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Globalisation, Comparative Advantage and the Changing Dynamics of Trade

image of Globalisation, Comparative Advantage and the Changing Dynamics of Trade

The effects of globalisation have been at the forefront of public debate in recent years, fuelled on the one hand by the large benefits of integrated markets, and on the other hand, by the detrimental adjustment effects often experienced by many economies as a result.  Knowing how trade has been evolving over time and the role policy has played in this evolution are critical to understanding the globalisation debate and grasping the lessons for future policy development. The comparative advantage hypothesis has been suggested as one of the principal explanations of international trade and of the benefits associated with openness. It has also provided the intellectual underpinnings for most trade policy in the past 50 years. This book collects OECD work that builds on recent contributions to the theory and empirics of comparative advantage, putting particular emphasis on the role policy can play in shaping trade.

English

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The impact of export restrictions on raw materials on trade and global supply

Export restrictions on raw materials accentuate the challenge of supplying raw materials in a world market context of sharply rising commodity prices. The economic effects of export restrictions are overwhelmingly negative. By diverting exports to domestic markets, export restrictions raise prices for foreign consumers and importers while increasing global uncertainty and negatively affecting investment in extraction and production. Timely and accurate information about government policy is a necessary condition for predictability of supply and risk management in production. This paper presents preliminary findings from an ongoing OECD initiative attempts to contribute to improved transparency by constructing an inventory of export restrictions on critical raw materials.

English

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