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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.
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.
This book was written in honour of Professor Kalyan K. Sanyal, who
was an excellent educator and renowned scholar in the field of
international economics. One of his research papers co-authored
with Ronald Jones, entitled "The Theory of Trade in Middle
Products" and published in American Economic Review in 1982, was a
seminal work in the field of international trade theory. This paper
would go on to inspire many subsequent significant works by
researchers across the globe on trade in intermediate goods. The
larger impact of any paper, beyond the number of citations, lies in
terms of the passion it sparks among younger researchers to pursue
new questions. Measured by this yardstick, Sanyal's contribution in
trade theory will undoubtedly be regarded as historic. After
completing his Ph.D. at the University of Rochester he joined the
Department of Economics at Calcutta University in the early 1980s
and taught trade theory there for almost three decades. His
insights, articulation and brilliance in teaching international
economics have influenced and shaped the intellectual development
of many of his students. After his sudden passing in February 2012,
his students and colleagues organized a symposium in his honour at
the Department of Economics, Jadavpur University from April 19 to
20, 2012. This book, a small tribute to his intellect and
contribution, has been a follow-up on that endeavour, and a
collective effort of many people including his teachers, friends,
colleagues and students. In a nutshell it discusses intermediation
of various kinds with significant implications for market
integration through trade and finance. That trade can generate many
non-trade-service sector links has recently emerged as a topic of
growing concern and can trace its lineage back to the idea of the
middle product, a recurring concept in Prof. Sanyal's work.
This book deals with the impact that international trade is likely
to have on the skilled-unskilled wage gap in a typical developing
economy. This is the first theoretical monograph on this particular
issue which has already generated substantial debate and voluminous
work for the developed countries. A unique feature of this work is
that it tries to explain the possibility of rising inequality
across trading nations and looks at the segmented labour markets of
the poor economies. It makes convincing arguments that the standard
general equilibrium models, the main workhorse of trade theory, can
be given a creative facelift to address a number of critical and
emerging issues in the area of trade and development.
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.
This book was written in honour of Professor Kalyan K. Sanyal,
who was an excellent educator and renowned scholar in the field of
international economics. One of his research papers co-authored
with Ronald Jones, entitled " The Theory of Trade in Middle
Products " and published in "American Economic Review" in 1982, was
a seminal work in the field of international trade theory. This
paper would go on to inspire many subsequent significant works by
researchers across the globe on trade in intermediate goods. The
larger impact of any paper, beyond the number of citations, lies in
terms of the passion it sparks among younger researchers to pursue
new questions. Measured by this yardstick, Sanyal s contribution in
trade theory will undoubtedly be regarded as historic.
After completing his Ph.D. at the University of Rochester he joined
the Department of Economics at Calcutta University in the early
1980s and taught trade theory there for almost three decades. His
insights, articulation and brilliance in teaching international
economics have influenced and shaped the intellectual development
of many of his students.
After his sudden passing in February 2012, his students and
colleagues organized a symposium in his honour at the Department of
Economics, Jadavpur University from April 19 to 20, 2012. This
book, a small tribute to his intellect and contribution, has been a
follow-up on that endeavour, and a collective effort of many people
including his teachers, friends, colleagues and students. In a
nutshell it discusses intermediation of various kinds with
significant implications for market integration through trade and
finance. That trade can generate many non-trade-service sector
links has recently emerged as a topic of growing concern and can
trace its lineage back to the idea of the middle product, a
recurring concept in Prof. Sanyal s work.
This is a new volume in the "Frontiers in Economics &
Globalization" series. This book deals with a wide-range of trade
and development issues in terms of well-known general equilibrium
structure. This volume shows how neo-classical models of trade
theory can be used to highlight many challenging contemporary
global problems. This book is a new volume in the "Frontiers in
Economics & Globalization" series. It deals with a wide-range
of trade and development issues. It focuses on neo-classical models
of trade theory to highlight the challenges of global trade
problems.
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