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44-451: Sichuan Provincial Women's Prison is in Yangma Town ( 养马镇 ), Jianyang , which was previously under the jurisdiction of Ziyang. Ziyang's permanent population is approximately 2.503 million in 2019. Ziyang's population has been experiencing a steady decline during the 2010s, with its population in 2010 standing at approximately 3.665 million people. Ziyang's hukou /registered population

88-512: A Frenchman, exported French wine and imported British coal, turning a profit. He supposed he was in France and sent a cask of wine which was worth 50 francs to England. The customhouse would record an export of 50 francs. If in England, the wine sold for 70 francs (or the pound equivalent), which he then used to buy coal, which he imported into France (the customhouse would record an import of 70 francs), and

132-449: A country imports a greater value than it exports, it has a trade deficit or negative trade balance. As of 2016, about 60 out of 200 countries have a trade surplus . The notion that bilateral trade deficits are per se detrimental to the respective national economies is overwhelmingly rejected by trade experts and economists. The balance of trade forms part of the current account , which includes other transactions such as income from

176-420: A distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other. If a country exports a greater value than it imports, it has a trade surplus or positive trade balance , and conversely, if

220-609: A failing one. Bastiat predicted that a successful, growing economy would result in greater trade deficits, and an unsuccessful, shrinking economy would result in lower trade deficits. This was later, in the 20th century, echoed by economist Milton Friedman . In the 1980s, Friedman, a Nobel Memorial Prize -winning economist and a proponent of monetarism , contended that some of the concerns of trade deficits are unfair criticisms in an attempt to push macroeconomic policies favorable to exporting industries. Friedman argued that trade deficits are not necessarily important, as high exports raise

264-404: A high-growth economy, has tended to run trade surpluses. A higher savings rate generally corresponds to a trade surplus. Correspondingly, the U.S. with its lower savings rate has tended to run high trade deficits, especially with Asian nations. Some have said that China pursues a mercantilist economic policy. Russia pursues a policy based on protectionism, according to which international trade

308-466: A large physical trade deficit because they consume more raw materials than they produce. Many countries in early modern Europe adopted a policy of mercantilism , which theorized that a trade surplus was beneficial to a country. Mercantilist ideas also influenced how European nations regulated trade policies with their colonies, promoting the idea that natural resources and cash crops should be exported to Europe, with processed goods being exported back to

352-426: A state of balance. Failure for them to do so could have serious consequences. In the words of Geoffrey Crowther , then editor of The Economist , "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos." These ideas were informed by events prior to

396-467: A study of 151 countries over 1963-2014 that the imposition of tariffs had little effect on the trade balance. In the foregoing part of this chapter I have endeavoured to show, even upon the principles of the commercial system, how unnecessary it is to lay extraordinary restraints upon the importation of goods from those countries with which the balance of trade is supposed to be disadvantageous. Nothing, however, can be more absurd than this whole doctrine of

440-413: A threat to global prosperity. In "National Self-Sufficiency" The Yale Review, Vol. 22, no. 4 (June 1933) , he already highlighted the problems created by free trade. His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into

484-510: Is 36,236 RMB, significantly higher than the rural average of 17,592 RMB. The total retail sales of consumer goods in Ziyang totaled 38.705 billion RMB in 2019. Ziyang's gross domestic product growth is largely in line with Sichuan as a whole, growing by 7.0% in 2019, compared to 7.5% for Sichuan as a whole. Like Sichuan as a whole, Ziyang's GDP rose by double-digit percentages in the early 2010s, before slowing down to high single-digit growth during

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528-525: Is buying redirects demand from its neighbors (as well as from other countries around the world), reducing output and employment outside Germany." According to Carla Norrlöf , there are three main benefits to trade deficits for the United States: A 2018 National Bureau of Economic Research paper by economists at the International Monetary Fund and University of California, Berkeley, found in

