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Homework answers / question archive /  a speech given by Pascal Lamy, Director-General of the World Trade Organization, on Sept

 a speech given by Pascal Lamy, Director-General of the World Trade Organization, on Sept

Economics

 a speech given by Pascal Lamy, Director-General of the World Trade Organization, on Sept. 6, 2006"China has fundamental interest in an ambitious outcome itn these negotiations. Givenits relative openness, it has an offensive interest in ensuring a decrease of tariffs for many of its key manufactures in many third countries. On agriculture, having become a net food importer, the Doha negotiations can help China ensure adequate supply of food for its growing population at affordable and stable prices. Further reduction of trade-distorting agriculture subsides in developed countries will also benefit China's agriculture production. A further opening of its services market can contribute to China's thriving economy in sectors such as banking, telecommunications, insurance, and transport services."A) Lamy's comments suggest that China has a comparative advantage in which sector(s)? The comments also suggest that China does NOT have a comparative advantage in which sector(s)? Explain your answers.B) Lamy's comments suggest that China is both an importer and an exporter of agricultural goods. Of the 5 models we've learned in class, which one(s) would support this existence of incomplete specialization? Which is (are) inconsistent with the incomplete specialization we observe in China?MODELS LEARNED IN CLASS: Theory of comparative advantage(Ricardian Model), Specific Factors Model, Heckscher-Ohlin-Samuelson Model, Standard Trade Model, Imperfect Competition Model

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