975:
1076:(1990). They explained the fragmentation by the decrease of service link costs. Yoshinori Shiozawa (2017, Section 13) presented a new explanation by the decrease of trade costs. The service link explains how fragmentation occurs but does not explain how a pattern of specialization emerges. Trade cost explanation is naturally incorporated in Shiozawa's theory of international trade and can be used in the account of global value chain emergence, because it is a general framework which permits trade of intermediate goods and services.
1027:, industries of comparative advantage are expected to expand, while those of comparative disadvantage are expected to shrink, leading to an uneven spatial distribution of the corresponding economic activities. Within the very same industry, some firms are not able to cope with international competition while others thrive. The resulting intra-industry reallocations of market shares and productive resources are much more pronounced than inter-industry reallocations driven by comparative advantage.
42:
869:
946:) to explain international trade. New trade theorists relaxed the assumption of constant returns to scale, and showed that increasing returns can drive trade flows between similar countries, without differences in productivity or factor endowments. With increasing returns to scale, countries that are identical still have an incentive to trade with each other. Industries in specific countries concentrate on specific niche products, gaining
857:
931:, which were originally developed in the late 1970s and early 1980s. The main motivation for the development of NTT was that, contrary to what traditional trade models (or "old trade theory") would suggest, the majority of the world trade takes place between countries that are similar in terms of development, structure, and
1126:
Japan is cited as evidence of the benefits of "intelligent" protectionism, but
Richard Beason argues the empirical support post-war Japan offers for beneficial protectionism is unusual, and that the NTT argument is based on a selective sample of historical cases. Although many examples (like Japanese
1177:
and regulations prevented import competition. Japanese companies were encouraged to import foreign production technology but were required to produce 90% of parts domestically within five years. Japanese consumers suffered in the short term by being unable to buy superior vehicles produced by the
1019:
started a new trend in the study of international trade. While new trade theory put emphasis on the growing trend of intermediate goods, this new trend emphasizes firm level differences in the same industry of the same country and this new trend is frequently called 'new' new trade theory (NNTT).
1075:
Traditional trade theories including
Heckscher–Ohlin–Samuelson theory and the new trade theory à la Krugman exclude trade of intermediates products by assumption and cannot explain fragmentation of production across countries. Fragmentation was first studied by Ronald Jones and Henryk Kierzowski
1431:
G. Grossman and E. Rossi-Hansberg (2006) The rise of offshoring: It's not wine for cloth anymore. Proceedings - Economic Policy
Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 59-102. Inomata, S. (2017) Analytical frameworks for global value chanins: An overview. Chapter 1
1088:
and increasing returns to scale. One of the typical explanations, given by Paul
Krugman, depends on the assumption that all firms are symmetrical, meaning that they all have the same production coefficients. This is too strict as an assumption and deprived general applicability of Krugman's
1118:
evidence for NTT was mixed, and highly technical. Due to the timescales required, and the particular nature of production in each 'monopolizable' sector, statistical judgements were hard to make. In many ways, the available data have been too limited to produce a reliable test of the
1100:. Thus the theory can treat a situation where there are many firms with different production processes. Based on this new theory, Fujimoto and Shiozawa analyze how different production sites, either of competing firms or of the same firms locating in the different countries, compete.
1003:
In 1996 he wrote, "The idea that trade might reflect an overlay of increasing-returns specialization on comparative advantage was not there at all: instead, the ruling idea was that increasing returns would simply alter the pattern of comparative advantage."
978:
Graph illustrating
Krugman's 'core-periphery' model. The horizontal axis represents costs of trade, while the vertical axis represents the share of either region in manufacturing. Solid lines denote stable equilibria, dashed lines denote unstable
1035:
A new conspicuous phenomenon in the recent world trade is the rise of trade in intermediate goods and services. A study of OECD has found that "intermediate inputs represent 56% of goods trade and 73% of services trade." This is a result of
991:'s work in the late 1970s, developing into what is known as the Dixit-Stiglitz-Krugman trade model and the Helpman–Krugman model. Krugman states that he originally learned about the effects of monopolistic competition on trade from
1092:"New" new trade theory (NNTT) also needs new theoretical foundation. Melitz and his followers concentrate on empirical aspects and pay little interest on theoretical aspects of NNTT. Shiozawa's new construction, or
1477:
Escaith, H. and S. Miroudot (2016) Industry-level competitiveness and
Inefficiency spillovers in global value chains, paper presented at the 24th International Input-Output Conference 4–8 July 2016, Seoul, Korea.
950:
in those niches. Countries then trade these niche products to each other – each specializing in a particular industry or niche product. Trade allows the countries to benefit from larger economies of scale.
