ECON 121 Lecture Notes - Lecture 2: Autarky, World Bank, Wiod
Document Summary
Discuss the broad facts about the structure of trade. Comments on trade theory and outline of topics. Last time we discussed some measures of globalization (eg the openness coefficient) o. In some countries specifically- maybe because they have established treaties. Moreso in small countries than large- because they have to, they don"t have the resources to not trade. The us has less of a need compared to switzerland to trade a lot. Rich countries per capita trade more than poor countries. By the standard measure, the more you trade, the more open you are considered. A natural way to inspect what are the main determinants of trade is to fix one importer and then look at its major trade partners. Major trade partners with the us: canada, china, mexico, japan, germany, uk . What are the determinants of us trade partners? o o. Trade with countries that are big in size: germany, uk, japan.
