Includes Index.

Content :Introduction -- The Concept of an economy -- International economics as a separate branch of economics:the classical stand -- Some analytical tools:some analytical tools -- Classical theory of international trade:classical theory -- Terms of trade -- Modern theory-i (Hecksher-Ohlin theory) -- Modern theory -ii (extension and complementary trade theories) -- Growth and trade -- Gains from trade -- Rate of exchange-i -- Rate exchange -ii -- Balance of payments:the concept -- Foreign trade multiplier -- Balance of payments:adjustment mechanism -- Free trade vs protection -- Trade policy:tariffs -- Quantitative restrictions:quotas -- Dumping,state trading and export subsidies -- Import substitution vs export-led growth -- Foreign aid vs trade -- Foreign direct investment and outsourcing -- Theory of economic integration:globalization -- Theory of economics integration:regional blocs -- Regional grouping:some recent developments -- General agreements on tariffs and trade and world trade organization -- General agreement on trade in service (GATS) -- India's merchandise foreign trade -- India's balance of payments -- GATT/WTO and India -- India's trade policy