International Economics in the Age of Globalization / Edition 1

International Economics in the Age of Globalization / Edition 1

ISBN-10:
1551112612
ISBN-13:
9781551112619
Pub. Date:
05/01/2000
Publisher:
University of Toronto Press
ISBN-10:
1551112612
ISBN-13:
9781551112619
Pub. Date:
05/01/2000
Publisher:
University of Toronto Press
International Economics in the Age of Globalization / Edition 1

International Economics in the Age of Globalization / Edition 1

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Overview

International Economics in the Age of Globalization provides the intellectual basis for an understanding of the increasingly integrated world economy. The requisite background is not solely economic theory, but includes the history and the purposes and workings of the organizations, laws, instruments, and customary practices in the international economy.

Economic theory is not limited to the abstract; its concern with institutions has both a practical and theoretical base. How can one evaluate a criticism of the World Trade Organization, a fear of the dangers of financial derivatives, the supposed freedom of a multinational firm, or the presumed unfairness of dumping without knowing both theory and institutions? Where did these institutions come from? What problems are they solving-as well as creating? This book's balance between theory and institutions is akin to texts in Public Expenditure or Money and Banking. The leading international economics texts, in contrast, push the real world into the background and present the subject as a more specialized intermediate theory course, accessible only to people who have a solid theoretical background. The result is that good discussions of many of the key issues in modern international economics simply are not available in the curriculum, or accessible to any but economics majors. This book aims to remedy that failing, challenging economics majors and non-majors alike. It will also be of value to students of business and public affairs and to the economic-literate general public.


Product Details

ISBN-13: 9781551112619
Publisher: University of Toronto Press
Publication date: 05/01/2000
Edition description: New Edition
Pages: 792
Product dimensions: 7.00(w) x 9.00(h) x (d)

About the Author

Wilson B. Brown is Professor of Economics at the University of Winnipeg. He holds a Ph.D. in International Affairs from the Fletcher School of Law and Diplomacy at Tufts University, has published books with Addison-Wesley and John Wiley, and has taught economics, marketing, and management. He held Fulbright grants to Peru and Thailand (Chiang Mai University) and has been a visiting scholar at the University of Reading. Jan S. Hogendorn is Grossman Professor of Economics at Colby College. He holds a Ph.D. from the London School of Economics and has published widely in economic history, with a special interest in West Africa. His books have been published by Oxford, Cambridge, Academic Press, HarperCollins, and Addison-Wesley. A fellow at Linacre College at Oxford, he has been a visiting scholar at the University of Birmingham, Ahmadu Bello University in Nigeria, and Bosporos University in Turkey.

Table of Contents

1. The Nature of International Economics

Globalization
International Economics in Daily Life
The Growth of Economic Interdependence
Statistics with Some Grains of Salt
Looking Forward
Vocabulary and Concepts / Questions
Notes

Part I: International Trade

2. The Theory of Comparative Advantage

The Gains from Trade in General Equilibrium
The Gains from Trade in Partial Equilibrium
Relaxing the Assumptions
Conclusion
Appendix: Offer Curves
Vocabulary and Concepts / Questions
Notes

3. The Sources of Comparative Advantage

Factor Proportions: The Heckscher-Olin Model
Two Challenges to the Heckscher-Olin Model
Why Trade Arises among Similar Countries
Segmented Markets as an Explanation for Trade
What Could Trigger the Direction of Specialization?
Dislocation and Intraindustrial Trade
Conclusion
Vocabulary and Concepts / Questions
Notes

4. Tariffs, Quotas, and VERs

Tariffs
Analysis of Tariffs: Their Effects
Quotas and Their Economic Effects
Voluntary Export Restraints
Appendix: The Terms-of-Trade Effect in General Equilibrium
Vocabulary and Concepts / Questions
Notes

5. The Face of Modern Protectionism

Subsidy and Tax Issues
Administrative Protection
Technical, Health, Safety, and Environmental Standards
How Can Distortions To Trade Be Compared?
Playing the Protectionist Instruments
Conclusion
Vocabulary and Concepts / Questions
Notes

6. The Political Economy of Trade Barriers

A Short History of Trade Policy
The Uruguay Round and the World Trade Organization
Why Do Countries Persist in Protectionism?
The Arguments for Trade Barriers
Conclusion
Vocabulary and Concepts / Questions

