Subject(s): Scope of international economics : Coverage of international economics -- Characteristics features on international trade : definition of international trade, Definition of regional trade -- Classical theory of international trade : Pre-classical theory of international trade, Physiocracy on international trade, Adam Smiths theory of absolute cost difference, David Ricardo's theory of comparative cost advantage, Assumptions/ Criticism of the classical (Ricardian) theory of international trade, J.S Mill's theory of reciprocal demand -- Haberler's opportunity cost theory of international trade -- Heckscher -Ohlin's theory of international trade : Criticism of Samuelson's theory of factor price equalisation, Leontief paradox -- Terms of trade : Factors influencing terms of trade, Economic welfare -- Balance of trade and balance of payments : Current account and capital account -- Gold standard : Disequilibrium in balance of payment -- Purchasing power parity theory : Foreign exchange rate -- Foreign exchange rates policy : Fixed or pegged vs flexible foreign exchange rates -- Policy of exchange control -- Measures to correct balance of payments disequilibrium : export promotion, Import promotion, Deflation, Devaluation or depreciation , Commercial policy -- Free trade- Case for and against -- Tariffs and import quotas -- Commercial policy and economic developed of less developed countries : making terms of trade more favourable, Accelerating rate of saving and investment, Attracting foreign capital, Infant industry argument, Promotion of external economics, Commercial policy and factor redistribution, Commercial policy and balance of payments of LDCs -- Forging capital and developing countries : Economic development, Tied and united foreign capital, MNCs and developing countries -- International cooperation : Marshall aid plan, Colombo plan, Regional economic associations, New world economic order, Brandt commission -- International bank for reconstruction and development : IBRD or the world bank, -- International monetary fund : IMF , Special drawing rights (SDERs), Critical assessment of IMF's role and functioning, International liquidity, International development association (IDA), International finance corporation (IFC) and the Asian development bank (ADB) -- Regional economic cooperation : Theory of customs union, European economic community (EEC), European free trade association (EFTA) -- General agreement on tariffs and trade (GATT) and the united nations conference on trade and development (UNCTAD) -- International trade and economic development : Immiserising growth, state trading -- Gains from international trade : Advantages/ Profit of International trade -- India's international trade : Volume of Indian's foreign trade, India's commodity exports, India's import, Direction/ source of Indian's commodity export, Indian's balance of trade position, India's balance of trade position, Role of foreign capital and technology in India's economic development, Foreign debt, Potentialities of modern technology and Japanese economic miracle