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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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International trade

Jake spends a long time choosing a pair of jeans. This time he decides on stone-washed blue ones with orange stitching. He has found in the past which brands give him a better fit, but fashion sits high on his list of priorities. It’s important to choose a fashionable brand, as well as one that looks good on him.

The jeans he eventually buys are, like most jeans, made of cotton twill with the distinctive weave that characterises denim. Several complex processes have been gone through in different places to put together the finished product.

The cotton might have been grown in many countries, including India, Turkey and the United States, and had to be turned first into thread, and then into fabric. The indigo used ...

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