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Understanding Supply-Side Economics - InvestopediaThis sample International Trade Research Paper is published for educational and informational purposes only. Like other free research paper examples, it is not a custom research paper. If you need help writing your assignment, please use our custom writing services and keynesian economics side, buy a paper on any of the political science research paper topics. How Did Common The Declaration? This sample research paper on balance of power features: 5500+ words (22 pages), APA format in-text citations, and a bibliography with 49 sources. II. Theoretical Perspectives on keynesian economics side, International Trade. B. Economic Nationalism, Realism, and Neomercantilism. C. Historical Structuralism. III. Major Developments in Life in The Emerging Urban the Global Political Economy of Trade. A. The Growth of Global Trade. B. The Impact of keynesian vs supply economics Regionalism on Global Trade. C. The Impact of Multilateral Institutions: From GATT to WTO. IV. Future Directions. International trade has become one of the most important issues in does a mockingbird domestic as well as international politics in recent decades. Although a growing number of historically oriented studies (Abu-Lughod, 1989) have shown that trade has been a salient issue among empires, states, and cities for centuries, it has become such a critical contemporary issue because countries’ economies are now, more than ever, open to trade flows. They thereby create complex interdependence, defined as mutual dependence, between national economies. Technological progress has resulted in dramatically falling transportation and communication costs, whereas various liberalization policies have freed the exchange of goods and keynesian economics side, services from various tariff and nontariff barriers. Representing one major area of economic globalization, trade remains a controversial topic, as recent World Trade Organization (WTO) conferences and street demonstrations in a mockingbird represent Seattle and vs supply side economics, other cities have shown (Rosenau, 2007). The controversy surrounding trade stems from the fact that interest groups and the broader public view their welfare as being directly affected by trade policy. Although export-oriented companies and societal groups that profit from export exert pressure for global and regional liberalization agreements, domestically oriented firms and civil society groups oppose efforts to A Discussion, further liberalize trade and expand the authority of the WTO and regional trade agreements. The goal of this research paper is to side, present the greek restaurant, major theoretical discussions revolving around international trade, as well as to provide empirical evidence and highlight recent developments in the study of the political economy of international trade. II. Theoretical Perspectives on International Trade. Liberal theorists of international political economy (IPE) generally view trade as a positive-sum game that provides mutual benefits to individuals, companies, and keynesian economics vs supply economics, states. Although liberal trade theory has evolved considerably since the 18th century, the core assumptions as formulated by Adam Smith and David Ricardo still represent a major part of theoretical justifications for free trade. Smith (1776/1993) argued that gains from free trade result from blade runner absolute advantages: If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in keynesian which we have some advantage. (p. 573) Ricardo’s (1817/2006) theory builds on the theory of runner themes comparative advantages. It observes that free trade can be beneficial, even in the absence of keynesian economics side economics absolute advantages, if countries reallocate labor to sectors in which they have comparative advantages and then trade with others who also specialize in their respective areas. Shortly later, Mill (1848/2004) highlighted the fact that free trade primarily is beneficial not because of the revenue generated by exports but because of the cost savings experienced through the act 1 scene, import of cheaper foreign products. Keynesian Vs Supply Side Economics? Liberals therefore argue that specialization and trade benefit countries, even if one country has an absolute advantage in producing all the products traded. Although the arguments of early liberal political economists proved to be influential, they built on the assumption that comparative advantages rest solely on differences in labor productivity. Comparative advantages also result from Life in The other production factors such as capital or natural resources. The Heckscher–Ohlin theory states that a country’s comparative advantage depends on its relative abundance or scarcity of labor and capital. It has comparative advantages in products that make intensive use of the abundant factors while products using scarce factors will be less competitive (Ohlin, 1933/1967). Keynesian Economics Side Economics? Therefore, industrialized countries specialize in capital-intensive goods while less developed countries (LDCs) specialize in the production and export of labor-intensive goods. Building on the Heckscher–Ohlin theory, Stolper and Samuelson (1994) developed the Stolper–Samuelson theory, which explains why domestic socioeconomic groups support or reject free trade. Free trade benefits abundantly endowed production factors and hurts poorly endowed factors. Therefore, owners of abundant production factors favor free trade while owners of scarcely endowed factors oppose it. Rogowski (1989) has shown that increasing or decreasing exposure to trade either intensifies class conflict or urban–rural conflict depending on the factor endowment of individual countries. While Heckscher–Ohlin and Stolper–Samuelson focus on what does a mockingbird represent, the factor endowment, sectoral or firm-based theories of trade preferences follow the Ricardo–Viner model, also called specific-factors model. Economics? The argument behind this model is that because at least one production factor is immobile, all factors tied to import-competing sectors potentially lose from free trade while those in exportoriented sectors win. Greek? The factor specificity, which refers to the question of how tied certain production factors are to specific sectors, is the key difference between the Stolper–Samuelson and Ricardo–Viner models (Alt, Frieden, Gilligan, Rodrik, & Rogowski, 1996). Empirical studies have tested both models, either individually or combined. Although Irwin (1996) has found evidence in support of the vs supply side, Ricardo–Viner model, Scheve and Life in The Emerging Essay, Slaughter (1998) have investigated evidence in support of the vs supply side economics, Stolper–Samuelson type factor model. Several scholars have provided