Description
CONTENTS
Preface xv
Strengths and Features of this Book xv
Changes in the Second Edition xv
Acknowledgments xvii
Introduction: A Brief History of International Trade 1
Ancient Period 1
Colonial Period (1500-1900) 2
1900 to the Present 3
SECTION I: OVERVIEW OF INTERNATIONAL TRADE
Chapter 1. Growth and Direction of International Trade 7
Importance of International Trade to the Global Economy 7
Determinants of Trade 9
Volume and Direction of Trade 9
Important Developments in Trade 10
Chapter Summary 14
Review Questions 15
Case 1.1. The Limitations of Export-Led Growth 15
Chapter 2. International and Regional Agreements
Affecting Trade 19
The GATT and WTO 19
Regional Integration Agreements (RIAs) 22
The North American Free Trade Agreement (NAFTA) 25
The European Union 32
Chapter Summary 36
Review Questions 37
Case 2.1. The Benefits and Costs of Free Trade 37
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