This accessible introduction to the world economy and to the theory and practice of globalization argues that key topics in international economics cannot be understood without knowledge of international business, and vice versa. It reviews and combines insights from both literatures and applies them to real-world issues, clearly explaining the main concepts of international economics and business in a uniquely integrated approach. Written in a lively and accessible style, this innovative textbook covers all the main issues, including international trade, capital mobility, comparative advantage, foreign direct investments, multinational behaviour, financial crises and economic growth. It has carefully selected international examples and case studies, and special interest boxes which clearly explain more difficult economic concepts. The companion website includes additional case studies, exercises and answers to exercises, data, illustrations and links to other useful websites.
• The first textbook to integrate the literature of international economics and international business • A comprehensive, accessible introduction to the key topic of globalisation • A student-friendly text with numerous examples, tables, diagrams and 'special interest' boxes which explain the more difficult economic concepts • Companion web site includes additional case studies, exercises and answers to exercises, data and links
Tables; Figures; Boxes; Preface; Course structure; Part I. Introduction: 1. The global economy; 2. International accounting practices; Part II. Firms, Trade and Location: 3. Trade and comparative advantage; 4. Trade and competitive advantage; 5. Firms, location, and agglomeration; Part III. Capital, Currency and Crises: 6. International capital mobility; 7. Gains from capital market integration; 8. Investors, exchange rates and currency crises; 9. Financial crises, firms, and the open economy; Part IV. Policy, Dynamics, and Organization: 10. Trade and capital restrictions; 11. Globalization and economic growth; 12. Nations and organization; Part V. Conclusion: 13. Globalization: is it really happening?; 14. Towards an international economics and business?; References; Index.
'International trade and international business have hitherto existed in two separate worlds - a world of nations and a world of firms - in academic teaching and even in research. This book gives us a welcome integration of the two at the level of teaching. Students who use it will develop a unified vision that will benefit them in their future careers, whether in business, government, international institutions, or academic research.' Avinash K. Dixit, Princeton University
'This book is a remarkable achievement. It covers all the pressing international economic issues of our day in an accessible yet thorough manner. The authors adroitly combine illustrative data and essential theory to explain the hows and whys of trade and trade liberalisation, the delocation of firms and multinational activity, capital flows, currency and financial crises, and the role of international organisations such as the IMF and WTO. It is appropriate for students without an economics specialisation both at the undergraduate and non-specialists graduate level, e.g. MBA and Masters of Public Administration. The facts and real-world feel of the book make it interesting as a supplement for specialist students as well.' Richard Baldwin, Graduate Institute of International Studies, Geneva
'This is a fascinating book with a practical approach to international economics that enhances our understanding of the globalisation process.' Hans-Werner Sinn, President of the Ifo Institute for Economic Research, Munich
'Understanding the enormous changes taking place in the world economy requires the perspectives of many different disciplines, of which international economics and international business are two of the most relevant. Yet until now these two fields have interacted very little. This new text does a superb job of combining the insights of these two complementary academic fields. The authors present a lucid overview of theories of international economics, with an emphasis on recent contributions such as imperfect competition, multinational corporations, agglomeration and financial crises. In addition they present a wealth of relevant and insightful case-studies from the international business literature which helps bridge the gap between theory and reality. Students in a range of courses will benefit from this integration of different approaches, and researchers who want an overview of recent work in fields outside their own will learn a lot too.' J. Peter Neary, University College Dublin
'This book offers a valuable integration of the economics and business aspects of globalization. The integrated approach makes the book a unique and valuable resource for students of international economics and business studies.' Joseph Francois, Tinbergen Institute (Rotterdam) and CEPR (London)
'… the book can be used by both students with only a limited knowledge of introductory economics and by students with a more advanced understanding.' The Times Higher Education Supplement