1135:" (which include failures) have been less conclusive; some findings suggest that sectors targeted by Japanese industrial policy had decreasing returns to scale and did not experience productivity gains.
1089:
explanation. Shiozawa, based on much more general model, succeeded in giving a new explanation on why the traded volume increases for intermediates goods when the transport cost decreases.
1371:
Miroudot, S., R. Lanz and A. Ragoussis (2009), "Trade in
Intermediate Goods and Services", OECD Trade Policy Working Papers, No. 93, OECD Publishing. doi: 10.1787/5kmlcxtdlk8r-en
1444:
Jones, R.W. and H. Kierzkowski (1990), The Role of
Services in Production and International Trade: A theoretical framework. In R.W. Jones and A.O. Krueger (eds.)
1537:
T. Fujimoto and Y. Shiozawa, Inter and Intra
Company Competition in the Age of Global Competition: A Micro and Macro Interpretation of Ricardian Trade Theory,
1020:
NNTT stresses the importance of firms rather than sectors in understanding the challenges and the opportunities countries face in the age of globalization.
1250:
Krugman, P. (1996), "How to be a crazy economist", in S. Medema and W. Samuels, eds., Foundations of
Research in Economics: How do Economists do Economics?
1606:
Alexander Hamilton, REPORT ON MANUFACTURES, Communicated to the House of Representatives, 5 December 1791. www.constitution.org/ah/rpt_manufactures.pdf
1491:
Shiozawa, Y. (2007). "A New Construction of Ricardian Trade Theory: A Many-country, Many-commodity with Intermediate Goods and Choice of Techniques".
1479:
1162:, etc.). The model also showed how path-dependent industrial concentrations can sometimes lead to monopolistic competition or even situations of
1548:(2): 193–231 (2012). Shiozawa, Y., and T. Fujimoto (2018) The nature of international competition among firms. T. Fujimoto and F. Ikuine (Eds.)
1151:
to model the increasing returns to scale, and especially the use of the network effect to argue that the formation of important industries was
1452:. Cambridge: MA, MIT Press and Jones, R.W. and H. Kierzkowski (2001), A Framework for Fragmentation. In S.W. Arndt and H. Kierzkowski (eds.)
1084:
New trade theory and "new" new trade theory (NNTT) need their own trade theory. New trade theories are often based on assumptions such as
2768:
2724:
1158:
The models developed predicted the national specialization-by-industry observed in the industrial world (movies in Hollywood, watches in
899:
831:
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to build up a large industrial base in certain promising industries will then allow those industries to dominate the world market. Less
1053:
1060:, vertical specialization, global sourcing, the Second Unbundling, trade in value added, trade in tasks, global supply chains,
1195:
was developed at a similar time to NTT, and is linked through the idea that industrial and trade policy can affect over-all
1173:, had argued that protectionist policies had facilitated the development of the Japanese auto industries in the 1950s, when
2798:
1707:
1564:
1627:
1235:
1345:
Ottaviano, Gianmarco I. P. (2011). "'New' new economic geography: firm heterogeneity and agglomeration economies".
1104:
1432:(Global Value Chain Paradigm: New New New Trade Theory?, p.15) in WTO Global Value Chain Development Report 2017.
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world market, but eventually gained by having a local industry that could out-compete their international rivals.
892:
1480:
https://www.iioa.org/conferences/24th/papers/files/2437_20160523071_HESMTiVAandSupplySideSeoul2016finaldraft.pdf
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1562:
Beason, Richard; Weinstein, David E. (1996). "Growth, Economies of Scale, and Targeting in Japan (1955–1990)".
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proposed in 1791 that this be the basis for US trade policy. What was "new" in new trade theory was the use of
2176:
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1859:
1465:
Shiozawa, Y. (2017) The new theory of international values: an overview. In Shiozawa, Oka and Tabuchi (eds.)
230:
2387:
1143:
The value of protecting "infant industries" has been defended at least since the 18th century; for example,
492:
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2299:
1310:
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Shiozawa, Y. (2017) The new theory of international values; an overview. Shiozawa, Oka and Tabuchi (Eds.)
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1664:'s "increasing returns to scale" conception of international trade anticipated NTT by two hundred years.
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may have lacked the modelling technology necessary to incorporate increasing returns to scale into the
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Although aspects of trade with increasing returns had been worked out earlier, especially in work by
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Neo-liberalism or democracy?: economic strategy, markets, and alternatives for the 21st century
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A New Construction of Ricardian Theory of International Values, Singapore: Springer.
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A New Construction of Ricardian Theory of International Values. Singapore: Springer.
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cars) can be cited where a 'protected' industry subsequently grew to world status,
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Traditional trade models relied on productivity differences (Ricardian model of
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966:" argument against free trade have been advanced by previous trade theorists.
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in a way which industrial planning and judicious tariffs might control.
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1056:. Trade in intermediate products are related to many phenomena such as
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https://www.wto.org/english/res_e/publications_e/gvcd_report_17_e.htm
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1064:, global optimal procurement. In short it is one of motive powers of
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Theory of International Trade: A Dual, General Equilibrium Approach
1419:
Richard Baldwin (2006) Globalization: the great unbundling(s).
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Fragmentation, New Production Patterns in the World Economy
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On The Smithian Origins Of "New" Trade And Growth Theories
1448:, Oxford: Basil Blackwell. See also Jones, R.W. (2000),
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1539:Evolutionary and Institutional Economics Review,
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1550:Industrial Competitiveness and Design Evolution
1493:Evolutionary and Institutional Economics Review
1040:of production and the increasing importance of
923:theory which focuses on the role of increasing
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1682:, discusses the consideration qualitatively.
1446:The Political Economy of International Trade
1096:, enables Ricardian trade theory to include
999:a generation earlier had completely ignored
1450:Globalization and the Theory of Input Trade
1054:information and communications technologies
1708:
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900:
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1344:
1668:Krugman acknowledges NTT's debt to Ohlin
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973:
919:) is a collection of economic models in
1615:
1609:
1023:As international trade is increasingly
954:Some have used NTT to argue that using
2786:
1304:Antras, Pol; Helpman, Elhanan (2004).
1259:
1109:
987:, new trade theory is associated with
16:Economic theory of international trade
1689:
1680:Interregional and International Trade
1230:. Cambridge University Press. 1980.
1052:) and revolutionary development of
942:) or factor endowment differences (
13:
1565:Review of Economics and Statistics
1456:. Oxford, Oxford University Press.
14:
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2231:neoclassical–Keynesian synthesis
1381:AntrĂ s, P.; Halpman, E. (2004).
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1169:Some economists, such as
1131:on the outcomes of such "
1616:MacEwan, Arthur (1999).
1552:, Tokyo: Springer Japan.
1260:Melitz, Marc J. (2003).
1193:Endogenous growth theory
1086:monopolistic competition
130:JEL classification codes
1945:Industrial organization
1775:Computational economics
1283:10.1111/1468-0262.00467
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995:, but that theories of
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173:Computational economics
2150:Modern monetary theory
1815:Experimental economics
1785:Pluralism in economics
1770:Mathematical economics
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1008:"New" new trade theory
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956:protectionist measures
168:Experimental economics
1676:Heckscher–Ohlin model
1656:, Aykut Kibritcioglu
1544:(1): 1–37 (2011) and
1103:Further information:
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944:Heckscher–Ohlin model
940:comparative advantage
2024:Social choice theory
1780:Behavioral economics
1678:, but that his book
1208:Dixit–Stiglitz model
1098:choice of techniques
1066:internationalization
962:forms of a similar "
395:Social choice theory
2108:American (National)
1808:Economic statistics
1505:10.14441/eier.3.141
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1110:Econometric testing
1062:global value chains
921:international trade
862:Business portal
183:Operations research
163:National accounting
1359:10.1093/jeg/lbq041
1203:Home-market effect
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948:economies of scale
193:Industrial complex
188:Middle income trap
2794:Industrial policy
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2312:New institutional
1670:. He writes that
1658:Ankara University
1383:"Global sourcing"
1306:"Global Sourcing"
1046:transaction costs
1001:returns to scale.
933:factor endowments
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2022: /
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1840:Agricultural
1803:Econometrics
1743:Price theory
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420:Sociological
393: /
291:Geographical
271:Evolutionary
246:Digitization
211:Agricultural
115:Mathematical
86:Econometrics
18:
2563:von Neumann
2332:Supply-side
2317:Physiocracy
2261:Marginalism
1950:Information
1890:Engineering
1870:Development
1865:Demographic
1748:Game theory
1725:Theoretical
1660:shows that
1160:Switzerland
1129:regressions
1116:econometric
1042:outsourcing
1025:liberalized
1013:Marc Melitz
979:equilibria.
