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What I want to do in this video is explore how trade imbalances, in theory, should be resolved by freely floating currencies. So lets just say in the beginning of our time period, like we did in the last video, that the exchange rate between the Chinese yuan and the U.S. dollar is 10:1. So we have 10 yuan. So the last time people traded these currencies, they exchanged 10 yuan for 1 U.S. dollar. And, when I say, dollar, Im going to implicitly mean the U.S. dollar. Now, lets think about two entrepreneurs in each of the countries, or one in each of the countries. So lets talk about a Chinese entrepreneur. So we are in China here, and he makes dolls. And in order to profitably sell a doll, he needs to sell them for 10 yuan. If hes able to sell for the equivalent of 10 yuan in the United States-- and we wont talk a lot about shipping and what currency youd have to pay and all of that-- then he can pay all of his needs. Maybe even the shippers across the Pacific, maybe their employe
