Understanding the World Economy provides the clearest guide to the international economy currently available. The first edition has been comprehensively revised and updated to include material on the following developments: *the economic crisis in East Asia and the steps towards recovery *the Seattle crisis and aborted millennium round of trade talks *the rise of foreign direct investment and intra-industry trade Concise and to the point, this fascinating work constitutes the definitive text on the international economy for first year undergraduate level. The style of the book is practical and non-technical, providing the perfect background to the issues currently occupying the world's press.