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    Free Trade And Protectionism Pdf Free

     

    > IT > > The Choice A Fable of Free Trade and Protection . Click the Back button on your browser or go to the home page. FREE TRADE AND PROTECTIONISM. TXT DOC PDF PPT .        / 9       . The Choice A Fable of Free Trade and Protectionism (3rd Edition).pdf(47.8MB) . Find People Find Jobs Find Answers Find Companies . su . []...p China's Cosmopol 2012.p .pdf .pdf .pdf . Are you looking for any of these LinkedIn features?. APP . .pdf .pdf Competition poli - .pdf .ppt .ppt .pdf MWG.pdf .pdf ..pdf --. Tools Outlook Toolbar Browser Toolbar About LinkedIn .. .. 2008-2015ICP120047111101082111 . Invalid HTTP Request. .. IT IT IT Q OL OL OL V .   APP  . The Choice A Fable of Free Trade and Protectionism (3rd Edition).pdf The Choice A Fable of Free Trad zhaohailei 1336 0 2010-09-25 The Choice: A Fable of Free Trade and Protectionism (3rd Edition) Publisher: Prentice Hall ISBN : 0131433547 October 8, 2006 144 pages PDF 47.7MB TheChoiceAFableofFreeTradeandProtectionismTheChoiceAFableofFreeTradeandProtectionismThirdEditionRussellRobertsGeorgeMasonUniversityUpperSaddleRiver,NewJersey07458Tomyparents,TedandShirleyRoberts,whotaughtmetoloveworth,life,andtheworldLibraryofCongressCataloging-in-PublicationDataRoberts.RussellD.Thechoice:afableoffreetradeandprotectionism/RussellD.Roberts.3rded.p.cm.Includesindex.ISBN0-13-143354-71.Freetrade.2.Protectionism.3.FreetradeUnitedStates.4.ProtectionismUnitedStates.5.Ricardo,David.1772-1823.I.Title.HF1713.R6152007330.12'2dc222006025248Editor:JonAxelrodVP/EditorialDirector:JeffShelstadEditorialAssistant:MichaelDittamoAssistantEditor:MaryKateMurrayAVP/ExecutiveMarketingManager:SharonKochMarketingAssistant:PatrickBarberaManagingEditor(Production):CynthiaZonneveldProductionEditor:MelissaFeimerPermissionsSupervisor:CharlesMorrisManufacturingBuyer:MichelleKleinCoverPhoto:HultonArchive/Taxi/GettyImagesComposition/Full-ServiceProjectManagement:StratfordPublishingServicesCopyright2007,2001byPearsonEducation,Inc.,UpperSaddleRiver,NewJersey,07458.PearsonPrenticeHall.Allrightsreserved.PrintedintheUnitedStatesofAmerica.ThispublicationisprotectedbyCopyrightandpermissionshouldbeobtainedfromthepub-lisherpriortoanyprohibitedreproduction,storageinaretrievalsystem,ortransmissioninanyformorbyanymeans,electronic,mechanical,photocopying,recording,orlikewise.Forinformationregardingpermission(s),writeto:RightsandPermissionsDepartment.PearsonPrenticeHallisatrademarkofPearsonEducation.Inc.PearsonisaregisteredtrademarkofPearsonpicPrenticeHallisaregisteredtrademarkofPearsonEducation,Inc.PearsonEducationLTD.PearsonEducationAustraliaPTY,LimitedPearsonEducationSingapore,Pte.LtdPearsonEducationNorthAsiaLtdPearsonEducation.Canada.LtdPearsonEducaciondeMexico,S.A.deC.V.PearsonEducation-JapanPearsonEducationMalaysia,Pte.Ltd109876543ISBN0-13-143354-7PrefacetotheThirdEditionThefirsteditionofthisbookwaswrittenintheearly1990s,whenAmericanswereworriedaboutthethreatofJapantoourstandardofliving.ThesecondeditionwaswrittenafterthepassageofNAFTA,whenAmericanswereworriedthatMexicowasathreattoourstandardofliving.Bothofthosethreatsandthefearstheycreatedturnedouttobeshortlived.IbelievethatcurrentfearsaboutChinaandIndia'sthreattoourstandardoflivingwillturnoutthesameway.IhaveupdatedthiseditiontodiscussthegrowingeconomicstrengthofChinaandIndia.JustasworriesabouttradewithJapanandMexicoturnedouttobegrosslyinaccurate,IdonotbelievethatChinaandIndiaposeanyeconomicthreattoAmerica.Infact,theoppositeistrue.TradewithChinaandIndiaisgoodformostAmericans.TradewithChinaandIndiamakesAmericaarichercountryinboththefinancialsenseandinthesenseofexpandedopportunitytoliveameaningfullife.Inadditiontoupdatingthenumbersto2005wherepossible,thisneweditionaddschaptersontheroleofmanufacturingjobsinoureconomy,theeconomiceffectsofoutsourcing,andtheroleoftheWorldBankandtheInternationalMonetaryFundinfightingglobalpoverty.IhavealsotriedtoimprovethediscussionofcomparativeadvantageandmovedmaterialtowhereIthoughtitmadethemostsense.RussellRoberts(robertsgmu.edu)GeorgeMasonUniversityFairfax,VirginiaMay2006VAcknowledgment**heTalmudsays.'ihavelearnedmuchfrommyteachers,morefrommycolleagues,andmostofallfrommystudents"(Taanis7a).My*generalinterestintradebeganwithMiltonFriedman'sCapitalismandFreedomandcontinuedduringmyundergraduateyearsattheUni-versityofNorthCarolinawithacoursefromJamesIngram.HisbookInternationalEconomicProblemsusesametaphorofanimport/exportbusinessasafactorythathelpedinspiremyapproachhere.IngraduateschoolattheUniversityofChicago,IwasfortunatetolearnabouttradeissuesinmymicroeconomicsclassfromD.McCloskey.Thediagramsandintuitionfromthatclassgreatlyinfluencedmyteach-ingandthinking.1havetaughtthatanalysistothousandsofstudentswhileteachingattheUniversityofRochester,StanfordUniversity,UCLA,WashingtonUniversityinSt.Louis,andGeorgeMasonUniver-sity.ManyofthequestionsaskedbythosestudentshavefoundtheirwaytothemouthofEdJohnson.Iamgratefultomystudentsfortheirpas-sion,questions,andinterest.GeorgeStiglergavemeanenormousdoseofskepticismaboutindus-trystatementsontheirmotivesforsupportinggovernmentlegislation.Iamsorryhedidnotlivetoseethisbook.IwouldhavelovedtochatwithhimaboutDavidRicardo.I'mgratefultoJonAxelrodofPrenticeHallforpushingmetodoathirdedition.IwishtothankHowardSwaineandDanStastnyforfindingmistakesorsourcesofconfusioninthepreviousedition.MichaelCardwelldidasuperbjobontheresearchtobringthenumbersuptodateforthisnewedition.Anyerrorsaremyown.IwanttothankVirginiaPostrelfortheinsightthatnotalljobsinAmericaendupinMississippiorArkansasjustbecausewagesarelowthere.IparticularlywanttothankmycolleagueDonBoudreauxforhoursofconversationoncomparativeadvantage,outsourcing,andthetradedeficit.IhavelearnedanimmenseamountfromDon,andmuchofthatknowledgeisinthesepages.IthankMenloSmithforguidanceandsupport.IwishtothankDanGressel,KentKimbrough,JohnLottJr.,andRichardMcKenzieformanyhelpfulconversationsabouttradeissues.viiDAVIDRICARDOEnglisheconomist,widelyregardedasoneofthegreatestpractitionersofthedeductivemethodofanalysisineconomics.HewasborninLondononApril18,1772,toorthodoxJewishparentsandstudiedfromtheageof11to13attheTalmudTorahattachedtothePortugueseSynagogueinAms-terdam.RicardobecameestrangedfromhisfamilywhenhebecameaUnitarianandmarriedaQuakerin1793.HewasfirstemployedbyhisfatherintheLondonStockExchangein1786andoperatedthereinde-pendentlyfrom1793to1816.By1813,hehadamassedalargefortuneandretiredfrombusiness.HeservedintheHouseofCommonsasthemem-berfromPortarlingtonfrom1819untilhisdeathinGloucestershireonSeptember11,1823.Ricardo'smostfamouswork,OnthePrinciplesofPoliticalEconomyandTaxation,firstappearedin1817.fromtheEncyclopediaAmericanaEDJOHNSONEdJohnsonwasbornin1917inStar,Illinois.HereceivedadegreeinengineeringfromtheUniversityofIllinoisin1939.JohnsonservedintheU.S.ArmyduringWorldWarII,achievingtherankofmajor.HeearnedaSilverStarforgallantryinactionatOmahaBeachintheD-Dayopera-tion.Afterthewar,hereturnedtoStartoworkintheStellarTelevisionCompany.Hewasnamedpresidentofthecompanyin1955.HemarriedMarthaHellmanin1948.TheJohnsonshadtwochildren,StevenandSusan.xxiAuthor'**NoteTheStellarTelevisionCompany;Star,Illinois,anditscitizens;andCongressmanFrankBatesareproductsoftheauthor'simagina-tion.Anyresemblanceofthesecharacterstoanypersons,livingordead,ispurelycoincidental.Alloftheothercompaniesandpeoplearereal.IhavetriedtoportraythemandtheAmericaneconomyasaccu-ratelyaspossible.Sourcesarefoundattheconclusionofthestory,inChapter17.xiiCHAPTERMinutesoftheHeavenlyCourt:SoulofDavidRicardoINITIALTRIALDATE:September11,1823MAGISTRATE:Pleasestatepertinentbiographicaldetail.DEFENDANT:Iwasbornin1772andgiventhenameDavidRicardo.Mymother,peacebeuponher,namedmeafterKingDavid,writerofpsalms,sweetsingerofIsrael.SheMAGISTRATE:Mr.Ricardo.Lesslyricism.Morefacts.Occupation?DEFENDANT:Iwaschieflyafinancier,thenlaterapolitician.MAGISTRATE:Speakup,Mr.Ricardo.Youroccupationwillnotbeheldagainstyou.Whatdoyouconsideryourmostimportantachievementwhileyouwerealive?DEFENDANT:Mytheoryofcomparativeadvantage.Outlinedinmy1817book,OnthePrinciplesofPoliticalEconomyandTaxation,thetheoryshowedhownationsbenefitfromfreetrade.Inaddition,asamemberoftheBritishPar-liament,Ispokenumeroustimesonthedangersofpro-tectionismandthebenefitsoffreetrade.MAGISTRATE:Wereyourviewsheeded?DEFENDANT:Notyet,butintimeIbelieveMAGISTRATE:Thatwillbeall,Mr.Ricardo.Youaresentencedtoaperiodofwanderinguntilfurtherevidenceisbroughttotheattentionofthiscourt.REQUESTFORRETRIALDATE:December18,1846MAGISTRATE:Mr.Ricardo.Youhaverequestedthishearingtoputforwardadditionalevidenceyoubelieverelevanttoyourcase.DEFENDANT:Yes.Iamhappytoreportthatdownbelow,mynativecountryofEnglandhasabolishedtheCornLawsthatprotectedBritishfarmersfromforeigncompetition.Irequestthatthecourtconsiderreopeningmycase.MAGISTRATE:Requestdismissed.Itistooearlytotellifthischangeistemporaryorpermanent.Inaddition,donotvirtually1CHAPTER1MinutesoftheHeavenlyCourt:SoulofDavidRicardoallnationsoutsideofBritainstillpracticeextensivetraderestrictions?DEFENDANT:Yes,butMAGISTRATE:Thatwillbeall,Mr.Ricardo.REQUESTFORTOUCHINGDOWNDATE:July13,1960MAGISTRATE:Mr.Ricardo.Youhaverequestedanopportunitytointerveneinhumanaffairstoremoveyourstatusasawanderer.Whatevidencejustifiesyourrequest?DEFENDANT:IbelievetheUnitedStatesisabouttoembarkonapolicyofprotectionismthatwilldestroytheAmericaneconomy.IrequestoneeveningonEarthtohelpputAmericaonthepathoffreertradeandprosperity.MAGISTRATE:Requestgranted.Yourealize,Mr.Ricardo,thatawan-dererisallowedonlyoneperiodoftouchingdownduringtheprobationaryperiod.DEFENDANT:Yes,sir.1feelconfidentthatMAGISTRATE:Thatwillbeall,Mr.Ricardo.Goodluck.AndGodspeed.CHAPTER3TheChallengeofForeignCompetitionWThenourfactoryopened,aworkermade$50perweek,%/%/andoveratWillie'sApplianceStore,aStellartelevisioncost$250.Soittookaworkerfiveweeksofworktoearnatelevision.Today,theaverageworkerinthatfactorymakes$100perweekandWilliegets$200foraStellartelevisiontwoweeksofworktoearnatelevision.That'showImeasureoursuccesshowmanyhoursittakesoneofyoutoearnoneofourproducts.Thatnumberhasbeenfallingsincethefirstyearofoperation."ThatwasEdJohnsontalkingbackin1959,ayearbeforeItoucheddown.Ed'sthechiefexecutiveofficerofStellarTelevisionCompany.TheirheadquartersareinStar.Illinois,thedestinationformyonenightbackonEarth.Ifyouhadbeendeadfor137yearsandhadoneeveningbackonEarth,youprobablywouldn'theadforatownof100,000peopleinIllinois.ButEdJohnsonandStarholdthekeytomyfutureandAmerica's.Ithoughtyou'dliketogettoknowEdandhiscompanybeforeItoucheddown.Edwasspeakingattheannualcompanypicnic,heldeveryyearinJohnsonPark.Theynamedtheparkforhisfather,whostartedthecom-pany.Edalwayshasagreattime.Hebringsthefamily,tearshispantsslid-ingintosecondinthesoftballgame,andeatsalotoffriedchickenandpotatosalad.Edgetsalongfinewiththeworkersheworkedinthefac-toryinhighschoolbeforeheadingofftostudyengineering.Stellarhasthreeotherfactoriesaroundthestate,buttheoneinStar'sthebiggest.Inagoodmonth,the5,000workersinStarmake80,000televisions.AsyoucantellfromEd'sspeech,Edisprettyproudofhiscompany.Butwalkinghomefromthepicnic,hiswifeMarthasensedsomethingwaswrong.Shewaiteduntiltheirtwochildrenranupaheadandoutofearshot."What'sbotheringyou,dear?""Foreigncompetition.JapanesetelevisionsarecomingintoAmerica.Ialmosthadtolayoffworkersthismonth.AndImayhavetolowerwagesandbreakthestreakItalkedaboutthisafternoon.""Oh,honey,you'reteasing.Peopleknowthat'MadeinJapan'meansjunk.NooneisgoingtobuyaJapanesetelevision.""Somearebuyingthemnow."CHAPTER2TheChallengeofForeignCompetitionCHAPTER2TheChallengeofForeignCompetition5nightinIllinois.Hisworkershadneverfaredbetter.Stellartelevisionsweresellingfor$300,buthisworkersearnedupto$200aweek,workingonlyaweekandahalftoearnatelevision.Theplantwasatfullcapacity,andtherehadbeentalkofexpanding.WhatwasbotheringEdJohnson?At2:00A.M.Edheadeddownstairsforaglassofmilkandapieceofchocolatecake.Hewentbackupstairstotheden,talkingtohimself.Hewalkedovertothehi-fi,putonFrankSinatra'sOnlytheLonely,andplacedtheneedleonthemournful"OneforMyBaby.""Neverdidlikegovernment,"hemuttered."IadmitthatquotabillsurehasbeengoodforStellarTelevision.ButI'mworriedaboutabillthatwouldlimitallforeignimports.Televisionsaredifferent.ElectronicsarethefutureofAmerica.Butallproducts?Maybeitwon'tturnoutsowell."Thatwasmycue.SowhileEdwaspacingtheroom,IgottheMagis-tratetoapprovemyrequesttocomebacktoEarthforanight.ThenIpoppedintotheleatherarmchairinthecorner.Eddidn'tseemeatfirst;hewastoobusydiggingatrenchinthecarpet.WhenIfinallycaughthiseye,hecametoafullstopandgaveoutasnortofbreath.Hiswordsofgreetingwereanervousstaccato."Whoa,myfriend,whothehellareyou?"IhadnotheardmuchprofanityfromEdJohnsoninalltheyearsIhadobservedhim.Arrivingunannouncedinaman'sdenattwointhemorningwilljareventhemostpeacefulspirit."MynameisDavid,butyoucancallmeDave.I'm""Lookhere,Dave,"saidEdgently,"areyouhungry?There'sfriedchickendownstairs.Howaboutapiece?"Edhadtakenmeforabeggarofsomekind,lookingforawarmplacetostayandameal.Nocalltotheauthorities.Justanofferofhelp."Thankyoukindly,Mr.Johnson.IwishIcouldacceptyouroffer,Itrulydo.WhereIcomefrom,wedon'tgethungry.""Plentytoeatwhereyoucomefrom,then?"askedEdinanervousvoice.ThetemperaturehadfallenintheroomandEdbegancheckingthewindowswhilehewastalking,lookingforadraft."Thewindowsareallfine,Mr.Johnson.Thatdraftyou'refeelingismydoing.I'mafraid.It'sanaturalconsequencewhenawanderertouchesdown.""Awanderer?""Yes.Mr.Johnson,haveyoueverseenIt'saWonderfulLife?""Ofcourse.SeeiteveryChristmas.Oneofmyfavoritemovies.""YourememberClarenceinthatfilm?""Sure.ClarencewasGeorgeBailey'sguardianangel.Greathowhegothiswingsintheend.Now,Dave,let'sheaddownstairs.I'msurethere'ssomethingintheiceboxtointerestyou.""I'mafraiditdoesn'tquiteworkthatway."Thenextmorning,afterarestlessnight.EddroveintoChicagoandtookaplanetoWashington.Hemetwithhiscongressman,FrankBates.HeaskedforalimitonimportsofJapanesetelevisions.Eliminatingfor-eigncompetitionwouldkeepthejobsandwagesofhisworkerssafe."Wellnow,Ed,Ijustdon'tknow.You'vebeengoodtome,alwayshelpingoutwiththecampaign,andIappreciatethat.Butthiskindofbillistricky.Peoplewantalevelplayingfield.CompetitionistheAmericanwayoflife.PlayingtoughwiththeJapaneseisn'tgoingtolookgood.""That'snonsense,Frank.Weinventedthetelevision.TheJapanesestoleitfromus.Nowthey'restealingourjobs.IfgoodjobsgotoJapan,whatwillwereplacethemwith?WhatwillhappentoStar?AndwhatwillhappentothecompaniesaroundChicagothatsupplyus?IfStellarTele-visioncloses,thetroubledoesn'tendinStar,itjustbeginsthere!Wecan'tlettheJapanesegetahead.They'llgetallthefutureinventionsinelec-tronicsifourtelevisionindustrydisappears.""Ihearwhatyou'resaying,Ed.Hey,IfoughtinthePacific.Listen,Ed.There'sserioustalkofmemakingarealrunattheWhiteHouse.Idon'tneedsometradebillaroundmyneck.LetmegetintheWhiteHouse,andthenIcanhelp.""Howareyougoingtorunforpresidentifpeopleinyourhomedis-trictarehavingtroublemakingendsmeet?AbilllikethiscanputyouintheWhiteHouse.Youjusthavetoexplainitright.BuyingAmericanwillmakeAmericarichagain.""Itsoundsbetterwhenyouputitthatway.Letmethinkitover."FrankBatesthoughtitoveranddecidedtosponsorabillbanningforeigntelevisions.Everymonthanother80,000televisionscameoffthelineatStellarTelevision,andeverymonththerewasmoretalkofCon-gressmanBatesbecomingPresidentBatessomeday.Histradebillban-ningimportsoftelevisionspassed.Hestartedspeakingaboutaplantokeepoutallforeignproductsentirely,topassonthebenefitstootherindustries,notjusttelevisions.Thatplanbecamethecenterpieceofhispresidentialcampaign.EdJohnsondidalotoftravelingandspeakingforFrankBates,defendingprotectionism.Bythesummerof1960,FrankBateswasevenmoneytogethisparty'snomination.HeaskedEdtomakeoneofhisnominatingspeechesattheconvention.Edhesitated,butFrankexplainedthathisstaffwouldwritethespeechforhim.EdwouldtalkaboutthegloryofAmericaandtheimportanceofprotectingbasicAmericanindustriesfromforeigncompetition.He'dexplainhowFrank'seconomicpolicieswouldleadtoprosperityforall,justasithadforStellar'sworkersandthecitizensofStar.Itdidn'tseemtoodifficult.Edsaidyes.ThenightbeforehisplanewasduetoleavefortheconventioninLosAngeles,EdJohnsontossedandturnedinbed,unabletosleep.Hehadpracticedhisspeech.HiswifeandkidswerehealthyandasleeponaJulyCHAPTER2TheChallengeofForeignCompetition"Whatdoesn'tworkwhatway?""Gettingthewings.Mr.Caprawasmerelybeingfanciful.""Isthatso?"Edreachedforthetelephoneonhisdesk."Whywon'tthisphonework?"Edasked,speakingtohimself."Probablymydoing,thoughIdaresayIcan'texplainit.Moreinyourlineofwork,Iwouldventure.Electricity,televisions""Listen,Mr.Davidwhatever-your-last-name-is""Ricardo.""Listen,Mr.Ricardo,ifyou'vecutmyphoneline,Iamgoingtolosemysenseofhumor""Calmdown,Mr.Johnson.RememberinIt'saWonderfulLifehowClarenceproveshe'sanangel?Ijusthavetodosomethingsimilarforyou.""Whydon'tyoutellmewhyI'meatingmilkandchocolatecake?""Nottoodifficult.Whenyouwereaboy,youusedtogodownstairswithyourfatheronthepretextofmakingsurethelightswereout.Hewouldgiveyouaglassofmilkandapieceofchocolatecake.YouandStevenhavecontinuedtheritual,buttonight,itistoolateforSteven."Edsatdown.I'dgottenhisattention."Parlortricksaresodemeaning,Ed.MayIcallyouEd?Iknowyouverywell,farbetterthanonewhowouldknowaboutthescaronyourkneefromthatnastyfallasachild.Suchknowledgedoesnote 01336 The Choice A Fable of Free Trade and Protectionism (3rd Edition).pdf The Choice A Fable of Free Trad zhaohailei 1336 0 2010-09-25 The Choice: A Fable of Free Trade and Protectionism (3rd Edition) Publisher: Prentice Hall ISBN : 0131433547 