Get this from a library! International trade: theory and policy. [Steven M Suranovic ; Open Textbook Library,]. This is the book Policy and Theory of International Trade (v. ). This book is Steve Suranovic is an associate professor of economics and international. International Trade: Theory and Policy is built on Steve Suranovic’s belief that to understand the international economy, students need to learn how economic.

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The book is very well structured and comprehensive, with succinct definitions of key terms and poignant examples of the text substance. Examples of trade come primarily from the developed world, suranovc comparatively little from the developing world Examples of trade come primarily from the developed world, and comparatively little from the developing world is referenced.

Well-rounded exercises and explanations are provided, and the sections on mathematical models and quantitative analysis are presented in a clear and concise manner.

That the majority of examples of free trade agreements across the globe that the book references are well-established rather than recent, it is unlikely that the text will be obsolete in coming years. Changes, such as intetnational enactment of new major trade deals or international trade guidelines and agreements, ttade be easy to insert into copies of the text in coming years.

The book is internaational in a very clear and lucid manner, and the jargon and technical terminology is presented in a reader friendly manner that is accessible to students new and unfamiliar with the topic. The text is very easy and readily divisible into smaller sections that can be assigned at different points within the course.

Moreover, it can be easily reorganized and realigned with various sub units of a course without presenting the reader with too much disruption. The topics of the text are presented thematically with little overlap. More over, the topics are organized in a coherent and logic manner. The charts and graphs of the book sometime cover more than one page, which at times distorts them and renders it difficult to follow them. It is also somewhat distracting.

However, this issue does not detract from the overall quality of the text or present too much confusion to the reader. Although the book is somewhat western centric in the examples it gives, it does not do so in a way that a multicultural innternational would find either offensive or exclusionary. That being said, more examples relevant to the developing, non-western world would enhance the analytical depth and relevance of the book to a non-western readership.

I reviewed Version 1. The content coverage is appropriate for a one semester international trade course. There is no index or glossary, but the reader can hover the cursor over key terms that appear in There is no index or glossary, but the reader can hover the cursor over key terms that appear in bold for definitions.

The text also has links to related sources and further reading. Chapters 5 and 7 are among the strongest in terms of both clarity and depth. The section-end problems more often assess a student’s ability to recall information than apply or critically evaluate it.

One way to improve the text is to develop more problems relating to higher level learning outcomes. The author thoughtfully acknowledges different perspectives on the debates surrounding free trade and protectionism, and does so across chapters rather than relegating the discussion to a single chapter.

The author is also careful and consistent throughout the text in identifying both the strengths and limitations of the suranoic presented. Equations-within text and tables- need thorough editing. The use of subscripts is inconsistent and therefore confusing, and in a small number of places there are errors in equations. My sense is that most or all of this a formatting issue. I can readily discern what the author intends and it is correct. In the preface, the author expresses interest in alienating neither PhD-bound economics students nor non-economists for whom the course is required or of interest.


I do not believe this goal can be fully realized without tending to interhational problems in the equations. The book’s general content internnational of lasting relevance. Earlier chapters rely on data from and should be updated with more recent data.

International Trade: Theory and Policy – Open Textbook Library

Most links to other sources are still functioning and accurate. Other than my aforementioned concern about the equations, the text is well-ordered and clear. Each chapter sub-section has clearly identified learning objectives to which the end-of-section “Key Takeaways” specifically relate. On the whole, the text is consistent. At polify, some topics for instance, H-O are referred to before they are fully explained, but most of the time links to the sections addressing them are provided.

Internationall discussion of building-block components of models seems unbalanced. For instance, the notion of a PPF is introduced from the bottom-up while student understanding of indifference curves seems to be assumed. The latter suranobic less likely to be covered in a prerequisite course than the former. This text seems relatively easy to break into discrete sections. When it is self-referential, it seems to be with good reason.

It is easy to navigate this text. Source links, key terms, and table links are helpful and for the most part well-functioning and free from error. Tables and figures were undistorted, although as previously mentioned errors in equations complicate the reader’s ability to understand amd material.

