International Economics

Global Markets and Competition

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.

![Image 1][]

![Image 1][]

Contents:

• Trade and Protectionism:

  • Markets and International Trade
  • Gains from Trade
  • Protectionism
  • Terms of Trade

• Production and Trade:

  • Constant Cost Production and Trade
  • Factor Productions and Trade
  • Industrial Organization and Trade

• International Economic Integration:

  • Migration and International Captial
  • International Integration

• International Macroeconomics:

  • Balance of Payments
  • Foreign Exchange Rates
  • International Money and Financial Markets
  • Open Economy Macroeconomics

Readership: Undergraduates in international economics.
Key Features:

• Supplementary teaching slides complement the textbook to make teaching easier

[Image 1]: