About the book

This comprehensive textbook on International Economics provides students up-to-date review of the field’s essential principles and theory. This book explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples.

Contents:

1 The Globalization of Indian and World Economy

2 The Law of Comparative Advantage

3 The Standard Theory of International Trade

4 Demand and Supply, Offer Curves, and the Terms of Trade

5 Factor Endowments and the Heckscher–Ohlin Theory

6 Economies of Scale, Imperfect Competition, and International Trade

7 Economic Growth and International Trade

8 Trade Restrictions: Tariffs

9 Nontariff Trade Barriers and the New Protectionism

10 Economic Integration: Customs Unions and Free Trade Areas

11 International Trade and Economic Development

12 International Resource Movements and Multinational Corporations

13 Balance of Payments

14 Foreign Exchange Markets and Exchange Rates

15 Exchange Rate Determination

16 The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates

17 The Income Adjustment Mechanism and Synthesis of Automatic Adjustments

18 Open-Economy Macroeconomics: Adjustment Policies

19 Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply

20 Flexible versus Fixed Exchange Rates, the European Monetary System, and Macroeconomic Policy Coordination

21 The International Monetary System: Past, Present, and Future

Answers to Selected Problems

Glossary of Key Terms

Name Index

Subject Index