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Index

International economy and globalization (continued) international trade and workers, 2022 terrorism jolts global economy, 2426 United States as open economy, 711 waves of globalization, 37 International factor movements and multinational enterprises (MNEs), 309339 country risk analysis, 318319 international joint ventures, 321325 international labor mobility, 331337 international trade theory and multinational enterprises (MNEs), 319320 Japanese transplants in U.S. automobile industry, 320321 migration, 331337 motives for foreign direct investment, 311314 multinational enterprises (MNEs), 309311 multinational enterprises (MNEs) as source of conflict, 325331 supplying products to foreign buyers, 315318 International gold standard, 521522 International indebtedness, balance of, 363365 International joint ventures, 321325 International labor mobility, 331337 International labor standards and social dumping, 248 International lending risk, 526527 International Monetary Fund (IMF), 251252 International Monetary Market (IMM), 378 International payment process, 345 International price discrimination, 170172 International reserves nature of, 513514 supply of, 517 International reserves, demand for, 514517 International trade common fallacies of, 1819 dynamic gains from, 45 gains from, 31 substitute for migration, 8081 theory and multinational enterprises (MNEs), 319320 and workers, 2022 Intra-industry specialization, 91 Intra-industry trade, 9093 Investing abroad, hazard of, 394 Investment flows, 421 foreign, 358 foreign direct, 311314 Investment versus licensing, foreign direct, 316318 Investment/licensing, direct exporting versus foreign direct, 315316 Iran, 225227

current account deficits cost American, 360361 impact of trade on, 5253 outsourcing, 5863 protection, 141142 Joint ventures, international, 321325 J.P. Morgan Chase & Co., 430 Judgmental forecasts, 426

K

Kellogg Co., 285 Kennedy, John F., 194 Kennedy Round, 193 Kentucky Fried Chicken, 316 Key currency, 464 Keynes, John Maynard, 438 Kmart, 156

L

Labor, protection against cheap foreign, 142143 Labor and capital, 1011 Labor mobility, 333 Labor mobility, international, 331337 Labor ratio. see Capital/labor ratio Labor standards and social dumping,

international, 248 Labor theory of value, 33 Laptops, Hewlett-Packard (HP), 6 Large-nation model, 131135 Law of comparative advantage, 12 Law of one price, 410411 Law of one price, Big Mac index and, 411412 Lawrence, Robert, 85 Laws

import-substitution, 256257 unfair antidumping, 176178 Leaning against the wind, 474 Legislation, U.S. fiscal stimulus and buy American,

180 Lending risk, international, 526527 Leontief, Wassily, 85 Leontief paradox, 85 Level playing field, 144 Licenses

on demand allocation, 161 import, 155 Licensing, foreign direct investment versus,

316318 Life cycle theory, product, 93 Linder, Staffan, 90 Liquidity problem, 521 Long-term exchange rates, 410415 Lumber duties hammer home buyers, 207

monetary and fiscal policy in closed economy, 498500 monetary and fiscal policy in open economy, 500504 policy agreement versus policy conflict, 504505 policy instruments, 496 Macroeconomic stability and current account,

504505 Magnification effect, 77 Managed floating rates, 474479 Managed floating system, 474 Mann, Catharine, 59 Manufacturers keeping production in United

States, 6263 Margin of dumping, 173 Margin rule of transformation (MRT), 38 Markel Corporation, 391 Markel rides foreign-exchange fluctuations,

391392 Market access, limited, 238240 Market economy, 303 Market expectations, 406 Market fundamentals, 405 Market speculation, foreign-exchange, 397399 Markets

common, 273 currency, 400401 forward, 377379, 387394 futures, 377379 General Electric and Chinese, 327328 interbank, 374 spot, 377 unstable export, 234236 Marshall-Lerner condition, 448 Mattel, 264 Maturity months, 378 McDonalds, 286, 411412 Mercantilists, 3132 Merchandise trade balance, 346 Mexico and Canada, NAFTA benefits and costs

for, 293294 Microsoft Corporation, 327 Migration, 331337

effects of, 331334 i m m i g r a n t s h u r t i n g A m e r i c a n w o r k e r s w a g e s 337 immigration as an issue, 334337 international trade substitute for, 8081 Mill, John Stuart, 31 Ministry of Economy Trade and Industry (METI), ,

220 Mobility, labor, 333 Models

large-nation, 131135 small-nation, 127131 Modern trade theory

J

Japan, industrial policies of, 220221 Japanese auto restraints put brakes on U.S.

motorists, 164165 Japanese firms outsource production and strong

yen, 444 Japanese manufacturers, and appreciation of yen,

445447 Japanese transplants in U.S. automobile industry,

320321 J-curve effect, 451453 Jefferson, Thomas, 40 Jobs

American, 330

M

Maastricht Treaty, 281, 282 Machinists strike, outsourcing of Boeing 787 Dreamliner triggers, 60 Macroeconomic policy and open economy, 495511 aggregate demand and aggregate supply, 496498 economic objectives of nations, 495496 inflation with unemployment, 505506 international economic-policy coordination, 506510 macroeconomic stability and current account, 504505

foundations of, 3167 historical development of, 3136 Monetary adjustments, 439 Monetary and fiscal policy

in closed economy, 498500 in open economy, 500504 respond to financial turmoil, 497 Monetary approach, 447 Monetary approach to currency depreciation, 458 Monetary policy, 496 Monetary union, 273 Money

interest rate, 417 quantity theory of, 434435 Months, maturity, 378 Moore, Michael, 254

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