International Trade: Theory and Policy, Global Edition

Paul Krugman, recipient of the 2008 NobelMemorial Prize in Economic Sciences, taught at Princeton University for 14years. In 2015, he joined the faculty of the Graduate Center of the City Universityof New York, associated with the Luxembourg Income Study, which tracks andanalyzes income inequality around the world. He received his BA from Yale andhis PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. Healso spent a year on the staff of the Council of Economic Advisers in1982-1983. His research has included trailblazing work on international trade,economic geography, and currency crises. In 1991, Krugman received the AmericanEconomic Association's John Bates Clark medal. In addition to his teaching andacademic research, Krugman writes extensively for nontechnical audiences. He isa regular op-ed columnist for the New York Times. Maurice Obstfeld is the Class of 1958Professor of Economics at UC Berkeley. He joined Berkeley in 1989 as aprofessor, following appointments at Columbia (1979-1986) and the University ofPennsylvania (1986-1989). He was also a visiting professor at Harvard between1989 and 1991. In 2014-2015 he was a Member of President Obama's Council of EconomicAdvisers, and from 2015-2018 he served as chief economist at the InternationalMonetary Fund. Before that, he served as an honorary adviser to the Bank ofJapan's Institute of Monetary and Economic Studies. Among Professor Obstfeld'shonors are the Frank Graham Lecture at Princeton, the inaugural Mundell-FlemingLecture of the International Monetary Fund, the Bernhard Harms Prize andLecture of the Kiel Institute for World Economy, the L. K. Jha Memorial Lectureat the Reserve Bank of India, and the Richard T. Ely Lecture of the AmericanEconomic Association. Professor Obstfeld is a Fellow of the Econometric Societyand the American Academy of Arts and Sciences. He is active as a researchfellow of the Centre for Economic Policy Research and a research associate ofthe National Bureau of Economic Research. Most recently, he has joined thePeterson Institute for International Economics in Washington, DC, as anonresident senior fellow. Marc Melitz is the David A. Wells Professor ofPolitical Economy at Harvard University. He holds a BA from Haverford College(1989), an MSBA from the Robert Smith School of Business (1992), and a PhD fromthe University of Michigan (2000). He is a fellow of the Econometric Societyand is affiliated with the National Bureau of Economic Research (NBER), theCentre for Economic Policy Research (CEPR), CESifo, and the Kiel Institute forthe World Economy. His broad research interests are in international trade andinvestment. More specifically, he studies producer-level responses toglobalization and their implications for aggregate trade and investmentpatterns. His research has been funded by the Sloan Foundation and by the NSF.

1. Introduction PART ONE: INTERNATIONAL TRADE THEORY 2. Word Trade: An Overview 3. Labor Productivity and Comparative Advantage: The Ricardian Model 4. Specific Factors and Income Distribution 5. Resources and Trade: The Heckscher-Ohlin Model 6. The Standard Trade Model 7. External Economies of Scale and the International Location of Production 8. Firms in the Global Economy: Export Decisions, Outsourcing, andMultinational Enterprises PART TWO: INTERNATIONAL TRADE POLICY 9. The Instruments of Trade Policy 10. The Political Economy of Trade Policy 11. Trade Policy in Developing Countries 12. Controversies in Trade Policy