International Trade: Theory and Policy
In writing International Trade: Theory and Policy, Steve Suranovic’s goals were simple:
- To help students realize how economic models are applied to real-world issues
- To develop a unified model of the international macroeconomy
- HISTORICAL CONTEXT:
- WELFARE ANALYSIS:
- DOMESTIC POLICY COVERAGE:
- THEORY OF THE SECOND-BEST:
This textbook is suitable for these courses: International Trade (one semester)
This textbook is suitable for 2 and 4 year institutions.
The text begins with an historical overview of trade policy issues to provide context for the theory and concludes with a detailed economic argument supporting free trade.
The welfare analysis in the Ricardian, Heckscher-Ohlin and specific factors models emphasize the redistributive effects of free trade by calculating changes in real incomes.
A chapter about domestic policies contains an evaluation of domestic taxes and subsidies that are often ignored in traditional trade textbooks but are increasingly important as large countries complain more about each other's domestic agricultural policies and labor and environmental policies.
The text uses the theory of the second-best to explain why protection can improve national welfare. This well-known theoretical result is rarely presented as methodically and consistently as it is in this text.
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