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International Economics

ISBN: 9780321014344 | 0321014340
Format: Hardcover
Publisher: Pearson College Div
Pub. Date: 10/1/1998

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SummaryTable of Contents
Born of the author's frustration at the lack of accessible international economics books, International Economics speaks to the demands of a non-technical, international economic market. With a resounding cheer from reviewers who share the same challenges, Gerber has written International Economics, a mainstream, descriptive survey of international economics which is geared toward readers interested in history, political science, and public administration.
Prefacexii
PART ONE: THE INTERNATIONAL ECONOMY/AN HISTORICAL PERSPECTIVE2(36)
Chapter 1: The United States in a Global Economy
2(15)
... MORE
2(1)
Globalization in Perspective
3(8)
The Growth of World Trade
4(2)
Capital and Labor Mobility
6(2)
Trade, Investment, and Global Integration in Historical Perspective
8(3)
Nine Issues in the International Economy
11(4)
The Gains from Trade
11(1)
Wages, Jobs, and Protection
11(1)
Regional Trade Agreements
12(1)
The Resolution of Trade Conflicts
12(1)
The Role of International Institutions
13(1)
The International Transmission of Local Instabilities
13(1)
Crisis and Reform in Latin America
14(1)
Export-Led Growth in East Asia
14(1)
The Integration of Ex-Socialist Countries into the World Trading System
15(1)
Vocabulary
15(1)
Study Questions
16(1)
Suggested Reading
16(1)
Chapter 2: International Economic Institutions Since World War II
17(21)
Introduction
17(1)
International Institutions
17(1)
What Is an "Institution"?
17(1)
A Taxonomy of International Economic Institutions
18(1)
The IMF, the World Bank, and the WTO
18(6)
The IMF and the World Bank
19(2)
The GATT, the Uruguay Round, and the WTO
21(2)
Case Study: The GATT Rounds
23(1)
The Role of International Economic Institutions
24(7)
The Definition of Public Goods
24(1)
Maintaining Order and Reducing Uncertainty
25(2)
International Institutions and National Sovereignty
27(1)
Case Study: Bretton Woods Conference
28(1)
IMF Conditionality
29(1)
Opposition to International Institutions in the United States
30(1)
International Institutions and the End of the Cold War
31(3)
Why International Institutions Have Succeeded
31(1)
After the Cold War
32(1)
Toward a New World Order?
33(1)
Conclusion
34(1)
Vocabulary
35(1)
Study Questions
36(1)
Suggested Reading
36(1)
Web Sites
36(2)
PART TWO: THE INTERNATIONAL ECONOMY/THEORY38(172)
Chapter 3: Comparative Advantage and the Gains from Trade
38(19)
Introduction
37(1)
Adam Smith and the Attack on Economic Nationalism
38(2)
A Simple Model of Production and Trade
40(2)
Basic Assumptions of Standard Trade Models
40(1)
Measures of Productivity in the Ricardian Model
40(1)
Absolute Productivity Advantage and the Gains from Trade
41(1)
Comparative Productivity Advantage and the Gains from Trade
42(6)
The Production Possibilities Curve
43(1)
Relative Prices
44(1)
The Price Line, or Trade Line
44(1)
The Gains from Trade
45(2)
Domestic Prices and the Trade Price
47(1)
Absolute and Comparative Productivity Advantages Contrasted
48(1)
Comparative Advantage and "Competitiveness"
49(1)
Economic Restructuring
50(1)
Case Study: The U.S. and Mexican Auto Industries
51(3)
Conclusion
54(1)
Vocabulary
55(1)
Study Questions
55(1)
Suggested Reading
56(1)
Chapter 4: Modern Trade Theory
57(29)
Introduction
57(1)
Modern trade theory
57(5)
The Heckscher-Ohlin (HO) Trade Model
58(1)
Gains from Trade in the HO Model
58(4)
Trade and Income Distribution
62(7)
The Stolper-Samuelson Theorem
63(2)
The Specific Factors Model
65(2)
Case Study: Forecasts of Winners and Losers Under NAFTA
67(2)
Empirical Tests of the Theory of Comparative Advantage
69(1)
Alternative Trade Models
70(6)
The Product Cycle
70(2)
Intra-firm Trade
72(1)
Case Study: U.S.-China trade
73(2)
Intra-industry Trade
75(1)
Trade, Wages, and Jobs in Industrial Countries
76(4)
Case Study: U.S.-Canada Trade
77(3)
Conclusion
80(1)
Vocabulary
81(1)
Study Questions
81(1)
Suggested Reading
82(1)
Appendix: Finding Trade Data
82(4)
U.S. Data
82(2)
International Data
84(2)
Chapter 5: The Theory of Tariffs and Quotas
86(21)
Introduction
86(1)
Analysis of a Tariff
86(10)
Consumer and Producer Surplus
87(1)
The Effect of a Tariff on Prices, Output, and Consumption
88(2)
The Effect of a Tariff on Resource Allocation and Income Distribution
90(2)
Other Potential Costs
92(1)
The Large Country Case
93(1)
Effective Versus Nominal Rates of Protection
94(2)
Analysis of a Quota
