Introduction to international economics

Introduction to International Economics, 2nd edition has been revised and updated to deliver the most current information on today's global economy for a one-semester course. Renowned educator and author, Dominick Salvatore provides a clear presentation with several case studies per chapter to make difficult economic principles easy to understand, in a real-world context.

By covering the topics essential to an understanding of the global economy, this text is easily accessible for economics, business, and political science majors, alike. For any international economics course, Salvatore's 2nd edition takes the students' understanding of economics well beyond the classroom and across the globe.

1 Introduction to the Global Economy

1.1 We Live in a Global Economy

1.2 The Globalization Challenge

1.3 International Trade and the Nation's Standard of Living

1.4 The International Flow of Labor and Capital

1.5 The Subject matter of International Economics

1.6 Current International Economic Problems

1.7 International Organizations and the World Economy

1.8 Organization of the Text

Part One International Trade Theory

2 Comparative Advantage

2.1 Introduction

2.2 Mercantilists' Views on Trade

2.3 Trade Based on Absolute Advantage: Adam Smith

2.4 Trade Based on Comparative Advantage: David Ricardo

2.5 Gains from Trade with Comparative Advantage

2.6 Comparative Advantage with Money

2.7 Comparative Advantage and Opportunity Costs

2.8 Production Possibility Frontier with Constant Costs

2.9 Opportunity Costs and Relative Commodity Prices

2.10 Basis for and Gains from Trade Under Constant Costs

3 The Standard Trade Model

3.1 Introduction

3.2 The Production Frontier with Increasing Costs

3.3 The Marginal Rate of Transformation

3.4 Community Indifference Curves

3.5 Equilibrium in Isolation

3.6 The Basis and the Gains from Trade with Increasing Costs

3.7 Equilibrium Relative Commodity Prices with Trade

3.8 Terms of Trade

3.9 Specialization, Trade, and Deindustrialization

4 The Heckscher-Ohlin and Other Trade Theories

4.1 Introduction

4.2 Factor Endowments and the Heckscher-Ohlin Theory

4.3 The Formal Heckscher-Ohlin Model

4.4 Factor-Price Equalization and Income Distribution

4.5 Empirical Tests of the Heckscher-Ohlin Theory

4.6 Economies of Scale and International Trade

4.7 Trade Based on Product Differentiation

4.8 Technological Gap and Product Cycle Models

4.9 Transportation Costs and International Trade

4.10 Environmental Standards and International Trade

Part Two International Trade Policy

5 Trade Restrictions: Tariffs

5.1 Introduction

5.2 Types of Tariffs

5.3 Effects of a Tariff in a Small Nation

5.4 Effect of a Tariff on Consumer and Producer Surplus

5.5 Costs and Benefits of a Tariff in a Small Nation

5.6 Costs and Benefits of a Tariff in a Large Nation

5.7 The Optimum Tariff and Retaliation

5.8 Theory of Tariff Structure

6 Nontariff Trade Barriers and the Political Economy of Protectionism

6.1 Introduction

6.2 Import Quotas

6.3 Other Nontariff Trade Barriers

6.4 Dumping and Export Subsidies

6.5 The Political Economy of Protectionism

6.6 Outsourcing, Offshoring, and Fear of Globalization

6.7 Strategic Trade and Industrial Policies

6.8 History of U.S. Commercial Policy

6.9 The Uruguay Round

6.10 Outstanding Trade Problems and the Doha Round

Part Three International Trade and Investment Relations

7 Economic Integration

7.1 Introduction

7.2 Forms of Economic Integration

7.3 Trade Creation and Trade Diversion in Customs Unions

7.4 Dynamic Benefits from Customs Uni

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