Nearly all textbooks on International Economics present orthodox cases for free trade and open investment, ignoring how these theoretical arguments often fail in the real world. This revised edition of International Economics recognizes the legitimate concerns about international trade, investment, and immigration. The author provides the downside as well as the substantial upside to globalization.

The book fully covers international trade theory and policy, the balance of payments, international investment, the international financial system, and international migration. Interdisciplinary chapters on the history of trade policy, the international monetary system, and immigration policy supplement the theory. The text addresses all the topics normally covered in an undergraduate Introduction to International Economics course and does not require an instructor to change his course syllabus in order to introduce students to the heterodox perspective.