By Kenneth A. Reinert
This ebook is designed for a one-semester or two-semester direction in overseas economics, basically focusing on non-economics majors and courses in company, diplomacy, public coverage, and improvement reports. it's been written to make overseas economics obtainable to vast scholar audiences. The e-book assumes a minimum historical past in microeconomics and arithmetic and is going past the standard trade-finance dichotomy to offer equivalent remedy to 4 ''windows'' at the international economic system: overseas alternate, overseas creation, foreign finance, and overseas improvement. It takes a practitioner standpoint instead of a customary educational view, introducing the scholar to the fabric they should develop into potent analysts in foreign financial coverage. the website for the textual content can be chanced on at http://iie.gmu.edu
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Extra info for An Introduction to International Economics: New Perspectives on the World Economy
The Princeton Encyclopedia of the World Economy, Princeton University Press, 795–9. Sen, A. (2006) Identity and Violence: The Illusion of Destiny, Norton. G. and P. M. Haas (2006) Global Environmental Governance, Island Press. Szirmai, A. (2005) The Dynamics of Socio-Economic Development, Cambridge University Press. I INTERNATIONAL TRADE 2 Absolute Advantage 20 ABSOLUTE ADVANTAGE Throughout most of the 1980s, Vietnam imported rice. In 1989, however, Vietnam exported more than 1 million tons of rice.
The notion of gains from trade is an important concept. To judge from the tone and content of many popular writings on the world economy, trade relationships are a win-lose proposition for the countries involved. To export is to win; to import is to lose. The gains from trade idea, however, tells us that trade can be mutually beneficial to the countries involved. For this reason, we need to be cautious in our assessment of some popular writing of the win-lose variety. 10 For the peculiar case of international advantages in rare earth elements, see the accompanying box.
These are example of services being globalized while being external to the firm. Both of the preceding scenarios, FDI and outsourcing, are made possible by advances in ICT that are only a few decades old. These advances are causing a global reconfiguration of the way work is carried out. This is a process that has not yet reached its final destination point but has already had revolutionary impacts on the world economy. Sources: Dicken (2007) and The Economist (2000, 2007) In an ideal world, countries would interact with one another within the multilateral framework of international law, committed to dispute resolution procedures, conflict prevention, transparency, and respect for human rights.