96(7)
Types of Quotas
96(2)
The Effect on the Profits of Foreign Producers
98(1)
Hidden Forms of Protection
99(1)
Case Study: U.S. VERs on Japanese Autos in the 1980s
100(2)
Case Study: Japanese Snow, U.S. Meat, and Mexican Tuna
102(1)
Conclusion
103(1)
Vocabulary
104(1)
Study Questions
104(1)
Suggested Reading
105(1)
Appendix: Finding Information on Foreign Trade Practices
106(1)
Chapter 6: Tariff Policy
107(19)
Introduction
107(1)
The Costs of Protection in the United States and Japan
107(6)
Total Costs and Costs per Job Saved in Both Countries
108(2)
The Logic of Collective Action
110(2)
Case Study: The Uruguay Round of the GATT Negotiations
112(1)
Why Nations Protect Their Industries
113(5)
The Pauper Labor Argument
114(1)
The Infant Industry Argument
114(1)
The National Security Argument
115(1)
The Retaliation Argument
116(1)
Case Study: Economic Sanctions
117(1)
The Politics of Protection in the United States
118(3)
Countervailing Duties and Antidumping Duties
119(1)
Escape Clause Relief
120(1)
Section 301 and Super 301
120(1)
Conclusion
121(1)
Vocabulary
122(1)
Study Questions
122(1)
Suggested Reading
123(1)
Appendix: Externalities
124(2)
Chapter 7: Industrial Policies and Comparative Advantage
126(22)
Introduction
126(1)
Static and Dynamic Conceptions of Comparative Advantage
126(2)
General and Specific Policies to Alter a Nation's Comparative Advantage
128(1)
Industrial Policy
128(8)
Theoretical Justifications for Industrial Policies
129(4)
Techniques
133(1)
Problems with Industrial Policies in Practice
134(2)
U.S. Industrial Policies
136(3)
US Traditions
136(2)
The Political Debate of the 1980s
138(1)
Responding to Other Nation's Industrial Policies
139(1)
Case Study: Examples of Some Current U.S. Industrial Policies
140(3)
Case Study: Targeting Motor Vehicle Manufacturing Processes
143(2)
Conclusion
145(1)
Vocabulary
146(1)
Study Questions
146(1)
Suggested Reading
147(1)
Chapter 8: Trade and the Balance of Payments
148(28)
Introduction to the Current Account
148(3)
The Trade Balance
148(1)
The Current Account Balance
149(2)
Trade Deficits and Budget Deficits
151(1)
Trade Deficits and the National Accounts
152(5)
The National Income Accounts
152(2)
The Role of Savings in a National Economy
154(3)
The U.S. Current Account Deficit in Perspective
157(2)
Is a Current Account Deficit Necessarily Bad?
157(2)
Policies to Eliminate a Current Account Deficit
159(1)
Case Study: The U.S. Current Account Balance and the Japan Trade Deficit
160(1)
Introduction to the Capital Account
160(10)
The Capital Account Balance
161(1)
Types of Capital Flows
162(3)
Capital Controls
165(1)
Case Study: The Mexican Peso Devaluation of 1994
166(1)
Trade Deficits and the International Investment Position
167(1)
The Benefits and Costs of Foreign Investment
168(2)
Conclusion
170(1)
Vocabulary
171(1)
Study Questions
171(1)
Suggested Reading
172(1)
Appendix 1: Measuring the International Investment Position
173(1)
Appendix 2: Finding Balance of Payments Data
173(3)
United States Data
174(1)
International Data
174(2)
Chapter 9: Exchange Rates and Exchange Rate Systems
176(34)
Introduction
176(1)
Exchange Rates and Currency Trading
176(4)
Reasons for Holding Foreign Currencies
177(1)
Institutions
178(1)
Exchange Rate Risk
179(1)
The Supply and Demand for Foreign Exchange
180(10)
Supply and Demand Curves for Foreign Exchange
180(5)
Case Study: Speculation Against the Pound, the Franc and the Lira
185(2)
Nominal and Real Exchange Rates
187(2)
Determinants of Exchange Rates in the Long Run
189(1)
Exchange Rate Systems
190(11)
The Gold Standard and Fixed Exchange Rates
191(1)
Alternative Exchange Rates
192(1)
Case Study: The End of Bretton Woods and Pegged Exchange Rates
193(2)
Fixed Versus Flexible Exchange Rate Systems
195(2)
Case Study: Curing Hyperinflation in Argentina
197(1)
Case Study: The Great Depression and the Gold Standard
198(2)
Optimal Currency Areas
200(1)
Flexible Exchange Rates and Government Intervention in Currency Markets
201(2)
Case Study: The Plaza and Louvre Accords
202(1)
Exchange rates and the trade balance
203(3)
Case Study: The Adjustment Process in the United States
204(2)
Conclusion
206(1)
Vocabulary
207(1)
Study Questions
207(1)
Suggested reading
208(1)
Appendix: Finding Foreign Exchange Rates on the World Wide Web
208(2)
PART THREE: THE INTERNATIONAL ECONOMY/ISSUES210(215)
Chapter 10: Regionalism and Deep Integration
210(25)
Introduction to Regional Economic Integration
210(1)
Degrees of Formal Economic Integration
211(5)
Free Trade Area
212(1)
Case Study: How Many Regional Trade Agreements (RTAs) Are There?
