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International Trade  
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ISBN: 9789393665447

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Table of contents

Biographical note

This textbook on International Trade is designed to address the syllabi requirements of all major universities. The book combines clarity with ease of understanding and present the concepts in a simplified fashion.

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Description

This textbook on International Trade is designed to address the syllabi requirements of all major universities. The book combines clarity with ease of understanding and present the concepts in a simplified fashion.

Table of contents
  • Cover
  • Title Page
  • Copyright Page
  • Dedication
  • Contents
  • Preface
  • Abbreviations
  • Chapter 1 Introduction to International Trade
    • 1.1 Introduction
    • 1.2 History/Evolution of India’s Foreign Trade
      • 1.2.1 India’s Foreign Trade During Pre and Post-Independence Period
    • 1.3 Role of Foreign Trade in Economic Development
    • 1.4 Features of International Trade
    • 1.5 Advantages of International Trade
    • 1.6 Disadvantages of International Trade
    • 1.7 Inter-Regional Trade and International Trade
      • 1.7.1 Similarities
      • 1.7.2 Differences
      • 1.7.3 Interdependence of International and Internal Trade
    • Review Questions
  • Chapter 2 Theories of International Trade
    • 2.1 Introduction
    • 2.2 Absolute Cost Advantage Theory of Adam Smith
      • 2.2.1 Assumptions of the Theory
      • 2.2.2 Absolute Cost Differences
      • 2.2.3 Criticism
    • 2.3 Comparative Cost Theory of Ricardo
      • 2.3.1 Assumptions of the Theory
      • 2.3.2 Comparative Cost Difference
      • 2.3.3 Equal Cost of Production
      • 2.3.4 Criticism of the Theory
    • 2.4 Opportunity Cost or Neo Classical Theory of Haberler
    • 2.5 Factor Endowments or Modern Theory of Heckscher - Ohlin
      • 2.5.1 Modern Theory of International Trade
      • 2.5.2 Factor Endowments
      • 2.5.3 Assumptions of H-O theory
      • 2.5.4 Criticism of the Theory
    • 2.6 Components of Foreign Trade
    • 2.7 Composition of Foreign Trade
      • 2.7.1 Pattern of Imports
      • 2.7.2 Imports of Capital Goods
      • 2.7.3 Imports of Consumer Goods
      • 2.7.4 Pattern of Exports
    • 2.8 Direction of Trade
      • 2.8.1 Direction of Imports
      • 2.8.2 Direction of Exports
    • 2.9 Trends in India’s Foreign Trade
    • Review Questions
  • Chapter 3 Balance of Trade and Balance of Payments
    • 3.1 Introduction
    • 3.2 Definitions
    • 3.3 Meaning
      • 3.3.1 Balance of Trade
      • 3.3.2 Balance of Payment
      • 3.3.3 Difference between Balance of Trade & Balance of Payments
      • 3.3.4 Importance of Balance of Payments
      • 3.3.5 Limitations of Balance of Payments
    • 3.4 Components of Balance of Payments
      • 3.4.1 The Current Account
      • 3.4.2 The Capital Account
      • 3.4.3 Unilateral Transfer Account
      • 3.4.4 Officials Adjustment Account
    • 3.5 Structure of Balance of Payment
      • 3.5.1 The Structure of Balance of Payments Accounts in India
    • 3.6 BOP - Disequilibrium
      • 3.6.1 Types of Disequilibrium
      • 3.6.2 Methods of Correcting an Unfavourable Balance of Payment
    • 3.7 EXIM – Bank
    • 3.8 EXIM Policy
      • 3.8.1 India’s Trade Policy
      • 3.8.2 Export – Import Policy [EXIM]
      • 3.8.3 EXIM Policy 1992–97
      • 3.8.4 EXIM Policy 1997–2002 - A Modified Version
      • 3.8.5 The New EXIM Policy (2002–07)
      • 3.8.6 Mini EXIM Policy (2004–05)
    • 3.9 Devaluation
    • Review Questions
  • Chapter 4 Trade Policy
    • 4.1 Introduction
    • 4.2 Terms of Trade
      • 4.2.1 Meaning & Definition
      • 4.2.2 Concepts / Types of Terms of Trade
      • 4.2.3 Factors Affecting Terms of Trade
    • 4.3 Free Trade
      • 4.3.1 Advantages of / Arguments in Favour of Free Trade
      • 4.3.2 Disadvantages of / Arguments Against Free Trade
    • 4.4 Free Trade vs Protection Trade
      • 4.4.1 Argument for Protection Trade
      • 4.4.2 Arguments Against Protection Trade
    • Review Questions
  • Chapter 5 International / Regional Economic Integration
