A principles-level introduction to international economics that is accessible to all majors. This book is also suitable for readers interested in the field of international economics.
International Economics uses a rich array of case studies to illuminate economic institutions and policies as well as recent developments in the global economy—without readers having to rely on a prerequisite knowledge of higher-level math. Further, the book’s flexible approach—with self-contained chapters and comprehensive coverage—allows instructors to adapt the text easily to a wide range of syllabi.
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Table of Contents
I. INTRODUCTION AND INSTITUTIONS
1. The United States in a Global Economy
Introduction: International Economic Integration
Elements of International Economic Integration
Twelve Themes in International Economics
2. International Economic Institutions since World War II
Introduction: International Institutions and Issues since World War II
The IMF, the World Bank, and the WTO
Regional Trade Agreements
The Role of International Economic Institutions
Criticism of International Institutions Summary
II INTERNATIONAL TRADE
3. Comparative Advantage and the Gains from Trade
Introduction: The Gains from Trade
Comparative Productivity Advantage and the Gains from Trade
Absolute and Comparative Productivity Advantage Contrasted
Gains from Trade with No Absolute Advantage
Comparative Advantage and “Competitiveness”
4. Comparative Advantage and Factor Endowments
Introduction: The Determinants of Comparative Advantage
Modern Trade Theory
Trade and Income Distribution
Empirical Tests of the Theory of Comparative Advantage
Extension of the Heckscher-Ohlin Model
The Impact of Trade on Wages and Jobs
5. Beyond Comparative Advantage
Introduction: More Reasons to Trade
Trade and Geography
6. The Theory of Tariffs and Quotas
Introduction: Tariffs and Quotas
Analysis of Quotas
7. Commercial Policy
Introduction: Commercial Policy, Tariffs, and Arguments for Protection
Why Nations Protect Their Industries
The Politics of Protection in the United States
8. International Trade and Labor and Environmental Standards
Introduction: Income and Standards
Setting Standards: Harmonization, Mutual Recognition, or Separate?
Trade and the Environment
Alternatives to Trade Measures
III. INTERNATIONAL FINANCE
9. Trade and the Balance of Payments
Introduction: The Current Account
The Current Account and the Macro economy
The International Investment Position
Appendix A Measuring the International Investment Position
Appendix B Balance of Payments Data
10. Exchange Rates and Exchange Rate Systems
Introduction: Fixed, Flexible, or In-Between?
Exchange Rates and Currency Trading
The Supply and Demand for Foreign Exchange
The Real Exchange Rate
Alternatives to Flexible Exchange Rates
Fixed Exchange Rate Systems
Choosing the Right Exchange Rate System
Single Currency Areas
Appendix The Interest Rate Parity Condition
11. An Introduction to Open Economy Macroeconomics
Introduction: The Macroeconomy in a Global Setting
Aggregate Demand and Aggregate Supply
Fiscal and Monetary Policies
Current Account Balances Revisited
Macro Policies for Current Account Imbalances
Macroeconomic Policy Coordination in Developed Countries
12. International Financial Crises
Introduction: The Challenge to Financial Integration
Definition of a Financial Crisis
Sources of International Financial Crises
Domestic Issues in Crisis Avoidance
Domestic Policies for Crisis Management
Reform of the International Financial Architecture
IV. REGIONAL ISSUES IN THE GLOBAL ECONOMY
13. The United States in the World Economy
Introduction: A New World Economy
Background and Context
The NAFTA Model
New and Old Agreements
14. The European Union: Many Markets into One
Introduction: The European Union
The Size of the European Market
The European Union and Its Predecessor
Deepening and Widening the Community in the 1970s and 1980s
The Second Wave of Deepening: The Single European Act
The Third Wave of Deepening: The Maastricht Treaty
Monetary Union and the Euro
Widening the European Union
The Demographic Challenge of the Future
15. Trade and Policy Reform in Latin America
Introduction: Defining a “Latin American” Economy
Population, Income, and Economic Growth
Import Substitution Industrialization
Macroeconomic Instability and Economic Populism
The Debt Crisis of the 1980s
Neoliberal Policy Reform and the “Washington Consensus”
16. Export-Oriented Growth in East Asia
Introduction: The High-Performance Asian Economies
Population, Income, and Economic Growth
General Characteristics of Growth in the HPAE
The Institutional Environment
The Role of Industrial Policies
The Role of Manufactured Exports
Is There an Asian Model of Economic Growth?
17. The BRIC Countries in the World Economy
Introduction: The BRICs
Demographic and Economic Characteristics
Economic reform in the BRIC economies
The BRICs in the World Economy
The Challenges of the BRICs in the World Economy
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