中美贸易摩擦外文翻译.docVIP

外文翻译 原文 US AND CHINA TRADE FRICTION Material Source: Author: PHAN CAM TU INTRODUCTION The history of trade passed by more than thousands of years (Dechent and Hewitt 2008, 12), the milestones were marked in 500 BC when ancient networks established between Greece cum its Eastern neighbors and from 206 BC to 220 AD when the “Silk Road” connected between China and markets concluding India, Afghanistan, Iran and Europe. Over years, trade has expanded towards the international scale and plays an important role in the world economy. Along with this trend, theories related to trade have been developed and more perfected. In this assignment, I will go into details of trade theories from classical to neoclassical and then implement them to explain the underlying current reach-to-peak trade friction between US and China. LITERATURE REVIEW According to the classification of Appleyard, Field and Cobb (2006), theories inherent in trade are divided into two main streams consisting of the classical and neoclassical or modern. With respect to the early theory of trade, there are conceptions of Mercantilists and three salient economists embracing David Hume, Adam Smith and David Ricardo. Re Mercantilism or political economy of state building, albeit it was derived from the years of 1500 to 1750, so far it still remains its original values and has been applied in various nations, notably China in this case. For this reason, I am sure I should discuss fully issues adhered to it. The key thinking of this school is that the acquisition of gold and precious metals is the origin of wealth and power of a country. Trade is regarded as a zero sum game or beggar-thy-neighbor, that is, the win of one side in trade is at the expense of the loss of the other one. In other words, there are no play-fair game and mutual or reciprocal benefits among parties taking part in doing trade. One party has to lose its profit in return for the gain of the others. In addition, the M