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The greatest strength of this thoroughly revised and expanded edition of Lectures on International Trade is its rigorous algebraic and geometric treatment of the various models and results of trade theory. The authors, who now include Arvind Panagariya, offer both policy insights and empirical applications. They have added nine entirely new chapters as well as new sections to several existing chapters (e.g., a greatly expanded treatment of the growing theory of preferential trade agreements).
The greatest strength of this thoroughly revised and expanded edition of Lectures on International Trade is its rigorous algebraic and geometric treatment of the various models and results of trade theory. The authors, who now include Arvind Panagariya, offer both policy insights and empirical applications. They have added nine entirely new chapters as well as new sections to several existing chapters (e.g., a greatly expanded treatment of the growing theory of preferential trade agreements).
The greatest strength of this thoroughly revised and expanded edition of Lectures on International Trade is its rigorous algebraic and geometric treatment of the various models and results of trade theory. The authors, who now include Arvind Panagariya, offer both policy insights and empirical applications. They have added nine entirely new chapters as well as new sections to several existing chapters (e.g., a greatly expanded treatment of the growing theory of preferential trade agreements).
International Trade: Theory, Evidence and Policy provides an integrated non-mathematical account of trade theory and policy that can be read straight through. The footnotes provide caveats, extensions and entry points, or further reading.This book is divided into three parts. The first part focuses on the core theoretical analysis of international trade that has evolved over a quarter-millennium. The second part reviews recent empirical research in global value chains, trade costs, and heterogeneous firms, particularly from analysing large datasets of individual firms' characteristics and of trade flows disaggregated to very finely detailed levels. The third section of the book analyzes trade policies and discusses current policy debates.This edition is based on Pomfret's Lecture Notes on International Trade Theory and Policy, first published in 2008. The content has been extensively updated and revised to stand as a new volume.
Lecture Notes in International Trade Theory covers classical international trade models (including the Ricardian, Ricardo Viner, and Heckscher-Ohlin-Samuelson models). The course is designed for M.Sc. and first year PhD students. It relies on both graphical and analytic methods, requiring only intermediate microeconomics and a solid grounding in calculus. The material emphasizes 'second-best' settings, where markets are imperfect. The goal is to equip students with a good enough understanding of open-economy general equilibrium relations that they understand how distortions ripple across different markets, e.g. commodity and factor markets. The Author applies these ideas to environmental and natural resource problems, including pollution 'leakage' (where pollution reductions in one country are offset by trading partners' increased pollution) and imperfect property rights. Other applications include the general equilibrium effects of commodity and trade taxes, international transfers (the 'transfer problem'), minimum wage constraints, and immiserizing growth. The Author assumes that students have some experience in formulating and answering comparative statics questions in an optimization setting. Building on these skills, and developing the idea of stability in an equilibrium setting (the Marshall Lerner condition), students learn how to formulate and answer comparative static questions in trade models.
Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.
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).
Trade is a cornerstone concept in economics worldwide. This updated second edition of the essential graduate textbook in international trade brings readers to the forefront of knowledge in the field and prepares students to undertake their own research. In Advanced International Trade, Robert Feenstra integrates the most current theoretical approaches with empirical evidence, and these materials are supplemented in each chapter by theoretical and empirical exercises. Feenstra explores a wealth of material, such as the Ricardian and Heckscher-Ohlin models, extensions to many goods and factors, and the role of tariffs, quotas, and other trade policies. He examines imperfect competition, offshoring, political economy, multinationals, endogenous growth, the gravity equation, and the organization of the firm in international trade. Feenstra also includes a new chapter on monopolistic competition with heterogeneous firms, with many applications of that model. In addition to known results, the book looks at some particularly important unpublished results by various authors. Two appendices draw on index numbers and discrete choice models to describe methods applicable to research problems in international trade. Completely revised with the latest developments and brand-new materials, Advanced International Trade is a classic textbook that will be used widely by students and practitioners of economics for a long time to come. Updated second edition of the essential graduate textbook Current approaches and a new chapter on monopolistic competition with heterogeneous firms Supplementary materials in each chapter Theoretical and empirical exercises Two appendices describe methods for international trade research
The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis. The recent economic crisis—with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment—has been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time. Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the Smoot-Hawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.