Global Trade Policy, 1st Edition

Using a unique, question-based format, Global Trade Policy offers accessible coverage of the key questions in trade and policy; it charts the changing policy landscape and evolving institutional arrangements for trade policies, examines trade theory, and provides students with an economic framework to better understand the current issues in national and international trade policy.

• Uses a unique, question-based format to explore the questions and current debates in international trade policy and their implications
• Explores trade theory to help guide discussions of trade policy, including traditional theories of inter-industry trade, as well as newer theories of intra-industry and intra-firm trade
• Examines the national and international effects of widely used policies designed to directly and indirectly affect trade, and considers the evolving institutional arrangements for these
• Charts the changing policy landscape from traditional trade policies – such as tariffs, quantitative restrictions, and export subsidies – to those including intellectual property rights, labor, the environment, and growth and development policies
• Covers national as well as global perspectives and their interaction, helping to explain opposing views on trade policy and liberalization
• Includes applied exercises enabling students to explore open-ended and realistic questions of policy debate, making it ideal for classroom use; an instructor’s manual and a range of other resources are available at

“"International economics teaching at the undergraduate and master's level generally sequences trade theory, trade policy, exchange rate determination and balance of payments, and international monetary adjustment under alternative exchange rate regimes - more or less in that order - with applications to countries, regional arrangements, and institutions brought into the discussion throughout. This clearly written volume focuses on the first two dimensions of international economics in the real-sector context. In chapter 1, Smith (Univ. of Minnesota) covers traditional Ricardian and factor-endowment-based trade models; she develops partial and general trade equilibria in chapter 2 and intra-industry and intra-firm trade in chapter 3. This discussion is thoroughly up-to-date and highlights the gap in conceptual elegance between inter-industry and intra-industry trade models. In part 2, Smith applies partial and general equilibrium constructs to trade policy, starting with tariffs and proceeding to subsidies and quotas and other quantitative restrictions, then compares the welfare consequences of alternative trade interventions. The book's real value comes in part 4 on the trade consequences of all kinds of domestic policies whose consequences (and often intent) include distorting trade. This covers a "dog's breakfast" of measures often hard to sort out (e.g., policies on labor standards, the environment, human rights). Summing Up: Highly recommended. Upper-division undergraduate and graduate students." - I. Walter, New York University. (Choice, May 2014)”

“International economics teaching at the undergraduate and master’s level generally sequences trade theory, trade policy, exchange rate determination and balance of payments, and international monetary adjustment under alternative exchange rate regimes – more or less in that order – with applications to countries, regional arrangements, and institutions brought into the discussion throughout. This clearly written volume focuses on the first two dimensions of international economics in the real-sector context. In chapter 1, Smith (Univ. of Minnesota) covers traditional Ricardian and factor-endowment-based trade models; she develops partial and general trade equilibria in chapter 2 and intra-industry and intra-firm trade in chapter 3. This discussion is thoroughly up-to-date and highlights the gap in conceptual elegance between inter-industry and intra-industry trade models. In part 2, Smith applies partial and general equilibrium constructs to trade policy, starting with tariffs and proceeding to subsidies and quotas and other quantitative restrictions, then compares the welfare consequences of alternative trade interventions. The book’s real value comes in part 4 on the trade consequences of all kinds of domestic policies whose consequences (and often intent) include distorting trade. This covers a “dog’s breakfast” of measures often hard to sort out (e.g., policies on labor standards, the environment, human rights). Summing Up: Highly recommended. Upper-division undergraduate and graduate students.”
– I. Walter, New York University.
(Choice, May 2014)

Pamela J. Smith is Associate Professor of applied economics at the University of Minnesota and teaches international trade and policy at the graduate and undergraduate levels

In Global Trade Policy , economist Pamela J. Smith explores the key questions raised about global trade and policy today --and the answers that emerge from economic research. During the past two decades, the character of global trade and policy has changed in unprecedented ways. Attention has turned from traditional trade policies --such as tariffs, quantitative restrictions, and export subsidies --to trade related policies including intellectual property rights, labor policies, environmental policies, and growth and development policies. The institutional arrangements for these policies continue to evolve with substantial international debate. Offering accessible coverage for students of economics, business, public policy, and applied economics, this book provides an economic framework for understanding the current policy debates in global trade. Readers are first given background knowledge of trade theory to help guide discussions of trade policy, including traditional theories of inter industry trade, as well as newer theories of intra industry and intra firm trade. They then examine the national and global effects of widely used policies designed to directly affect trade, the indirect impacts of newer trade related policies, and the institutional arrangements for these policies. The distinctive question based format provides an accessible structure for students to grasp the key issues in this field, and the inclusion of reading lists and applied exercises enable them to explore open ended and realistic questions of policy debate.

In Global Trade Policy , economist Pamela J. Smith explores the key questions raised about global trade and policy today and the answers that emerge from economic research. During the past two decades, the character of global trade and policy has changed in unprecedented ways. Attention has turned from traditional trade policies such as tariffs, quantitative restrictions, and export subsidies to trade related policies including intellectual property rights, labor policies, environmental policies, and growth and development policies. The institutional arrangements for these policies continue to evolve with substantial international debate. Offering accessible coverage for students of economics, business, public policy, and applied economics, this book provides an economic framework for understanding the current policy debates in global trade. Readers are first given background knowledge of trade theory to help guide discussions of trade policy, including traditional theories of inter industry trade, as well as newer theories of intra industry and intra firm trade. They then examine the national and global effects of widely used policies designed to directly affect trade, the indirect impacts of newer trade related policies, and the institutional arrangements for these policies. The distinctive question based format provides an accessible structure for students to grasp the key issues in this field, and the inclusion of reading lists and applied exercises enable them to explore open ended and realistic questions of policy debate.

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