Preview - International Trade

International Trade

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International Trade (30:00)

Item# 10851
©1999

Free trade is a vital source of economic growth, yet it is frequently endangered by the protectionist demands of special interest groups. Module one of this program uses the Hungarian clothing industry to illustrate the comparative advantages of international trade; module two goes inside the WTO, the only international body dealing with the rules of trade between nations; and module three seeks to understand strategic trade policy through the example of Airbus Industries. (30 minutes)

Segments in this Video - (9)

1. Comparative Advantage (02:03)

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Free International Trade of goods and services increases the wealth among people in all countries. The comparative advantage in Hungary is the low salaries that lure investors.

2. Garments Industry (02:31)

The Elit garment factory in Hungary focuses on making a profit by offering low wages. Experienced skilled workers are worth a lot and cost little.

3. Regional Specialization (02:29)

Elit has a comparative advantage in the garment industry because of low salaries, a long tradition, and high competence.

4. Real Advantage (02:42)

Free International Trade turns a comparative advantage into a real advantage by creating jobs and distributing wealth.

5. World Trade Organization (02:45)

Since 1994 the WTO's 134 member governments comprise global agreements based on principles of progressive trade liberalization. The hope is to reduce poverty.

6. Disputes (03:43)

The WTO has a special procedure to settle disputes. The smallest countries can win against the largest powers on earth, thus balancing power.

7. Consequences (02:30)

There are ecological concerns, social consequences, and problems with sustainable growth. Problems with economic protectionism leads to the WTO multi-lateral system.

8. Strategic Trade Policy (05:35)

Strategic trade policy allows billions of state subsidies borrowed to Airbus so it could compete with Boeing. The payoff is cheaper plane tickets for consumers.

9. Privatization of Airbus (02:52)

Controversy arises around the privatization of Airbus. The strategic trade policy is in opposition to the WTO.