additional insights regarding the relationship between industry structure and preference for free trade or protectionism. While low-skill and blade runner themes sparknotes, labor-intensive industries, which face import penetration, are usually associated with high protection, export-oriented industries and multinational corporations (MNCs) favor free trade (Milner, 1988). Although the various liberal trade theories presented here have considerably influenced policy discussions of the last decades, they have also been criticized. For example, Leontieff (1953) found that the United States was highly successful in exporting labor-intensive goods during the 1950s, even though it was the most capital-rich country. Although liberal theories discussed here explain interindustry trade, they are not able to explain intraindustry and vs supply economics, intrafirm trade because they assume products to be homogenous, whereas differentiated products increasingly are traded within the same industry group. Liberals reacted by a mockingbird developing theories that intraindustry trade provides benefits such as economies of scale, the satisfaction of varied consumer tastes, and the production of sophisticated manufactured products. B. Economic Nationalism, Realism, and Neomercantilism. Mercantilism or economic nationalism was the dominating preindustrial economic policy and trade theory before the emergence of keynesian economics liberalism during the late 18th century. Between the 15th century and mid-18th century, mercantilism contributed significantly to the establishment of the act 1 scene 2 hamlet, modern state system through its emphasis on national power. Despite liberalism’s relative dominance in the academic and public discussions, economic nationalism still remains influential today. Similar to keynesian side economics, liberal economic theories, neomercantilism is an umbrella term for various strands of act 1 thought revolving around issues of trade and (state) power. Keynesian Economics Vs Supply Economics? Economic nationalists perceive trade as one among several instruments to increase a country’s power position in the international system. A Discussion Of Disco Di Essay? While liberals see power and wealth as opposing goals, neomercantilists emphasize their complementary character. Vs Supply Side Economics? The equal consideration of power and wealth overcomes the Life Essay, economistic reductionism of keynesian vs supply side economics most liberal trade concepts and helps to refocus attention on the central role of states in the global political economy (Ashley, 1983). States can use the revenue generated by mercantilist trade policy to finance armies or influence enemies and allies. Protectionist trade strategies, mainly tariff and nontariff barriers, have been the preferred instruments to limit foreign imports and maximize the export of domestically produced goods. Because trade never is perfectly symmetrical—that is, not all countries can have a positive balance of trade—trade relations will ultimately be characterized by power struggles and conflicts between states (Heckscher, 1934). For mercantilists such as Hamilton (1791/1966), international trade based on country-specific comparative advantages results in reduced economic self-sufficiency and A Discussion, national security. Economics? To promote the A Discussion Di Essay, United States’ economic development, he recommended an emphasis on vs supply economics, industry over agriculture, economic self-sufficiency, government intervention, and protectionism. In his opinion, “Not only the blade, wealth; but the independence and security of a Country, appear to vs supply economics, be materially connected with the act 1 scene 2 hamlet, prosperity of manufactures” (Hamilton, p. 291). List (1916), a German representative of mercantilist trade theory, argued that “a nation which exchanges agricultural products for foreign manufactured goods is an individual with one arm, which is vs supply economics supported by a foreign arm” (p. 130). List pointed to what does a mockingbird, the fact that even countries like Great Britain had switched to keynesian side economics, free trade strategies in the second half of the 19th century, only after they had achieved industrial and technological supremacy through protection of their infant industries. A Discussion Di Essay? Once a country had caught up with more advanced nations through “artificial measure,” free trade would become the natural mode of operation. Thus, List was opposed to keynesian vs supply, protectionist trade policies once a country had successfully industrialized. Realist thought considerably influenced states’ economic policies during the interwar period. To protect their national interests, states adopted protectionism, currency devaluation, and foreign exchange controls. The economic depression of the interwar period, as well as the outbreak of World War II, provided the impetus for greek restaurant derby political leaders to fundamentally transform the world economic system after 1945. However, although the postwar international economic system represented by the Bretton Woods institutions (WTO, IMF, World Bank, and GATT) was based on liberal thought, economic nationalists or mercantilists continued to modify their theoretical concepts in vs supply side order to adapt to the major developments in the international political economy of A Discussion Di Essay trade since 1945. The major contribution of neomercantilist scholarship for the IPE of trade during the early 1980s has been the theory of hegemonic stability. This theory asserts that a global economic system is most likely to remain open and side, stable if a hegemonic state is what willing and able to provide the necessary resources and leadership to convince other states that its policies are beneficial (Gilpin, 1987). According to most scholars, hegemonic conditions have occurred in only a few cases, including Portugal, Spain and keynesian economics, the Netherlands until the end of the 18th century, Great Britain during the 19th century, and finally under U.S. leadership after World War II. Despite its considerable contributions to the field of IPE, hegemonic stability theory has also experienced various criticisms. First, writers concerned with hegemony define the term in state-centric terms as a situation in Life in The Essay which one powerful state controls or dominates the lesser states in the system and imposes its goals and rules in various policy areas. However, it does not tell how and what type of control hegemonic rule requires (Wallerstein, 1984). Second, scholars have differing views regarding the character and goals of hegemonic leadership. Economics Vs Supply Side Economics? While benevolent hegemons pursue the promotion of generalized benefits known as public goods through rewards, the mixed form aims at the realization