Chapter 1: Genesis
Chapter 2: Rise of the Market Economy
Chapter 3: Trade Theory
Chapter 4: Trade Policy
Chapter 5: Trade Agreements
Chapter 6: International Capital Flows
Chapter 7: International Labor Flow
Chapter 8: Exchange Rates
Chapter 9: Determination of Exchange Rates
Chapter 10: Managing Exchange Rate Risk
Chapter 11: International Financial Crises
Chapter 12: Development Economics
Clifford F. Thies is Eldon R. Lindsey Chair of Free Enterprise and professor of economics and finance at Shenandoah University.
This book belongs in the vacation reading of many of today’s
senators, representatives, administration officials, and their
respective staffs. It is an efficient compilation of international
economic orthodoxy—a set of powerful ideas that set the benchmarks
of modern, market-driven international economics against which
alternative ideas and policies must be calibrated. The setup is
conventional, starting with trade theory and trade policy, then
international factor transfers, leading to international monetary
economics, exchange rate determination, international price and
income adjustments, and ending with chapters on global financial
crises and the role of developing countries. The text is spare and
readable: there is little in the way of ifs, ands, or buts to cloud
the argument. Presumably this can come after the reader masters the
basics. Today’s challenges to a rule-based international economic
and financial order desperately require these basics, and this book
delivers them. Highly recommended for collections intended for
undergraduate students of economics and politics.
Summing Up: Recommended. Upper-division undergraduates through
faculty.
*CHOICE*
At a time when the evening news is filled with talks of tariffs on
steel and aluminum, the future of NAFTA and the Trans-Pacific
Partnership, Clifford Thies' discussion of "Global Economics" is a
refreshingly clear presentation of what every citizen should
understand about these issues of political economy. The book
presents the concepts of trade, exchange rates, monetary economics
and immigration flows at a level comprehensible to a bright
high-school student yet engagingly clear and concise for those with
higher education. This book should be required reading for our
legislators and pundits.
*Christopher Baum, Boston College*
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