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
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