The Theory of International Trade: The Theory of International Capital Movements (Economists of the Twentieth Century)

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John Chipman is one of the most esteemed economists working in international trade theory. This major reference work, presented in two volumes, offers his principal work in an accessible form. Expanding and elaborating on the theoretical work presented in Volume 1, this broad yet cohesive collection presents a carefully selected presentation of his principal articles. It offers a wide-ranging exploration of international trade by one of the leading thinkers in the field. Volume 2 collects the author's most influential work on the theory of international movements of capital (both physical and financial). The main emphasis is the effects of these movements on resource allocation within countries, and the consequent changes in relative prices and thus both real and nominal exchange rates, as well as the terms of trade. It is argued that chronic deficits or surpluses in countries' balances of payments on current accounts are in all but a few cases the consequence of capital movements resulting from demographic, governmental budgetary, and other causes, as opposed to the popular view that they result from the manipulation of exchange rates. This landmark book and its companion volume gather together truly seminal articles that are widely scattered through the literature, and will be an essential source of reference for both instructors and graduate students concerned with international trade theory.