International Trade | Steve Suranovic

- 1Introductory Trade Issues: History, Institutions, and Legal Framework
- 2The Ricardian Theory of Comparative Advantage
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  - 2.1The Reasons for Trade
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  - 2.2The Theory of Comparative Advantage: Overview
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  - 2.3Ricardian Model Assumptions
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  - 2.4The Ricardian Model Production Possibility Frontier
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  - 2.5Definitions: Absolute and Comparative Advantage
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  - 2.6A Ricardian Numerical Example
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  - 2.7Relationship between Prices and Wages
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  - 2.8Deriving the Autarky Terms of Trade
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  - 2.9The Motivation for International Trade and Specialization
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  - 2.10Welfare Effects of Free Trade: Real Wage Effects
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  - 2.11The Welfare Effects of Free Trade: Aggregate Effects
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  - 2.12Appendix: Robert Torrens on Comparative Advantage
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- 3The Pure Exchange Model of Trade
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  - 3.1A Simple Pure Exchange Economy
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  - 3.2Determinants of the Terms of Trade
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  - 3.3Example of a Trade Pattern
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  - 3.4Three Traders and Redistribution with Trade
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  - 3.5Three Traders with International Trade
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  - 3.6The Nondiscrimination Argument for Free Trade
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- 4Factor Mobility and Income Redistribution
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  - 4.1Factor Mobility Overview
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  - 4.2Domestic Factor Mobility
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  - 4.3Time and Factor Mobility
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  - 4.4Immobile Factor Model Overview and Assumptions
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  - 4.5The Production Possibility Frontier in the Immobile Factor Model
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  - 4.6Autarky Equilibrium in the Immobile Factor Model
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  - 4.7Depicting a Free Trade Equilibrium in the Immobile Factor Model
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  - 4.8Effect of Trade on Real Wages
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  - 4.9Intuition of Real Wage Effects
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  - 4.10Interpreting the Welfare Effects
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  - 4.11Aggregate Welfare Effects of Free Trade in the Immobile Factor Model
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- 5The Heckscher-Ohlin (Factor Proportions) Model
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  - 5.1Chapter Overview
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  - 5.2Heckscher-Ohlin Model Assumptions
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  - 5.3The Production Possibility Frontier (Fixed Proportions)
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  - 5.4The Rybczynski Theorem
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  - 5.5The Magnification Effect for Quantities
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  - 5.6The Stolper-Samuelson Theorem
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  - 5.7The Magnification Effect for Prices
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  - 5.8The Production Possibility Frontier (Variable Proportions)
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  - 5.9The Heckscher-Ohlin Theorem
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  - 5.10Depicting a Free Trade Equilibrium in the Heckscher-Ohlin Model
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  - 5.11National Welfare Effects of Free Trade in the Heckscher-Ohlin Model
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  - 5.12The Distributive Effects of Free Trade in the Heckscher-Ohlin Model
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  - 5.13The Compensation Principle
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  - 5.14Factor-Price Equalization
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  - 5.15The Specific Factor Model: Overview
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  - 5.16The Specific Factor Model
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  - 5.17Dynamic Income Redistribution and Trade
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- 6Economies of Scale and International Trade
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  - 6.1Chapter Overview
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  - 6.2Economies of Scale and Returns to Scale
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  - 6.3Gains from Trade with Economies of Scale: A Simple Explanation
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  - 6.4Monopolistic Competition
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  - 6.5Model Assumptions: Monopolistic Competition
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  - 6.6The Effects of Trade in a Monopolistically Competitive Industry
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  - 6.7The Costs and Benefits of Free Trade under Monopolistic Competition
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- 7Trade Policy Effects with Perfectly Competitive Markets
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  - 7.1Basic Assumptions of the Partial Equilibrium Model
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  - 7.2Depicting a Free Trade Equilibrium: Large and Small Country Cases
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  - 7.3The Welfare Effects of Trade Policies: Partial Equilibrium
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  - 7.4Import Tariffs: Large Country Price Effects
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  - 7.5Import Tariffs: Large Country Welfare Effects
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  - 7.6The Optimal Tariff
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  - 7.7Import Tariffs: Small Country Price Effects
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  - 7.8Import Tariffs: Small Country Welfare Effects
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  - 7.9Retaliation and Trade Wars
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  - 7.10Import Quotas: Large Country Price Effects
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  - 7.11Administration of an Import Quota
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  - 7.12Import Quota: Large Country Welfare Effects
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  - 7.13Import Quota: Small Country Price Effects
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  - 7.14Import Quota: Small Country Welfare Effects
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  - 7.15The Choice between Import Tariffs and Quotas
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  - 7.16Export Subsidies: Large Country Price Effects
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  - 7.17Export Subsidies: Large Country Welfare Effects
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  - 7.18Countervailing Duties
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  - 7.19Voluntary Export Restraints (VERs): Large Country Price Effects
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  - 7.20Administration of a Voluntary Export Restraint
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  - 7.21Voluntary Export Restraints: Large Country Welfare Effects
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  - 7.22Export Taxes: Large Country Price Effects
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  - 7.23Export Taxes: Large Country Welfare Effects
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- 8Domestic Policies and International Trade
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  - 8.1Chapter Overview
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  - 8.2Domestic Production Subsidies
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  - 8.3Production Subsidies as a Reason for Trade
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  - 8.4Production Subsidy Effects in a Small Importing Country
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  - 8.5Domestic Consumption Taxes
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  - 8.6Consumption Taxes as a Reason for Trade
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  - 8.7Consumption Tax Effects in a Small Importing Country
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  - 8.8Equivalence of an Import Tariff with a Domestic (Consumption Tax plus Production Subsidy)
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- 9Trade Policies with Market Imperfections and Distortions
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  - 9.1Chapter Overview
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  - 9.2Imperfections and Distortions Defined
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  - 9.3The Theory of the Second Best
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  - 9.4Unemployment and Trade Policy
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  - 9.5The Infant Industry Argument and Dynamic Comparative Advantage
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  - 9.6The Case of a Foreign Monopoly
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  - 9.7Monopoly and Monopsony Power and Trade
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  - 9.8Public Goods and National Security
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  - 9.9Trade and the Environment
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  - 9.10Economic Integration: Free Trade Areas, Trade Creation, and Trade Diversion
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- 10Political Economy and International Trade
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  - 10.1Chapter Overview
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  - 10.2Some Features of a Democratic Society
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  - 10.3The Economic Effects of Protection: An Example
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  - 10.4The Consumers’ Lobbying Decision
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  - 10.5The Producers’ Lobbying Decision
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  - 10.6The Government’s Decision
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  - 10.7The Lobbying Problem in a Democracy
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- 11Evaluating the Controversy between Free Trade and Protectionism
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  - 11.1Introduction
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  - 11.2Economic Efficiency Effects of Free Trade
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  - 11.3Free Trade and the Distribution of Income
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  - 11.4The Case for Selected Protection
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  - 11.5The Economic Case against Selected Protection
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  - 11.6Free Trade as the “Pragmatically Optimal” Policy Choice
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