INTERNATIONAL TRADE: Trade Theory, the WTO, and the Balance of Payments

Why do nations trade — and who really wins?

From the ancient Silk Road to the age of container ships and digital services, international trade has shaped economies, toppled governments, and lifted billions out of poverty. It has also displaced workers, sparked trade wars, and fueled some of the most bitter political conflicts of our time.

International Trade & Globalization cuts through the noise with clear, authoritative economic analysis. You will learn why comparative advantage remains the most powerful — and most misunderstood — idea in economics, how the World Trade Organization was built, what its ongoing crisis means for global commerce, and why the balance of payments is nothing like the “loss” politicians claim it is.

Inside this book:

• Classical and modern trade theory — Smith, Ricardo, Heckscher-Ohlin, Krugman, and beyond
• Trade policy instruments — tariffs, quotas, subsidies, and non-tariff barriers explained
• The WTO, GATT, and the dispute settlement crisis
• Regional agreements — the EU, USMCA, RCEP, and the African Continental Free Trade Area
• Balance of payments, exchange rates, and currency wars
• Foreign direct investment and multinational corporations
• Global supply chains, COVID disruptions, and the reshoring movement
• Globalization, inequality, and the China shock
• Trade wars, economic nationalism, and the revival of industrial policy
• The future — digital trade, climate policy, and geopolitical fragmentation

Whether you are a student, investor, policy professional, or engaged citizen, this book gives you the intellectual tools to understand one of the defining forces of modern life.

Book 11 of the ThinkTankMedia.Online Economics Education Series