Understanding Global Trade

Elhanan Helpman is among the foremost trade theorists of his generation. In this splendid book, he demonstrates that he can also write successfully for the public. This is welcome news for those who value an informed democracy. -- Jagdish Bhagwati, author of <i>In Defense of Globalization</i> The explosion in global trade over the past few decades is the defining economic phenomenon of our lifetimes, yet even professional economists struggle to understand its complexities. Understanding Global Trade explains, in a clear and non-technical style, important and exciting insights from the frontiers of research in international trade. Anyone interested in understanding the nuances of globalization should read this book. Elhanan Helpman is an immensely influential researcher who has towered above the field of international trade for more than three decades. With this wonderful book, his research ideas, and those of others in the field, will become known to a whole new audience. -- Kenneth Rogoff, co-author of <i>This Time is Different</i> Elhanan Helpman's Understanding Global Trade is a masterpiece of non-mathematical, fully understandable, but still rigorous, exposition. Within five chapters Helpman takes the reader from the classical theories of international trade, comparative advantage and Heckscher-Ohlin, to the modern theories that explain today's global trading world--of multinational firms, of outsourcing and outshoring, of why some firms export and others remain firmly local--and why it matters. -- Stanley Fischer, Governor, Bank of Israel