572-444: Is different from the physical balance of trade (which is expressed in amount of raw materials, known also as Total Material Consumption). Developed countries usually import a substantial amount of raw materials from developing countries. Typically, these imported materials are transformed into finished products and might be exported after adding value. Financial trade balance statistics conceal material flow. Most developed countries have

616-445: Is not a "win-win" game but a zero-sum game: surplus countries get richer at the expense of deficit countries. The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists. According to the IMF trade deficits can cause a balance of payments problem, which can affect foreign exchange shortages and hurt countries. On

660-474: Is not founded on free-trade (liberalisation of foreign trade ) but rather on the regulation of international trade, in order to eliminate trade imbalances: the nations with a surplus would have a powerful incentive to get rid of it, and in doing so they would automatically clear other nations' deficits. He proposed a global bank that would issue its own currency – the bancor – which was exchangeable with national currencies at fixed rates of exchange and would become

704-521: Is substantially higher than its permanent population, with its hukou population standing at 3.422 million in 2019. This is likely due to migration to other regions, where higher wages can be earned. Similar to how Ziyang's permanent population has declined throughout the 2010s, Ziyang's hukou population has also fallen from 5.011 million in 2010. As of 2019, 44.15% of Ziyang's population lives in urban areas, below Sichuan's total of 53.79%. Ziyang's urbanization rate has experienced substantial growth in

748-485: The Great Depression when – in the opinion of Keynes and others – international lending, primarily by the U.S., exceeded the capacity of sound investment and so got diverted into non-productive and speculative uses, which in turn invited default and a sudden stop to the process of lending. Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. For example,

792-525: The net international investment position as well as international aid. If the current account is in surplus, the country's net international asset position increases correspondingly. Equally, a deficit decreases the net international asset position. The trade balance is identical to the difference between a country's output and its domestic demand (the difference between what goods a country produces and how many goods it buys from abroad; this does not include money re-spent on foreign stock, nor does it factor in

836-510: The 2010s, rising from 32.73% in 2010. This reflects a broader trend of urbanization in China , and also within Sichuan, which saw its own urbanization rate stand at 40.18% in 2010. At the county-level , 54.25% of Yanjiang District is urbanized as of 2019, 39.39% of Lezhi County is urbanized, and 37.63% of Anyue County is urbanized. Ziyang's birth rate in 2019 is 6.33‰ ( per thousand ), well below

880-407: The Sichuan average, with wages in Ziyang averaging 62,340 RMB per year, compared to an average of 69,267 RMB for Sichuan as a whole. State-owned enterprises in Ziyang pay significantly better than their private sector counterparts, paying an average of 81,018 RMB per year, although this too is below the Sichuan average of 97,330 RMB per year. The average disposable income of Ziyang's urban residents

924-471: The Sichuan rate of 10.70‰; however, Ziyang's death rate of 5.64‰ is also below the Sichuan total of 7.09‰. This gives Ziyang a rate of natural increase of 0.69‰, below Sichuan's rate of 3.61‰. As of 2019, Ziyang has a gross domestic product (GDP) of 77.780 billion RMB , of which, 14.206 billion RMB (18.26%) comes from the city's primary sector , 23.765 billion RMB (30.55%) comes from the city's secondary sector , and 39.809 billion RMB (51.18%) comes from

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968-617: The Sichuan total of 3.3%. The city operated at a trade surplus in 2019, exporting 139.76 million RMB worth of goods and services out of China, and importing 82.65 million RMB worth of goods and services from outside of China. Ziyang is home to 172 primary schools , which are staffed by 7,191 teachers, and serve 166,798 students. The city also has 197 regular secondary schools , which are staffed by 12,067 teachers, and serve 149,862 students. China National Highway 321 ,China National Highway 351 transit. Sichuan Provincial Women%27s Prison Too Many Requests If you report this error to

