专业英语翻译1.docx

专业英语翻译1.docx

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专业英语翻译1

专业翻译英语作业

APPLICATION:

INTERNATIONALTRADE

Ifyoucheckthelabelsontheclothesyouarenowwearing,youwillprobablyfindthatsomeofyourclothesweremadeinanothercountry.AcenturyagethetextilesandclothingindustrywasamajorpartoftheU.S.economy,butthatisnolongerthecase.Facedwithforeigncompetitorsthatcouldproducequalitygoodsatlowcost,manyU.S.firmsfounditincreasinglydifficulttoproduceandselltextilesandclothingataprofit.Asaresult,theylaidofftheirworkersandshutdowntheirfactories.Today,muchofthetextilesandclothingthatAmericansconsumeisimportedfromabroad.

Thestoryofthetextilesindustryraisesimportantquestionsforeconomicpolicy:

Howdoesinternationaltradeaffecteconomicwell-being?

Whogainandwholosesfromfreetradeamongcountries,andhowdothegainscomparetothelosses?

Accordingthestudyofinternationaltradebyapplyingtheprincipleofcomparativeadvantage,allcountriescanbenefitfromtradingwithoneanotherbecausetradeallowseachcountrytospecializeindoingwhatitdoesbest.

Wenowreturntothestudyofinternationaltradeandtakeupthesequestions.Wehavedevelopedmanytoolsforanalyzinghowmarketswork:

marketswork:

supply,demand,equilibrium,consumersurplus,producersurplus,andsoon.Withthesetoolswecanlearnmoreabouttheeffectsofinternationaltradeoneconomicwell-being.

THEDETERMINANTSOFTRADE

Considerthemarketforsteel.Thesteelmarketiswellsuitedtoexaminingthegainsandlossesfrominternationaltrade:

Steelismadeinmanycountriesaroundtheworld,andthereismuchworldtradeinsteel.Moreover,thesteelmarketisoneinwhchpolicymakersoftenconsider（andsometimesimplement）traderestrictionstoprotectdomesticsteelproducersfromforeigncompetitors.WeexamineherethesteelmarketintheimaginarycountryofIsoland.

TheEquilibriumwithoutTrade

Asourstorybegins,theIsolandiansteelmarketisisolatedfromtherestoftheworld.Bygovernmentdecree,nooneinIsolandisallowedtoimportorexportsteel,andthepenaltyforviolatingthedecreeissolargethatnoonedarestry.

FIGURE1TheEquilibriumwithoutInternationalTrade

Becausethereisnointernationaltrade,themarketforsteelinIsolandconsistssolelyofIsolandianbuyersandsellers.AsFigure1shows,thedomesticpriceadjuststobalancethequantitysuppliedbydomesticsellersandthequantitydemandedbydomesticbuyers.Thefigureshowstheconsumerandproducersurplusintheequilibriumwithouttrade.Thesumofconsumerandproducersurplusmeasuresthetotalbenefitsthatbuyersandsellersreceivefromthesteelmarket.

Nowsupposethat,inanelectionupset,Isolandelectsanewpresident.Thepresidentcampaignedonaplatformof“change”andpromisedthevotersboldnewideas.HerfirstactistoassembleateamofeconomiststoevaluateIsolandiantradepolicy.Sheasksthemtoreportbackonthreequestions:

·IfthegovernmentallowedIsolandianstoimportandexportsteel,whatwouldhappentothepriceofsteelandthequantityofsteelsoldinthedomesticsteelmarket?

·Whowouldgainfromfreetradeinsteelandwhowouldlose,andwouldthegainsexceedthelosses?

·Shouldatariff（ataxonsteelimports）oranimportquota（alimitonsteelimports）bepartofthenewtradepolicy?

Afterreviewingsupplyanddemandintheirfavoritetextbook,theIsolandianeconomicsteambeginsitsanalysis.

TheWorldPriceandComparativeAdvantage

ThefirstoureconomiststakeupiswhetherIsolandislikelytobecomeasteelimporterorasteelexporter.Inotherwords,iffreetradewereallowed,wouldIsolandiansendupbuyingorsellingsteelinworldmarkets?

Toanswerthisquestion,theeconomistscomparethecurrentIsolandianpriceofsteeltothepriceofsteelinothercountries.Wecallthepriceprevailinginworldmarketstheworldprice.Iftheworldpriceofsteelishigherthanthedomesticprice,thenIsolandwouldbecomeanexporterofsteeloncetradeispermitted.Isolandiansteelproducerswouldbeeagertoreceivethehigherpricesavailableabroadandwouldstartsellingtheirsteeltobuyersinothercountries.Conversely,iftheworldpriceofsteelislowerthanthedomesticprice,thenIsolandwouldbecomeanimporterofsteel.Becauseforgeignsellersofferabetterprice,Isolandiansteelconsumerswouldquicklystartbuyingsteelfromothercountries.

Inessence,comparingtheworldpriceandthedomesticpricebeforetradeindicateswhetherIsolandhasacomparativeadvantageinproducingsteel.Thedomesticpricereflectstheopportunitycostofsteel:

IttellsushowmuchanIsolandiansteelmustgiveuptogetoneunitofsteel.Ifthedomesticpriceislow,thecostvantageinproducingsteelrelativetotherestoftheworld.Ifthedomesticpriceishigh,thenthecostofproducingsteelinIsolandishigh,suggestingthatforeigncountrieshasacomparativeadvantageinproducingsteel.

