In the last chapter, we looked at how developing nations transition to developed ones. One feature in the previous few decades has been the explosion of globalization. This chapter looks at both types of countries and how they interact globally. It discusses global trade, international finance, and world public policy.
Nations exchange goods, services, and capital in international trade. Trading globally exposes consumers and countries to goods and services unavailable or more expensive domestically. This section analyzes trade models, focuses on factor movement, and weighs in on interregional activities.
Trade Models
Economists construct trade models to illustrate how international trade occurs ...
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