International Trade

Trade impacts on the lives of all global citizens, influencing the range of commodities available for consumption and where those commodities are produced. Driven increasingly by market exchange, trade shapes the nature of work and how the costs and benefits of that work are distributed around the world. Economic growth and development are closely associated with the flows of goods and services between countries. International Trade: The Basics offers an accessible and engaging introduction to contemporary debates on international trade, inviting readers to explore the connections between national political economies within a globally integrated world.

Topics covered include:

Why nations trade

Globalization and transnational production networks

Transnational governance

The emergence of Asia as a major trade region

Ethical trade and environmental sustainability

Trade in solar energy, services and ideas.

Featuring case studies and social media links that help to illustrate key concepts, this book is an essential read for anyone seeking to understand how trade varies between regions, affects relationships between countries and influences a country’s social, political and economic life.

Table of Contents

List of figures

List of tables

List of boxes

1 Introduction

The growth of trade

History of trade

Globalization and contemporary trade patterns

Objective of the book

Outline of the book

2 Trade theory

Comparative advantage

The Heckscher–Ohlin model

The Stolper–Samuelson theorem

Leontieff’s Paradox

Terms of trade

New trade theory: economies of scale and imperfect competition in trade models

New, new trade theory: global outsourcing

3 Transnational corporations, trade and the global economy

Origins of TNCs and why firms internationalize

The growth of transnational corporations

Global production networks and commodity value chains

Capturing value in global production networks

TNCs and trade

4 Trade governance

Institutional theories

GATT and WTO

Geography of trade: integration and regional trade agreements

Is geography destiny? Regionalism and regional economic integration

5 Trade and development

Dynamic comparative advantage

Unequal exchange

Import-substitution and export promotion

Asian flying geese

6 Impact of trade

Special economic zones

Impact on labor

Trade and labor standards

Trade, jobs and wages

Ethical trade

Environment and sustainability

Environmental policy and trade agreements

7 Conclusion

Trends and directions

Glossary

Bibliography

Index