International Economics, Global Edition, 8th Edition
- Length: 495 pages
- Edition: 8
- Language: English
- Publisher: Pearson
- Publication Date: 2022-04-22
- ISBN-10: 129243399X
- ISBN-13: 9781292433998
- Sales Rank: #1607153 (See Top 100 Books)
For courses in international economics.
An introduction tointernational economics through accessible writing and real-life applications
A principles-level introduction that’s accessible to students of allmajors, International Economics uses real-lifeapplications to cover both the macro and micro components of internationaleconomics. The text illuminates economic institutions and policies,as well as recent developments in the global economy, without requiring the useof higher-level math. In addition, the text has a flexible approach, whichincludes self-contained chapters and comprehensive coverage, allowinginstructors to adapt its concepts to a wide range of syllabi. The 8thEdition includes a number of enhancements, such as updated tables andgraphs, new case studies, and revised discussion of relevant topics tokeep students up-to-speed on the economic world around them.
Cover Title Page Copyright Dedication Brief Contents Contents Preface Part 1: Introduction and Institutions Chapter 1. An Introduction to the World Economy Introduction: International Economic Integration Elements of International Economic Integration The Growth of World Trade Capital and Labor Mobility Features of Contemporary International Economic Relations Trade and Economic Growth Twelve Themes in International Economics The Gains from Trade and New Trade Theory (Chapters 3, 4, and 5) Wages, Jobs, and Protection (Chapters 3, 6, 7, and 8) Trade Deficits (Chapters 9, 11, and 12) Regional Trade Agreements (Chapters 2, 13, and 14) The Resolution of Trade Conflicts (Chapters 2, 7, and 8) The Role of International Institutions (Chapters 2, 8, and 12) Exchange Rates and the Macroeconomy (Chapters 10 and 11) Financial Crises and Global Contagion (Chapter 12) Capital Flows and the Debt of Developing Countries (Chapters 2, 9, and 12) Latin America and the World Economy (Chapter 15) Export-Led Growth in East Asia (Chapter 16) China and India in the World Economy (Chapter 17) What Do International Economists Do? Vocabulary Review Questions Chapter 2. International Economic Institutions Since World War II Introduction: International Institutions and Issues Since World War II International Institutions A Taxonomy of International Economic Institutions The IMF, the World Bank, and the WTO The IMF and World Bank The GATT, the Uruguay Round, and the WTO Case Study: The GATT Rounds Regional Trade Agreements Five Types of Regional Trade Agreements Case Study: Prominent Regional Trade Agreements Regional Trade Agreements and the WTO For and Against RTAs The Role of International Economic Institutions The Definition of Public Goods Maintaining Order and Reducing Uncertainty Case Study: Bretton Woods Criticism of International Institutions Sovereignty and Transparency Ideology Implementation and Adjustment Costs Case Study: China’s Alternative to the IMF and World Bank: The AIIB Summary Vocabulary Review Questions Part 2: International Trade Chapter 3. Comparative Advantage and the Gains from Trade Introduction: The Gains from Trade Adam Smith and the Attack on EconomicNationalism A Simple Model of Production and Trade Absolute Productivity Advantage and the Gains from Trade Case Study: Gains from Trade in Nineteenth-Century Japan Comparative Productivity Advantage and the Gains from Trade The Production Possibilities Curve Relative Prices The Consumption Possibilities Curve The Gains from Trade Domestic Prices and the Trade Price Absolute and Comparative Productivity Advantage Contrasted Gains from Trade with No Absolute Advantage Case Study: Changing Comparative Advantage in the Republic of Korea, 1960–2010 Comparative Advantage and “Competitiveness” Economic Restructuring Case Study: Losing Comparative Advantage Summary Vocabulary Review Questions Chapter 4. Comparative Advantage and Factor Endowments Introduction: The Determinants of Comparative Advantage Modern Trade Theory The HO Trade Model Gains from Trade in the HO Model Trade and Income Distribution The Stolper-Samuelson Theorem The Specific Factors Model Case Study: Comparative Advantage in a Single Natural Resource Empirical Tests of the Theory of Comparative Advantage Extensions of the HO Model The Gravity Model The Product Cycle Case Study: United States–China Trade Foreign Trade Versus Foreign Investment Off-Shoring and Outsourcing Case Study: Mexico’s Participation in Global Value Chains The Impact of Trade on Wages and Jobs Case Study: Do Trade Statistics Give a Distorted Picture of Trade Relations? The Case of the iPhone 3G Migration and Trade Summary Vocabulary Review Questions