Description - International Trade: Theory and Policy, Global Edition by Paul Krugman
International Trade: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to trade theory is followed by detailed coverage of policy applications. With this edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University, continues to set the standard for International Economics courses. FeaturesThe text presents a balance of theoretical and practical coverage of international trade. Chapters on core theory are followed by a series of application chapters that confront policy questions using the newest empirical work, data, and policy debates. This structure enables students to grasp theoretical concepts and then see those same concepts in action, aiding retention and highlighting the relevance of course material. - An integrated, empirical-based treatment of the latest models of trade, such as the gravity, Ricardian, factor endowments, and imperfect competition models.
- A thorough discussion of the causes and effects of trade policy focused on the income-distribution effects of trade.
- An emphasis on the potential substitutability of international trade and international movements of factors of production, featuring an analysis of international borrowing and lending as inter-temporal trade - the exchange of present consumption for future consumption.
- Learning Goals list essential concepts so students understand what they need to take away from each chapter.
- Case Studies illustrate theory using real-world applications and provide important historical context.
- Special Boxes offer vivid illustrations of points made in the text, including President Jefferson's trade embargo of 1807-1809, and the disputes over banana trade to generate acrimony among countries far too cold to grow any of their own bananas.
- 200+ Captioned diagrams reinforce discussions in the text and help students in reviewing the material.
- Summary and Key Terms. Each chapter closes with a summary recapping the major points to aid student review of the material.
- Problems, many of which cite real data or policies, allow students to practice what they're learning. They range from routine computational drills to more analytical questions and problems.
- Further Reading sections at the end of each chapter provide annotated bibliographies of both seminal works and recent articles, encouraging students to explore the material further.
New to this edition - Case study on trade and unemployment discusses the potential links between import competition from developing countries, especially China and declining manufacturing employment in the US (Chapter 4).
- Box explores how the compensation of capital owners relative to workers has increased in the US (Chapter 5).
- Box discusses recent evidence showing that the gains from trade have a pro-poor bias because consumers with relatively lower incomes tend to consume a relatively higher share of their income on goods that are more widely traded (Chapter 6).
- Box explains how many of the goods we consume are produced offshore in 'Global Value Chains' and how this recent trend leads to misleading statistics for bilateral trade deficits (Chapter 8).
- Box discusses 'Brexit'. Britain's vote to leave the European Union (EU) (Chapter 10).
- Research suggests that rapid changes in international trade flows have larger adverse effects on workers than previously realised (Chapter 12).
- Additional coverage of relevant topics and events including the impact of the Automobile Intra-Industry Trade within the Association of Southeast Asian Nations-4 (ASEAN-4), namely Indonesia, Malaysia, the Philippines, and Thailand between 1998-2002; the origin of tariff-rate quotas and its practical application with oilseeds, noting that tariff quotas for these goods are more often applied than those for the traditionally protected products, like dairy or sugar; the role of negative interest rates in unconventional monetary policy; and the increasingly important role of emerging market economies in driving global growth.
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