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The balance of trade, commercial balance, or net exports, is the difference between the monetary value of a nation's exports and imports over a certain time period. Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow 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.
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- Investments in human capital, such as education, healthcare, and encouraging the transfer of technologies and business processes, to improve productivity. Encouraging globalized free trade via containerization is a major recent example.
- Tax reduction, to provide incentives to work, invest and take risks. Lowering income tax rates and eliminating or lowering tariffs are examples of such policies.
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- Reduction in government regulations, to encourage business formation and expansion.
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The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries. This has been accompanied by a relatively low savings ratio and high levels of government and corporate debt. Debate continues over the causes and impacts of this trade deficit, and the nature of any measures required in response.
Comparisons between the Great Recession and the Great Depression explores the experiences in the United States and the United Kingdom.
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References
- ↑ "Peter George Morici, Jr." Who's Who in America, 67th ed. Accessed via LexisNexis June 15, 2013.
- ↑ "Department of Economics Alumni". University at Albany. 2011-12-29. Retrieved 2013-10-09.
- ↑ "Department of Economics Notable Alumni". University at Albany. 2011-12-29. Retrieved 2013-10-09.
- ↑ Morici, Peter. The Doha Round: No Help for America's Trade Deficit? (PDF). Retrieved 2013-10-09.
- ↑ "Peter Morici Articles - Political Columnist & Commentator". finance.townhall.com. Retrieved 2016-03-03.
- ↑ "Peter Morici stories". Fox News. Retrieved 2016-03-03.
- ↑ "Real unemployment rate is at least 18 percent". Hill.com. Retrieved 17 June 2015.