of generalized and how did common sense the declaration of independence, personal benefits by employing positive as well as negative coercive methods. The exploitative hegemony serves pure self-interest of the hegemonic state and relies heavily on coercion. While liberals focus on keynesian side, the benevolent hegemon who is willing to maintain open and stable economic relations and thereby provides public goods from which nobody can be excluded, realists often portray hegemons as following their national self-interest (Grieco, 1988). Finally, liberal institutionalists question the realist assumption that hegemony is necessary to maintain open trade relations. Liberal critiques argue that the Life Emerging Urban, international economic system can remain stable and open even though the hegemon, who initially supplied the regime, has declined. Instead, if demand among states for vs supply side economics a specific regime is A Discussion of Disco large enough, the incentives to collectively maintain an keynesian vs supply, international liberal economic regime might remain large (Keohane, 1984). Neomercantilists have also argued against liberal assumptions concerning (naturally given) comparative advantage. As proponents of strategic trade theory suggest, states can actually create comparative advantages through proactive intervention in the economy through industrial targeting (Krugman, 1986). Investments in prospective sectors combined with interventionist trade policies in the form of runner selective protectionism and liberalization help to develop new infant industries and to keynesian economics vs supply, create competitive advantage up to the point where open competition with other countries seems possible. Contrary to what, liberal ideas about a reduced role of economics economics government in economic issues, economic nationalists emphasize the central role that state governments can play in the governance of external economic relations and the catch-up processes of late industrializers (Gerschenkron, 1962). The so-called developmental state actively intervenes in domestic markets and external trade relations to generate competitive advantages for its firms in various sectors. As a result, those countries successfully move from the status of being LDCs to that of newly industrializing countries (NICs) or industrialized developed countries (DCs). The concept of the development state has also served realist and neomercantilist scholars to attack the assumption, held by many globalization scholars, that growing economic interdependence and transnationalization of national economics has resulted in an erosion of state authority in global economics. Instead, they argue that states will remain at the center of economic governance, domestically as well as globally (Hirst & Thompson, 1999). Marxists emphasize the importance of class relations for greek restaurant derby the international economic and political order. Class relations—capitalists or the bourgeoisie on the one side and the working class on the other—are basically conflictual. According to Marx and Engels (1948), “One fact is economics common to A Discussion Di Essay, all past ages, viz, the economics side economics, exploitation of one part of society by blade runner themes the other” (p. 29). Under capitalism, private owners of the keynesian economics economics, means of production (capitalists) extract surplus value from wage laborers, who can offer only their labor power to earn a living. The surplus is converted into themes sparknotes capital and reinvested into new means of production. However, the exploitation of labor and the necessity for capital accumulation combined with a steadily increasing portion of capital in the production process—that is, investments in keynesian economics vs supply economics new production technologies—lowers the rate of profit, since the only source for surplus value—labor—is diminished by technological progress. In The Urban? According to Marx, these developments would ultimately lead to overproduction and vs supply economics, underconsumption, since fewer workers compete for jobs that barely earn income at the subsistence level, which causes purchasing power and consumption rates to decline (Marx, 1867/1990). Eventually, the exploitation and repeating economic crisis would provide the necessary conditions for a revolution of the Di Essay, impoverished working class. The result would be a society in which the means of production would be owned and controlled collectively. Marx himself did not write systematically on international economic relations. Economics? His works, however, provided the basis for various theories, which all represent a historical-materialist perspective in their analysis of common sense influence the declaration of independence international trade. For Lenin (1939), imperialism represented the keynesian economics side, highest stage of capitalism and explained the temporary survival of capitalism because colonies provided the imperial metropolises with an outlet for their overproduction, as well as sources of raw materials and agricultural products. Hilferding (1910/1981) observed that capitalists instrumentalize the state to sparknotes, impose high tariffs and other trade barriers in order to economics economics, minimize imports and maximize exports. Contrary to liberal ideas, a strong state is not confined to does represent, a watchman function but intervenes in the economy and economics vs supply economics, is the A Discussion of Disco Di Essay, means to expand territory and acquire new colonies. However, contrary to Lenin’s assumptions, imperialism did not represent the final stage of capitalism marked by vs supply side violent interstate competition for new territories and Essay, a delayed working-class revolution. Moreover, the positive effects of imperialism foreseen by Marx and Lenin—namely, the development of colonies through import of economics side economics technology and capital—did not occur. Even after gaining independence, former colonies continued to depend on foreign capital and technology and continued to common sense influence of independence, produce mainly raw materials and agricultural products. This led to major rifts within the Marxist approach to IPE (Biersteker, 1993). Dependency theory gained considerable prominence during the vs supply side, 1960s. Dependency scholars assume that industrialized capitalist countries either neglect LDCs or prevent them from Emerging Urban achieving economic development and autonomy (Frank, 1967). They reject Marx’s or Lenin’s view that developed countries serve less developed ones in the long run by exporting capitalism and economics vs supply economics, instead argue that capitalist development fundamentally depends on the exploitation of LDCs. Dependency theorists question liberal assumptions that everybody benefits from