Includes index

Contents: Introductory -- International economics as a separate branch of economics -- Some analytical tools -- Classical theory of international trade -- Terms of trade -- Modern theory-I (Hecker-Ohlin theory) -- Modern theory-II (Extensions and complementary trade theories) -- Growth and trade -- Gains from trade -- Rate of exchange-I -- Rate of 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 aid vs trade -- Foreign direct investment and outsourcing -- Theory of economic integration: globalisation -- Theory of economic integration: regional blocs -- Regional groupings: some recent developments -- General agreements on tariffs and trade and world trade organisation -- General agreement on trade in services (GATS) -- India's merchandise foreign trade -- India's balance of payments -- GATT/WTO and India -- India's trade policy.