Insights for Students into Trade and

The book examines the fundamental economic principles behind international trade, familiarizes readers with the associated technical terminology, and offer insights into some of the controversies surrounding international trade policy both in the United States and abroad.

List of Figures and Tables

vii

Introduction

ix

The Economics of International Trade

1

(16)

International Trade in History

1

(1)

Why Do Nations Trade?

2

(1)

Why Do Nations Export?

2

(1)

Currencies and Exchange Rates

3

(1)

Why Do Nations Import?

4

(3)

Trade Specialization

7

(1)

Comparative Advantage and the Mutual Gains from Trade

8

(1)

The Theory of Comparative Advantage

9

(1)

Comparative Advantage versus Absolute Advantage

10

(1)

Trade in Theory and Practice

11

(1)

The Trade Balance

12

(2)

Significance of the U.S. Trade Deficit

14

(3)

Government Regulation of Trade

17

(8)

Efforts to Manipulate Trade Flow

17

(1)

Import Restrictions

17

(3)

Export Subsidies

20

(1)

Agricultural Subsidies

20

(1)

Consequences of Trade Restrictions

21

(1)

Tariff Debates in U.S. History

21

(4)

Liberalization: The ``Deregulation'' of International Trade

25

(14)

The Origin of Recent Trade Liberalization Efforts

25

(2)

Liberalization of International Trade

27

(1)

Multilateral Trade Liberalization: The Uruguay Round and the World Trade Organization

28

(2)

Regional Trade Liberalization

30

(1)

The Changing Composition of Trade

31

(1)

Trade Challenges for the United States

32

(2)

Public Concerns about Trade

34

(1)

Trade and International Labor Standards

35

(2)

Trade and Environmental Standards

37

(2)

Glossary

39

(4)

Select Bibliography

43

(2)

About the Authors

45

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Insights for Students into Trade and Globalization Who Wins and Who Loses?

Summary

Table of Contents

Supplemental Materials