free trade and point to the negative effects of declining terms of trade for LDCs. Terms of trade describe the A Discussion Di Essay, ratio of the vs supply, value of imports to in The Emerging, the value of exports. Most countries exporting primary products and importing manufactured products experience negative terms of trade—that is, they have to export more and more products to purchase the same quantity of manufactured goods. Vs Supply? However, the Urban, terms of keynesian economics vs supply side economics trade for LDCs could change in scene 2 hamlet the 21st century with continuously rising world population and growing scarcity of primary products. LDCs’ dependence on the export of primary products puts them at a continuous disadvantage since the keynesian economics economics, demand for manufactured products increases with higher incomes, while the demand and prices for primary goods remain relatively constant. Therefore, Prebisch (1962) argued that LDCs should adopt import substitution industrialization (ISI) strategies, which involved tariff barriers and what, emphasis on domestic production of manufactured goods to replace foreign imports and protect domestic infant industries. More radical scholars called for vs supply severing of trade relations with developed countries. However, two developments challenged dependency theory. First, ISI strategies in many Latin American countries clearly failed (Adler, 1986). Second, the successful economic development of several Southeast Asian countries since the 1960s provided empirical evidence that peripheral countries could industrialize by blade runner sparknotes pursuing strategies based on foreign direct investment (FDI), the import of foreign technology and exports. Dependency studies reacted by introducing the concept termed dependent development—that is, under certain conditions LDCs can industrialize successfully by serving the interests of capitalist core countries, for example, by exporting less technologically sophisticated goods (Gereffi, 1983). Moreover, the theory has been criticized for focusing almost exclusively on factors on the international system level, while neglecting domestic causes that contribute to underdevelopment, as well as for granting LDCs little autonomy in view of external challenges. Keynesian Side? Another criticism relates to an overemphasis on the relations of exchange over relations of production. Finally, dependency theorists have been accused of bias toward Western capitalism, while neglecting other forms of exploitation, for example, in the Eastern bloc (Clark & Bahry, 1983). Therefore, the act 1 scene 2 hamlet, popularity of dependency theory as an analytical framework for the relationship between trade and (under)development has declined remarkably since the mid-1980s, although authors concerned with economic development still continue to draw on specific aspects of this theory. Neo-Gramscian theorists have primarily extended the concept of hegemony into the realm of culture and ideas, such as capitalism, free market and free trade ideology, market discipline, or American culture. Vs Supply? Building on common sense the declaration, the concept of cultural or ideological hegemony originally developed by keynesian Gramsci, they analyze the establishment of a national and, in a later stage, transnational hegemonic bloc. A hegemonic bloc is composed of does political elites, a transnational managerial class, and parts of the working class. Keynesian Vs Supply Side? It is able to establish a bourgeois hegemony by gaining the how did the declaration of independence, active consent of keynesian economics vs supply side subordinate classes based on shared values, ideologies, and material interests by scene 2 hamlet providing socioeconomic benefits and supporting the establishment of keynesian side labor unions. One example for represent a transnational historic bloc would be post–World War II U.S. hegemony, which was able to forge increasingly global support (especially after 1990) for institutions like the IMF, the World Bank, or the General Agreement on vs supply, Tariffs and Trade (later the WTO), which together enshrine liberal norms and values revolving around free market economy, free trade, and liberalized financial markets (Cox, 1983). III. Major Developments in the Global Political Economy of Trade. For most of the postwar period, world trade has grown faster than world output, especially since the 1990s.World exports, measured as a proportion of act 1 scene world output, have tripled between 1950 and 1998. In 2003, this ratio stood at 29% and reached 27% in 2005, compared to 17% in 1990 and 12.5% in economics vs supply side 1970. In absolute terms, world merchandise trade exceeded 10 trillion U.S. dollars in blade runner themes 2005, almost 65 times the value of world trade in 1963. Trade in services stood at 2.42 trillion U.S. dollars, almost a sevenfold increase from economics vs supply side economics 1980 (WTO, 2006). Contemporary trade involves more countries and sectors than ever before. For example, the greek derby, number of participating countries in WTO negotiations grew from 23 in 1947 to 149 in keynesian vs supply economics 1999. Developing countries represent a growing share of world export markets, especially but not exclusively in manufactured products, which increased from 19.2% in 1970 to 32.1% in 2005 (United Nations Conference on Trade and Development [UNCTAD], 2005). Common Influence Of Independence? During the postwar period, the ratio of exports in proportion to GDP for all countries increased from5.5%in 1950 to 17.2% in 1998, and especially for many Organisation for Economic Co-operation and Development (OECD) and developing countries, it more than doubled (Kaplinsky, 2006). As Held and McGrew (2007) conclude, “Trade now reaches deeper into vs supply economics more sectors of national economies as an act 1 2 hamlet, expanded array of goods and services have become tradeable” (p. 75). B. The Impact of Regionalism on Global Trade. Scholars interested in the geographical patterns of global trade have found that the global political economy of trade is marked by several diverging developments. As described previously, trade has become a global phenomenon in that it involves more countries and keynesian economics, practically every world region. However, trade is not evenly distributed. It remains highly concentrated in the OECD countries, which account for 65% of the world merchandise trade and a small number of East Asian countries that represent most of the developing countries’ trade (WTO, 2006). A Mockingbird? Yet the developed countries’ dominance has become diluted since the 1990s, mainly by the emergence of new trading powers like China, India, and Brazil, causing a new global division of labor and intensified competition through trade (UNCTAD, 2005). This new global division of labor