1012-481: The Wikimedia System Administrators, please include the details below. Request from 172.68.168.133 via cp1102 cp1102, Varnish XID 18332830 Upstream caches: cp1102 int Error: 429, Too Many Requests at Fri, 29 Nov 2024 04:51:20 GMT Trade surplus Balance of trade is the difference between the monetary value of a nation's exports and imports over a certain time period. Sometimes

1056-418: The account of each nation. The discrepancy is widely believed to be explained by transactions intended to launder money or evade taxes, smuggling and other visibility problems. While the accuracy of developing countries' statistics would be suspicious, most of the discrepancy actually occurs between developed countries of trusted statistics. Factors that can affect the balance of trade include: In addition,

1100-468: The balance of trade in Free to Choose , widely considered his most significant popular work. Exports directly increase and imports directly reduce a nation's balance of trade (i.e. net exports). A trade surplus is a positive net balance of trade, and a trade deficit is a negative net balance of trade. Due to the balance of trade being explicitly added to the calculation of the nation's gross domestic product using

1144-413: The balance of trade, upon which, not only these restraints, but almost all the other regulations of commerce are founded. When two places trade with one another, this [absurd] doctrine supposes that, if the balance be even, neither of them either loses or gains; but if it leans in any degree to one side, that one of them loses and the other gains in proportion to its declension from the exact equilibrium. In

1188-460: The city's tertiary sector . Compared to Sichuan as a whole, Ziyang is more reliant on its primary sector, which makes up just 10.31% of Sichuan's GDP, less reliant on its secondary sector, which makes up 37.25% of Sichuan's GDP, and about as equally reliant on its tertiary sector, which makes up about 52.46% of Sichuan's GDP. Despite comprising just 18.26% of Ziyang's GDP, the city's primary sector employs 49.1% of Ziyang's 1.7794 million workers, with

1232-609: The colonies in return. Ideas such as bullionism spurred the popularity of mercantilism in European governments. An early statement concerning the balance of trade appeared in Discourse of the Common Wealth of this Realm of England , 1549: "We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them." Similarly, a systematic and coherent explanation of balance of trade

1276-470: The concept of importing goods to produce for the domestic market). Measuring the balance of trade can be problematic because of problems with recording and collecting data. As an illustration of this problem, when official data for all the world's countries are added up, exports exceed imports by almost 1%; it appears the world is running a positive balance of trade with itself. This cannot be true, because all transactions involve an equal credit or debit in

1320-510: The country (country A sells to country B, country B sells to country C who buys from country A, but the trade deficit only includes A and B). However, it may be in one form or another including the possible tradeoff of foreign control of assets. In his view, the "worst-case scenario" of the currency never returning to the country of origin was actually the best possible outcome: the country actually purchased its goods by exchanging them for pieces of cheaply made paper. As Friedman put it, this would be

1364-425: The definition of the balance of payments, any current account deficit that exists is matched by an inflow of foreign investment. In the late 1970s and early 1980s, the U.S. had experienced high inflation and Friedman's policy positions tended to defend the stronger dollar at that time. He stated his belief that these trade deficits were not necessarily harmful to the economy at the time since the currency comes back to

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1408-413: The destabilising effects of large trade surpluses – have largely disappeared from mainstream economics discourse and Keynes' insights have slipped from view. Prior to 20th-century monetarist theory, the 19th-century economist and philosopher Frédéric Bastiat expressed the idea that trade deficits actually were a manifestation of profit, rather than a loss. He proposed as an example to suppose that he,

1452-632: The last few years of his life, John Maynard Keynes was much preoccupied with the question of balance in international trade. He was the leader of the British delegation to the United Nations Monetary and Financial Conference in 1944 that established the Bretton Woods system of international currency management. He was the principal author of a proposal – the so-called Keynes Plan – for an International Clearing Union . The two governing principles of

1496-425: The latter half of the decade. Major sources of employment in Ziyang outside of the primary sector include construction, manufacturing, and in hotels and catering. The highest paying industry in Ziyang is the health and social services industry, which pays an average of 98,134 RMB per year, slightly below the Sichuan average of 102,904 RMB. In 2019, Ziyang had an urban unemployment rate of 3.7%, slightly higher than

1540-417: The other hand, Joseph Stiglitz points out that countries running surpluses exert a "negative externality" on trading partners, and pose a threat to global prosperity, far more than those in deficit. Ben Bernanke argues that "persistent imbalances within the euro zone are... unhealthy, as they lead to financial imbalances as well as to unbalanced growth. The fact that Germany is selling so much more than it

1584-434: The plan were that the problem of settling outstanding balances should be solved by 'creating' additional 'international money', and that debtor and creditor should be treated almost alike as disturbers of equilibrium. In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships". The new system

1628-588: The same result as if the exporting country burned the dollars it earned, never returning it to market circulation. This position is a more refined version of the theorem first discovered by David Hume . Hume argued that England could not permanently gain from exports, because hoarding gold (i.e., currency) would make gold more plentiful in England; therefore, the prices of English goods would rise, making them less attractive exports and making foreign goods more attractive imports. In this way, countries' trade balances would balance out. Friedman presented his analysis of

1672-489: The second edition of the popular introductory textbook, An Outline of Money , devoted the last three of its ten chapters to questions of foreign exchange management and in particular the 'problem of balance'. However, in more recent years, since the end of the Bretton Woods system in 1971, with the increasing influence of monetarist schools of thought in the 1980s, and particularly in the face of large sustained trade imbalances, these concerns – and particularly concerns about

1716-428: The secondary sector and tertiary sector employing 23.4% and 27.5% of Ziyang's workforce, respectively. As of 2019, Ziyang's gross domestic product per capita totals 31,019 RMB, well below Sichuan's total of 55,774 RMB per capita. Yanjiang District has a GDP per capita of 36,713 RMB, Lezhi County has a GDP per capita of 37,514 RMB, and Anyue County has a GDP per capita of 23,209. Wages in Ziyang are also slightly below

1760-463: The trade balance is likely to differ across the business cycle . In export-led growth (such as oil and early industrial goods), the balance of trade will shift towards exports during an economic expansion. However, with domestic demand-led growth (as in the United States and Australia) the trade balance will shift towards imports at the same stage in the business cycle. The monetary balance of trade

1804-488: The unit of account between nations, which means it would be used to measure a country's trade deficit or trade surplus. Every country would have an overdraft facility in its bancor account at the International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners, and posed far more than those in deficit,

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1848-468: The value of the currency, reducing aforementioned exports, and vice versa for imports, thus naturally removing trade deficits not due to investment . Since 1971, when the Nixon administration decided to abolish fixed exchange rates, America's Current Account accumulated trade deficits have totaled $ 7.75 trillion as of 2010. This deficit exists as it is matched by investment coming into the United States – purely by

1892-421: Was found to be worth 90 francs in France, he would have made a profit of 40 francs. But the customhouse would say that the value of imports exceeded that of exports and was trade deficit of 20 against the ledger of France.This is not true for the current account that would be in surplus. By reductio ad absurdum , Bastiat argued that the national trade deficit was an indicator of a successful economy, rather than

1936-812: Was made public through Thomas Mun 's 1630 "England's treasure by foreign trade, or, The balance of our foreign trade is the rule of our treasure". Since the mid-1980s, the United States has had a growing deficit in tradeable goods , especially with Asian nations (China and Japan) which now hold large sums of U.S. debt that has in part funded the consumption. The U.S. has a trade surplus with nations such as Australia. The issue of trade deficits can be complex. Trade deficits generated in tradeable goods such as manufactured goods or software may impact domestic employment to different degrees than do trade deficits in raw materials. Economies that have savings surpluses, such as Japan and Germany, typically run trade surpluses. China,

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