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The Basis for Trade and Gains from Trade The Use and Abuse
Problems In Trade Policy
The Balance of Payments and ForeignExchange Market
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abroad adjustment American assets balance of payments Bank of France billion Bretton Woods system Britain capital account cars cash account cent center countries central banks cloth coal commercial banks Common Market comparative advantage consume costs country's currency curve decline demand deposit depreciation devaluation differences domestic employment equilibrium European excess supply exchange-rate exchange-rate changes Federal Reserve Banks Fewmen finance flow foreign currency foreign trade foreign-exchange market free trade French francs gains from trade gold standard imports income increase industries interest rates International Monetary Fund investment less-developed countries liabilities machinery machines man-days of labor manufactures Manymen ments monetary system money supply offset parities payments deficit periphery pound problems production protection quotas raise raw materials rectangle reduce rise sell speculation spending sterling supply of dollars surplus Table transactions U.S. dollars U.S. gold U.S. tariff United wage rates Western Europe