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The main purpose of this book is to expose economics graduate
students and researchers to the most significant development in
international trade that has taken place in the recent past.
Service transactions now make up a sizeable portion of global
trade. Trade in both final and intermediate inputs is done
virtually through information and communication networks, raising
afresh the question of the basis of trade and calling for in-depth
investigation. This book succinctly comes up with a relatively new
explanation for the basis of trade, thus it adds a new dimension to
three existing building blocks: technology, endowment, and returns
to scale. Against a backdrop of standard Ricardian and
Heckscher-Ohlin competitive models of trade, the chapters of this
book nicely introduce the issue of communication cost and the
difference in time zones between two trading nations. Then follow
many intricate phenomena such as informality, skill formation,
growth, wage inequality, and decisions regarding foreign direct
investment (FDI). However, imperfectly competitive models are not
dealt with in great detail as they deserve more space than can be
allotted to them here. Given the nonexistence of any
research-oriented in-depth analyses of competitive trade models
with time-zone differences, this book is a valuable addition to the
resources available to researchers and policymakers interested in
deciphering recent developments in global trade patterns and the
subsequent welfare effect.
Virtual economic transactions have radically transformed the way we
think about trade and markets in closed and open economies.
Continuous decline in costs of information and communications and
setting up of phenomenally large number of virtual platforms have
brought in 'Time' as an essential element in the discourse on
international trade. This work delves deep into the issue of how
Time enters as a major catalyst of international trade and virtual
transactions. This changes the way we look at ideas of comparative
advantage, factor mobility, growth, income distribution, and allied
concepts. A key result is that greater physical distance might
encourage trade contrary to what we are accustomed to accept.
The main purpose of this book is to expose economics graduate
students and researchers to the most significant development in
international trade that has taken place in the recent past.
Service transactions now make up a sizeable portion of global
trade. Trade in both final and intermediate inputs is done
virtually through information and communication networks, raising
afresh the question of the basis of trade and calling for in-depth
investigation. This book succinctly comes up with a relatively new
explanation for the basis of trade, thus it adds a new dimension to
three existing building blocks: technology, endowment, and returns
to scale. Against a backdrop of standard Ricardian and
Heckscher-Ohlin competitive models of trade, the chapters of this
book nicely introduce the issue of communication cost and the
difference in time zones between two trading nations. Then follow
many intricate phenomena such as informality, skill formation,
growth, wage inequality, and decisions regarding foreign direct
investment (FDI). However, imperfectly competitive models are not
dealt with in great detail as they deserve more space than can be
allotted to them here. Given the nonexistence of any
research-oriented in-depth analyses of competitive trade models
with time-zone differences, this book is a valuable addition to the
resources available to researchers and policymakers interested in
deciphering recent developments in global trade patterns and the
subsequent welfare effect.
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