INTERNATIONAL ECO (5TH ED)

The book explores the intersection of trade theory and open economy macroeconomics, highlighting the benefits of competitive trade and the drawbacks of tariffs. It discusses how tariffs generally result in net economic losses, impacting consumers and firms that rely on imports, while benefiting import-competing industries and the government. Historical context is provided, tracing the origins of economic debate over tariffs in England and examining the retaliatory nature of trade policies. The use of clear diagrams and examples aids in understanding these complex concepts.