《govamp;trade》.docx

A rising tide lifts all the boats (Background: Marshall Plan) Referring to economy, what is this “rising tide”? --------------------------------------------------------------------- 1980-2000 free trade 1991-2000 ? What to blame? What emerges? On what grounds? Who is/are the representative of this strategy? --------------------------------------------------------------------- Vocab expression: To learn: Encapsulate To know of: Win-win Tariff barrier Skeptic Sluggish economy Wage differentials --------------------------------------------------------------------- US eco problem ===trade problems??? Myth 1 Open trade policy job loss(esp. Manufacturing) The truth? Import growth Employment growth Vocab expression: Trade deficit (de-) Trade surplus (sur-) Balanced economy Labor productivity Recession (Subprime mortgage crisis) --------------------------------------------------------------------- Myth 2 Lower cost in developing countries Living standard low+ Wage inequality ??? Increase not decrease Why? Vocab expression: Factors of production Ratio of export --------------------------------------------------------------------- Myth 3 China India === higher oil price===hurt US ??? Vocab expression: Attribute to --------------------------------------------------------------------- Trade policy for tomorrow