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In the world of rapid globalization, international economics is an important field of study. International economics can simply be defined as the study of economic interactions between countries across the world. The world has become a global village where goods and services as well as consumers have become interconnected. These interactions also include a number of channels like flows of financial funds, transactions of currencies, movement of persons, free trade and trade disputes, immigration and migration, outsourcing, and transmission of ideas. Hence, International economics also has to do with these economically relevant channels. Additionally their social, economic and institutional determinants and consequences are also studied. It is particularly an applied branch of macroeconomics. Some of the questions from the contemporary scenarios this subject seeks to address are: “How does the war between Russia and Ukraine affect the world economy?”, “What are the repercussions of Sri Lanka’s financial crisis?”, and some controversial topics like, “Does rapid globalization lead to wider gap between the rich and the poor?” and “Does globalization usher in erosion of labor standards?”.
Trading goods between countries have started centuries ago with famous historical routes like silk roads and spice routes. Industrial revolution in the 18th century and the Age of Discovery in 15th-18th centuries also accelerated global trade. However, the global integration truly took off in the 19th century propelled by railroads, steamships, the telegraph, etc. The world of investment was also booming in the internationally active joint stock companies in metropolitan cities of the world like London, New York, Paris, and Berlin. Suez Canal that connects Mediterranean Sea and Indian Ocean that was built by French Campagnie de Suez further opened up a new avenue of trading globally. In 1914, the booming global trade was brought to the standstill due to the start of World War I which was followed by post war protectionism. The Great Depression that started from 1929 and lasted till 1939 and the start of World War II in 1939 added further dent to the already waning globalization
However, at the end of World War II, the US emerged as a new hegemon of the world. Under its leadership it revived the global economy and brought about another wave of globalization. Institutions like the European Union, OECD, and Free Trade Agreements more or less flourished under the aegis of US and these have brought globalization to the pre-1914 levels. The end of Cold War in 1991 has been the harbinger of intense globalization across the world fuelled by WTO, the internet, and the digital economy among others.
International trade and investments have grown in the post- World War II era due to the steady decline of trade barriers. The General Agreement on Tariffs and Trade or GATT that was created in 1947 has elicited negotiations on reducing tariffs on imported goods among its members. World Trade Organization or WTO was the successor of GATT and it was created in 1995. Minimum standards to protect intellectual property rights such as copyrights, patents, and trademarks were included in WTO. WTO has 164 member countries and its primary function was to administer global trade rules among nations. On any disputes concerning trade among its members, WTO opens up lines of communication to resolve the dispute or come up with a solution. It essentially upholds the international agreements on trade among countries and has fueled globalization in the modern world. And globalization brought about the most prevalent changes in the economic aspects of people’s life, leading to the need of increased understanding on the impact on global marketplace mainly governments, businesses, and consumers. And this is why there is a need to study international economics.
International Trade is one of the fields in economics that applies models of macroeconomics to aid in understanding of international economy. Few of its contents are firm and consumer behavior, analysis of basic supply and demand of international markets, the effects of market distortions, and perfectly competitive, monopolistic, oligopolistic market structures. Patterns of trade and investment, and production are described and predicted in international trade. It examines the influence of trade in level and distribution of incomes both nationally and internationally. Analysis are also done on the probable impact of multilateral trade negotiations overseen by WTO, the effects of regionalism or regional trade blocs, different trade policies, etc. Furthermore, the effects of international trade on businesses and people and other economic conditions are studied in international trade. It essentially supports the idea and system of free trade policy against protectionism.
