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International Economics

by Gerber, James

ISBN13:

9780321014344

ISBN10:

0321014340

Format:

Hardcover

Pub. Date:

10/1/1998

Publisher(s):

Pearson College Div

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Summary

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.

Preface

xii

PART ONE: THE INTERNATIONAL ECONOMY/AN HISTORICAL PERSPECTIVE

(36)

Chapter 1: The United States in a Global Economy

(15)

Introduction

(1)

Globalization in Perspective

(8)

The Growth of World Trade

(2)

Capital and Labor Mobility

(2)

Trade, Investment, and Global Integration in Historical Perspective

(3)

Nine Issues in the International Economy

(4)

The Gains from Trade

(1)

Wages, Jobs, and Protection

(1)

Regional Trade Agreements

(1)

The Resolution of Trade Conflicts

(1)

The Role of International Institutions

(1)

The International Transmission of Local Instabilities

(1)

Crisis and Reform in Latin America

(1)

Export-Led Growth in East Asia

(1)

The Integration of Ex-Socialist Countries into the World Trading System

(1)

Vocabulary

(1)

Study Questions

(1)

Suggested Reading

(1)

Chapter 2: International Economic Institutions Since World War II

(21)

Introduction

(1)

International Institutions

(1)

What Is an "Institution"?

(1)

A Taxonomy of International Economic Institutions

(1)

The IMF, the World Bank, and the WTO

(6)

The IMF and the World Bank

(2)

The GATT, the Uruguay Round, and the WTO

(2)

Case Study: The GATT Rounds

(1)

The Role of International Economic Institutions

(7)

The Definition of Public Goods

(1)

Maintaining Order and Reducing Uncertainty

(2)

International Institutions and National Sovereignty

(1)

Case Study: Bretton Woods Conference

(1)

IMF Conditionality

(1)

Opposition to International Institutions in the United States

(1)

International Institutions and the End of the Cold War

(3)

Why International Institutions Have Succeeded

(1)

After the Cold War

(1)

Toward a New World Order?

(1)

Conclusion

(1)

Vocabulary

(1)

Study Questions

(1)

Suggested Reading

(1)

Web Sites

(2)

PART TWO: THE INTERNATIONAL ECONOMY/THEORY

(172)

Chapter 3: Comparative Advantage and the Gains from Trade

(19)

Introduction

(1)

Adam Smith and the Attack on Economic Nationalism

(2)

A Simple Model of Production and Trade

(2)

Basic Assumptions of Standard Trade Models

(1)

Measures of Productivity in the Ricardian Model

(1)

Absolute Productivity Advantage and the Gains from Trade

(1)

Comparative Productivity Advantage and the Gains from Trade

(6)

The Production Possibilities Curve

(1)

Relative Prices

(1)

The Price Line, or Trade Line

(1)

The Gains from Trade

(2)

Domestic Prices and the Trade Price

(1)

Absolute and Comparative Productivity Advantages Contrasted

(1)

Comparative Advantage and "Competitiveness"

(1)

Economic Restructuring

(1)

Case Study: The U.S. and Mexican Auto Industries

(3)

Conclusion

(1)

Vocabulary

(1)

Study Questions

(1)

Suggested Reading

(1)

Chapter 4: Modern Trade Theory

(29)

Introduction

(1)

Modern trade theory

(5)

The Heckscher-Ohlin (HO) Trade Model

(1)

Gains from Trade in the HO Model

(4)

Trade and Income Distribution

(7)

The Stolper-Samuelson Theorem

(2)

The Specific Factors Model

(2)

Case Study: Forecasts of Winners and Losers Under NAFTA

(2)

Empirical Tests of the Theory of Comparative Advantage

(1)

Alternative Trade Models

(6)

The Product Cycle

(2)

Intra-firm Trade

(1)

Case Study: U.S.-China trade

(2)

Intra-industry Trade

(1)

Trade, Wages, and Jobs in Industrial Countries

(4)

Case Study: U.S.-Canada Trade

(3)

Conclusion

(1)

Vocabulary

(1)

Study Questions

(1)

Suggested Reading

(1)

Appendix: Finding Trade Data

(4)

U.S. Data

(2)

International Data

(2)

Chapter 5: The Theory of Tariffs and Quotas

(21)

Introduction

(1)

Analysis of a Tariff

(10)

Consumer and Producer Surplus

(1)

The Effect of a Tariff on Prices, Output, and Consumption

(2)

The Effect of a Tariff on Resource Allocation and Income Distribution

(2)

Other Potential Costs

(1)

The Large Country Case

(1)

Effective Versus Nominal Rates of Protection

(2)

Analysis of a Quota

(7)

Types of Quotas

(2)

The Effect on the Profits of Foreign Producers

(1)

Hidden Forms of Protection

(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

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)

Glossary

425

(10)

Index

435

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