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International Economics - Global Markets and Competition - 2nd Edition

International Economics - Global Markets and Competition - 2nd Edition

          
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International Economics: Global Markets and Competition integrates the microeconomics of international trade with open economy macroeconomics and finance. The theory is comprehensive but presented with intuitive diagrams. The book emphasizes the gains from international competition and the limits of trade policy.Economics began during the Industrial Revolution with a debate over import tariffs. To this day, domestic industries lobby for tariff protection against foreign competition, paying lawmakers for tariffs on imports. Only under special conditions do tariffs lead to economic gains. Domestic importers of materials and industrial products favor free trade, as do export industries since tariffs encourage other countries to retaliate with tariffs of their own.Trade theory includes market analysis and general equilibrium models of the economy. This text integrates the full range of trade theory with exchange rates, balance of payments, international finance, and open economy growth and macroeconomics.The presentation focuses on diagrams and avoids equations and algebra. The theory is presented with numerical examples. The text does not assume intermediate economics, instead developing the theory with thorough explanations. Questions in each section build confidence in applying the theory. Boxed examples illustrate the importance of the theory.Students like the concise and straightforward style. Instructors notice the difference on exams.

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About the Book

This text integrates the microeconomics of trade with concepts from open economy macroeconomics. The emphasis is on the powerful forces of international competition and the limitations of government policy. Economics began with a political debate over tariffs and the politics continue. Domestic industries lobby for protection against foreign competitors and for export subsidies. Government policy makers favor their pet industries in return for lobby money and votes. Meanwhile, other industries lobby for free trade. Governments worldwide tentatively negotiate free trade agreements while international financial markets determine the effectiveness of their fiscal and monetary policies. Wages, capital returns, and national income rise and fall with international commerce. The text covers these issues of international trade and finance. The trade theory is based on partial equilibrium market analysis, constant cost and neoclassical general equilibrium, the factor proportions model, and various theories of industrial organization. The text fully integrates concepts from international finance, and a new chapter for the 2nd edition develops the basic models of open economy macroeconomics. The presentation is centered on graphs that use realistic numerical examples making the theory easier for students to grasp, especially when combined with general algebraic and graphic presentations in the classroom. The text does not assume previous courses in intermediate theory or calculus but the theory is completely developed. Numerous exercises that can be presented by students give them confidence in using the theoretical models and concepts. Over 250 boxed examples illustrate the theory, many with visually descriptive charts and plots, making the text excellent for MBA courses. The text is concise in its presentation style. Students enjoy its clear straightforward style and instructors notice the difference on exams.

Table of Contents:
• Preface for Students • Preface for Instructors • INTRODUCTION 1. International Markets A. International markets B. Excess supply and excess demand C. The balance of trade D. Comparative advantage and specialization 2. Trade with Constant Costs A. Constant opportunity costs of production B. Specialization and gains from trade C. Extensions of constant cost trade theory D. Applications of constant cost trade theory • NEOCLASSICAL TRADE THEORY 3. Gains from Trade A. Production possibilities and real income B. Specialization and the gains from trade C. Economic development and international trade D. Industrial trade policy 4. Protection A. Tariffs: Taxes on imports B. Quotas and other nontariff barriers C. Protection and production D. Political economy of protection 5. Terms of Trade A. Offer curves B. Tariffs and the terms of trade C. Tariff games D. Depletable resource trade • FACTOR PROPORTIONS TRADE THEORY 6. Production and Trade A. Specific factors and trade B. Production with two factors and two goods C. Fundamental trade theorems D. Factor proportions trade 7. Industrial Organization and Trade A. Price searching firms and trade B. Intraindustry trade C. Oligopolies D. Other causes of trade • FACTOR MOVEMENTS AND ECONOMIC INTEGRATION 8. International Migration and Investment A. International labor migration B. International capital movements C. Income redistribution D. International factor movements and trade 9. Economic Integration A. Multinational firms B. International externalities C. International political economy D. Steps of economic integration • INTERNATIONAL FINANCIAL ECONOMICS 10. Balance of Payments A. Elasticities and the trade balance B. Current and capital accounts C. Deficits and surpluses D. International fiscal and monetary policy 11. Foreign Exchange A. Foreign exchange rates B. Managed exchange rates C. Foreign exchange trading D. Foreign exchange risk 12. International Financial Markets A. The international credit market B. Foreign exchange and finance C. International money D. Money and international finance • Hints and Partial Answers to Even-Numbered Problems • Acronyms • References • Name Index • Subject Index


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Product Details
  • ISBN-13: 9788175967199
  • Publisher: Cambridge University Press,
  • Binding: Paperback
  • Language: English
  • ISBN-10: 8175967196
  • Publisher Imprint: Cambridge University Press,
  • Edition: 2
  • No of Pages: 520

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