International Economics: Global Markets and Competition Review

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International Economics: Global Markets and Competition ReviewI really feel for anyone who is assigned this book as an introduction to world economic realities, because newer students won't have the comparative background necessary to see how conjectural and deficient it really is. The first problem is the parched writing style, with barely comprehensible formulas parading by in prose form, along with an interminable flood of acronyms and technical terms that are often formally defined well after they first appear in the text, if at all. Also, watch out for the first edition of this book, which was flooded with horrendous typos, including not just annoying prose glitches but also ruinous mathematical impossibilities like "50-30=10" or "-135%." (The more recent second edition seems to have corrected many of the typos, but beware anyway.)
Beyond such readability issues, this book epitomizes the weaknesses in the modern teaching of economics. While the theories are sound and need not be discredited, the student must remember that the focus of economics on sheer numbers is either a myopic denial of real-world politics, or a political stance in itself - resulting in an artificial and forced veneer of impartiality. This book is badly damaged by its incessant cheerleading for the unproven panacea of free trade, and other sacred economics cows like perfect competition and deregulation. None of these are laws as economists would have you believe, but theories based on ideology and fragmentary real-world evidence. Granted, the statistics supporting the advantages of free trade and deregulation are fairly convincing, but this assumes a mythical clean slate with no culture, politics, or religion, or the wide disparities in the financial power of the long-established players. Additionally, this book repeats the belief that capital and labor (sometimes known as "human beings" in other fields) should and can move freely around the world. But it contains not a single word on the inefficiencies and shortages of information needed to make such movements possible, while the political realities of international and intra-national matters are only momentarily considered in one chapter.
Otherwise, this book simply parrots the economic belief in perfectly functioning laws that are being held back by poor human decisions. The regular reward for the reader's time is simplistic blanket statements that purport to solve perennial social problems - with fantastical pronouncements like "the ultimate gains from free trade will make the transition costs worth paying" or "migration tends to eliminate international wage differences." Anyone searching for true knowledge of the causes and effects of social trends will need to mix economics with political science and other disciplines. Those who are only required to study this book will get a fragmented and distorted take on the disconnection of economics from reality, via writing that is myopically convinced of its own infallibility. [~doomsdayer520~]International Economics: Global Markets and Competition OverviewThis text integrates the microeconomics of trade with concepts from open economy macroeconomics. The emphasis is on the powerful forces of international competition and the limitations of government policy.Economics began with a political debate over tariffs and the politics continue. Domestic industries lobby for protection against foreign competitors and for export subsidies. Government policy makers favor their pet industries in return for lobby money and votes. Meanwhile, other industries lobby for free trade. Governments worldwide tentatively negotiate free trade agreements while international financial markets determine the effectiveness of their fiscal and monetary policies. Wages, capital returns, and national income rise and fall with international commerce.The text covers these issues of international trade and finance. The trade theory is based on partial equilibrium market analysis, constant cost and neoclassical general equilibrium, the factor proportions model, and various theories of industrial organization. The text fully integrates concepts from international finance, and a new chapter for the 2nd edition develops the basic models of open economy macroeconomics.The presentation is centered on graphs that use realistic numerical examples making the theory easier for students to grasp, especially when combined with general algebraic and graphic presentations in the classroom. The text does not assume previous courses in intermediate theory or calculus but the theory is completely developed. Numerous exercises that can be presented by students give them confidence in using the theoretical models and concepts.Over 250 boxed examples illustrate the theory, many with visually descriptive charts and plots, making the text excellent for MBA courses. The text is concise in its presentation style. Students enjoy its clear straightforward style and instructors notice the difference on exams.

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