Please read Chapter 8: Puzzling Prospects and answer the following questions:
1. What is the nature of a trading paradox? Who are the primary players in the global market who set the rules of globalization? What happens to those nations that are not willing to conform all the time?
2. What is the difference between comparative advantage and competitive advantage? Under what circumstance could the two overlap?
3. What are the salient features of the “Asian miracle”? How does the miracle deviate from the orthodox vision of globalization?
4. Why is the formulaic path to trade-based development as promoted by the IMF, the World Bank and WTO not quite work out as expected?
5. Why is it that economists and economic historians consider the Chinese formula for export-led growth to be so unique in the world?
6. Why is policy coordination such a formidable challenge in the face of globalization?
7. What is a globalization paradox? What are some of its popular forms?
8. Why is policy coordination so important in the face of globalization? What are the difficulties that nations typically face in coordinating policies?
9. Given the nature of globalization as has been evidenced over the last three decades, how real is the possibility of a backlash? Why?
10. Explain the nature of a nontariff barrier? Why is it usually associated with welfare loss?
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