(英美国家概况课件）Unit 13 economy.ppt

VI The Role of Government Functions of the U.S. government: Correcting Market Failures: a. Providing Public Goods b. Adjusting for External Costs or Benefits Maintaining Competition Promoting Full Employment and Price Stability VII Foreign Trade The United States is the largest trading nation in the world, exporting and importing more goods and services than any other country. Like almost all of the other nations of the world, the United States has seen a rapid increase in both its imports and exports over the last several decades. In 1959 the combined value of U.S. imports and exports amounted to less than 9 percent of the country’s gross domestic product (GDP); by 2004 that figure had risen to 25 percent. Clearly, the international trade sector has grown much more rapidly than the overall economy. VII Foreign Trade The United States exports high-tech products such as aircraft, advanced military technology, machine tools, medical equipment and electronic media devices and imports relatively low-tech consumer products — such as textiles, apparel and appliances from developing countries like China (complementary economy) and energy from Middle East, etc. What does the U.S. import and export? Main Sino-U.S. trade disputes: 1. Anti-dumping dispute: antidumping tariff/Countervailing duties 2. Devaluation of the Renminbi: Many Americans believe that artificial undervaluing of RMB gives Chinese products and services unfair advantage and accordingly contributes to the outsourcing of jobs to China 3. Greater access to China’s vigorous market for U.S. enterprises 4. Intellectual property protection 5. Political issues, such as human rights, suppression of Tibetan/Xinjiang rioting VII Foreign Trade VIII Creative Destruction Creative destruction is a term coined by Joseph Schumpeter to denote a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a ne