- Offer students the theory and models to understand how economics works and how economists understand the world
- Provide faculty with a fully developed teaching package to enable that goal
This textbook is suitable for these courses: Full-year trade and finance courses; or a one-semester trade/finance course
This textbook is suitable for 2 and 4 year institutions.
PEDAGOGICAL FEATURES:
The text walks students through a detailed description of how models’ assumptions influence their conclusions. Then, students learn how the models connect with the real world.
This section encourages students to walk through scenarios related to each concept and idea.
Needlessly difficult material is eliminated, while other principles, including the development of the relative supply/demand structure or the presentation of offer curves, are omitted as to not go too deeply into often-confusing topics for students at this level.
Approaches in this text offer a new way to present the Jones’ magnification effects, a systematic method to teach the theory of the second best, and a unique description of valid reasons to worry about trade deficits.
Chapter 1: Title for new chapter
Chapter 2: Introductory Trade Issues: History, Institutions, and Legal Framework
Chapter 3: The Ricardian Theory of Comparative Advantage
Chapter 4: The Pure Exchange Model of Trade
Chapter 5: Factor Mobility and Income Redistribution
Chapter 6: The Heckscher-Ohlin (Factor Proportions) Model
Chapter 7: Economies of Scale and International Trade
Chapter 8: Trade Policy Effects with Perfectly Competitive Markets
Chapter 9: Domestic Policies and International Trade
Chapter 10: Trade Policies with Market Imperfections and Distortions
Chapter 11: Political Economy and International Trade
Chapter 12: Evaluating the Controversy between Free Trade and Protectionism
Chapter 13: Introductory Finance Issues: Current Patterns, Past History, and International Institutions
Chapter 14: National Income and the Balance of Payments Accounts
Chapter 15: The Whole Truth about Trade Imbalances
Chapter 16: Foreign Exchange Markets and Rates of Return
Chapter 17: Interest Rate Parity
Chapter 18: Purchasing Power Parity
Chapter 19: Interest Rate Determination
Chapter 20: National Output Determination
Chapter 21: The AA-DD Model
Chapter 22: Policy Effects with Floating Exchange Rates
Chapter 23: Fixed Exchange Rates
Chapter 24: Policy Effects with Fixed Exchange Rates
Chapter 25: Fixed versus Floating Exchange Rates
Instructor’s Manual
The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.
Instructor’s Manual
PowerPoint Lecture Notes
A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.
PowerPoint Lecture Notes
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Test Item File
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Steve Suranovic George Washington University
Steve Suranovic is an associate professor of economics and international affairs at the George Washington University (GW) in Washington, D.C. He has been teaching international trade and finance for more than twenty five years at GW and as an adjunct for Cornell University’s Washington, D.C, program. He has a PhD in economics from Cornell University and a B.S. in mathematics from the University of Illinois at Urbana-Champaign. He has been a Fulbright Lecturer at Sichuan University in Chengdu, China, and has taught a GW class at Fudan University in Shanghai every summer since 2009. He has also spoken to business, government, and academic audiences in Japan, Malaysia, the Philippines, China, and Mongolia as part of the U.S. State Department speaker’s programs. His research focuses on two areas: international trade policy and behavioral economics. With respect to behavior, he examines why people choose to do things that many observers view as irrational. Examples include addiction to cigarettes, cyclical dieting, and anorexia. His research shows that dangerous behaviors can be explained as the outcome of a reasoned and rational optimization exercise. With respect to trade policy, his research seeks to reveal the strengths and weaknesses of arguments supporting various policy options. The goal is to answer the question, what trade policies should a country implement? More generally, he applies the economic analytical method to identify the policies that can attract the most widespread support. His research focuses on international trade policy, market ethics, behavioral economics and more recently, climate change policy. His book A Moderate Compromise: Economic Policy Choice in an Era of Globalization was released by Palgrave Macmillan in fall 2010. In it he offers a critique of current methods to evaluate and choose policies and suggests a principled and moderate alternative.
