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HI5016 International Trade And Enterprise16

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Question:

Topics for Research Paper:

  1. Inter-industry trade and Intra-industry trade
  1. Internal economies of scale and external economies of scale
  1. Monopolistic competition and Oligopoly markets
  1. Dumping
  1. International labour mobility and its effects on countries
  1. Tariffs and Import duties – effects on industries and the economies, costs and benefits of a tariff
  1. Trade policy- comment on Australia’s trade policy (both positive and negative impacts on Australian economy,  industries and employment)
  1. Import substitution and Export oriented approach (Compare any other developed nation with Australia)
  1. Controversies in trade policy- winners and losers in trade and Australia free trade agreements with Korea, Japan or China.

Suggestion on how to approach the research paper

If you choose a topic on Trade Policy, for example, you will need to do research on this topic and write a report which will analyse how trade policies are affecting the countries and companies in their pursuit of market expansion or market share or profitability. You need to elaborate on both sides of the arguments as which countries/industries and winning and which countries/industries are losing or have not enjoyed the benefits of particular trade policy of a country or group of countries

 

Answer:

Introduction

  • Globalization has enabled the integration of consumer groups and various factors of production from different countries’ markets (Ethier, 2012, p.389)
  • Many countries have encouraged and supported their domestic industries to enter international trade and improve their economies

Economies of scale

  • Definition
  • Economies of scale refer to benefits that enterprises get considering their scale of operation (Koshal, 2012, p.147)
  • Scale of operation refers to the amount of output it produces
  • The cost per unit of output produced decreases as the scales of production increase

International trade

  • Contributes much towards availing various economies of scale to various countries’ industries and individual firms
  • More resources, new foreign markets potentially profitable and new factor inputs are available on larger scale
  • Provided economies of scale improves firm’s specialization and operational efficiency (Vernon, 2012, p.415)

Internal economies of scale and international trade

  • Many businesses of late have embraced international trade due to its merits
  • It has enabled firms to expand their operations since they access to diverse markets. FORD has expanded its operations to different countries including India
  • Firms have improved their efficiency due to stiff competition in international trade

External economies of scale

Definition: refers to merits which occur due to increase in industry number of firms (Chipman, 2010, p.347)

Firms in the industry develop as their number in the industry increases

Categories

Economies of concentration (Bain, 2014, p.15)

Economies of information (Hausmann & Klinger, 2010, p.146)

Economies of specialization/disintegration (Fung, Gul & Krishnan, 2012, p.1281)

External economies of scale and international trade

  • International trade enables firms to enjoy specialization/integration economies of scale. Comparative advantage determines specialization (Harkness & Kyle, 2015, p.13). United States countries have comparative advantage in production of chemicals. They include Saudi Arabia, Kuwait and Mexico
  • International trade has enabled the flow of information about markets to firms trading together (Wong, 2010, p.415).
  • International trade has led to development of financial institutions to avail funds to these firms in terms of loans for their expansion (Baltensperger, 2012, p.46). Examples are World Bank and International Monetary Fund
 

Conclusion

  • With globalization, most firms have entered the international trade so as reap its benefits (Levitt, 2013, p.249)
  • International trade brings together firms from different countries with the purpose of trading and making profit
  • International trade is highly competitive and firms must utilize the economies of scale in it for them to be efficient in production and remain competitive.
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