October 8, 2006 144 pages PDF 47.7MB TheChoiceAFableofFreeTradeandProtectionismTheChoiceAFableofFreeTradeandProtectionismThirdEditionRussellRobertsGeorgeMasonUniversityUpperSaddleRiver,NewJersey07458Tomyparents,TedandShirleyRoberts,whotaughtmetoloveworth,life,andtheworldLibraryofCongressCataloging-in-PublicationDataRoberts.RussellD.Thechoice:afableoffreetradeandprotectionism/RussellD.Roberts.3rded.p.cm.Includesindex.ISBN0-13-143354-71.Freetrade.2.Protectionism.3.FreetradeUnitedStates.4.ProtectionismUnitedStates.5.Ricardo,David.1772-1823.I.Title.HF1713.R6152007330.12'2dc222006025248Editor:JonAxelrodVP/EditorialDirector:JeffShelstadEditorialAssistant:MichaelDittamoAssistantEditor:MaryKateMurrayAVP/ExecutiveMarketingManager:SharonKochMarketingAssistant:PatrickBarberaManagingEditor(Production):CynthiaZonneveldProductionEditor:MelissaFeimerPermissionsSupervisor:CharlesMorrisManufacturingBuyer:MichelleKleinCoverPhoto:HultonArchive/Taxi/GettyImagesComposition/Full-ServiceProjectManagement:StratfordPublishingServicesCopyright2007,2001byPearsonEducation,Inc.,UpperSaddleRiver,NewJersey,07458.PearsonPrenticeHall.Allrightsreserved.PrintedintheUnitedStatesofAmerica.ThispublicationisprotectedbyCopyrightandpermissionshouldbeobtainedfromthepub-lisherpriortoanyprohibitedreproduction,storageinaretrievalsystem,ortransmissioninanyformorbyanymeans,electronic,mechanical,photocopying,recording,orlikewise.Forinformationregardingpermission(s),writeto:RightsandPermissionsDepartment.PearsonPrenticeHallisatrademarkofPearsonEducation.Inc.PearsonisaregisteredtrademarkofPearsonpicPrenticeHallisaregisteredtrademarkofPearsonEducation,Inc.PearsonEducationLTD.PearsonEducationAustraliaPTY,LimitedPearsonEducationSingapore,Pte.LtdPearsonEducationNorthAsiaLtdPearsonEducation.Canada.LtdPearsonEducaciondeMexico,S.A.deC.V.PearsonEducation-JapanPearsonEducationMalaysia,Pte.Ltd109876543ISBN0-13-143354-7PrefacetotheThirdEditionThefirsteditionofthisbookwaswrittenintheearly1990s,whenAmericanswereworriedaboutthethreatofJapantoourstandardofliving.ThesecondeditionwaswrittenafterthepassageofNAFTA,whenAmericanswereworriedthatMexicowasathreattoourstandardofliving.Bothofthosethreatsandthefearstheycreatedturnedouttobeshortlived.IbelievethatcurrentfearsaboutChinaandIndia'sthreattoourstandardoflivingwillturnoutthesameway.IhaveupdatedthiseditiontodiscussthegrowingeconomicstrengthofChinaandIndia.JustasworriesabouttradewithJapanandMexicoturnedouttobegrosslyinaccurate,IdonotbelievethatChinaandIndiaposeanyeconomicthreattoAmerica.Infact,theoppositeistrue.TradewithChinaandIndiaisgoodformostAmericans.TradewithChinaandIndiamakesAmericaarichercountryinboththefinancialsenseandinthesenseofexpandedopportunitytoliveameaningfullife.Inadditiontoupdatingthenumbersto2005wherepossible,thisneweditionaddschaptersontheroleofmanufacturingjobsinoureconomy,theeconomiceffectsofoutsourcing,andtheroleoftheWorldBankandtheInternationalMonetaryFundinfightingglobalpoverty.IhavealsotriedtoimprovethediscussionofcomparativeadvantageandmovedmaterialtowhereIthoughtitmadethemostsense.RussellRoberts(robertsgmu.edu)GeorgeMasonUniversityFairfax,VirginiaMay2006VAcknowledgment**heTalmudsays.'ihavelearnedmuchfrommyteachers,morefrommycolleagues,andmostofallfrommystudents"(Taanis7a).My*generalinterestintradebeganwithMiltonFriedman'sCapitalismandFreedomandcontinuedduringmyundergraduateyearsattheUni-versityofNorthCarolinawithacoursefromJamesIngram.HisbookInternationalEconomicProblemsusesametaphorofanimport/exportbusinessasafactorythathelpedinspiremyapproachhere.IngraduateschoolattheUniversityofChicago,IwasfortunatetolearnabouttradeissuesinmymicroeconomicsclassfromD.McCloskey.Thediagramsandintuitionfromthatclassgreatlyinfluencedmyteach-ingandthinking.1havetaughtthatanalysistothousandsofstudentswhileteachingattheUniversityofRochester,StanfordUniversity,UCLA,WashingtonUniversityinSt.Louis,andGeorgeMasonUniver-sity.ManyofthequestionsaskedbythosestudentshavefoundtheirwaytothemouthofEdJohnson.Iamgratefultomystudentsfortheirpas-sion,questions,andinterest.GeorgeStiglergavemeanenormousdoseofskepticismaboutindus-trystatementsontheirmotivesforsupportinggovernmentlegislation.Iamsorryhedidnotlivetoseethisbook.IwouldhavelovedtochatwithhimaboutDavidRicardo.I'mgratefultoJonAxelrodofPrenticeHallforpushingmetodoathirdedition.IwishtothankHowardSwaineandDanStastnyforfindingmistakesorsourcesofconfusioninthepreviousedition.MichaelCardwelldidasuperbjobontheresearchtobringthenumbersuptodateforthisnewedition.Anyerrorsaremyown.IwanttothankVirginiaPostrelfortheinsightthatnotalljobsinAmericaendupinMississippiorArkansasjustbecausewagesarelowthere.IparticularlywanttothankmycolleagueDonBoudreauxforhoursofconversationoncomparativeadvantage,outsourcing,andthetradedeficit.IhavelearnedanimmenseamountfromDon,andmuchofthatknowledgeisinthesepages.IthankMenloSmithforguidanceandsupport.IwishtothankDanGressel,KentKimbrough,JohnLottJr.,andRichardMcKenzieformanyhelpfulconversationsabouttradeissues.viiDAVIDRICARDOEnglisheconomist,widelyregardedasoneofthegreatestpractitionersofthedeductivemethodofanalysisineconomics.HewasborninLondononApril18,1772,toorthodoxJewishparentsandstudiedfromtheageof11to13attheTalmudTorahattachedtothePortugueseSynagogueinAms-terdam.RicardobecameestrangedfromhisfamilywhenhebecameaUnitarianandmarriedaQuakerin1793.HewasfirstemployedbyhisfatherintheLondonStockExchangein1786andoperatedthereinde-pendentlyfrom1793to1816.By1813,hehadamassedalargefortuneandretiredfrombusiness.HeservedintheHouseofCommonsasthemem-berfromPortarlingtonfrom1819untilhisdeathinGloucestershireonSeptember11,1823.Ricardo'smostfamouswork,OnthePrinciplesofPoliticalEconomyandTaxation,firstappearedin1817.fromtheEncyclopediaAmericanaEDJOHNSONEdJohnsonwasbornin1917inStar,Illinois.HereceivedadegreeinengineeringfromtheUniversityofIllinoisin1939.JohnsonservedintheU.S.ArmyduringWorldWarII,achievingtherankofmajor.HeearnedaSilverStarforgallantryinactionatOmahaBeachintheD-Dayopera-tion.Afterthewar,hereturnedtoStartoworkintheStellarTelevisionCompany.Hewasnamedpresidentofthecompanyin1955.HemarriedMarthaHellmanin1948.TheJohnsonshadtwochildren,StevenandSusan.xxiAuthor'**NoteTheStellarTelevisionCompany;Star,Illinois,anditscitizens;andCongressmanFrankBatesareproductsoftheauthor'simagina-tion.Anyresemblanceofthesecharacterstoanypersons,livingordead,ispurelycoincidental.Alloftheothercompaniesandpeoplearereal.IhavetriedtoportraythemandtheAmericaneconomyasaccu-ratelyaspossible.Sourcesarefoundattheconclusionofthestory,inChapter17.xiiCHAPTERMinutesoftheHeavenlyCourt:SoulofDavidRicardoINITIALTRIALDATE:September11,1823MAGISTRATE:Pleasestatepertinentbiographicaldetail.DEFENDANT:Iwasbornin1772andgiventhenameDavidRicardo.Mymother,peacebeuponher,namedmeafterKingDavid,writerofpsalms,sweetsingerofIsrael.SheMAGISTRATE:Mr.Ricardo.Lesslyricism.Morefacts.Occupation?DEFENDANT:Iwaschieflyafinancier,thenlaterapolitician.MAGISTRATE:Speakup,Mr.Ricardo.Youroccupationwillnotbeheldagainstyou.Whatdoyouconsideryourmostimportantachievementwhileyouwerealive?DEFENDANT:Mytheoryofcomparativeadvantage.Outlinedinmy1817book,OnthePrinciplesofPoliticalEconomyandTaxation,thetheoryshowedhownationsbenefitfromfreetrade.Inaddition,asamemberoftheBritishPar-liament,Ispokenumeroustimesonthedangersofpro-tectionismandthebenefitsoffreetrade.MAGISTRATE:Wereyourviewsheeded?DEFENDANT:Notyet,butintimeIbelieveMAGISTRATE:Thatwillbeall,Mr.Ricardo.Youaresentencedtoaperiodofwanderinguntilfurtherevidenceisbroughttotheattentionofthiscourt.REQUESTFORRETRIALDATE:December18,1846MAGISTRATE:Mr.Ricardo.Youhaverequestedthishearingtoputforwardadditionalevidenceyoubelieverelevanttoyourcase.DEFENDANT:Yes.Iamhappytoreportthatdownbelow,mynativecountryofEnglandhasabolishedtheCornLawsthatprotectedBritishfarmersfromforeigncompetition.Irequestthatthecourtconsiderreopeningmycase.MAGISTRATE:Requestdismissed.Itistooearlytotellifthischangeistemporaryorpermanent.Inaddition,donotvirtually1CHAPTER1MinutesoftheHeavenlyCourt:SoulofDavidRicardoallnationsoutsideofBritainstillpracticeextensivetraderestrictions?DEFENDANT:Yes,butMAGISTRATE:Thatwillbeall,Mr.Ricardo.REQUESTFORTOUCHINGDOWNDATE:July13,1960MAGISTRATE:Mr.Ricardo.Youhaverequestedanopportunitytointerveneinhumanaffairstoremoveyourstatusasawanderer.Whatevidencejustifiesyourrequest?DEFENDANT:IbelievetheUnitedStatesisabouttoembarkonapolicyofprotectionismthatwilldestroytheAmericaneconomy.IrequestoneeveningonEarthtohelpputAmericaonthepathoffreertradeandprosperity.MAGISTRATE:Requestgranted.Yourealize,Mr.Ricardo,thatawan-dererisallowedonlyoneperiodoftouchingdownduringtheprobationaryperiod.DEFENDANT:Yes,sir.1feelconfidentthatMAGISTRATE:Thatwillbeall,Mr.Ricardo.Goodluck.AndGodspeed.CHAPTER3TheChallengeofForeignCompetitionWThenourfactoryopened,aworkermade$50perweek,%/%/andoveratWillie'sApplianceStore,aStellartelevisioncost$250.Soittookaworkerfiveweeksofworktoearnatelevision.Today,theaverageworkerinthatfactorymakes$100perweekandWilliegets$200foraStellartelevisiontwoweeksofworktoearnatelevision.That'showImeasureoursuccesshowmanyhoursittakesoneofyoutoearnoneofourproducts.Thatnumberhasbeenfallingsincethefirstyearofoperation."ThatwasEdJohnsontalkingbackin1959,ayearbeforeItoucheddown.Ed'sthechiefexecutiveofficerofStellarTelevisionCompany.TheirheadquartersareinStar.Illinois,thedestinationformyonenightbackonEarth.Ifyouhadbeendeadfor137yearsandhadoneeveningbackonEarth,youprobablywouldn'theadforatownof100,000peopleinIllinois.ButEdJohnsonandStarholdthekeytomyfutureandAmerica's.Ithoughtyou'dliketogettoknowEdandhiscompanybeforeItoucheddown.Edwasspeakingattheannualcompanypicnic,heldeveryyearinJohnsonPark.Theynamedtheparkforhisfather,whostartedthecom-pany.Edalwayshasagreattime.Hebringsthefamily,tearshispantsslid-ingintosecondinthesoftballgame,andeatsalotoffriedchickenandpotatosalad.Edgetsalongfinewiththeworkersheworkedinthefac-toryinhighschoolbeforeheadingofftostudyengineering.Stellarhasthreeotherfactoriesaroundthestate,buttheoneinStar'sthebiggest.Inagoodmonth,the5,000workersinStarmake80,000televisions.AsyoucantellfromEd'sspeech,Edisprettyproudofhiscompany.Butwalkinghomefromthepicnic,hiswifeMarthasensedsomethingwaswrong.Shewaiteduntiltheirtwochildrenranupaheadandoutofearshot."What'sbotheringyou,dear?""Foreigncompetition.JapanesetelevisionsarecomingintoAmerica.Ialmosthadtolayoffworkersthismonth.AndImayhavetolowerwagesandbreakthestreakItalkedaboutthisafternoon.""Oh,honey,you'reteasing.Peopleknowthat'MadeinJapan'meansjunk.NooneisgoingtobuyaJapanesetelevision.""Somearebuyingthemnow."CHAPTER2TheChallengeofForeignCompetitionCHAPTER2TheChallengeofForeignCompetition5nightinIllinois.Hisworkershadneverfaredbetter.Stellartelevisionsweresellingfor$300,buthisworkersearnedupto$200aweek,workingonlyaweekandahalftoearnatelevision.Theplantwasatfullcapacity,andtherehadbeentalkofexpanding.WhatwasbotheringEdJohnson?At2:00A.M.Edheadeddownstairsforaglassofmilkandapieceofchocolatecake.Hewentbackupstairstotheden,talkingtohimself.Hewalkedovertothehi-fi,putonFrankSinatra'sOnlytheLonely,andplacedtheneedleonthemournful"OneforMyBaby.""Neverdidlikegovernment,"hemuttered."IadmitthatquotabillsurehasbeengoodforStellarTelevision.ButI'mworriedaboutabillthatwouldlimitallforeignimports.Televisionsaredifferent.ElectronicsarethefutureofAmerica.Butallproducts?Maybeitwon'tturnoutsowell."Thatwasmycue.SowhileEdwaspacingtheroom,IgottheMagis-tratetoapprovemyrequesttocomebacktoEarthforanight.ThenIpoppedintotheleatherarmchairinthecorner.Eddidn'tseemeatfirst;hewastoobusydiggingatrenchinthecarpet.WhenIfinallycaughthiseye,hecametoafullstopandgaveoutasnortofbreath.Hiswordsofgreetingwereanervousstaccato."Whoa,myfriend,whothehellareyou?"IhadnotheardmuchprofanityfromEdJohnsoninalltheyearsIhadobservedhim.Arrivingunannouncedinaman'sdenattwointhemorningwilljareventhemostpeacefulspirit."MynameisDavid,butyoucancallmeDave.I'm""Lookhere,Dave,"saidEdgently,"areyouhungry?There'sfriedchickendownstairs.Howaboutapiece?"Edhadtakenmeforabeggarofsomekind,lookingforawarmplacetostayandameal.Nocalltotheauthorities.Justanofferofhelp."Thankyoukindly,Mr.Johnson.IwishIcouldacceptyouroffer,Itrulydo.WhereIcomefrom,wedon'tgethungry.""Plentytoeatwhereyoucomefrom,then?"askedEdinanervousvoice.ThetemperaturehadfallenintheroomandEdbegancheckingthewindowswhilehewastalking,lookingforadraft."Thewindowsareallfine,Mr.Johnson.Thatdraftyou'refeelingismydoing.I'mafraid.It'sanaturalconsequencewhenawanderertouchesdown.""Awanderer?""Yes.Mr.Johnson,haveyoueverseenIt'saWonderfulLife?""Ofcourse.SeeiteveryChristmas.Oneofmyfavoritemovies.""YourememberClarenceinthatfilm?""Sure.ClarencewasGeorgeBailey'sguardianangel.Greathowhegothiswingsintheend.Now,Dave,let'sheaddownstairs.I'msurethere'ssomethingintheiceboxtointerestyou.""I'mafraiditdoesn'tquiteworkthatway."Thenextmorning,afterarestlessnight.EddroveintoChicagoandtookaplanetoWashington.Hemetwithhiscongressman,FrankBates.HeaskedforalimitonimportsofJapanesetelevisions.Eliminatingfor-eigncompetitionwouldkeepthejobsandwagesofhisworkerssafe."Wellnow,Ed,Ijustdon'tknow.You'vebeengoodtome,alwayshelpingoutwiththecampaign,andIappreciatethat.Butthiskindofbillistricky.Peoplewantalevelplayingfield.CompetitionistheAmericanwayoflife.PlayingtoughwiththeJapaneseisn'tgoingtolookgood.""That'snonsense,Frank.Weinventedthetelevision.TheJapanesestoleitfromus.Nowthey'restealingourjobs.IfgoodjobsgotoJapan,whatwillwereplacethemwith?WhatwillhappentoStar?AndwhatwillhappentothecompaniesaroundChicagothatsupplyus?IfStellarTele-visioncloses,thetroubledoesn'tendinStar,itjustbeginsthere!Wecan'tlettheJapanesegetahead.They'llgetallthefutureinventionsinelec-tronicsifourtelevisionindustrydisappears.""Ihearwhatyou'resaying,Ed.Hey,IfoughtinthePacific.Listen,Ed.There'sserioustalkofmemakingarealrunattheWhiteHouse.Idon'tneedsometradebillaroundmyneck.LetmegetintheWhiteHouse,andthenIcanhelp.""Howareyougoingtorunforpresidentifpeopleinyourhomedis-trictarehavingtroublemakingendsmeet?AbilllikethiscanputyouintheWhiteHouse.Youjusthavetoexplainitright.BuyingAmericanwillmakeAmericarichagain.""Itsoundsbetterwhenyouputitthatway.Letmethinkitover."FrankBatesthoughtitoveranddecidedtosponsorabillbanningforeigntelevisions.Everymonthanother80,000televisionscameoffthelineatStellarTelevision,andeverymonththerewasmoretalkofCon-gressmanBatesbecomingPresidentBatessomeday.Histradebillban-ningimportsoftelevisionspassed.Hestartedspeakingaboutaplantokeepoutallforeignproductsentirely,topassonthebenefitstootherindustries,notjusttelevisions.Thatplanbecamethecenterpieceofhispresidentialcampaign.EdJohnsondidalotoftravelingandspeakingforFrankBates,defendingprotectionism.Bythesummerof1960,FrankBateswasevenmoneytogethisparty'snomination.HeaskedEdtomakeoneofhisnominatingspeechesattheconvention.Edhesitated,butFrankexplainedthathisstaffwouldwritethespeechforhim.EdwouldtalkaboutthegloryofAmericaandtheimportanceofprotectingbasicAmericanindustriesfromforeigncompetition.He'dexplainhowFrank'seconomicpolicieswouldleadtoprosperityforall,justasithadforStellar'sworkersandthecitizensofStar.Itdidn'tseemtoodifficult.Edsaidyes.ThenightbeforehisplanewasduetoleavefortheconventioninLosAngeles,EdJohnsontossedandturnedinbed,unabletosleep.Hehadpracticedhisspeech.HiswifeandkidswerehealthyandasleeponaJulyCHAPTER2TheChallengeofForeignCompetition"Whatdoesn'tworkwhatway?""Gettingthewings.Mr.Caprawasmerelybeingfanciful.""Isthatso?"Edreachedforthetelephoneonhisdesk."Whywon'tthisphonework?"Edasked,speakingtohimself."Probablymydoing,thoughIdaresayIcan'texplainit.Moreinyourlineofwork,Iwouldventure.Electricity,televisions""Listen,Mr.Davidwhatever-your-last-name-is""Ricardo.""Listen,Mr.Ricardo,ifyou'vecutmyphoneline,Iamgoingtolosemysenseofhumor""Calmdown,Mr.Johnson.RememberinIt'saWonderfulLifehowClarenceproveshe'sanangel?Ijusthavetodosomethingsimilarforyou.""Whydon'tyoutellmewhyI'meatingmilkandchocolatecake?""Nottoodifficult.Whenyouwereaboy,youusedtogodownstairswithyourfatheronthepretextofmakingsurethelightswereout.Hewouldgiveyouaglassofmilkandapieceofchocolatecake.YouandStevenhavecontinuedtheritual,buttonight,itistoolateforSteven."Edsatdown.I'dgottenhisattention."Parlortricksaresodemeaning,Ed.MayIcallyouEd?Iknowyouverywell,farbetterthanonewhowouldknowaboutthescaronyourkneefromthatnastyfallasachild.Suchknowledgedoesnote 01336 49 / A Literary Anthropology of Freedom and Choice.pdf 15 73.6KB [] AugustineOn the Free Choice of the WillOn Grace and Free Choice and Other WritingsCambridge.pdf 292 2.3MB Augustine On the Free Choice of the WillOn Grace and Free Choice and Other WritingsCambridge [] On the Free Choice of the WillOn Grace and Free Choice and Other WritingsCambridge.pdf 24 2.3MB [] FreeTradeorProtectionism.doc 9 65.5KB [] The Choice (3rd Edition)-1.pdf 2 7.9MB free trade theory[] A Free Trade Area of the Americas Status of Negotiations and Major Policy Issues.pdf 1 41.7KB [] Free Trade and Other Fundamental Doctrines of the Manchester School.pdf 6 26.6MB [] A mental-model-theoretic account of Free Choice Permission.pdf 3 1.3MB [] Valuation Measuring and Managing the Value of Companies - 3rd edition.pdf 1635 16.2MB [] Valuation Measuring and Managing the Value of Companies 3rd edition.pdf 938 16.2MB [] .docx 21.docx hunry.docx .docx Gail.docx Renata.docx .docx .docx .docx .docx xiang.docx .docx pan.docx wang.docx .docx de.docx 0/200 .pdf 30.pdf ,19,, .pdf ++1 11-.pdf .pdf .pdf .pdf Options Futures .PDF Introduction to 19.p An Introduction .pdf .txt .pdf ..pdf .p .pdf Equity Managemen . 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