Your Memberships & Subscriptions
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required. Learn more
Read instantly on your browser with Kindle Cloud Reader.
Using your mobile phone camera - scan the code below and download the Kindle app.
Enter your mobile phone or email address
By pressing "Send link," you agree to Amazon's Conditions of Use.
You consent to receive an automated text message from or on behalf of Amazon about the Kindle App at your mobile number above. Consent is not a condition of any purchase. Message & data rates may apply.
Trade Myths: Globalization has left trade balances behind Kindle Edition
These commonly-held concepts of trade balances are based on 15th-century accounting techniques, which vote-hungry, sophistic politicians have latched on to. The result has been two senseless world wars.
Working closely with America’s Bureau of Economic Analysis, this book transports trade balance accounting into the 21st century by introducing “global” trade balances. These are meant to replace those dangerously popular “national” trade balances based on 15th century Italian Renaissance accounting techniques. Such anachronistic “national” trade balances lead to protectionism, while “global” trade balances lead to ever-more open trade borders.
This book is relevant for three reasons. First, trade balances are moved in to the 21st century, giving the reader a truly globalized view of trade flows. Secondly, this book is designed to contribute to anti-protectionist rhetoric: global trade balances call for more, not for less inter-national trade. Thirdly, this book provides ammunition against “host country protectionism”: irked by protectionist trade rhetoric, host countries increasingly are injuring foreign multinationals operating in their country. A glance at recent news emanating from China illustrates this insidious development."
- ASIN : B00NJ2BYGA
- Publisher : AuthorHouse (September 11, 2014)
- Publication date : September 11, 2014
- Language : English
- File size : 412 KB
- Simultaneous device usage : Unlimited
- Text-to-Speech : Enabled
- Enhanced typesetting : Not Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 107 pages
- Lending : Not Enabled
- Customer Reviews:
Top review from the United States
There was a problem filtering reviews right now. Please try again later.
Think about McDonalds, a highly successful international company that invests abroad by opening up locations, hiring cooks, servers, architects, ranchers, farmers, and anyone else that is necessary to provide a service. What McDonalds does abroad, and the money it makes, is not included in trade balance statistics, meaning that according to trade statistics, this company's profits and activities do not exist because what it sold abroad was not exported from America.
Furthermore, this system is so antiquated that it continues to propel the pre-Adam Smith notion that imports are bad, exports are good mantra that leads to protectionism and, ultimately, discrimination against successful American MNCs. Because of the success of American MNCs, nearly 14.9% of Ireland's GDP, 12.4% of Singapore's GDP, and 9.6% of Canada's GDP is derived from the activities of non-bank American MNCs operating in those host countries.
Because this type of thinking is so outdated, it is very dangerous for policy makers to continue to advocate future trade policy based on these assumptions. In his book, Trade Myths, Dr. von Pfeil has discredited five myths that are commonly cited as reasons why trade is bad and dangerous.