International Trade | Steve Suranovic

- 1Introductory Trade Issues: History, Institutions, and Legal Framework
- 2A Pure Exchange Model of Trade
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  - 2.1A Pure Exchange Model: Preliminaries
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  - 2.2Indifference Curves
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  - 2.3The Edgeworth Box
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  - 2.4The Terms of Trade
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  - 2.5Evaluating the Gains from Trade
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  - 2.6Achieving a Unique Solution
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  - 2.7Additional Exercises
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- 3The Pure Exchange Model and Market Ethics
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  - 3.1Self-Interest and Cooperation
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  - 3.2Honesty and Markets
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  - 3.3Property Protection and Markets
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  - 3.4Self-Interest vs. Greed
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  - 3.5Ethics Enforcement
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- 4Production, Trade, and Comparative Advantage
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  - 4.1Production Possibilities
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  - 4.2The Opportunity Cost of Production
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  - 4.3Absolute and Comparative Advantages
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  - 4.4Gains from Specialization and Trade
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  - 4.5David Ricardo and Comparative Advantage
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  - 4.6A Second Method of Defining Comparative Advantage
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  - 4.7Misunderstandings about Comparative Advantage
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  - 4.8Production Possibilities with More than Two Individuals
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  - 4.9Sources of Economic Growth
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  - 4.10Additional Exercises
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- 5The Ricardian Theory of Comparative Advantage (Redux)
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  - 5.1The Theory of Comparative Advantage: Overview
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  - 5.2Ricardian Model Assumptions
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  - 5.3The Ricardian Model Production Possibility Frontier
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  - 5.4Definitions: Absolute and Comparative Advantage
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  - 5.5A Ricardian Numerical Example
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  - 5.6Relationship between Prices and Wages
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  - 5.7Deriving the Autarky Terms of Trade
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  - 5.8The Motivation for International Trade and Specialization
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  - 5.9Welfare Effects of Free Trade: Real Wage Effects
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  - 5.10The Welfare Effects of Free Trade: Aggregate Effects
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  - 5.11Appendix: Robert Torrens on Comparative Advantage
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- 6The Pure Exchange Model Again with Three Traders
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  - 6.1A Simple Pure Exchange Economy
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  - 6.2Determinants of the Terms of Trade
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  - 6.3Example of a Two-Person Trade Pattern
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  - 6.4Three Traders and Redistribution with Trade
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  - 6.5Three Traders with International Trade
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  - 6.6The Nondiscrimination Argument for Free Trade
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- 7Factor Mobility and Income Redistribution
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  - 7.1Factor Mobility Overview
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  - 7.2Domestic Factor Mobility
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  - 7.3Time and Factor Mobility
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  - 7.4Immobile Factor Model Overview and Assumptions
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  - 7.5The Production Possibility Frontier in the Immobile Factor Model
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  - 7.6Autarky Equilibrium in the Immobile Factor Model
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  - 7.7Depicting a Free Trade Equilibrium in the Immobile Factor Model
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  - 7.8Effect of Trade on Real Wages
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  - 7.9Intuition of Real Wage Effects
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  - 7.10Interpreting the Welfare Effects
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  - 7.11Aggregate Welfare Effects of Free Trade in the Immobile Factor Model
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- 8The Heckscher-Ohlin (Factor Proportions) Model
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  - 8.1Chapter Overview
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  - 8.2Heckscher-Ohlin Model Assumptions
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  - 8.3The Production Possibility Frontier (Fixed Proportions)
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  - 8.4The Rybczynski Theorem
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  - 8.5The Magnification Effect for Quantities
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  - 8.6The Stolper-Samuelson Theorem
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  - 8.7The Magnification Effect for Prices
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  - 8.8The Production Possibility Frontier (Variable Proportions)
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  - 8.9The Heckscher-Ohlin Theorem
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  - 8.10Depicting a Free Trade Equilibrium in the Heckscher-Ohlin Model
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  - 8.11National Welfare Effects of Free Trade in the Heckscher-Ohlin Model
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  - 8.12The Distributive Effects of Free Trade in the Heckscher-Ohlin Model
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  - 8.13The Compensation Principle
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  - 8.14Factor-Price Equalization
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  - 8.15The Specific Factor Model: Overview
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  - 8.16The Specific Factor Model
