World trade and the national economy -- Why nations trade -- The commodity composition of trade -- Protection of domestic industries: the tariff -- Nontariff barriers (NTBs) to trade -- U.S. commericial policy -- International and regional trade organizations among developed countries -- Trade and development -- International mobility of productive factors -- Statement of international transactions -- Market-determined exchange rates -- The international currency system -- Domestic policies to adjust the balance of payments -- Effects of exchange-rate adjustments on the current account and the domestic economy -- The monetary approach to the balance of payments -- Alternative exchange-rate regimens -- Historical survey.