Chapter 5. Beyond Comparative Advantage Introduction: More Reasons to Trade Intraindustry Trade Characteristics of Intraindustry Trade The Gains from Intraindustry Trade Case Study: United States and Canada Trade Trade and Geography Geography, Transportation Costs, and Internal Economics of Scale Case Study: The Shifting Geography of Mexico’s Manufacturing External Economies of Scale Trade and External Economies Industrial Policy Industrial Policies and Market Failure Industrial Policy Tools Case Study: Clean Energy and Industrial Policy Problems with Industrial Policies Case Study: Do WTO Rules Prohibit Industrial Policies? Summary Vocabulary Review Questions Chapter 6. The Theory of Tariffs and Quotas Introduction: Tariffs and Quotas Analysis of a Tariff Consumer and Producer Surplus Prices, Output, and Consumption Resource Allocation and Income Distribution Case Study: A Comparison of Tariff Rates Other Potential Costs The Large Country Case Effective Versus Nominal Rates of Protection Case Study: The Uruguay and Doha Rounds Analysis of Quotas Types of Quotas The Effect on the Profits of Foreign Producers Hidden Forms of Protection Case Study: Intellectual Property Rights and Trade Summary Vocabulary Review Questions Chapter 7. Commercial Policy Introduction: Commercial Policy, Tariffs, and Arguments for Protection Tariff Rates in The World’s Major Traders The Costs of Protectionism The Logic of Collective Action Case Study: Agricultural Subsidies Why Nations Protect Their Industries Revenue The Labor Argument The Infant Industry Argument The National Security Argument The Cultural Protection Argument The Retaliation Argument Case Study: National Security Protection and the WTO The Politics of Protection in the United States Antidumping Duties Countervailing Duties Escape Clause Relief Section 301 National Security Protection Case Study: Economic Sanctions Summary Vocabulary Review Questions Chapter 8. International Trade and Labor and Environmental Standards Introduction: Income and Standards Setting Standards: Harmonization, Mutual Recognition, or Separate? Labor Standards Defining Labor Standards Case Study: Child Labor Labor Standards and Trade Evidence on Low Standards as a Predatory Practice Case Study: The International Labour Organization Trade and the Environment Transboundary and Nontransboundary Effects Case Study: Trade Barriers and Endangered Species Alternatives to Trade Measures Labels for Exports Requiring Home Country Standards Increasing International Negotiations Case Study: Global Climate Change Summary Vocabulary Review Questions Part 3. International Finance Chapter 9. Trade and the Balance of Payments Introduction: The Current Account The Trade Balance The Current and Capital Account Balances Introduction to the Financial Account Types of Financial Flows Limits on Financial Flows Case Study: The Crisis of 2007–2009 and the Balance of Payments The Current Account and the Macroeconomy The National Income and Product Accounts National Savings and Current Account Balances Are Current Account Deficits Harmful? Case Study: Current Account Deficits in the United States International Debt Case Study: Odious Debt The International Investment Position Summary Vocabulary Review Questions Appendix A: Measuring the International Investment Position Appendix B: Balance of Payments Data Bureau of Economic Analysis International Financial Statistics Balance of Payments Statistics Appendix C: A Note on Numbers Chapter 10. Exchange Rates and Exchange Rate Systems Introduction: Fixed, Flexible, or In Between? Exchange Rates and Currency Trading Reasons for Holding Foreign Currencies Institutions Exchange Rate Risk The Supply and Demand for Foreign Exchange Supply and Demand with Flexible Exchange Rates Exchange Rates in the Long Run Exchange Rates in the Medium Run and Short Run Case Study: The Largest Market in the World Fixed Exchange Rates Case Study: The End of the Bretton Woods System The Real Exchange Rate Case Study: The Collapse of Thailand’s Currency, 1997–1998 Choosing the Right Exchange Rate System Case Study: Monetary Unions Single Currency Areas Conditions for Adopting a Single Currency Summary Vocabulary Review Questions Appendix: The Interest Rate Parity Condition Chapter 11. An Introduction to Open Economy Macroeconomics Introduction: The Macroeconomy in a Global Setting Aggregate Demand and Aggregate Supply Fiscal and Monetary Policies Fiscal Policy Monetary Policy Case Study: Fiscal and Monetary Policy during the Great Depression Current Account Balances Revisited Fiscal and Monetary Policies, Interest Rates, and Exchange Rates Fiscal and Monetary Policy and the Current Account The Long Run Case Study: Argentina and the Limits to Macroeconomic Policy Macro Policies for Current Account Imbalances The Adjustment Process