212(1)
Custom Unions
212(1)
Common Markets
213(1)
Economic Union
213(3)
Factors Creating Economic Integration
216(3)
Political Factors
217(1)
Market Access and Economies of Scale
217(1)
Technology and International Sourcing
218(1)
Economic Crisis in Developing Countries
219(1)
Background Issues in Economic Integration
219(5)
Market-Led Versus Institutionally Led Integration
220(1)
Trade Diversion and Trade Creation
221(1)
Trade Blocs and GATT
222(1)
Countries at Different Stages of Economic Development
223(1)
Deep Versus Shallow Integration
223(1)
New Issues for Deeper Economic Integration
224(8)
Environmental Policies and Standards
224(2)
Labor Polices and Standards
226(2)
Antitrust (Competition) Policy
228(2)
Investment Barriers
230(1)
Industry Support Policies
231(1)
Conclusion
232(1)
Vocabulary
233(1)
Study Questions
233(1)
Suggested Reading
234(1)
Chapter 11: The United States and Japan: Deepening Ties Between Two Systems
235(26)
Is Japan Different?
235(5)
The Two Poles of the Debate: Traditionalists and Revisionists
236(3)
Objective Indicators
239(1)
Japan's Unusual Form of Capitalism
240(5)
The Limited Role of Stockholders in Japanese Corporations
240(3)
Keiretsu
243(2)
Japan's Industrial Organization, Foreign Trade, and Investment
245(1)
U.S. Views on Japan's Economic Policies
246(3)
Enforcement of Competition Policies
246(1)
The Distribution System
247(1)
Transparency
248(1)
The Japanese View of U.S. Policies
249(1)
Japanese Prices Are Different
250(2)
Attempts At Reducing Trade Friction
252(4)
The Opening of the Deficit in the Early 1980s
252(1)
The Plaza and Louvre Agreements
253(1)
MOSS Talks
254(1)
The Structural Impediments Initiative
255(1)
The State of the Debate: Bilateral Managed Trade and Deeper Integration
256(2)
Conclusion
258(1)
Vocabulary
259(1)
Study Questions
260(1)
Suggested Reading
260(1)
Chapter 12: Economic Integration in North America
261(34)
Introduction
261(1)
Economic and Demographic Characteristics of North America
261(3)
The Canada-U.S. Trade Relationship
264(7)
The Auto Pact of 1965
265(1)
The Canadian-U.S. Trade Agreement (CUSTA) Of 1989
266(1)
Case Study: Quebec Secession
267(4)
Recent Mexican Economic History
271(7)
Import Substitution Industrialization (ISI)
271(1)
The Onset of the Debt Crisis of 1982
272(1)
The Lost Decade: 1980s
273(1)
Structural Reforms in the Mexican Economy
274(1)
Case Study: Mexico's Export Processing Industry
275(3)
The North American Free Trade Agreement (NAFTA)
278(1)
The NAFTA Debate in the United States
279(6)
Labor Issues
280(1)
Environmental Issues
281(3)
Immigration
284(1)
The Impact of NAFTA
285(2)
Conclusion
287(1)
Vocabulary
288(1)
Study Questions
289(1)
Suggested Reading
289(1)
Appendix A: Important Provisions in Key Sectors and the Side Agreements
290(4)
Appendix B: Useful WWW Sites for Information About Mexico And Canada
294(1)
Chapter 13: The European Union: Many Markets into One
295(31)
Introduction: The European Union
295(2)
The Size of the Market in Western Europe
297(1)
The European Economic Community Before 1993
298(4)
The Treaty of Rome
299(1)
Institutional Structure of the EEC
299(3)
Deepening and Widening the Community in the 1970s and 1980s
302(4)
The Second Wave of Deepening: The Single European Act
306(7)
The Delors Report
307(1)
Forecasts of the Gains from the Single European Act
308(1)
Problems in the Implementation Of The SEA
309(4)
The Third Wave of Deepening: The Maastricht Treaty
313(2)
Monetary Union
315(4)
Costs and Benefits of Monetary Union
316(1)
The Political Economy of a Single Currency
317(2)
Implementation of the Single Currency
319(1)
Widening the European Union
319(3)
Central And Eastern Europe
319(2)
