This chapter argues that it is important to get the numbers right, to know the sources of information on international trade- and financial flows and multinational activity, And to familiarise yourself with the basics of accounting identities as this may lead you to avoid common pitfalls. We discuss the relationships between the current account and the capital and financial account of the balance of payments, as well as the information this provides on multinational activity. We review the funding options for multinational activity and provide information on the developments of the main financial flows in the world. We conclude that there is a pattern in the development of international capital mobility, which was already high at the end of the nineteenth and beginning of the twentieth century, then declined substantially in the interbellum to rise again from approximately 1980 onwards.

We provide an introduction to the world economy. World population levels have risen drastically since 1800, in conjunction with (per capita) income levels. Economic leadership regularly shifts from one country to another. Rich countries are usually well connected in terms of international trade, contacts, investments, migration and capital flows. Historians have identified two big ‘waves’ of economic globalisation: at the end of the nineteenth century and after World War II. These episodes show decreases in international price gaps and increases in relative international trade- and capital flows. The ‘fragmentation’ process, in which different parts of goods are provided in different nations before they are combined in final goods, is a relatively new phenomenon. The most recent wave of globalisation is slowing down at the moment (slowbalisation), but it remains to be seen how much the backlash against globalisation will affect trade- and cross-border investment in the years to come.

The rising importance of international firms is demonstrated by two main aspects. First, firms are heterogeneous; they differ substantially in the margins of trade and in economic size. The extensive margin indicates if a firm is active in trade flows. The intensive margin indicates the intensity with which firms engage in trading activities. Trading firms tend to be bigger and more productive than non-trading firms. Second, trade flows are dominated by multinational firms operating in two or more countries, including related party trade between firm entities leading to intra-industry trade. Multinationals are concentrated in advanced countries, capital- and R&D intensive, display distance decay in their interactions, are larger and more productive than national firms and have a specific organisational structure. The rise of international firms is related to the changing structure and organisation of trade flows caused by the emergence of global value chains, under the guidance of lead firms.

This chapter explores the factors that influence the profitability of digital innovations. These include the relationships with other parties in the ecosystem and some aspects of the regulatory environment. Generally, the more firms in a market, and the more similar their products, the more intense the competitive rivalry. However, firms also compete for profits in their other relationships such as those with customers and suppliers. Bargaining power in a supply or customer relationship depends on how many alternatives there are on each side, and how unique their products or needs are. In digital systems, innovators also need to work with many providers of complementary products, technologies, or services. This creates an external dependence for a critical resource that needs to be strategically managed. However, developing and offering complementary products in-house may be too difficult and expensive. Innovation strategy often involves managing trade-offs, such as the benefits and costs of sourcing complements and inputs externally versus internally. In considering all such arrangements, the innovator’s ability to differentiate in a way that enhances the customers’ willingness to pay tends to increase its profitability.

Chapter 3 presents a variety of feedback methods that practitioners and researchers alike use to support learners’ linguistic development. Building on the belief that errors are a normal and even beneficial part of language learning, this chapter shares how and why feedback is a critical component of language teaching. Examples of oral corrective feedback are provided, along with a description of when teachers may choose to use what type of feedback over another.

Chapter 6 addresses how learners’ linguistic and cultural backgrounds may impact their language learning experiences. The authors discuss research that has explored the areas of overlap between race, culture, and identity on second language acquisition. Central to this chapter is the importance of recognizing learners’ multifaceted identities and reflecting them in course materials.

Chapter 13 addresses the sub-skills needed for successful second language literacy development. The relationship between literacy development and other second language skills, like vocabulary acquisition, are also presented. Learners’ prior experience with first language literacy skills is another factor for teachers to consider as they structure literacy-oriented goals and activities for their courses.

Chapter 16 presents an overview of the most common language teaching approaches. Presented on a spectrum from grammar-based to naturalistic, these approaches are compared and contrasted based on learner, teacher, syllabus, and programmatic factors. Rationale and challenges of transitioning between teaching approaches are presented alongside suggested activities for professional development.

Profitability of digital innovations depends on the ability of the innovator to prevent imitation and control a bottleneck in the ecosystem. The main drivers of value in the markets for information and communication include the perceived inherent value of the information product or service itself and the size and structure of the network. This chapter focuses on how to protect and enhance the value of information.

At the beginning of the twenty-first century, the conventional view of science and of the scientific paradigm is under question. This chapter presents a perspective on science for social work practice that is not against science per se but that critiques positivist science’s heavy emphasis on evidence-based practice and draws instead on alternative, more fluid and creative approaches. Science is, of course, important for its insights and its ways of studying the world, and to attack science is to allow anti-scientific arguments a legitimacy they do not deserve. The approach here values science and scientific inquiry but not to the point of denying the importance of other ways of knowing and being.

Chapter 7 discusses the individual differences associated with neurodiversity that may impact how learners’ progress in a language classroom. Research findings associated with specific learning diagnoses (e.g., ADHD) and second language acquisition are also shared. Ideas for teachers to bring into their teaching practices, regardless of the neurodiversity among their learners, are detailed in the final section.

Because information is an experience good, we usually know if we like or value the information only after we have consumed it. This makes information particularly tricky to value and price. Additionally, cognitive biases influence whether people view information as useful, truthful, or valuable, and the value of information also depends on the context of use. The value of many information services depends on how essential they are in the situation, and how much additional value creation they enable. Therefore the pricing of digital information is often focused on estimating the buyers willingness to pay.

Chapter 20 offers insight on the qualities of assessments that are best able to support learners’ linguistic progress. The four principles of assessment are presented to equip teachers with the knowledge they need to select, adjust, and design assessments for their unique learning contexts. Alternative assessments, like e-portfolios, are also discussed as ways in which teachers can improve learners’ attitudes toward the target language.