Free Trade Policy inherently means trading freely between countries with goods passing over countries without any hindrance of any restrictions and steep tariffs. The pros of Free Trade Policy are that it expands the size of the economy as a whole because goods and services can be produced efficiently, and reduction in tariffs can result in removal of red tape leading to reduced cost of trading. Protectionism is the antithesis of free trade as it is the policy where domestic industries are protected from unfair foreign competition through the usage of four primary tools such as subsidies, currency manipulation, quotas, and tariffs. It is a nation’s purposeful and measured policy in order to control imports while simultaneously promoting exports. Protectionism can be politically motivated as what U.S President Donald Trump did during his tenure which resulted in a U.S-China trade war. Protectionism can thus lead to destructive trade wars which are detrimental to each country involved in it as it only increases cost and uncertainty when both sides seek to protect their own economies. Protectionism can also give rise to trade isolationism.
These are two crucial concepts in international trade and economics. It was first concocted by Adam Smith in his book, “An Inquiry into the Nature and Causes of the Wealth of Nations”. British economist David Ricardo later built on his research and introduced the concept of comparative advantage more broadly in the early 19th century. Comparative Advantage is defined as leverage countries or businesses have in producing goods or services when their delivery and production can be done at lower costs as compared to another country. Hence, in this theory opportunity cost is introduced as a factor for analysis whilst from different options for diversifying production. As per the Absolute Advantage Theory, a business entity or a country is claimed to be in an absolute advantage over others when it can produce the highest number of goods that are of best quality with less resources. Smith had originally argued in his theory that nations will profit through trading when they specialize in producing goods on which they have uncontested superiority.
International Finance is one of the fields in economics that applies models of macroeconomics so as to understand the international economy. Its focal point is on the interconnection of aggregate economic variables like unemployment rates, exchange rates, inflation rates, interest rates, trade balances, and so on. International exchanges are also included in this field expanding the components of basic macroeconomics. Its objectives are to check the significance of fiscal policies, the aggregate effects of government monetary, trade balances, and the determinants of exchange rates. The other important issues addressed in this field are the advantages and disadvantages of fixed and floating exchange rates.
The following specific areas of study are analyzed in international finance:
The Mundell-Fleming Model integrates both international finance and trade into macroeconomic theory. It was developed by Canadian economists Robert Mundell and the British economists J. Marcus Fleming. This model is based on a very restrictive assumption of fixed price level of said goods. It further exhibits the interaction between the goods market and money market.
The International Fisher Effect theory was developed by the US economist Irving Fisher. This is used for predicting spot and future currency movements and is based on current and future nominal interest rates. This theory is the opposite of others methods which use pure inflation for predicting and understanding movements in the exchange rates.
The Optimum Currency Theory was developed by Canadian economist Robert Mundell in 1961 based on the initial work of Abba Lerner. According to this theory, economic efficiency can be maximized by the use of a common currency. However, this benefit must exceed the costs of participating individual’s economies discontinuing their own currencies. Areas that can come under optimum currency area could be parts of several nations or several nations, and can even be regions under a single nation. However, four criteria need to be fulfilled by the participants. These four criteria are as follows:
Purchasing Power Parity is a theory of exchange and rate adjustment that is based on the law of one price. This is one of the popular macroeconomic analyses metric for comparing standards of living and economic productivity between countries. As per Purchasing Power Parity (PPP) concept, two currencies are at par with each other and the goods are priced the same in both countries with the exchange rates taken into account. Comparisons of different countries’ currencies are done via “basket of goods” approach.
Interest rate parity is the foundational equation which regulates the relationship of interest rates and currency exchange rates with each other. It plays a vital role in foreign exchange markets as it connects foreign exchange rates, spot exchange rates, and interest rates. In Interest rate parity, the basic presupposition is that regardless of interest rates, hedge returns from investing in different currencies should remain the same.
International Economics plays a pivotal role in both economic development and growth progress. It is important because it is the economic study of trade and its influence in both national and international economics. The subject is wide as well as it includes variety of concepts like patterns of trade, gains from trade, globalization, balance of payments and FDIs. Through this subject, the functions and objectives of international institutions like WTO, World Bank, and IMF can be understood. Through international economics, the trading countries can establish trust amongst themselves that in turn encourages technical knowledge, finance, and flow of raw materials from a developed country to underdeveloped or developing countries.
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