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  - 8.17Dynamic Income Redistribution and Trade
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- 9Economies of Scale and International Trade
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  - 9.1Chapter Overview
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  - 9.2Economies of Scale and Returns to Scale
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  - 9.3Gains from Trade with Economies of Scale: A Simple Explanation
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  - 9.4Monopolistic Competition
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  - 9.5Model Assumptions: Monopolistic Competition
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  - 9.6The Effects of Trade in a Monopolistically Competitive Industry
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  - 9.7The Costs and Benefits of Free Trade under Monopolistic Competition
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- 10Trade Policy Effects with Perfectly Competitive Markets
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  - 10.1Basic Assumptions of the Partial Equilibrium Model
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  - 10.2The Welfare Effects of Trade Policies: Partial Equilibrium
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  - 10.3The Effects of International Trade
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  - 10.4Depicting a Free Trade Equilibrium: Large and Small Country Cases
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  - 10.5Import Tariffs: Small Country Price Effects
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  - 10.6Import Tariffs: Small Country Welfare Effects
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  - 10.7Import Tariffs: Large Country Price Effects
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  - 10.8Import Tariffs: Large Country Welfare Effects
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  - 10.9The Optimal Tariff
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  - 10.10Retaliation and Trade Wars
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  - 10.11Import Quotas: Large Country Price Effects
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  - 10.12Administration of an Import Quota
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  - 10.13Import Quota: Large Country Welfare Effects
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  - 10.14Import Quota: Small Country Price Effects
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  - 10.15Import Quota: Small Country Welfare Effects
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  - 10.16The Choice between Import Tariffs and Quotas
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  - 10.17Export Subsidies: Large Country Price Effects
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  - 10.18Export Subsidies: Large Country Welfare Effects
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  - 10.19Countervailing Duties
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  - 10.20Voluntary Export Restraints (VERs): Large Country Price Effects
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  - 10.21Administration of a Voluntary Export Restraint
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  - 10.22Voluntary Export Restraints: Large Country Welfare Effects
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  - 10.23Export Taxes: Large Country Price Effects
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  - 10.24Export Taxes: Large Country Welfare Effects
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- 11Domestic Policies and International Trade
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  - 11.1Chapter Overview
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  - 11.2Domestic Production Subsidies
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  - 11.3Production Subsidies as a Reason for Trade
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  - 11.4Production Subsidy Effects in a Small Importing Country
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  - 11.5Domestic Consumption Taxes
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  - 11.6Consumption Taxes as a Reason for Trade
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  - 11.7Consumption Tax Effects in a Small Importing Country
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  - 11.8Equivalence of an Import Tariff with a Domestic (Consumption Tax plus Production Subsidy)
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- 12Trade Policies with Market Imperfections and Distortions
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  - 12.1Chapter Overview
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  - 12.2Imperfections and Distortions Defined
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  - 12.3The Theory of the Second Best
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  - 12.4Unemployment and Trade Policy
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  - 12.5The Infant Industry Argument and Dynamic Comparative Advantage
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  - 12.6The Case of a Foreign Monopoly
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  - 12.7Monopoly and Monopsony Power and Trade
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  - 12.8Public Goods and National Security
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  - 12.9Trade and the Environment
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  - 12.10Economic Integration: Free Trade Areas, Trade Creation, and Trade Diversion
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- 13Political Economy and International Trade
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  - 13.1Chapter Overview
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  - 13.2Some Features of a Democratic Society
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  - 13.3The Economic Effects of Protection: An Example
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  - 13.4The Consumers’ Lobbying Decision
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  - 13.5The Producers’ Lobbying Decision
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  - 13.6The Government’s Decision
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  - 13.7The Lobbying Problem in a Democracy
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- 14Evaluating the Controversy between Free Trade and Protectionism
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  - 14.1Introduction
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  - 14.2Economic Efficiency Effects of Free Trade
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  - 14.3Free Trade and the Distribution of Income
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  - 14.4The Case for Selected Protection
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  - 14.5The Economic Case against Selected Protection
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  - 14.6Free Trade as the “Pragmatically Optimal” Policy Choice
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