Globalization: Implications for the U.S. Plastics Industry

FOREWORD

INTRODUCTION

EXECUTIVE SUMMARY

PART I - UNDERSTANDING GLOBALIZATION

1. The New Wave of Globalization
2. The Old Orthodoxy in International Trade Theory: Static Comparative Advantage
3. The New Orthodoxy in International Trade Theory: Kaleidoscopic Comparative Advantage
4. The New Dichotomy of Tradable and Non-tradable Goods and Services

1. Globalization and Import Competition: Putting the U.S. Import Penetration Rate in Perspective
2. Globalization and Financial Markets
3. Global Excess Liquidity
4. Globalization and Regional Economic Integration
5. Emerging Economies and the New Industrial Revolution
6. Emerging Economies and Global Economic Growth
7. Foreign Discontent with Globalization: Mexico
8. Foreign Discontent with Globalization: South America

1. The State of the U.S. Economy
2. The Specter of U.S. De-industrialization
3. The U.S. Budget Deficit
4. The U.S. Trade Deficit
5. The U.S. Current Account Deficit
6. Globalization and U.S. Income Inequality
7. The U.S. Export Imperative
8. The Scope for Expanding U.S. Exports: An Overview of U.S. Trading Partners

1. Current and Likely Future Global Growth Scenarios
2. The Role of the U.S. Economy in the Global Economy: A Changing of the Guard
3. Endogenous and Exogenous Factors Influencing the U.S. Trade Balance
4. The Recent Slowdown in U.S. Productivity Growth: Cyclical or Structural?
5. The Dispersion of Global Manufacturing: The Case of the Automotive Industry
6. The Role of U.S. Exports and Imports in the New World Order
7. The Role of the Dollar in the New World Order
8. Recent Fluctuations in the Value of the Dollar
9. Barriers to the Flow of Foreign Investment into the United States
10. U.S. Trade and Current Account Deficits: The Conventional Perspective
11. U.S. Trade and Current Account Deficits: A Contrarian Perspective

1. China's Re-emergence in International Trade
2. China's Economic Growth in Historical Perspective
3. China and the Demise of Classical International Trade Theory
4. China Pricing and the U.S. Consumer: Trading-up and Trading-down
5. China Pricing and the U.S. Consumer: The Graying of America
6. The U.S. Balance of Trade with China
7. Major U.S. Markets Impacted by Chinese Imports
8. The Share of Chinese Exports in Asian Exports to the United States
9. The Chinese Yuan and Charges of Currency Manipulation
10. Would Yuan Appreciation Restore the U.S. Balance of Trade?
11. Prospects for Future Yuan Appreciation
12. China's Compliance with WTO Commitments
13. China's R&D Expenditures
14. The Challenge to China’s Future Economic Growth

1. OPEC, Oil and the Drive to Renewable Energy Alternatives
2. The Role of China in Global Energy Supply and Demand
3. The Recent Trend of U.S. Oil Consumption
4. The Impact of Supply and Demand Shocks on Oil Production
5. The New Energy Security Leadership Council

1. The SPI Global Trends Study
2. U.S. Foreign Trade in Plastic Products, 1989-2004
3. The Import Penetration Rate in Plastic Products
4. Trends in Regular and Contained Plastic Product Trade
5. The Trend of "True" Consumption of Resins and Plastic Products

1. Processor Profiles: Primary and Secondary Processing Capabilities, Major Markets Served, Annual Sales
2. The Nature and Extent of Export Accounts
3. The Growth and Importance of Export Accounts in Total Sales
4. The Nature and Extent of Competition from Imports
5. The Nature and Extent of Accounts Lost to U.S. Customers Relocating Offshore
6. Positive and Negative Effects of Globalization
7. Strategies to Maximize the Benefits and Minimize the Costs of Globalization
8. Courses of Action Open to U.S. Plastics Industry Organizations, the U.S. Government, and Foreign Governments
9. Additional Comments

1. The Need for New Institutions Governing International Trade and Investment
2. The Need for New Initiatives in U.S. Foreign Trade Policy
3. The Implications of Globalization for U.S. Workers: The Need to Upgrade Worker Skills
4. The Implications of Globalization for U.S. Capital Owners: The Innovation Mantra
5. In Search of the Elusive Level Playing Field

1. Future U.S. Plastics Industry Foreign Trade Direction
2. Evolving Costs of Business for U.S. Plastics Processors
3. The Half-filled Glass: The Need for Continued Conversion of Traditional Materials to Plastics
4. Onshoring: Going on Offense vs. Playing Defense
5. Offshoring: Following Domestic Customers and Gaining New Foreign Ones
6. Identifying Products Immune from Foreign Competition
7. Shifting the Focus from Commodities to Specialties
8. Adapting for Success in the Evolving Global Economy
9. U.S. Plastics Processors’ Globalization Playbook