GMS 522 Lecture Notes - Lecture 3: Win-Win Game, Keiretsu, Unocal Corporation

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 522
• Professor: Carlyle Farrell

Document Summary

Allows countries to specialize in the production of those products that they are best. Specialization promotes greater efficiency and productivity (economic growth) Consumers have access to a wider range of products. Import taxes is a positive thing for national governments. Exports: goods manufactured in the home country and sold in a foreign country. Note: the difference between exports and imports is the country"s trade deficit/surplus. Imports: goods produced in a foreign country and sold in the home country. National gov"ts responsible for setting domestic international trade policies and monitoring imports and exports. There are also transnational institutions involved in international trade. Trade is regulated at transnational levels as well, gov"ts also regulate taxes and tariffs. Protectionism: measures adopted by national governments to unduly restrict trade and foreign investments. Gov"ts have a duty to protect the health and safety of the citizens.