Contemporary economics is extremely diverse. There are many schools and many branches. Even so-called ‘orthodox’ or ‘mainstream’ economics has many variants. Some mainstream economics is highly theoretical, though most of it is applied and relies on only rather rudimentary theory. Both theoretical and applied work can be distinguished as microeconomics or macroeconomics. Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this important encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Each chapter of this volume focuses on core economic concepts and provides a link between theory and realwortd relevance, making the content more meaningful for students. This encyclopaedia is an essential resource for graduates and postgraduate students, teachers and anyone who needs to better understand the global economy.