    • 5.1 Introduction
    • 5.2 Levels of Economic Integration
    • 5.3 European Union / European Economic Community [EEC]
    • 5.4 Launching of Euro
    • 5.5 EEC — Organisational Structure
    • Review Questions
  • Chapter 6 Tariffs
    • 6.1 Introduction
    • 6.2 Tariff – Meaning
    • 6.3 Tariff – Barriers
    • 6.4 Classification / Types of Tariffs
      • 6.4.1 Based on Purpose
      • 6.4.2 Based on Origin & Destination
      • 6.4.3 Based on Discrimination [Country-wise]
      • 6.4.4 Based on Retaliation
    • 6.5 Effects of Tariffs
      • 6.5.1 Partial Equilibrium Approach
      • 6.5.2 General Equilibrium Approach
    • Review Questions
  • Chapter 7 Quota
    • 7.1 Introduction
    • 7.2 Meaning
    • 7.3 Objectives / Purposes of Quota
    • 7.4 Types of Quota
    • 7.5 Reasons for Imposing Import Quota
    • 7.6 Similarities Between Quotas and Duties
    • 7.7 Differences Between Quotas and Tariffs
    • Review Questions
  • Chapter 8 Dumping, Anti-Dumping and Cartels
    • 8.1 Introduction
    • 8.2 Dumping – Meaning & Definition
      • 8.2.1 Kinds of Dumping
      • 8.2.2 Essential Conditions for Dumping
    • 8.3 Anti-Dumping – Meaning
      • 8.3.1 Anti-Dumping Measures
    • 8.4 Cartels – Meaning & Definition
      • 8.4.1 Advantages & Disadvantages of Cartels
    • Review Questions
  • Chapter 9 Foreign Exchange and Exchange Rate
    • 9.1 Introduction
    • 9.2 Foreign Exchange
      • 9.2.1 Meaning and Definition of Foreign Exchange
      • 9.2.2 Scope of Foreign Exchange
      • 9.2.3 Foreign Exchange – Problems, Sources of Demand and Supply
      • 9.2.4 Major Foreign Exchange Investments
      • 9.2.5 Transactions of Foreign Exchange
      • 9.2.6 Methods of Foreign Payments
    • 9.3 Foreign Exchange Market
      • 9.3.1 Features of Foreign Exchange Market
      • 9.3.2 Functions of Foreign Exchange Market
      • 9.3.3 Transactions in the Foreign Exchange Market
    • 9.4 Exchange Rate
      • 9.4.1 Different Concepts of Foreign Exchange Rate
      • 9.4.2 Determination of Exchange Rate
      • 9.4.3 Terms related to the Foreign Exchange Rate
      • 9.4.4 Factors Influencing Exchange Rate
      • 9.4.5 Types of Exchange Rates
      • 9.4.6 Fixed Exchange Rate: In Detail
      • 9.4.7 Flexible or Floating Exchange Rate: In Detail
      • 9.4.8 Fixed Rate vs Flexible Exchange Rate
    • Review Questions
  • Chapter 10 Exchange Control
    • 10.1 Introduction
    • 10.2 Definitions
    • 10.3 Evolution of Exchange Control in India
    • 10.4 Features/ Characteristics of Exchange Control
    • 10.5 Objectives of Exchange Control
    • 10.6 Merits of Exchange Control
    • 10.7 Disadvantages of Exchange Control
    • 10.8 Methods of Exchange Control
    • 10.9 Theories of Exchange Rates
      • 10.9.1 Mint Parity Theory
      • 10.9.2 Purchasing Power Parity Theory [PPPT]
      • 10.9.3 Modern Theory / BOP Theory
    • Review Questions
  • Chapter 11 Euro-Dollar Market
    • 11.1 Introduction
    • 11.2 Meaning
      • 11.2.1 Euro-Dollar
      • 11.2.2 Euro-Dollar Market
    • 11.3 Origin of Euro-Dollar Market
    • 11.4 Growth of Euro-Dollar Market
    • 11.5 Features / Characteristics of Euro-Dollar Market
    • 11.6 Functions of Euro-Dollar Market
    • 11.7 Benefits & Shortcomings of the Euro-Dollar Market
    • 11.8 Role of Euro-Dollar Market in International Financial System
    • Review Questions
  • Chapter 12 International Trade Organisations
    • 12.1 Introduction
    • 12.2 International Monetary Fund [IMF]
      • 12.2.1 Objectives
      • 12.2.2 Functions
      • 12.2.3 Organisation and Structure
      • 12.2.4 Quotas and Fixation
      • 12.2.5 Lending Operations of the Fund
      • 12.2.6 IMF and Gold
      • 12.2.7 Criticism of IMF
    • 12.3 International Liquidity
      • 12.3.1 Definition
      • 12.3.2 Components of International Liquidity
      • 12.3.3 Sources of Liquidity
      • 12.3.4 Problems of International Liquidity
      • 12.3.5 Measures to Solve the Problem of International Liquidity
      • 12.3.6 Role of IMF in International Liquidity
    • 12.4 Special Drawing Rights [SDRs]
      • 12.4.1 Meaning of SDR
      • 12.4.2 Origin of SDR
      • 12.4.3 Features of SDR
      • 12.4.4 Allocation of SDR
