This book, first published in 1973, presents a collection of original contributions to the analysis of international trade and monetary relations by a number of distinguished economists. The papers bear on six topics in trade theory: the inadequacies of classical trade theory, customs unions, immiserising growth, the international transmission of technical change, multinational company behaviour, and comparative trends in income distribution.
Chapters dealing with international monetary relations focus on general equilibrium analysis of spot and forward exchange markets, money supply analysis in open economies, devaluation in developing countries, the sharing of the burden of international adjustment, the monetary approach to balance-of-payments theory, and the integration of Keynesian and monetary approaches to international adjustment. Taken together, they summarize much of the most advanced contemporary research in international economics.
The volume is unified by the contributors' common belief that economic theory can help solve important and relevant problems in international economic relations. All the contributions represent original work on the frontiers of research in international economics, but they use simple and understandable techniques to reach their conclusions.
Table of Contents
Editor’s Preface; Part 1: Introduction; 1. The Need for a Reconsideration of the Theory of International Trade Joan Robinson; Part 2: International Trade; 2. Customs Unions, Preferential Systems and World Welfare Robert E. Baldwin 3. The Theory of Immiserizing Growth: Further Applications Jagdish N. Bhagwati 4. Induced Technical Change and the Transfer Mechanism Michael B. Connolly 5. The Simple Analytics of Multi-National Firm Behaviour Thomas Horst 6. Trends in Income Distribution in Some Western Countries Jan Tinbergen; Part 3: International Monetary Analysis; 7. A Model for the Analysis of Official Intervention in the Foreign Exchange Markets Giorgio Basevi 8. Money Supply Process and Monetary Policy in an Open Economy Karl Brunner 9. An Analysis of Currency Devaluation in Developing Countries Richard N. Cooper 10. Some Misconceptions on the Sharing of the Burden of Adjustment between Deficit and Surplus Countries Jacques L’Huillier 11. The Monetary Approach to Balance-of-Payments Theory Harry G. Johnson 12. Adjustment, Policy, and Monetary Equilibrium in a Two-Country Model Alexander K. Swoboda and Rudiger Dornbusch; Index