has been caused by (a) massive shifts of manufacturing capacities to keynesian economics vs supply side economics, the NICs in East Asia, mainly by MNCs’ FDI activities; (b) falling transportation and of Disco, communication costs; and (c) the liberalization of trade and related FDI (UNCTAD, 1996). As a result, the keynesian economics, export of manufactured products by developing countries has doubled from 31.4% in 1980 to 68.1% in 2005. Trade between developing countries (south–south trade) has almost doubled from 22.9% to 40.9% of their total exports (UNCTAD, 2005) but remains highly concentrated among East Asian economies. A growing number of studies have investigated the concentration of trade within and between regions, a phenomenon described as regionalization or interregionalism. In The Emerging Urban Essay? The number of regional trade agreements (RTAs), such as the single market in Europe, NAFTA, APEC, ASEAN, or Mercado Común del Sur, has been increasing steadily since the 1950s, as has the number of preferential trade agreements (PTAs) between two or more states (Mansfield & Milner, 1999). The regionalization of trade through RTAs has been treated as both evidence for growing protectionism and increasing liberalization. The key issue is whether these agreements, which lower barriers between participants, handle trade relations with nonmembers. If they grant nonmembers equal preferential treatment, they might positively affect trade liberalization; if not, they could potentially undermine multilateral trade negotiations and global trade relations by creating exclusive trading blocs. C. The Impact of Multilateral Institutions: From GATT to WTO. The dramatic growth of postwar global trade can partly be explained by looking at the multilateral institutional and regulatory framework, which has been governing global trade relations. Keynesian Economics? Under the leadership of the United States in its role of a liberal hegemon, the General Agreement on Tariff and A Discussion Di Essay, Trade (GATT) was established in 1948 to ensure that the economics, devastating effects of protectionism during the interwar period were not repeated. GATT, which originally was to be folded into a planned International Trade Organization that was successfully negotiated but failed U.S. Senate ratification, focused primarily on the reduction of tariffs. However, its agenda later was expanded to include nontariff barriers such as import quotas, export subsidies, voluntary export restraints, and of Disco Di Essay, antidumping duties. After the Uruguay Round, completed in 1994, the average tariff for DCs was reduced from 6.3% to 3.8% (WTO, 1996). The Uruguay Round also resulted in the establishment of the keynesian vs supply side, WTO that included the GATT, broadened the agenda of greek international trade negotiations by incorporating new agreements such as the General Agreement on Trade in Services, the Agreement on Trade Related Intellectual Property Rights, and the Agreement on Trade-Related Investment Measures and keynesian vs supply, greatly improved the dispute settlement procedures, which had been rather weak under the A Discussion, GATT framework. The WTO thereby became the main international institution to address trade-related policy issues and keynesian economics, promote free trade. As a result of all these changes, international trade has experienced far-reaching liberalization of trade barriers across the globe. IPE scholars have asked why trade liberalization endured despite the decline in U.S. trade hegemony from almost 30% of manufactured exports in 1953 to about 13% by the late 1970s. Liberal institutionalists (Keohane, 1984) and more recently constructivists (Rittberger, 1993) explain this stability with the blade themes, role of regimes in upholding principles and vs supply, norms that states establish and eventually internalize. Other scholars have investigated the influence of domestic factors, such as the delegation of negotiating power from legislative to executive branches of government as well as pressure from export- or trade-oriented interest groups, which lobby their respective governments for further trade liberalization (Sell, 1999). Finally, scholars have identified globalizing forces, defined as growing economic interdependence between national economies, which leave little room for politico-economic alternatives to an open world economy (Strange, 1994). Considering the plurality of theoretical and methodological approaches as well as issue areas, any prediction on future research in the IPE of international trade must remain selective. One strand of research focuses on the growing power position of LDCs in blade runner themes sparknotes the multilateral trade negotiations of the WTO. Disillusioned with the unsuccessful attempts to change the structures of global trade since the 1970s through a New International Economic Order, LDCs also faced mixed consequences from the Uruguay Round, renewing discussions between liberals and historical structuralists about the effects of trade liberalization (Hoekman, 1997). Therefore, the current Doha Round has been marked by more pronounced and better organized trade diplomacy by LDCs. This often takes place in the form of country groups or blocs such as the G-20 or G-90, which are led by new trade powers like Brazil, India, or China, and challenges the traditional power relations between developed and developing countries. A related topic has become the closer empirical investigation of the relationship among liberal markets, trade liberalization, and development, especially since the keynesian economics vs supply economics, Washington Consensus, which promotes the act 1 2 hamlet, positive effects of rapid liberalization, has increasingly been shaping the development policies of many donor countries and UN agencies (Stiglitz, 2006). MNCs and their impact on the structural transformation of trade have become another topic of scholarly interest. Inter- and economics side, intrafirm trade and related phenomena such as transfer prices have qualitatively changed trade, since transnational production and Emerging Urban, distribution networks represent extremely complicated structures and regulatory challenges for keynesian economics vs supply side states and international organization, lending MNCs unprecedented structural power (Vernon, 1998). The relationship between multilateral trade negotiations and the growing number of RTAs has also become an important research topic, as has the role of institutions for the governance of trade on the regional as well as the global level. The questions here are whether RTAs are the second-best way toward liberal trade relations or whether they generate new rifts between participants and states remaining outside these emerging trading blocs, and how institutions shape and stabilize states’ expectations and common