Includes glossary of key terms and subject index.

Contents: International trade theory: The law of comparative advantage:The standard theory of interntional trade -- Demand and supply,offer curves and the terms of trade -- Factor endowments and the Hecscher-Ohlin theory -- Economics of scale, imperfect competition and International trade -- Economic growth and International trade -- International trade policy: Trade restriction:tarrifs -- Nontarrif trade barriers and the new protectionism -- Economic intergration:Customs union and free trade areas -- International trade and Economic development -- International resource movements and Multinational corporations -- Balance of payments and exchange rates -- Balance of payments -- Foreign exchange markets and exchange rates -- Exchange rate determination -- The Price adjustment mechanism with flexible and fixed exchange rates -- The income adjustmnet mechanism and synthesis of automatic adjustments -- Open-economy macroeconomics:Adjusment policies -- Prices and output in an open:Aggregate demand and aggregate supply -- Flexible versus fixed exchange rates, the European monetary system and macroeconomic policy coordiantion -- The International monetary system:Past, present and future.