About the Author

A frequent criticism I have of economics textbooks is suranovi tendency to overuse the US as surabovic example country, whether in a 1-country or 2-country example. A third is associating men with certain occupations and women with others. I am hopeful that future versions of this text might differentiate it suranoivc other texts in regard to this concern. The book provides an exhaustive review of yrade ideas in the economics of international trade. It does not offer an index or glossary, and both would be useful.

Reading the book as a pdf I was able to use the search function as a substitute for an Reading the book as a pdf I was able to use the search function as a polucy for an index; for example, I wanted to review the author’s discussion of Pilicy Krugman’s contributions to contemporary trade theory and found all references to Krugman’s work by searching for his name. The content is a basic and standard presentation of key elements in the theory of economic trade, and as such, it offers an accurate survey of this thought.

With respect to trade theory itself, the book is sufficiently up-to-date. However, with respect to the few chapters, largely at the beginning and end of the book, that deal with the political economy of international trade and with trade negotiations, it would be desirable to provide a fuller, more updated discussion.

For example, there is only one brief mention of TPP. The book is clearly written with a large array of graphs and numerical examples. While quantitative, it is not excessively so, and the reader does not have to use calculus to comprehend the book’s presentations.

The book’s chapters provide a logical structure, and within each chapter the subsections are well organized. In some chapters there are a number of hot links to sources. Most of these are still working, but a few did not and need updating. Also, such reference links could be used more extensively and consistently throughout the book, and this would abd an enhancement. This is largely a book of economic theory and its application to trade topics.


As such, it is largely acultural, not being especially sensitive or unsensitive to cultural matters. There are many suranovjc issues that one could delve into with respect to topics in international economics and globalization; however, those are the topics of this book.

An instructor’s manual would be helpful, as would a second edition in the not too distant future. Theory and Policy is built on Steve Suranovic’s belief that to understand the international economy, students need to learn how economic models are applied to real world problems. Theory and Policy presents a variety of international trade models including the Ricardian model, the Heckscher-Ohlin model, and the monopolistic competition model. It includes trade policy analysis in both perfectly competitive and imperfectly competitive markets.

The text also addresses current issues such as free trade area formation and administered protection policies. The models are developed, not by employing advanced mathematics, but rather by walking students through a detailed description of how a model’s assumptions influence its conclusions. But more importantly, each model and theory is connected to real world policy issues.

The main purpose of the text is to provide a thorough grounding in the arguments concerning the age-old debate about free trade versus protectionism.

This text has the following unique features: The text begins with an historical overview of trade policy issues to provide context for suranogic theory. The text concludes with a detailed economic argument supporting free trade. The welfare analysis in the Ricardian, Heckscher-Ohlin and specific factors models emphasize the redistributive effects of free trade by calculating changes in real incomes.

The trade policy chapter provides a comprehensive look at many more trade policies than are found in a printed textbook.

A chapter about domestic policies contains an evaluation of domestic taxes and subsidies that are often ignored in traditional trade textbooks but are increasingly important as large countries complain more about each other’s domestic agriculture policies and labor and environmental policies. The text uses the theory of the second-best to explain why protection can improve national welfare. This well-known theoretical result is rarely presented as methodically and consistently as it is in this text.

After Aprilyou can check out the entire book online or request a desk copy. He has also spoken to business, government, and academic audiences in Japan, Malaysia, the Philippines, China, and Mongolia as part of the U. His research focuses on two areas: 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?

International Trade Theory and Policy Analysis – Table of Contents

More generally, he applies the economic analytical method to identify the policies that can attract the most widespread support. His book A Moderate Surabovic In it he offers a critique of current methods to evaluate and choose policies and suggests a simple, principled, and moderate alternative. Read this book PDF Online. Reviews Learn more about reviews. Comments An instructor’s manual would be helpful, as would a second edition in the not too distant future. Table of Contents Chapter 1: History, Institutions, and Legal Framework Internatiobal 2: