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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.
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.
Elhanan Helpman is among the foremost trade theorists of his generation. In this splendid book, he demonstrates that he can also write successfully for the public. This is welcome news for those who value an informed democracy. -- Jagdish Bhagwati, author of In Defense of Globalization The explosion in global trade over the past few decades is the defining economic phenomenon of our lifetimes, yet even professional economists struggle to understand its complexities. Understanding Global Trade explains, in a clear and non-technical style, important and exciting insights from the frontiers of research in international trade. Anyone interested in understanding the nuances of globalization should read this book. Elhanan Helpman is an immensely influential researcher who has towered above the field of international trade for more than three decades. With this wonderful book, his research ideas, and those of others in the field, will become known to a whole new audience. -- Kenneth Rogoff, co-author of This Time is Different Elhanan Helpman's Understanding Global Trade is a masterpiece of non-mathematical, fully understandable, but still rigorous, exposition. Within five chapters Helpman takes the reader from the classical theories of international trade, comparative advantage and Heckscher-Ohlin, to the modern theories that explain today's global trading world--of multinational firms, of outsourcing and outshoring, of why some firms export and others remain firmly local--and why it matters. -- Stanley Fischer, Governor, Bank of Israel
Elhanan Helpman is the Galen L. Stone Professor of International Trade at Harvard University.
Elhanan Helpman is among the foremost trade theorists of his
generation. In this splendid book, he demonstrates that he can also
write successfully for the public. This is welcome news for those
who value an informed democracy.
*Jagdish Bhagwati, author of In Defense of
Globalization*
The explosion in global trade over the past few decades is the
defining economic phenomenon of our lifetimes, yet even
professional economists struggle to understand its complexities.
Understanding Global Trade explains, in a clear and non-technical
style, important and exciting insights from the frontiers of
research in international trade. Anyone interested in understanding
the nuances of globalization should read this book. Elhanan Helpman
is an immensely influential researcher who has towered above the
field of international trade for more than three decades. With this
wonderful book, his research ideas, and those of others in the
field, will become known to a whole new audience.
*Kenneth Rogoff, co-author of This Time is Different*
Elhanan Helpman's Understanding Global Trade is a masterpiece of
non-mathematical, fully understandable, but still rigorous,
exposition. Within five chapters Helpman takes the reader from the
classical theories of international trade, comparative advantage
and Heckscher-Ohlin, to the modern theories that explain today's
global trading world--of multinational firms, of outsourcing and
outshoring, of why some firms export and others remain firmly
local--and why it matters.
*Stanley Fischer, Governor, Bank of Israel*
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