Lecture Notes in International Trade

This book provides a comprehensive discussion of the economics of International Trade.Key questions related to why countries trade, how they gain from trade, and how international trade can produce winners and losers are answered. The last of these questions is related to the connection of trade to inequality in the distribution of income.The book uses both theoretical models and empirical evidence to answer these questions. It also provides a discussion of the economics of labor migration and international capital mobility. The book also provides a detailed discussion of the welfare implications of various trade policy instruments such as tariffs, quotas, export subsidies etc. This is followed by a discussion of the process of actual policymaking in democratic societies which goes into the realm of political economy. The focus here is on the political economy of trade policy. It also provides a discussion of the economics of preferential trading agreements and a history of multilateral trading agreements under the aegis of GATT (General Agreement on Tariffs and Trade) and its evolution into the World Trade Organization (WTO).Contents: IntroductionThe Ricardian ModelThe Heckscher–Ohlin ModelIncreasing Returns and TradeMovement of Factors of ProductionCommercial PolicyArguments for and Against Intervening in TradePolitical Economy of Trade PolicyPreferential Trade AgreementsThe World Trade Organization
Readership: This book serves as a primary textbook for Economics undergraduate courses in International Trade and for Master's courses in Business Administration or International and Public Affairs. The book is also recommended reading for any course on Globalization or International Business at the undergraduate or Master's levels. International Trade;Globalization;Comparative Advantage;Ricardian Model;Heckscher-Ohlin Model;Krugman Model;Commercial Policy;Tariffs;Quotas;Voluntary Export Restraints;Export Subsidies;Capital Mobility;Migration;Migration;Immigration;Movement of Labor;Movement of Capital;Multinational Enterprises;Gains From Trade;Winners and Losers from Trade;Trade and Inequality;Factor Price Equalization;Stolper-Samuelson Theorem;Heckscher-Ohlin Theorem;Rybczynski's Theorem;Factor Price Equalization;Trade And Wages;Political Economy of Trade Policy;Preferential Trading Agreements;Free Trade Areas;Customs Unions;Regional Trade Agreements;GATT;WTO;Small Open Economy;Terms of Trade;Externalities;Endowments and Trade0Key Features:The book strikes the right balance between theoretical models and empirical researchIt also provides a mathematical treatment of theoretical models as well as an intuitive discussion so that the material remains accessible to students with various levels of mathematical sophistication