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|English to Spanish translations [Non-PRO]|
|English term or phrase: NEW ASPECTS OF TRADE|
|, to a good approximation, a nation that exported manufactured goods and imported raw materials,period; and it was a country that largely traded with raw material producers overseas. By 1992 British imports as well as exports consisted largely of manufactured goods, and most of the country’s trade was with other European nations—that is, with countries with similar resources. It is also true that high proportion of the trade among industrial countries appears to consist of intra-industry trade, two-way trade in goods in the same commodity class. And it was a striking feature of the growth in trade that followed major trade liberalizations among industrial countries, such as the formation of the EEC in 1958 and the United States--Canada auto-pact in 1965that the bulk of the increase in trade consisted of nearly balanced increases in exports and imports within three-digit industrial categories.|
It is probably fair to say that the standard explanation for trade in similar products among similar countries is that it is motivated by economies of scale in the production of differentiated products, although there remains some skepticism. The important point for current purposes, however, is that the rise of intra-trade depends on some ways in which the nature of “typical” manufactured products has changes since 1913. to put in briefly, manufactured goods today are more finely differentiated, their manufacture involves the use of a much greater variety ofspecializedintermediate goods (and intra-industry trade consists largely of trade in such intermediates). Cotton textiles, the principal British export in the early stages of industrialization, were a fairly standardized product: one could not really imagine much two-way trade in bolts of cloth. Furthermore, production involved only a few steps, from raw cotton to yarn to cloth, leaving little scope for the vertical disintegrationof the industry. By contrast, modern manufactures—take the overused but inevitable example of automobiles—are highly differentiated, and their production involves a number of different stages. If these stages take a place in different countries, they become a source of increased trade volume: so tht is not surprising to see Germans driving Hondas while Japanese drive BMWs.
SLICING UP THE VALUE CHAIN. In Dtroit’s Institute of Fine Arts there is a remarkable room whose walls are painted with four stunning murals by Diego Rivera. The Rivera murals, completed in 1933, show in considerable detail the operations of Ford’s River Rouge industrial complex—a giant facility that combined at a single site blast furnaces, rolling mills, engine casting, body stamping, and assembly of complete automobiles. The Rouge plant was, in effect, a facility that ingested coke and iron ore at one end and extruded passenger cars from the other.
Although Rivera’s murals were intented as a celebration of the power of modern industry (and also, to his patron’s dismay, condemnation of its brutality), they now have a decidedly archaic feel. Part of that senseof old-fashioned industry comes from the very degree of integration that seemed so impressive at the time. What are all those disparate operationsdoing in the same facility? Why are they not being done at specialized plants scattered around the globe?
It would be interesting to know how many facilities the average iron atomic in a 1995 Ford automobile has passed through (or better yet, to know how many miles it has travelled, from the time it enters the gate of the steel plant to the time it rolls off the assembly line). But it is generally believed (with little hard statistical evidence) that the trend in manufacturing has been to slice up the value chain—to produce a good in a number of stages in anumber of locations, adding a little bit of value at each stage.
Such slicing up could greatly increase the potential volume of international trade. In 1913, a given consumer good could, to a rough approximation, be exported only once. Today it can be exported many times: a good that is produced in one country may be assembled from components produced in other countries, and these in turn may beassembled from subcomponents produced in yet other countries. As a result, the trade involved in the global production of a final good may easily be several times the value added in all stages of that production.
This increased potential for trade may help explain the next new aspect of world trade: the emrgence of supertrading nations.
SUPERTRADING ECONOMIES. Global trade as a percentage of global output is, even now,only moderately higher than it was in 1913. the most trade-oriented economies, however, have much higher trade shares than ever seen before. As far as the available data indicate, there was no country in 1913 whose exports exceeded 50 percent of GDP. Today there are at least six such countries:
The emergence supertrading economies clearly depends on the ability of modern industry to slice up the value chain, so that the value of exports can be substantially larger than the value added in theexport industry. This is a fortiori true for Singapore and Hong Kong, where exports actually exceed GDP (alias, value added in the domestic economy). But it must also be true for all the other countries shown, since it is virtually certain that at least 60 percent of the employment and value added even in small countries is generated in nontradable sectors; thus a trade share of much more than 30-40 percent can only arise when exports involve adding a fairly small amount of value to imported intermediate goods.
|Spanish translation:SEE EXPLANATION|
I don't wish to seem offensive, but---IS THIS A HISTORY LESSON OR WHAT???
It's entirely unclear what you need and if you actually want to have this whole text translated, then I suggest you search for a translator from among the ProZ lists.
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Nuevos aspectos del comercio
Nuevos aspectos del intercambio comercial