Global trade is of vital interest to citizens as well as
policymakers, yet it is widely misunderstood. This compact
exposition of the market forces underlying international commerce
addresses both of these concerned groups, as well as the needs of
students and scholars. Although it contains no equations, it is
almost mathematical in its elegance, precision, and power of
expression.
"Understanding Global Trade" provides a thorough explanation of
what shapes the international organization of production and
distribution and the resulting trade flows. It reviews the
evolution of knowledge in this field from Adam Smith to today as a
process of theoretical modeling, accumulation of new empirical
data, and then revision of analytical frameworks in response to
evidence and changing circumstances. It explains the sources of
comparative advantage and how they lead countries to specialize in
making products which they then sell to other countries. While
foreign trade contributes to the overall welfare of a nation, it
also creates winners and losers, and Helpman describes mechanisms
through which trade affects a country's income distribution.
The book provides a clear and original account of the
revolutions in trade theory of the 1980s and the most recent
decade. It shows how scholars shifted the analysis of trade flows
from the sectoral level to the business-firm level, to elucidate
the growing roles of multinational corporations, offshoring, and
outsourcing in the international division of labor. Helpman s
explanation of the latest research findings is essential for an
understanding of world affairs.
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