E-BOOK
International trade theory capital, knowledge, economic structure, money, and prices over time
In recent years, global economy has experienced a tremendous increase in
the international movements of factor
s and goods, with international trade
and factor flows growing much more rapidly than output.
1
One can hardly
find a family that does not hold something produced by foreign countries
even in a developing economy like mainland China. All the people around
the world are enjoying global services such as international sport games
and global supermodels. Globalization is
bringing the world together in
consumption of services, goods, brand
names, as well as knowledge. Evi-
dently, a comprehensive international
trade theory is essential not only for
professional economists but also for any people who want to understand
mechanisms of globalization and rela
tions among nations. Trade theory is
supposed to provide insights into mechanisms of international trades and
determinants of trade patterns, and
interactions of trade and economic
growth. For instance, one may ask what are the long-term implications of
sustained United States current account deficits and Japanese current ac-
count surpluses. Do the both economies lose or benefit from the unbal-
anced trade? If not, who benefits, and who loses? How can the government
budgets for R&D and education affect
national growth and international
trade patterns? What are the economic
mechanisms that determine interest
rates, trade balances, and exchange ra
tes? One may also ask about how in-
creasing global capital market integration affects the nature and interna-
tional business cycles. Will free trade
bring the per capita incomes of de-
veloping countries to converge to the le
vels of developed
economies? Is it
possible that free trade harms all the countries? The purpose of this book is
to provide a coherent and comprehensive analytical framework to address
basic issues of international trade.
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