About the authors. 1. International economics is different. Pt 1. The theory of international trade : demand and supply. 2. The basic theory of international trade. 3. Why everybody trades : comparative advantage and factor propotions. 4. Who gains and who loses from trade?. 5. Growth and trade. 6. Alternative theories of trade. - Pt. 2. Trade policy. 7. The basic analysis of a tariff. 8. Nontariff barriers to imports. 9. Arguments for and against protection. 19. Oushing exports. 11. Trade blocs and trade blocks. 12. Trade and the environment. 13. Trade policies for developing and transition countries. 14. The political economy of trade and agriculture. - Pt 3. Understanding foreign exchange. 15. Payments among nations. 16. The foreign exchange market. 17. Forward exchange. 18. What determines exchange rates in the long run?. 19. What determines exchange rates in the short run?. 20. Government policies toward the foreign exchange market. - Pt. 4. Macro policies for open economies. 21. How does the open macroeconomy work?. 22. Internal and external balance with fixed exchange rates. 23. Floating exchange rates and internal balance. 24. National and global floating rates and the alternatives. - Pt. 5. Factor movements. 25. The international movement of labor. 26. International lending and financial crises. 27. Direct foreign investment and the multinationals. Appendices. Suggested answers - questions and problems. References. Index.