International Economics
Introduction
The subject ‘International Economics’ evolved from a simple theory
of international trade was formulated to answer a few basic questions. The
subject first originated in Western Europe on account of increasing importance
of foreign trade in that part of the world. The contributions of classical
economists like Adam Smith, David Haberler Ricardo, F.W. Taussig, Haberler,
J.S.Mill and Bela Balassa shaped the subject matter of International Economics.
International Economics studies the entire range of international
economic transactions that consist of not only trade in goods and services but
also capital flows, technology transfer, the rate of exchange, balance of
payments, and issues relating to tariffs, protection, free trade, investment
flows, role of fiscal and monetary policies pursued by individual countries.
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