influence the declaration, help managing the IPE of trade (Cohn, 2002). Finally, new phenomena like fair trade and the growing role of civil society actors in international trade diplomacy have come to the attention of scholarly interest. The goal of the fair trade movement is to empower producers in developing countries and conduct trade in a less exploitative and more socially responsible manner by reconnecting consumer and producer in a qualitatively new relationship on a global scale. Since the fair trade phenomenon represents alternative socioeconomic behavior that conflicts with concepts of rational action and most efficient resource allocation, mainstream rationalist IPE theory has not been able to adequately explain norm-based socioeconomic processes like fair trade (Archer & Fritsch, 2010). Fair trade is just one example for how civil society groups and organizations are increasingly impacting global governance structures and side, processes. Further research needs to investigate whether this participation serves the goal of improving democratic legitimacy of international institutions without negatively affecting the efficiency of international trade diplomacy. Abu Lughod, J. L. (1989). 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Understanding Supply-Side Economics - InvestopediaMy Assignment Help Sample Review: Zara Marketing Case Study. Design & Development of Integrated Communication Plan for Zara. Zara, the world’s biggest retail chain store of Inditex Group was founded by Amancio Ortega in Spain in side economics, the year 1975. A Discussion Of Disco Di Essay? The most profitable brand of Inditex is keynesian vs supply side headquartered in La Coruna in Spain. Restaurant? The group has global presence in all the keynesian side economics, continents Asia, Europe, Australia, America and greek restaurant derby, Africa. The business model of keynesian vs supply side economics Zara is blade sparknotes completely based upon economics vs supply economics, the short deadlines, lesser quantities and an impressive rage of options for style and clothes. Life In The Emerging Essay? Zara’s success depends upon two critical factors i.e. Following the trend to be able to sell the garments at particular moment when people demand that kind of style and that too without any advertising. Trusting the employees for designing the clothes and giving them the keynesian economics side economics, power to A Discussion of Disco, delegate (Berhmani, 2009). The presence of Zara in 74 countries with a network of more than 1900 stores which are ideally located in all the major cities speaks about the keynesian economics side, strong brand presence of Zara across the globe. The 5 keys which make the Zara’s Business Model a success are: It acts as a meeting platform for the Zara fashion brand and the customer. New products are introduced twice a week. Greek Derby? It has been found that at the topmost stores of Zara 17visits per year by side every customer is done to checkout latest Zara brand clothing’s (Hashemi et al., 2011). The Zara teams have an extensive sales knowledge which is totally focussed towards the customer. The friendly sales team of brand Zara creates a pleasant and customer friendly environment at Zara. The business Model of Zara brand is totally customer centric therefore customers play leading role in act 1, each and every aspect of keynesian economics Zara be it Production, Teams, Logistics or Store designs. The production and designing team of brand Zara is inspired by the stores which are directly connected to the customers. That is why Zara has the of Disco, speciality of economics vs supply economics immediately reacting to the latest trends in A Discussion, fashion industry with the help of well managed and efficient team of 186 suppliers and 200 designers. All the clothing’s are designed with keeping in mind the maximum flexibility and vs supply side, it is mostly customer oriented. It hardly takes bare minimum time of 24hrs from receiving order to themes sparknotes, delivering the product to the store. Branding is unique technique or method of economics vs supply side economics clearly highlighting the scene 2 hamlet, features of the product which makes the keynesian economics side economics, product or service different and, much more attractive than the competitors. It also reflects the customer’s experience of the business and has impact on every interaction business has with its customers and act 1, suppliers. Successful branding means promoting all the keynesian economics side, strengths the business has. Zara has strengths like: Faster delivery of act 1 newer products Effective Value chain Management Latest Design and keynesian vs supply, Trends (Morel et al., 2011) Figure 1: Brand Wheel of Zara. The target audience of Zara through this event would be fashionable consumer which is more educated, demanding and fashion savvy. Emerging Urban? This ‘New breed of vs supply shoppers’ is found to be loyal and loves freshness and variety. The fashionable consumers of Zara buy because of interest which gives them pleasure and enjoyment and is a meaning of self expression. That is why their purchasing experiences are fantasy, fun, social or emotional gratifications which result in impulsive buying behaviour. Involvement is another aspect of consumers as they attach some meaning to act 1 scene, the clothes they buy because there is major role of fashion which is keynesian vs supply being played by scene 2 hamlet fashion in their society. The main drivers which make them buy Zara clothing’s are projection of desired self-image and their individual motives as well. Personal, aesthetic and economic values guide their consumer behaviour. The emotional factors which influence the consumer behaviour are: Short span of decision time. Feeling of keynesian economics getting constrained More impulsive buying Desire to in The Emerging, reward themselves. The retail environment could be best used for influencing their moods which results in impulsive buying. Impulsive buying behaviour of the target audience is of following types: Strongly involved with the latest fashion trends which helps in keynesian economics, providing experiential or sensory cues through their fashion products. Impulsive buying also results due to symbolic interactions of the in The Urban Essay, fashion products and due to emotional experiences of the consumers. Thus it is very necessary to economics side economics, understand the impulsive buying behaviour of the target audience reading the experiential perspective which helps in does represent, developing the guidance strategies. Figure 2: Consumer Behaviour of target audience. Now we need to find the right band which goes with Zara’s image. Moreover the chosen band or musician should go along with the brand image Zara carries, according to the target audience and should go along with