International Economics: Global Markets and Competition integrates the
microeconomics of international trade with open economy macroeconomics
and finance. The theory is comprehensive but presented with intuitive
diagrams. The book emphasizes the gains from international competition
and the limits of trade policy.Economics began during the Industrial
Revolution with a debate over import tariffs. To this day, domestic
industries lobby for tariff protection against foreign competition,
paying lawmakers for tariffs on imports. Only under special conditions
do tariffs lead to economic gains. Domestic importers of materials and
industrial products favor free trade, as do export industries since
tariffs encourage other countries to retaliate with tariffs of their
own.Trade theory includes market analysis and general equilibrium models
of the economy. This text integrates the full range of trade theory with
exchange rates, balance of payments, international finance, and open
economy growth and macroeconomics.The presentation focuses on diagrams
and avoids equations and algebra. The theory is presented with numerical
examples. The text does not assume intermediate economics, instead
developing the theory with thorough explanations. Questions in each
section build confidence in applying the theory. Boxed examples
illustrate the importance of the theory.Students like the concise and
straightforward style. Instructors notice the difference on exams.