      • 12.4.5 Value of the SDR
      • 12.4.6 Interest Rate of SDR
      • 12.4.7 Uses of SDR
      • 12.4.8 Merits / Advantages / Benefits of SDR
      • 12.4.9 Demerits / Disadvantages / Criticisms of SDR
    • 12.5 International Bank For Reconstruction and Development [IBRD/World Bank]
      • 12.5.1 Objectives and Functions
      • 12.5.2 Organisation and Membership
      • 12.5.3 Capital Resources
      • 12.5.4 Lending Operations
      • 12.5.5 Criticisms
    • 12.6 Industrial Development Association [IDA]
      • 12.6.1 Objectives of IDA
      • 12.6.2 Organisation and Membership of IDA
      • 12.6.3 Capital Structure
      • 12.6.4 Functions of IDA
      • 12.6.5 Features of IDA loans
    • 12.7 Multilateral Investment Guarantee Agency [MIGA]
    • 12.8 Asian Development Bank (ADB)
      • 12.8.1 Membership
      • 12.8.2 Objectives
      • 12.8.3 Organisation
      • 12.8.4 Capital Resources
      • 12.8.5 Functions
      • 12.8.6 Principles in Lending
      • 12.8.7 Criticism
    • 12.9 United Nations Industrial Development Organisation [UNIDO]
      • 12.9.1 Functions of UNIDO
      • 12.9.2 Services/Activities of UNIDO
    • 12.10 International Finance Corporation [IFC]
      • 12.10.1 Objectives
      • 12.10.2 Functions
      • 12.10.3 Capital and Membership
      • 12.10.4 Investment Policy of the IFC
      • 12.10.5 Criticisms
    • 12.11 United Nations Conference on Trade and Development [UNCTAD]
      • 12.11.1 Organisation of UNCTAD
      • 12.11.2 Functions of UNCTAD
      • 12.11.3 UNCTAD – I
      • 12.11.4 UNCTAD – II
      • 12.11.5 UNCTAD – III
      • 12.11.6 UNCTAD – IV
      • 12.11.7 UNCTAD – V
      • 12.11.8 UNCTAD – VI
      • 12.11.9 UNCTAD – VII
      • 12.11.10 UNCTAD–VIII
      • 12.11.11 UNCTAD – IX
      • 12.11.12 UNCTAD – X
    • 12.12 Foreign Direct Investment
      • 12.12.1 Forms of Foreign Capital
      • 12.12.2 Categories of FDI
      • 12.12.3 Types of FDI
      • 12.12.4 Merits of FDI
      • 12.12.5 Shortcomings of FDI
    • Review Questions
  • Chapter 13 WTO and Trade Liberalisation
    • 13.1 Introduction
    • 13.2 General Agreement on Trade and Tariffs [GATT]
      • 13.2.1 Objectives
      • 13.2.2 Provisions of GATT
      • 13.2.3 GATT Conferences – Uruguay Rounds
      • 13.2.4 Dunkel Draft
      • 13.2.5 Defects of GATT
    • 13.3 World Trade Organisation [WTO]
      • 13.3.1 Features of the WTO
      • 13.3.2 Objectives of WTO
      • 13.3.3 Functions of WTO
    • 13.4 TRIPs - Trade Related Intellectual Property Rights
    • 13.5 TRIMs - Trade Related Investment Measures
    • 13.6 Patent
    • 13.7 Copyrights, Designs and Trademark
      • 13.7.1 Copyrights
      • 13.7.2 Designs
      • 13.7.3 Trademark
    • 13.8 Liberalisation of Trade in Manufacturing and in Agricultural Trade
    • 13.9 State Trading
      • 13.9.1 Introduction
      • 13.9.2 Purposes of State Trading
      • 13.9.3 Advantages of State Trading
      • 13.9.4 Disadvantages of State Trading
    • Review Questions
  • Chapter 14 New Economic Reforms
    • 14.1 Introduction
    • 14.2 Economic Reforms in India
    • 14.3 Liberalization
    • 14.4 Privatization
      • 14.4.1 Arguments in Favour of Privatization
      • 14.4.2 Arguments Against Privatization
      • 14.4.3 Methods of Privatization
    • 14.5 Disinvestment
      • 14.5.1 Objectives of Disinvestment
      • 14.5.2 Methods of Disinvestment
    • 14.6 Globalization
      • 14.6.1 Globalization is Identified with External Sector Liberalization
      • 14.6.2 Views in Favour of Globalization
      • 14.6.3 Views Against the Globalization
      • 14.6.4 Measures towards Globalization
    • 14.7 New Economic Policy/ Reforms
      • 14.7.1 New Industrial Policy – 1991(NIP)
      • 14.7.2 Arguments in Favour of New Economic Reforms
      • 14.7.3 Arguments Against New Economic Reforms
    • Review Questions
  • Index
Biographical note

T. Arya Mala is Asst. Prof, Department of Commerce, Asan Memorial College of Arts and Science, Chennai. She has over 15 years of teaching experience and is currently pursuing her Ph.D. in Gender Budgeting. Her areas of specialization are Business Economics, Managerial Economics and Indian Economy.

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