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International Economics


Robert A. Mundell


International Economics


Online Book


This book brings together, and to a certain extent integrates, my theoretical writings on international economics over the past decade. All the major topics are touched on, and I have organized them into a pattern that seemed to me to make them most useful to the student. Part I analyzes the classical theory and covers such topics as the terms of trade, income transfers, productivity changes, tariffs, consumption taxes, production taxes, transport costs, tariff preferences, factor mobility, and policy analysis in the context of general equilibrium systems. Part II introduces monetary-dynamic elements into the theory of exchange and develops the theory of adjustment, the balance of payments, growth, the distribution of the burden of adjustment, optimum currency areas, monetary standards, and fixed and flexible exchange rate systems. Part III treats international macroeconomic theory from the standpoint of the theory of policy and develops the principle of effective market classification, the appropriate mix of monetary and fiscal policy under fixed and flexible exchange systems, capital mobility, the international transmission of cycles, commercial policy, the welfare cost of exchange crises, the crisis problem, and multiple-currency systems.

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