3 Review(s)

The sixth edition of International Economics has been thoroughly revised and considerably enlarged. While new materials have been incorporated in almost all chapters, the major change in this edition is the addition of five new chapters, viz. (i) Theories of Foreign Trade—Adam Smith and Before Him, (ii) Nature and Significance of International Trade, (iii) Optimum Tariff, (iv) World Trade Organisation, and (v) A Note on Recent Theories of International Trade. This has made the book more up to date and complete in its coverage. The book has a wide coverage and comprehensively deals with the main topics usually covered in a standard textbook, viz. various economic theories and models like those of Ricardian Trade Theory, Heckscher-Ohlin Theory, Factor-Price Equalization Theorem, Stolper-Samuelson Theorem, Rybczynski Theorem, gains from international trade, balance of payments, foreign exchange, tariffs, quantitative restrictions, dumping, economic integration, most favoured nation clause, international organisations such as International Bank for Reconstruction and Development (IBRD), International Monetary Fund (IMF), World Trade Organization (WTO), etc. The book attempts to give a clear and straightforward treatment of the main topics. For this, it uses geometry as well as mathematics, in addition to theory, as the medium of exposition. It also attempts to make the explanations both intuitively appealing and logically convincing, using simple language and lucid style. The book is intended to meet the requirements of the students of B.A. (Hons.), M.A. (Economics), M.Com., MBA and related courses and candidates preparing for competitive examinations such as IAS, IES and Provincial Civil Service examinations of the States. It will also be useful as supplementary reading for students of international relations and money and banking courses.