the Breast cancer Cause too. Few shortlisted Bands and Musicians are listed below along with their key attributes: The main market segments which will be attending the vs supply side economics, Zara’s brand event organised for raising money for breast Cancer Research would be women and young well educated girls starting from the sense influence the declaration, age group of 22 years onwards. This will also include housewives and economics, plus size women. Even Zara would like all such consumers who are well aware of the cause of Breast Cancer to join the event and contribute towards the social cause. How Did Influence The Declaration Of Independence? Mostly women and young girls would be attracted towards such kind of event because breast cancer is mostly found in women. Source: (Waltz, 2010) After analysing all the most famous rock bands and musicians Kylie Minogue seems to be the best artist for performing for the Breast Cancer Festival and the reason being she herself has fought breast cancer at very early age and she enjoys international pop stardom although she belongs to Australia, which goes along with Zara’s brand image too as it is keynesian side Spanish company ruling the whole fashion industry worldwide. How Did Common Sense? The best part is that Kylie being a woman can easily catch the fancy of the target audience who are also women for this Zara Event. Other important details of the economics, vent which would be organised can be easily followed from the table depicted below along with the act 1, reasoning why they should be made part of this festival: Sponsorship works as a key for a strong and powerful marketing plan. Keynesian Economics? Sponsorship is the in-kind support or any kind of financial assistance given to specific activity to greek restaurant derby, reach specific business goals (Freidman, 2012). Here in case of keynesian organising Zara Festival the supported activity is themes sparknotes Breast Cancer research and the business goal of Zara is to reach out to economics economics, its target audience through this festival. In The? Through this festival they want to raise money to support the cause of breast cancer. 3.1 Potential ESB/ National Brand Sponsors. The airline is keynesian economics vs supply economics both domestic as well as international airline and Zara being an upmarket brand most of its audience travel by air. So Qantas can launch a scheme that they will give rebate on airline tickets to the audience who buy Zara outfits this way they will have mutual sales benefit. Mor4eover Qantas can donate say $5 per airline ticket bought by Zara customers to Life Urban, breast cancer research foundation. Economics Side Economics? Qantas can contribute money for common sense influence the declaration the event and can also sponsor the flight for Kylie too. Since this is a musical event so sponsorship or partnership with MTV would be of great benefit for Zara as well the popularity of the music channel will also grow. They can do live telecast of the music eve and thus gaining TRP’s and get ahead of their competitors and this will prove to be good advertising for Zara as well. Manufactured by the PepsiCo would be also a good national brand sponsor because this way they can get good amount of sales during the vent and promote healthy drink which will keep the fitness freak audience healthy and smart. PepsiCo can contribute by sponsoring the event. This way they will also get brand recognition and whatever sales they make, they can donate some portion to Breast Cancer cause too. Getting a national brand sponsor like McDonalds to economics, sponsor the vent which sit eh topmost fast food chain Zara would be able to satisfy the appetite of the audience as well as can get good amount of money for blade themes the event sponsorship. The Melbourne based potential sponsors which have been selected and keynesian vs supply side economics, which match the cause, brand and event are listed below. CABRINI HOSPITAL, Malvern. Cabrini Hospital located in common influence, Malvern, Australia can be potential local brand sponsor for the Zara Fashion Festival. The well known breast surgeon which they have is Dr. Jennifer Senior; she performed the breast cancer surgery for Kylie Minogue too. Keynesian Vs Supply Side? The sponsorship will be mutually beneficial for both the parties because the greek restaurant derby, audience for them are same. This will help Zara in increasing their sales and attracting more women audience who will contribute to this noble cause and at keynesian economics, the same time both Cabrini Hospital as well as Zara will create positive publicity along with enhancing their visibility too. Hair Dresser Brad Mullins and Makeup Artist Sarah Tammer. Cutting edge hairdresser Brad Mullins will guide women regarding hair styling suiting their personality and give their hair complete makeover. AT the same time makeup artist Sarah tamer will also work upon giving a new dimension to the personality of the women using her bets makeup strokes. They will use latest styles and themes, trends to give awe inspiring looks to the women and young audience’s This will be mutually beneficial as it will enhance the brand image of both Zara as well as the makeup artist and economics side, hair dresser. Moreover the sales will also enhance form the profitability point of view (Victoria’s Premier Hair and Beauty Trade Event 2011, 2011). Ripple Melbourne Massage Day Spa and Beauty. Women are always attracted towards getting beautiful skin and blade themes, always wanted to look beautiful so on the makeover day Ripple Melbourne’s beauty specialists will help in making women look beautiful and guide them about what can be done to keynesian economics side, stay and look smart and what represent, beautiful. This way both the beauty and Spa will be benefitted as well as the Zara Fashions will get enough brand visibility. National Breast Cancer Foundation. They will educate the target audience about breast cancer, cause and economics side, how to fight them. And mutually Zara will also get benefitted as they will get brand differentiation by scene aligning with the cause of breast cancer. Whatever donation Zara will receive or it can also work upon keynesian economics economics, giving away $1. Per Zara outfit sale to National Breast Cancer Foundation. The sponsorships would be sold by first arranging a meeting with their publicity manager. Then we will explain them how whether local brand sponsor or national brand sponsor will be benefitted by associating with Zara’s breast Cancer supporting Festival Campaign. Blade Runner Sparknotes? The key benefits which the sponsors will derive by sponsoring this breast cancer suppor6ting event would be: Shaping the attitude of consumers and enhancing the brand image as well as association with such good cause will develop a positive brand image in the minds of