Case Study: The Adjustment Process in the United States Macroeconomic Policy Coordination in Developed Countries Summary Vocabulary Review Questions Chapter 12. International Financial Crises Introduction: The Challenge to Financial Integration Definition of a Financial Crisis Vulnerabilities, Triggers, and Contagion Vulnerability: Economic Imbalances Vulnerability: Volatile Capital Flows How Crises Become International: Contagion Case Study: The Mexican Peso Crisis of 1994 and 1995 Issues in Crisis Prevention Moral Hazard and Financial Sector Regulation Exchange Rate Policy Capital Controls Case Study: The Asian Crisis of 1997 and 1998 Policies for Crisis Management Reform of the International Financial Architecture The Role of the IMF Transparency and Private Sector Coordination Case Study: The Global Crisis of 2007 Summary Vocabulary Review Questions Part 4: Regional Issues in the Global Economy Chapter 13. The United States in the World Economy Introduction: A Changing World Economy Background and Context The Shifting Focus of U.S. Trade Relations Case Study: Manufacturing in the United States The NAFTA Model Demographic and Economic Characteristics of North America Canada–U.S. Trade Relations Mexican Economic Reforms The North American Free Trade Agreement Case Study: North America’s Automotive Value Chain Trade Initiatives and Preferential Agreements Case Study: The African Growth and Opportunity Act Jobs and Trade Agreements Case Study: The Gravitational Pull of the U.S. Economy Summary Vocabulary Review Questions Chapter 14. The European Union: Many Markets into One Introduction: The European Union The Size of the European Market The European Union and Its Predecessors The Treaty of Rome Institutional Structure Deepening and Widening the Community in the 1970s and 1980s Before the Euro The Second Wave of Deepening: The Single European Act Case Study: The Schengen Agreement The Delors Report Forecasts of the Gains from the Single European Act Problems in the Implementation of the SEA Case Study: The Erasmus+Program and Higher Education The Third Wave of Deepening: The Maastricht Treaty Monetary Union and the Euro Costs and Benefits of Monetary Union The Political Economy of the Euro Case Study: The Financial Crisis of 2007–2009 and the Euro Widening the European Union New Members Case Study: The United Kingdom Leaves the European Union Future Challenges Summary Vocabulary Review Questions Chapter 15. Trade and Policy Reform in Latin America Introduction: Defining a “Latin American” Economy Population, Income, and Economic Growth Import Substitution Industrialization Origins and Goals of ISI Criticisms of ISI Case Study: ISI in Mexico Macroeconomic Instability and Economic Populism Populism in Latin America Case Study: Economic Populismin Peru, 1985–1990 The Debt Crisis of the 1980s Proximate Causes of the Debt Crisis Responses to the Debt Crisis Neoliberal Policy Reform and the Washington Consensus Stabilization Policy to Control Inflation Structural Reform and Open Trade Case Study: Regional Trade Blocsin Latin America The Next Generation of Reforms Case Study: The Chilean Model Summary Vocabulary Review Questions Chapter 16. Export-Oriented Growth in East Asia Introduction: High-Growth Asian Economies Population, Income, and Economic Growth A Note on Hong Kong and Taiwan General Characteristics of Growth Shared Growth Rapid Accumulation of Physical and Human Capital Rapid Growth of Manufactured Exports Stable Macroeconomic Environments The Institutional Environment Case Study: Worldwide Governance Indicators Fiscal Discipline and Business–Government Relations Case Study: Doing Business in the Export Oriented Asian Economies Avoiding Rent Seeking Case Study: Were East Asian Economies Open? The Role of Industrial Policies Targeting Specific Industries Did Industrial Policies Work? Case Study: HCI in Korea The Role of Manufactured Exports The Connections between Growth and Exports Is Export Promotion a Good Model for Other Regions? Case Study: Asian Trade Blocs Is There an Asian Model of Economic Growth? Summary Vocabulary Review Questions Chapter 17. China and India in the World Economy Introduction: New Challenges Demographic and Economic Characteristics Economic Reforms in China and India The Reform Process in China Indian Economic Reforms Shifting Comparative Advantages Case Study: Why Did the USSR Collapse and China Succeed? China and India in the World Economy Chinese and Indian Trade Patterns Tariffs and Protection Current Account Balances Looking Forward Difficult Issues Services Manufacturing Resources Multilateral Institutions Unresolved Issues Conflict or Collaboration? Summary Vocabulary Review Questions Glossary Index A B C D E F G H I J K L M N O P Q R S T U V W Y Z
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