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Offshoring and Global Value Chains: Causes, Effects, and Implications, Ejercicios de Negocios Internacionales

Universitat de València (UV)Negocios Internacionales

An overview of offshoring, its causes, effects on labor markets, and the role of global value chains (gvcs) in international trade. Offshoring refers to the acquisition of intermediate goods and services from another country or firm, and it is driven by technological advancements, falling trade barriers, and reduced transport costs. Examples of offshoring in manufacturing and services sectors and explores the implications for developed and developing countries.

Tipo: Ejercicios

2017/2018

Subido el 06/06/2018

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Topic 6. The impact of globalisation:
outsourcing
References:
Stiglitz, Joseph E. (2005): “The Overselling of Globalization” in Michael M.
Weinstein (ed.), Globalization: What’s New. New York: Columbia
University Press. http://site.ebrary.com/lib/universvaln/reader.action?
docID=10183480&ppg=240
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Topic 6. The impact of globalisation:

outsourcing

References: Stiglitz, Joseph E. (2005): “The Overselling of Globalization” in Michael M. Weinstein (ed.), Globalization: What’s New. New York: Columbia University Press. http://site.ebrary.com/lib/universvaln/reader.action? docID=10183480&ppg=

Outline

• 1. What is offshoring? A new phenomenon

• 2. The impact of offshoring on developed and

developing countries

• 3. The impact of globalisation: a debate

(practical classes)

1. Offshore outsourcing

Causes:

  • Technologies
  • Fall of trade barriers
  • Reduction in transport costs (intermodal

transport)

  • The new systems of production organisation:

toyotism

1. Offshore outsourcing

  • (^) ICT (Information and Communication Technologies): computers and internet. This is the third industrial revolution or digital revolution
  • (^) Production system: “Just in time”, Toyotism. This new system can reduce the cost of producing much smaller batches of a wider variety
  • (^) The manufacturing jobs of the future will require more skills: skill-biased technology

1. Offshore outsourcing

  • (^) In the period after the NAFTA trade agreement (1994), FDI by American companies in Mexico. These investments were in assembling plants for the parts of the process intensive in the use of unskilled labour, named maquiladoras. Most of these plants were located in Mexico along the USA border. The effect was an increase in wages in Mexico (Feenstra and Hanson, 1997)

Apple’s iPhone

Global Value Chains

Statistical problem in trade

  • (^) “Contrary to what is observed through the traditional measure, only a very small fraction of the US shortfall is value added originating from China — the remainder stems from Japan, other Asian countries and developed economies where conception and production of critical components as well as R&D or marketing efforts are located.” Trade balance: traditional versus value added measure

Some traditional rules and principles in question Source: Meng and Miroudot

Global Value Chains (GVCs)

  • (^) A value chain is composed of a set of interrelated activities in the productive cycle – from research and development, design and manufacturing, to the stage of final distribution and beyond – which involves value creation across the range of activities.
  • (^) The smiling curve is frequently used to explain that, in the productive cycle, activities related to research and development and services add higher value to the product, while manufacturing adds the lowest value.
  • (^) There has been an increasing fragmentation of production of goods and services with value added in different countries in the productive cycle.

Video about GVCs

• Here is a video from the World Bank

explaining Global Value Chains

• https://olc.worldbank.org/content/global-

value-chains-basics

2. The effects of offshore outsourcing

  • (^) Effects of offshoring :
  • (^) Feenstra and Hanson (1999, 2001) estimate that it increases wage inequality between skilled and unskilled labour. Using the H-O trade model, they incorporate the input imports to analyse the effect on relative wages: - (^) Trade of this kind reduces the demand for labour of the industries that compete with the imports (the demand for unskilled labour falls), but it also affects the demand for labour of the industries that use these intermediate inputs (the demand for skilled labour increases)

2. The effects of offshore outsourcing

In the long term:

  • (^) 2) Productivity: The reduction of production costs due to offshoring has an effect on productivity. If the firm is now more competitive it will grow, increasing job opportunities for native-born workers (they are complementary)
  • (^3) ) Price: The fall in prices in firms that implemented offshoring increases real wages for all workers

2. The effects of offshore outsourcing

  • (^) Grossman and Rossi-Hansberg (2006) obtain that the sum of
    1. and 3) is higher than 1). Thus, it produces an improvement of skilled and unskilled labour wages