A Possible Direction for Institutional Evolution
321(1)
Conclusion
322(1)
Vocabulary
323(1)
Study Questions
324(1)
Suggested Reading
324(2)
Chapter 14: Trade and Policy Reform in Latin America
326(32)
Defining a "Latin American" Economy
326(1)
Population, Income, and Economic Growth
327(3)
General Characteristics of Growth in Latin America
330(3)
Inward Orientation
331(1)
The Problems of Inequality and Poverty
331(1)
Inflation and Macroeconomic Instability
331(1)
The Debt Crisis of the 1980s
332(1)
Reform Movements of the 1980s and 1990s
333(1)
Import Substitution Industrialization
333(6)
Origins and Goals Of ISI
333(2)
Criticisms of ISI
335(2)
Case Study: ISI in Mexico
337(2)
Macroeconomic Instability and Economic Populism
339(5)
Populism in Latin America
339(2)
Case Study I: Peronism in Argentina
341(2)
Case Study II: Alan Garcia and Peru
343(1)
The Debt Crisis of the 1980s
344(3)
Proximate Causes of the Debt Crisis
344(1)
Responses to the Debt Crisis
345(2)
Economic Policy Reform and the Washington Consensus
347(8)
Stabilization Policies to Control Inflation
348(2)
Structural Reform and Open Trade
350(3)
Case Study: The Washington Consensus on Economic Policy Reform
353(2)
Conclusion
355(1)
Vocabulary
356(1)
Study Questions
356(1)
Suggested Reading
357(1)
Chapter 15: International Aspects of East Asian Growth
358(31)
The High-Performance Asian Economies
358(2)
Population, Income and Economic Growth
360(2)
General Characteristics of Growth in the HPAEs
362(5)
Shared Growth
362(2)
Rapid Accumulation of Physical and Human Capital
364(1)
Rapid Growth of Manufactured Exports
365(1)
Stable Macroeconomic Environments
366(1)
The Crisis of 1997
367(4)
The Institutional Environment
371(4)
Fiscal Discipline
372(1)
Business-Government Relations
372(1)
Case Study: Deliberation Councils in the Ministry of International Trade and Industry (MITI)
373(1)
Avoiding Rent Seeking
374(1)
The Role of Industrial Policies
375(4)
Targeting Specific Industries in the HPAES
375(2)
Did Industrial Policies Work?
377(1)
Case Study: HCI in Korea
378(1)
The Role of Manufactured Exports
379(4)
The Connections Between Growth and Exports
379(2)
Is Export Promotion a Good Model for Other Regions?
381(1)
Case Study: East Asian Trade Blocs
382(1)
Is There an Asian Model of Economic Growth?
383(2)
Conclusion
385(2)
Vocabulary
387(1)
Study Questions
387(1)
Suggested Reading
387(2)
Chapter 16: Economic Integration and the Formerly Socialist Countries
389(36)
Introduction: Economies in Transition
389(1)
The Legacy of Central Planning
390(3)
Economic Indicators
393(3)
The Tasks of Reform
396(6)
Economic Stabilization of the Economy
397(1)
Liberalization
398(1)
Defining Property Rights
398(1)
Institutional Development
399(1)
Issue: Should the Transition Be Fast or Slow?
400(2)
Old and New Trade Patterns
402(3)
The Council for Mutual Economic Assistance (CMEA)
402(4)
Case Study: China's Economic Reform, Foreign Trade, and Investment
406
Trade Policy and the Transition
405(9)
Steps to Trade Liberalization
409(1)
Transitional Protection and Balance of Payments Problems
410(1)
Exchange Rate Regimes and Convertibility
411(2)
The Links Between Trade Policy and Other Areas of Reform
413(1)
Integration into the World Trading System
414(3)
The WTO and the Transitional Economies
415(1)
Integration with Western Europe
415(1)
Other Regional Agreements
416(1)
The Impact of the Transition Economies on the World Economy
417(1)
Case Study: The U.S.-China Trade Balances and Conflict Over MFN Status
418(3)
Conclusion
421(2)
Vocabulary
423(1)
Study Questions
423(1)
Suggested Reading
424(1)
Glossary425(10)
Index435

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