting | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Ben Christopher's insight:
It is nigh on 200 years since David Ricardo first set out his theory of comparative advantage in his classic work ‘On the principles of political economy and taxation’. Since that time it has been a unifying belief among economists that a country should channel its resources into producing only those goods and services in which it has a comparative advantage, exporting whatever it does not need around the world.
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Why is globalisation under attack? - BBC News

Why is globalisation under attack? - BBC News | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
There has long been a consensus that globalisation brings more jobs, higher wages and lower prices - but now many people are voicing their anger against free trade.
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Jam tomorrow: The meaning of non-tariff trade barriers - John Kay

Jam tomorrow: The meaning of non-tariff trade barriers - John Kay | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
The reality of Brexit and trade negotiations is a review of the rules governing myriads of individual products in mind-numbing detail. Those who thought Brexit meant less regulation, less bureaucracy, fewer civil servants, are in for a surprise.
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Mexico and Canada can impose $1bn in tariffs on US for meat labels, WTO rules

Mexico and Canada can impose $1bn in tariffs on US for meat labels, WTO rules | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
The World Trade Organization said US law of putting country of origin on packaged meats discriminates against North American trade partners
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Globalisation and anti-globalisation voters: Evidence from Germany | VOX, CEPR’s Policy Portal

Globalisation and anti-globalisation voters: Evidence from Germany | VOX, CEPR’s Policy Portal | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
Both economic theory and empirical research largely agree that international economic integration has positive aggregate welfare effects. Still, globalisation creates distributional frictions between winners and losers. Economic research so far has concentrated on labour market effects of increasing international trade (Autor et al. 2013, Dauth et al. 2014, Pierce and Schott 2016).
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China's Export Machine Is Grabbing More of the Global Market

China's Export Machine Is Grabbing More of the Global Market | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
China is eating up a larger chunk of the world’s shrinking trade pie.
Ben Christopher's insight:
Geoff Riley's insight: This article is a reminder of the dynamic nature of comparative advantage and the signs already becoming apparent of the shift in emphasis in Chinese trade policy away from Made in China to Made by China. The nation is looking for a move towards higher value-added export industries encompassing deeper levels of knowledge and capability. Increasingly China's major export competitors will become Germany, South Korea and other advanced countries with a high level of economic complexity.
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The Economics of Brexit - YouTube

The Economics of Brexit - YouTube | Year 2 Macro - Globalisation, Trade and Protectionism | Scoop.it
What do economists think of Brexit? We've made a range of videos with leading experts on the facts behind the politics.
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