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Effects of a Regional Trading Arrangement ..... 275 Static Effects ........................................ 276

NAFTAs Benefits and Costs for Mexico and Canada ......................................... 293

Did the United Kingdom (UK) Gain from Entering the European Union? .................. 278

NAFTAs Benefits and Costs for the United States ........................................ 294

Dynamic Effects .................................... 278 The European Union ................................. 280 Pursuing Economic Integration ................. 280

French and Dutch Voters Sidetrack Integration .......................................... 282

Agricultural Policy ................................. 283

Economic Costs and Benefits of a Common Currency: The European Monetary Union ...... 286

Optimum Currency Area ........................ 287 Europe as a Suboptimal Currency Area ...... 288 Challenges for the EMU .......................... 289

The Euro, Ten Years Later: How Has It Performed? ....................................... 290

Does the Eurozone Need a Bailout Fund? .... 290 North American Free Trade Agreement ......... 292

NAFTA and Trade Diversion: Textiles and Apparel ......................................... 297

Is NAFTA an Optimum Currency Area? ..... 298 From NAFTA to CAFTA ........................... 299

Free Trade Area of the Americas .................. Asia-Pacific Economic Cooperation ............... Transition Economies ................................

300 302 302

The Transition Toward a Market-Oriented Economy .............................................

303

Russia and the World Trade Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Summary ................................................ Key Concepts & Terms .............................. Study Questions .......................................

305 306 307 308

CHAPTER 9

International Factor Movements and Multinational Enterprises ........... 309

The Multinational Enterprise ....................... 309 Motives for Foreign Direct Investment .......... 311 Demand Factors ................................... 312

Do U.S. Multinationals Exploit Foreign Workers? .................................. 313

Cost Factors ......................................... 314

Supplying Products to Foreign Buyers: Whether to Produce Domestically or Abroad ............................................... 315

Direct Exporting versus Foreign Direct Investment/Licensing .............................. 315

Foreign Direct Investment versus Licensing ............................................. 316

Country Risk Analysis ............................... 318

Multinational Enterprises as a Source of Conflict ...............................................

Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Technology Transfer ............................... National Sovereignty .............................. Balance of Payments .............................. Transfer Pricing .................................... Does the U.S. Tax Code Send American

325 325 326 328 329 329

Jobs Offshore? ...................................... 330 International Labor Mobility: Migration ......... 331

The Effects of Migration ......................... 331 Immigration as an Issue ......................... 334

Does U.S. Immigration Policy Harm Domestic Workers? ................................ 336

International Trade Theory and Multinational Enterprise ............................. 319

Japanese Transplants in the U.S. Automobile Industry .................................................. 320

International Joint Ventures ........................ 321 Welfare Effects ...................................... 323

Do Immigrants Really Hurt American WorkersWages? ................................... 337

Summary ................................................ 337 Key Concepts & Terms .............................. 338 Study Questions ....................................... 338

Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

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