Intro -- The author -- Introduction -- 1 The nature of trade -- Trade is (and was) everywhere -- Specialisation and efficiency -- Concerns over winners and losers -- Protectionism -- Efforts to reduce trade barriers -- Transnational corporations -- Trade as a moral good -- The future of trade -- PART ONE -- THE RISE OF TRADE -- 2 The origins of trade -- Stone Age trade -- Records and recriminations -- Gift exchange and the money revolution -- Medieval trading routes -- New ideas and new worlds -- 3 The rise of international trade -- The mercantilist era -- Faltering moves towards free trade -- Farewell to the Corn Laws -- An era of more open trade -- The decline of free trade policies -- PART TWO -- THE PRINCIPLES OF TRADE -- 4 The theory of trade -- Exchange and value -- Specialisation -- Comparative advantage -- Unequal advantages and trade -- Who trades with whom? -- Defying gravity? -- 5 The benefits of trade -- Static gains from trade -- Dynamic gains from trade -- Non-material benefits -- PART THREE -- DOUBTS ABOUT TRADE -- 6 Winners and losers in trade -- Economic change creates winners and losers -- Dislocation in richer countries -- Labour productivity -- Change and globalisation -- Exposure to competition -- 7 Concerns about globalisation -- Coercion of poorer countries -- Perpetual lag? -- Import substitution -- The fair trade movement -- Exploitation of poor workers -- Environmental concerns -- Cultural imperialism -- PART FOUR -- PROTECTIONISM -- 8 Protectionism: politics, tools, problems -- The politics of protectionism -- The tools of protectionism -- Which firms to protect? -- Unintended consequences -- The cost of protectionism -- 9 Arguments for protectionism -- The infant industries argument -- Anti-dumping argument -- Labour standards -- Product standards and biosecurity -- Security concerns -- Sanctions.

10 Balance of payments deficits -- The balance of payments -- Deficits are not always a problem -- Country-to-country deficits -- Exchange rates -- Government intervention -- PART FIVE -- TRADE TODAY -- 11 Free trade redux -- Post-war commitment to trade -- Broadening horizons -- Different approaches -- Examples of regional trade agreements -- 12 Transnational corporations -- Managing global value chains -- The origins of TNCs -- Uncertain boundaries -- How powerful are TNCs? -- 13 Trade and morality -- Two views of trade -- Trade and liberal values -- Trade and equality -- The moral value of trade -- PART SIX -- THE FUTURE OF TRADE -- 14 Trends and lessons -- The benefits of international trade -- Trends and challenges -- Political challenges to free trade policies -- The pressure for protection -- The need for adaptability -- References -- Further reading -- About the IEA -- Blank Page.