Tradeamongnationsisultimatelybasedoncomparativeadvantage.Thatis,tradeisbenefiticialbecauseitallowseachnationtospecializeindoingwhatitdoesbest.Bycomparingtheworldpriceandthedomesticpricebeforetrade,wecandeterminewhetherIsolandisbetterorworseatproducingsteelthantherestoftheworld.

THEWINNERSANDLOSERSFROMTRADE

Toanalyzethewelfareeffectsoffreetrade,theIsolandianeconomistsbeginwiththeassumptionthatIsolandisasmalleconomycomparedtotherestoftheworldsothatitsactionshaveanegligibleeffectonworldmarkets.Thesmall-economyassumptionhasaspecificimplicationforanalyzingthesteelmarket:

IfIsolandisasmalleconomy,thenthechangeinIsoland’stradepolicywillnotaffecttheworldpriceofsteel.TheIsolandiansatesaidtobepricetakersintheworldeconomy.Thatis,theytaketheworldpriceofsteelasgiven.Theycansellsteelatthispriceandbeexportersorbuysteelatthispriceandbeimporters.

Thesmall-economyassumptionisnotnecessarytoanalyzethegainsandlossesfrominternationaltrade.ButtheIsolandianeconomistsknowfromexperiencethatthisassumptiongreatlysimplifiestheanalysis.Theyalsoknowthatthebasiclessonsdonetchangeinthemorecomplicatedcaseofalargeeconomy.

TheGainandLossesofanExportingCountry

Figure2showstheIsolandiansteelmarketwhenthedomesticequilibriumpricebeforetradeisbelowtheworldprice.Oncefreetradeisallowed,thedomesticpricerisestoequaltheworldprice.Nosellerofsteelwouldacceptlessthantheworldprice,andnobuyerwouldpaymorethantheworldprice.

Withthedomesticpricenowequaltotheworldprice,thedomesticquantitysupplieddiffersfromthedomesticquantitydemanded.ThesupplycurveshowsthequantityofsteelsuppliedbuIsolandiansellers.ThedemandcurveshowsthequantityofsteeldemandedbyIsolandianbuyers.Becausethedomesticquantitysuppliedisgreaterthanthedomesticquantitydemanded,Isolandsellssteeltoothercountries.Thus.Isolandbecomesasteelexporter.

Althoughdomesticquantitysuppliedanddomesticquantitydemandeddiffer,thesteelmarketisstillinequilibriumbecausethereisnowanotherparticipantinthemarket:

therestoftheworld.Onecanviewthehorizontallineattheworldpriceasrepresentingthedemandforsteelfromtherestoftheworld.ThisdemandcurveisperfectlyelasticbecauseIsoland,asasmalleconomy,cansellasmuchsteelasitwantsattheworldprice.

FIGURE2InternationalTradeinanExportingCountry

Nowconsiderthegainsandlossesfromopeninguptrade.Clearly,noteveryonebenefits.Tradeforcesthedomesticpricetorisetotheworldprice.Domesticproducersofsteelarebetteroffbecausetheycannowsellsteelatahigherprice,butdomesticconsumersofsteelareworseoffbecausetheyhavetobuysteelatahigherprice.

Tomeasurethesegainsandlosses,welookatthechangesinconsumerandproducersurplus,whichareshowninthegraphandtableinFigure2.Beforetradeisallowed,thepriceofsteeladjuststobalancedomesticsupplyanddomesticdemand.Consumersurplus,theareabetweenthedemandcurveandthebefore-tradeprice,isareaA+B.Producersuiplus,theareabetweenthesupplycurveandthebefore-tradeprice,isareaC.Totalsuiplusbeforetrade,thesumofconsumerandproducersurplus,isareaA+B+C.

Aftertradeisallowed,thedomesticpricerisestotheworldprice.ConsumersuiplusisareaA（theareabetweenthedemandcurveandtheworldprice）.ProducersurplusisareaB+C+D（theareabetweenthesupplycurveandtheworldprice）.Thus,totalsurpluswithtradeisareaA+B+C+D.

Thesewelfarecalculationsshowwhowinsandwholosesfromtradeinanexportingcountry.SellersbenefitbecauseproducersurplusdecreasesbytheareaB.BecausethegainsofsellersexceedthelossesofbuyersbytheareaD,totalsurplusinIsolandincreases.

Thisanalysisofanexportingcountryyieldstwoconclusions:

·Whenacountryallowstradeandbecomesanexporterofagood,domesticproducersofthegoodarebetteroff,anddomesticconsumersofthegoodareworseoff.

·Traderaisestheeconomicwell-beingofanationinthesensethatthegainsofthewinnersexceedthelossesofthelosers.

TheGainsandLossesofanImportingCountry

Nowsupposethatthedomesticpricebeforetradeisabovetheworldprice.Onceagain,afterfreetradeisallowed,thedomesticpricemustequaltheworldprice.AsFigure3shows,thedomesticquantitysuppliedislessthanthedomesticquantitydemanded.Thedifferencebetweenthedomesticquantitydemandedandthedomesticquantitysuppliedisboughtfromothercountries,andIsolandbecomesasteelimporter.

FIGURE3InternationalTradeinanImportingCountry

Inthiscase,thehorizontallineattheworldpricerepresentsthesupplyofthe