The pattern of trade in final goods between two countries

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The world consists of two countries. One country (call it Hiland) has a strong legal system for contract enforcement, and the other country (call it Loland) has a legal system in which enforcement of contracts is uncertain, slow, and costly.

In other basic ways the two countries are quite similar. For some final-goods industries, key material inputs into production are obtained on spot markets, using short-lived purchasing agreements.

For other final-goods industries, key material inputs into production are best obtained through complicated, longer-term contracts to assure steady availability of the inputs. What do you predict about the pattern of trade in final goods between these two countries? Why?

Reference no: EM131210898

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