Modern World Economy

This volume clearly presents the principles of international trade and finance and exhibits them as an integral part of the world's economic history and the history of ideas in recent centuries. Overbeek gives a statistical overview of the evolution of international trade and the trade position of the United States in the world, including a brief history of international trade and an analysis of the fundamental aims of mercantilism. He deals with the theory of international trade, barriers to trade, common arguments for and against protection, and regional economic integration. The section of the book dealing with international finance discusses foreign exchange rates, international payments, the balance of payments, national income analysis and foreign trade, the open economy and the AD/AS model and balance of payments adjustment. The last chapter deals with contemporary issues in international finance such as the GATT in the 1990s and the future. Throughout the book Overbeek draws upon economic and intellectual history for supportive examples.