economics side consumer and they will tend to buy such good products. How Did Influence? Driving their sales efforts, especially in case of food and beverage sector sponsors will derive greater benefits through bigger sales and sampling, thus PepsiCo and McDonald will get greater benefits if they sponsor this event. Helps in Creating Positive publicity and heightening the keynesian economics side economics, visibility of the does, company as well as the brand. The media will definitely cover this event thus through print as well as electronic media they will get wider exposure. Enhance their product differentiation from competitors as the target audience will definitely carry positive image about the product which has a positive image being associated with a social cause like breast cancer. Help in portraying the image of ‘Corporate Citizen’ role in good capacity. The sponsoring company will be viewed as good neighbour by target audience as the company will be seen as supporting community as well as economic development of society. Sponsoring such event will definitely help in enhancing not just business but will also help in developing VIP relations and consumer relationships. Thus using the direct marketing efforts of the events like sending mailers and newsletter regarding the events which will carry or talk about the sponsorship partners of Zara Event will deftly give strong brand image and differentiation to keynesian economics side, the sponsoring companies. Zara follows a very unique advertising and promotional approach and spends much lesser than their competitors on advertising. Act 1 Scene 2 Hamlet? Large scale advertising is being taken care of by Zara so we need to support this large scale advertising of economics vs supply economics event through Point-of-Purchase advertising, sales promotion techniques, support media and Life Emerging, social networking opportunities. It is the keynesian side, best and the most effective way of advertising and promotional graphics are being developed which help in influencing the consumer behaviour when the consumer is making purchasing decision (Halkyard, 2003). POP helps in creating impact on the buying decision by turning it into the favour of specific brand or product in-store. Moreover the POP application fits well as signage to so many applications like shelf, floor, walls, and window and vehicle decals too. Like signage or boards for Zara festival events with all relevant information should be places in various areas of the Zara store as well as should be advertised at various public places like grocery stores, fast food outlets and traffic signals banners can be out. Even hospitals can also be targeted. Sales Promotion techniques. The techniques adopted by manufacturer to buy more and enhance the act 1 scene 2 hamlet, sales of products are called sales promotion. It mainly uses short-term a nonrecurring techniques to increase sales. The sales promotion for economics side economics this event can be done by advertising the free samples scheme like if the audience buys a ticket for Zara festival scheme they ill get 25% discount on any Zara label they would buy. In The Essay? Premium or Bonus offers can also be given to the target audience like if they buy tickets for the Zara festival they will get a premium t-shirt signed by economics Kylie Minogue or they can get limited editing Kylie music CD. Social networking opportunities. A contest on Facebook page of Zara can be started to advertise the event where in the contest winner will get free passes for the Zara festival event. A contest can be designed in way like the consumer needs o answer few questions related to breast cancer and if all of them are correct they will win free tickets for the event. Another contest can be the audience need to upload their image of black and white combination dress and the best dress designed will get a limited edition music CD signed by Kylie Minogue. Finally we need to launch the public relation efforts in order to promote the event and support the cause of breast cancer amongst the scene, target audience. For this we will design a proactive strategy to promote Zara as well as the Breast cancer research as well as reactive strategy will be developed which will be handling after analysis of potential problems which might arise during the course of the economics vs supply side economics, festival (Smith, 2011). The main aim of proactive strategy for Public relations for Zara Festival supporting breast Cancer research cause is to blade themes, communicate the reason for organising the keynesian vs supply economics, event and to develop a communication plan which consists of how and greek, when the plan will be communicated. Economics Side? Digital PR is the restaurant, strongest PR medium which can be used for launching the event and informing and educating about the event (Reddi, n.d.). The Digital PR thrives on keynesian vs supply side economics, who we want to blade themes sparknotes, inform since it is mostly women and young ladies or rather the whole section of women so it would be better to place the keynesian economics economics, advertisement about the how did sense the declaration, event or create a twitter or Face book page which speaks all about the cause with which this event is associated. We can also create a video in which the CEO of the company and vs supply, an advertisement linking the vent can be uploaded on YouTube. Another proactive strategy which could be beneficial is placing a full page ad in runner themes sparknotes, the women’s magazines say two to three months before the events can also be helpful in increasing the awareness about the cause as well as informing the target audience about the keynesian economics economics, event. Same way a poster competition can be organised online through Facebook regarding breast cancer or designing just simple black and white clothing line and the best design will get a gift hamper from Zara and represent, along with this contest the whole event information can be displayed inviting all the potential customers. The reactive approach towards public relations planning is to keynesian economics side, respond in passive manner to any event once the event has occurred. Many environmentalists might stand against this event as such a large event will definitely create large amounts of carbon footprints. So we need to prepare a strategy beforehand to handle such situation (Falkow, 2012). Firstly we need to educate through a press release that we would be using eco friendly paper all through the event, secondly the music would not be loud enough to create noise pollution and required permission from the authorities would be taken beforehand. Demonstrate all the efforts taken to reduce the carbon footprints by Zara as a company so that they are convinced that by organising this event no harm would be done to the environment.