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International Economics: A European Focus by Barbara Ingham About the book This is a new international economics text which reflects the massive changes which have taken place in the world economy in recent times. It is written in a concise and nontechnical way. The book focuses on many issues which have particular relevance to Europe: economic integration, economic management in the euroarea, Europe’s transition economies, the EU and the WTO. There is a strong emphasis on the political and international relations context in which trade takes place. Contents of the book Foreword Preface Acknowledgements 1 Introduction and overview Why international economics? Why a European focus? Overview Part 1 Trade theory and policy 2 The theory of trade Introduction Objectives Mercantilism Adam Smith and absolute advantage David Ricardo and comparative advantage Opportunity cost and the pure theory of trade Factor endowments Testing the Ricardian and Heckscher–Ohlin models The influence of the free trade doctrine Summary Key concepts Questions for discussion Suggested reading 3 Developments in the theory of trade Introduction Objectives Technology and trade Patterns of demand Imperfect competition Increasing returns Spatial concentration and trade Case study 3.1 Case study 3.2 Gravity trade models Summary Key concepts Questions for discussion Suggested reading 4 Theory of trade protection Introduction Objectives Tariffs and non-tariff barriers Exchange and capital controls as barriers to trade Welfare effects of a tariff ‘Old’ arguments for protection External economies and research and development Imperfect competition and the transfer of monopoly profit Political economy of trade policy Self-interest and the prisoner’s dilemma Income distribution and social objectives Case study 4.1 Case study 4.2 Summary Key concepts Questions for discussion Suggested reading 5 International trade policy Introduction Objectives Economic theory versus international political economy From GATT to the WTO The WTO WTO and the environment Social issues and the WTO Market access Case study 5.1 Trade blocs and the WTO The EU and the WTO Summary Key concepts Questions for discussion Team project on the WTO Suggested reading 6 Trade and growth, past and present Introduction Objectives Capital and labour flows in history Theory of capital movements Multinational enterprises and factor mobility Europe’s foreign direct investment Labour migration Migration in Europe Case study 7.1 Case study 7.2 Summary Key concepts Questions for discussion Suggested reading 7 International factor mobility Introduction Objectives Static and dynamic effects of trade Vent for surplus and staples theory Is trade an engine of growth? Trade liberalisation Trade policy reform in transition economies Regional trade arrangements versus liberalisation Case study 6.1 Growth, trade and de-industrialisation Summary Key concepts Questions for discussion Suggested reading Part 2 International monetary economics 8 Balance of payments accounts Introduction Objectives The UK balance of payments The UK current account The UK capital account The UK financial account Errors and omissions The UK international investment position The euro area balance of payments Summary Key concepts Questions for discussion Suggested reading 9 Foreign exchange markets Introduction Objectives The mechanism of international payments Exchange rates, swaps, futures and options The determination of the equilibrium exchange rate Case study 9.1 Purchasing-power parities Arbitrage International financial flows Financial markets and the foreign exchange market Case study 9.2 Summary Key concepts Questions for discussion Suggested reading 10 The exchange rate and economic policy Introduction Objectives The gold standard (1880–1914) The Bretton Woods system (1946–71) Managed flexibility Case study 10.1 Money supply, output, inflation and the exchange rate under managed flexibility The volatility of exchange rates Choice of exchange rate regime Case study 10.2 The currency board system Summary Key concepts Questions for discussion Suggested reading 11 Capital flows and financial crises Introduction Objectives Case study 11.1 Portfolio theory and diversification Financial crises The crisis in Asia The 1998 Russian crisis Contagion Herd behaviour Early warning systems Safety zones for emerging markets Summary Key concepts Questions for discussion Suggested reading Part 3 The global economy 12 The European Union in the global economy Introduction Objectives Chronology of the European Union The Treaty of Rome and the internal market Case study 12.1 The European Monetary System and the Exchange Rate Mechanism Case study 12.2 European Monetary Union Case study 12.3 Economic management in the euro area Case study 12.4 Case study 12.5 Accession countries and the euro Summary Key concepts Questions for discussion Suggested reading 13 Europe’s transition economies in the global economy Introduction Objectives Case study 13.1 Timetable of transition From plan to market GDP levels and GDP growth levels in Europe’s transition economies Poverty during the transition Trade liberalisation and the exchange rate Capital flows Case study 13.2 EU accession and transition economies Case study 13.3 Summary Key concepts Questions for discussion Suggested reading 14 International institutions Introduction Objectives The IMF Reform of the IMF Case study 14.1 The World Bank The debt problem Case study 14.2 The World Bank’s comprehensive development framework The United Nations and human development Summary Key concepts Questions for discussion Suggested reading 15 Challenges in the global economy: trade, finance and technology Introduction Objectives Global electronic commerce Digitised products and intellectual property protection Case study 15.1 The world economy offline and online Money laundering and illicit trafficking New biotechnology and trade Case study 15.2 Summary Key concepts Questions for discussion Suggested reading Appendix A The geometry of trade Appendix B Making use of the internet Bibliography Index Ordering the book To request an inspection copy of this book, go to http://www.pearsoned.co.uk/Academics and click on the 'Examination copies' link. To order the book, go to http://www.pearsoned.co.uk/Bookshop/. In both cases, please quote ISBN 0273-65507-8 About the author Barbara Ingham is a Reader in Economics in the School of Management at the University of Salford, Greater Manchester, UK. She has a first degree and doctorate from the University of Manchester and a Master’s degree from the London School of Economics. As well as writing and teaching in international economics, she has a long-standing research interest in development economics and economic history, and has produced many scholarly research papers and books. She is a founder member of the UK Development Studies Association. Her textbook on Development Economics for undergraduate students is on the recommended reading list for the Edexcel A-level syllabus. Feedback Your comments on either the website or the book are welcome. Please email us at [email protected] and include the author name and title in the subject line of your email.
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