International Economics in a Globalization / Edition 1

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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.

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Product Details

  • ISBN-13: 9781551112619
  • Publisher: University of Toronto Press, Higher Education Division
  • Publication date: 5/29/2000
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 792

Meet 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.

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Table of Contents

1. The Nature of International Economics


International Economics in Daily Life

The Growth of Economic Interdependence

Statistics with Some Grains of Salt

Looking Forward

Vocabulary and Concepts / Questions


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


Appendix: Offer Curves

Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


4. Tariffs, Quotas, and VERs


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


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


Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


7. Unfair Trade Practices



Other Unfair Trade Practices


Vocabulary and Concepts / Questions


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


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


Vocabulary and Concepts / Questions


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


Appendix: Where to Find the Numbers

Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


12. Income and Price Effects

Income and Price Changes

Income Effects

Some International Implications

Price and Income: Two Intriguing Cases


Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


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


Vocabulary and Concepts / Questions


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


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


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


Vocabulary and Concepts / Questions



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