International Economics, 5th Edition

Appleyard, Field, and Cobb?????s International Economics 5e offers a consistent level of analysis and treatment of the two main subdivisions of international economics????????international trade theory and policy and international monetary theory and policy. Comprehensive and clear, the text helps students move beyond recognition toward and understanding of current and future international events. A new co-author, Steven L. Cobb from the University of North Texas, joins the book this edition and brings expertise especially in the fields of economic education and transition economies, particularly those in Eastern Europe. Table of Contents INTRODUCTION 1. The World of International Economics PART I 2. Early Trade Theories: Mercantilism and the Transition to the Classical World of David Ricardo 3. The Classical World of David Ricardo and Comparative Advantage 4. Extensions and Tests of the Classical Model of Trade PART II 5. Introduction to Neoclassical Trade Theory: Tools to Be Employed 6. Gains from Trade in Neoclassical Theory 7. Offer Curves and the Terms of Trade 8. The Basis for Trade: Factor Endowments and the Heckscher-Ohlin Model 9. Empirical Tests of the Factor Endowments Approach PART III 10. Post Heckscher-Ohlin Theories of Trade and Intra-Industry Trade 11. Economic Growth and International Trade 12. International Factor Movements PART IV 13. The Instruments of Trade Policy 14. The Impact of Trade Policies 15. Arguments for Interventionist Trade Policies 16. Political Economy and Recent U.S. Trade Policy 17. Economic Integration 18. International Trade and the Developing Countries PART V 19. The Balance of Payments Accounts 20. The Foreign Exchange Market 21. International Financial Markets and Instruments: An Introduction 22. The Monetary and Portfolio Balance Approaches to External Balance 23. Price Adjustments and Balance of Payments Disequilibrium 24. National Income and the Current Account PART VI 25. Economic Policy in the Open Economy: Fixed Exchange Rates 26. Economic Policy in the Open Economy: Flexible Exchange Rates 27. Prices and Output in the Open Economy: Aggregate Supply and Demand PART VII 28. Fixed or Flexible Exchange Rates? 29. The International Monetary System: Past, Present, and Future Features     * Opening Vignettes/Case Studies: A great new feature is the opening vignette or case study found at the beginning of almost every chapter. These vignettes will introduce, in an applied setting, concepts and relationships that will be developed throughout the chapter. These are designed to stimulate student interest and inquisitiveness about the forthcoming material. Some examples of interesting vignettes are: 1) Chapter 8 The Basis for Trade. Do different categories of labor standards have an impact on comparative advantage in developing countries? This vignette discusses an econometric analysis of comparative advantage, focusing on five indicators of core labor standards. 2) Chapter 12 International Factor Movements. Do the Chinese want foreign investment in China? This vignette discusses this question from a Chinese perspective, including general economic causes and consequences of flows of capital and labor across country borders. It illustrates that the decision to allow foreign investment cannot be entirely an economic one, but also a political one. 3) Chapter 14 The Impact of Trade Policies. What are the impacts of the tools of trade policy? This vignette discusses tariffs imposed on imported steel and their effects on the steel industry, showing that there are gainers and losers from actions that restrict international trade. 4) Chapter 25 Economics Policy in the Open Economy (Fixed Exchange Rates). Is the Chinese yuan undervalued and, if so, what is its impact on world trade and finance? Several quotes provide differing viewpoints on this topic. Students can begin to develop a framework for the analysis of macroeconomic issues and policy.     * Updated important topics of discussion include the most recent developments in U.S. trade policy, outsourcing, the ten new members of the European Union, currency boards, and the behavior of the Euro.     * Boxes: Three types of material appear in over 100 Boxes: analytical, biographical, and case studies that illuminate concepts and analyses under discussion.     * Simplified presentations of some of the more difficult concepts and models in order to be more student-friendly.     * Separate chapter on economic integration: Updated discussion of the transition economies, the European Union, and the North American Free Trade Agreement.     * Consolidated Coverage of Trade Protection: The authors have consolidated the previous edition?????s Chapter 15 (???????Traditional Arguments for Protection???????) and Chapter 16 (???????Strategic Approaches to Trade Policy Intervention???????) into one coherent chapter. The strategic approaches are now commonplace in policy discussions.