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Introduction
Chapter Organization
Introduction
What is International Economics About?
International Economics: Trade and Money
Introduction
The study of international economics has never been
as important as it is now.
Introduction
Figure 1-1: Exports and Imports as a Percentage of U.S. National Income
Introduction
Figure 1-2: Exports and Imports as Percentages of National Income in 1994
What is
International Economics About?
International economics deals with economic
What is
International Economics About?
The Gains from Trade
Many people are skeptical about importing goods that
What is
International Economics About?
The Pattern of Trade (who sells what to whom?)
Climate and resources determine the trade pattern of
several goods.
In manufacturing and services the pattern of trade is more
subtle.
There are two types of trade:
Interindustry trade depends on differences across
countries.
Intraindustry trade depends on market size and occurs
among similar countries.
What is
International Economics About?
How Much Trade?
Many governments are trying to shield certain industries
from international competition.
This has created the debate dealing with the costs and
benefits of protection relative to free trade.
Advanced countries policies engage in industrial targeting.
Developing countries policies promote industrialization:
Import substitution versus export promotion industrialization.
What is
International Economics About?
The Balance of Payments
Some countries run large trade surpluses.
For example, in 1998 both China and South Korea ran
trade surpluses of about $40 billion each.
What is
International Economics About?
International Policy Coordination
A fundamental problem in international economics is how to
produce an acceptable degree of harmony among the
international trade and monetary policies of different
countries without a world government that tells countries
what to do.
International Economics:
Trade and Money
International trade analysis focuses primarily on the
real transactions in the international economy.
International Economics:
Trade and Money
International monetary analysis focuses on the
monetary side of the international economy.
International Economics:
Trade and Money
International trade issues
Part I: International Trade Theory
Part II: International Trade Policy