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\ARTIFICIAL PRICING\ AND MARKET DISRUPTION BY NON-MARKET ECONOMIES (USSR, EASTERN EUROPE, CHINA, COMMERCIAL POLICY, DUMPING)
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Dissertation
\ARTIFICIAL PRICING\ AND MARKET DISRUPTION BY NON-MARKET ECONOMIES (USSR, EASTERN EUROPE, CHINA, COMMERCIAL POLICY, DUMPING)
1985
Overview
Does trade with non-market economies (NMEs) raise special welfare concerns for the importing market economy? Based on theoretical analysis, statistical testing and case studies, this dissertation concludes that the evidence does not support the hypothesis that NME trade is particularly destabilizing to importing countries. The thesis first shows that the importing country gains from trade even when foreign goods are priced \"artificially\" due to dumping or subsidies. Stressing that these results assume a reasonably steady pattern of import supply and pricing, the study asks whether an investigation into the exporting country's economic organization might help predict the relative stability of future exports. If the exporting country's allocation mechanism or systemic objectives suggest tendencies toward erratic fluctuations in export volume or price, a persuasive case can be made to limit imports from such countries. Analyzing the cost and pricing standards and foreign trade systems of NMEs, the thesis inquires whether discriminatory trade restrictions on NME exports are justified on welfare grounds. Theoretically the analysis demonstrates first, that charges of NME \"dumping\" are unfounded and second, why the phenomenon of \"crisis exports\"--forced selling at depressed prices--is unlikely. Furthermore, using United Nations data the study compares market share variations of NME exporters against other major exporters in world commodity markets. Rather than exhibiting a pronounced volatility for the period 1965-81, East European and Soviet market shares demonstrate greater stability than that of any other single exporting bloc. Therefore, the study concludes that NMEs do not appear to differ from market economies in a way detrimental to an importing country in their desire to, or demonstrated behavoir in, disrupting markets. The thesis then examines a secondary question: Regardless of injury to import-competing producers, do conceptually sound, objective tests exist for establishing the \"fair value\" of NME exports? An analysis of the arguments in Polish Golf Carts--in which the U.S. developed a \"constructed value\" basis for verifying dumping--and in the case of Chinese textiles--where the People's Republic is accused of subsidizing exports through the maintenance of dual exchange rates--shows these arguments to be theoretically weak and empirically unsubstantiated.