970:Development
668:von Neumann
321:Information
261:Engineering
241:Development
236:Demographic
178:Game theory
120:Methodology
2788:Categories
2720:Economists
2593:Schumacher
2498:Schumpeter
2468:von Wieser
2388:von ThĂĽnen
2348:Economists
2247:Circuitism
2212:Humanistic
2207:Historical
2182:Ecological
2172:Democratic
2145:Chartalism
2135:Behavioral
2098:Mainstream
2059:Statistics
2054:Solidarity
1975:Managerial
1940:Humanistic
1935:Historical
1880:Ecological
1845:Behavioral
1662:Adam Smith
1214:References
1121:hypothesis
1058:offshoring
1017:Pol AntrĂ s
827:Economists
698:Schumacher
603:Schumpeter
573:von Wieser
493:von ThĂĽnen
454:economists
430:Statistics
425:Solidarity
346:Managerial
311:Humanistic
306:Historical
251:Ecological
216:Behavioral
110:Mainstream
2638:Greenspan
2603:Samuelson
2583:Galbraith
2553:Tinbergen
2493:von Mises
2488:Heckscher
2448:Edgeworth
2327:Stockholm
2322:Socialist
2222:Keynesian
2202:Happiness
2162:Classical
2123:Mutualism
2118:Anarchist
2103:Heterodox
2000:Personnel
1960:Knowledge
1925:Happiness
1915:Financial
1885:Education
1860:Democracy
1795:Empirical
1717:Economics
1594:153903905
1513:154021080
1407:222435550
1332:222435550
1164:oligopoly
743:Greenspan
708:Samuelson
688:Galbraith
658:Tinbergen
598:von Mises
593:Heckscher
553:Edgeworth
371:Personnel
331:Knowledge
296:Happiness
286:Financial
256:Education
231:Democracy
125:Political
91:Heterodox
34:Economics
2749:Category
2729:journals
2715:Glossary
2668:Stiglitz
2633:Rothbard
2613:Buchanan
2598:Friedman
2588:Koopmans
2578:Leontief
2558:Robinson
2443:Marshall
2293:Lausanne
2197:Georgism
2192:Feminist
2140:Buddhist
2130:Austrian
2029:Regional
2005:Planning
1980:Monetary
1910:Feminist
1855:Cultural
1850:Business
1182:See also
836:journals
822:Glossary
773:Stiglitz
738:Rothbard
718:Buchanan
703:Friedman
693:Koopmans
683:Leontief
663:Robinson
548:Marshall
452:Notable
400:Regional
376:Planning
351:Monetary
281:Feminist
226:Cultural
221:Business
26:a series
24:Part of
2764:Outline
2735:Schools
2727: (
2688:Piketty
2683:Krugman
2548:Kuznets
2538:Kalecki
2513:Polanyi
2403:Cournot
2398:Bastiat
2383:Ricardo
2373:Malthus
2363:Quesnay
2266:Marxian
2157:Chicago
2087:history
2082:Schools
2069:Welfare
2039:Service
1830:Applied
1635:4 April
1586:2109930
1291:1555536
1199:growth.
1050:tariffs
842:Schools
834: (
793:Piketty
788:Krugman
653:Kuznets
643:Kalecki
618:Polanyi
508:Cournot
503:Bastiat
488:Ricardo
478:Malthus
468:Quesnay
440:Welfare
410:Service
81:Applied
57:Outline
52:History
2673:Thaler
2653:Ostrom
2648:Becker
2643:Sowell
2623:Baumol
2528:Myrdal
2523:Sraffa
2518:Frisch
2508:Knight
2503:Keynes
2478:Fisher
2473:Veblen
2458:Pareto
2438:Menger
2433:George
2428:Jevons
2423:Walras
2413:Gossen
2337:Thermo
2015:Public
2010:Policy
1965:Labour
1930:Health
1626:
1592:
1584:
1511:
1405:
1330:
1289:
1234:
1175:quotas
778:Thaler
758:Ostrom
753:Becker
748:Sowell
728:Baumol
633:Myrdal
628:Sraffa
623:Frisch
613:Knight
608:Keynes
583:Fisher
578:Veblen
563:Pareto
543:Menger
538:George
533:Jevons
528:Walras
518:Gossen
386:Public
381:Policy
336:Labour
301:Health
158:Market
2759:Lists
2754:Index
2705:Lists
2678:Hoppe
2663:Lucas
2628:Solow
2618:Arrow
2608:Simon
2573:Lange
2568:Hicks
2543:Röpke
2533:Hayek
2483:Pigou
2453:Clark
2368:Smith
2283:Mixed
2242:Post-
2064:Urban
2044:Socio
2034:Rural
1672:Ohlin
1590:S2CID
1582:JSTOR
1509:S2CID
1403:S2CID
1328:S2CID
1287:JSTOR
1265:(PDF)
815:Lists
783:Hoppe
768:Lucas
733:Solow
723:Arrow
713:Simon
678:Lange
673:Hicks
648:Röpke
638:Hayek
588:Pigou
558:Clark
473:Smith
435:Urban
415:Socio
405:Rural
105:Macro
101:Micro
62:Index
2694:more
2418:Marx
2408:Mill
2393:List
2271:Neo-
2227:Neo-
1637:2009
1624:ISBN
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799:more
523:Marx
513:Mill
498:List
2658:Sen
2378:Say
2237:New
1970:Law
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