Notes

7. Unfair Trade Practices

Dumping
Subsidies
Other Unfair Trade Practices
Conclusion
Vocabulary and Concepts / Questions
Notes

8. National Trade Policies

Managed Trade
Strategic Trade Policy
Japanese Use of a National Trade Strategy
Adjusting to Trade as a National Strategy
Trade Sanctions
Vocabulary and Concepts / Questions
Notes

9. Economic Integration

The Types of Economic Integration
The Great Debate: Trade Creation or Trade Diversion
Dynamic Effects of Economic Integration
A Checklist of Conditions for Welfare Improvement
The Major Examples of Economic Integration
Very Large PTAs
PTAs with a Rich Patron
Regional Trade Arrangements in the LDCs
Foreign Trade Zones: Little Bits of Free Trade
Conclusion
Vocabulary and Concepts / Questions
Notes

Part II: International Macroeconomics: Saving, Growth, and Finance

10. Saving, Investment, and the Trade Balance

How Can Countries Have Trade Imbalances?
The Three Real Imbalances: Imports-Exports, Saving-Investment, and Output-Absorption
Financial Markets: Borrowing and Lending
Trade Imbalances as Problems and Symptoms
Total Investment Equals Total Savings
The International Capital Market and National Saving
Government Savings and Trade Deficits: The Twin Deficit Question
Private Saving
Conclusion
Appendix: Where to Find the Numbers
Vocabulary and Concepts / Questions
Notes

11. The Balance of Payments

Why Study the Balance of Payments?
What a Balance-of-Payments Statement Shows
Balance-of-Payments Accounting
The Structure of the Balance of Payments
Using Balance-of-Payments Statements as Analytical Tools
The World Deficit
Conclusion
Vocabulary and Concepts / Questions
Notes

12. Income and Price Effects

Income and Price Changes
Income Effects
Some International Implications
Price and Income: Two Intriguing Cases
Conclusion
Vocabulary and Concepts / Questions
Notes

13. Interest Rates, Prices, and Foreign Exchange

The Foreign Exchange Market
The Vast Sums Traded
Interest Rate Parity
The Longer Run: Price Levels and Purchasing Power Parity
International and Domestic Financial Markets
Conclusion
Vocabulary and Concepts / Questions
Notes

14. Money in the Global Economy

Three Ways of Looking at Money's Relation to Real Output
Modeling the Effects of Money Supply
Markets for Funds and Markets for Liquidity
Monetary Policy
National Money Supplies and Global Flows
The Role of Money in Correcting Serious Balance-of-Payments Difficulties
The Problem of Large Capital Flows
Monetary and Fiscal Policy Together
Conclusion
Vocabulary and Concepts / Questions
Notes

15. Exchange Rate Adjustment

What Countries Really Do
The Role of the Exchange Rate in Adjusting to Payments Difficulties
Exchange Control
The Once-and-for-all Devaluation after Great Inflation
Revaluation (Upward Valuation)
Price Sensitivity: What Happens When Price Effects Work Slowly
Exchange Rate Changes and the EXIN Model
Conclusion
Vocabulary and Concepts / Questions
Notes

16. International Financial Markets

The Functions of Financial Markets
The Advantages of Large Markets
An Overview of the International Markets
Eurodollars, T-accounts, and Monetary Expansion
Derivative and Swap Markets
Continuing Changes in the International Capital Market
Implications of the Changes
Conclusion
Vocabulary and Concepts / Questions
Notes

17. International Monetary Institutions (I)

The International System under the Gold Standard
The 1920s: Pegged Exchange Rates
The Great Depression
The Bretton Woods System: 1947-1973
Reserve Currencies
Special Drawing Rights
Borrowing Swap Lines
The End of the Bretton Woods System
The Bretton Woods System: An Assesment
Vocabulary and Concepts / Questions
Notes

18. International Monetary Institutions (II)

The Oil Crises
Floating Exchange Rates
The Debt Crisis
Currencies and Governments: How Many Currencies?
Deja Vu All Over Again
Vocabulary and Concepts / Questions
Notes

19. Multinational Firms, Foreign Direct Investment, and Globalization
Foreign Direct Investment and the Multinational Firm
FDI in Recent Years
The Theory of Foreign Direct Investment
Possible Reasons for the Recent Increase in FDI
Extent of the Firm's Freedom from Market Constraints
Issues MNFs Raise
Conclusion
Vocabulary and Concepts / Questions
Notes

Index
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