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TheContemporaryModelsofForeignTradePolicy
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Thesectorofregulatedemployees,andalsotheowners,demandfromthe
governmentthatitleadsaneconomicpolicythatisfavourabletothem.The
employeddemandhighminimumwages,whilecapitalistsdemandhighprofits.
Bothgroupsdemandtherestrictionsonthedegreeofeconomyopenness.In
aclosedeconomy,highermarketminimumwagesandhigherprofitsareusually
connectedwithhigherpricesforhomeconsumers,andthisisnoteasywhen
thoseconsumersarefreetobuythesubstitutesinformofimportedgoods.Thus,
incomesinaneconomymaybecreatedbyprotectionandlaterdividedamong
theemployeesoftheregulatedsectorandthecapitalists,althoughsometimesthe
governmentitselftakesapartofthoseincomes(BanerjiandGhanem,1997).
Agovernmentconductinganeconomicpolicytakesintoaccountanumber
offactors.Firstly,ithastodecidethedegreeofobtainingtheresources,that
is,howmuchfromthoseresourcesitwantstoobtain.Hencetheimportanceof
investmentsandoffutureeconomicgrowth,andalsoofdefiningthepossibilities
forkeepingthepoweritiscurrentlyholding.Secondly,thegovernmentshould
definethescaleofsupportfromeachofthepressuregroupsthatcaninfluence
thesituation.Thepositionandimportanceofeachgroupforthedevelopmentof
politicalprocessesshouldbeconsidered.Forexample,inthecountrywherethe
regulatedlabourmarketisdivided,andpoliticallyweak,onlythecapitalistsmay
haveadecidingvoiceinpoliticalprocesses.Andthecontraryalsohappens-in
thesocietieswherethelabourmarketisorganized,itmayplaytheimportant
roleinmobilizingvoters.
5.TheLevelofProtectionicticPressures
Theaboveargumentsshowthatthepolicyisdefinedbypoliticalfactors(including
thetypeofthegovernmentandtheburdensresultingfromobligationstowards
employeesandcapitalists),andbyeconomicfactors(wages,prices,thestructure
ofproductionandconsumption).Onthebasisofthepresentdiscussion,wecan
presenttwoequations,onepertainingtothelevelofprotection,andthesecond
pertainingtothenationaleconomyanddeformationofwages.
1)π=f(e,l,k,R),
2)φ=f1(π,e,l,k,R).
Thelevelofprotectionpdependsontheeconomicparameters(e),arelative
politicalimportanceofurbanizedemployeesandcapitalists(landk,respectively),
andonthetypeofthegovernment(R).Deformationofwagesis,ontheother
hand,thefunctionofpandofe,l,kandR.Incaseofasmalleconomy,
economicparametersthatcaninfluencepandjincludeflexibleconsumerand
producerprices,demandflexibility,wagesandthedemandforlabourforce,
andalsothepriceofgoodsonaninternationalmarket.
