This book was written in honour of Professor Kalyan K. Sanyal, who was an excellent educator and renowned scholar in the field of international economics. One of his research papers co-authored with Ronald Jones, entitledThe Theory of Trade in Middle Products and published inAmerican Economic Review in 1982, was a seminal work in the field of international trade theory.  This paper would go on to inspire many subsequent significant works by researchers across the globe on trade in intermediate goods. The larger impact of any paper, beyond the number of citations, lies in terms of the passion it sparks among younger researchers to pursue new questions. Measured by this yardstick, Sanyals contribution in trade theory will undoubtedly be regarded as historic.
After completing his Ph.D. at the University of Rochester he joined the Department of Economics at Calcutta University in the early 1980s and taught trade theory there for almost three decades. His insights,articulation and brilliance in teaching international economics have influenced and shaped the intellectual development of many of his students.

After his sudden passing in February 2012, his students and colleagues organized a symposium in his honour at the Department of Economics, Jadavpur University from April 19 to 20, 2012. This book, a small tribute to his intellect and contribution, has been a follow-up on that endeavour, and a collective effort of many people including his teachers, friends, colleagues and students. In a nutshell it discusses intermediation of various kinds with significant implications for market integration through trade and finance. That trade can generate many non-trade-service sector links has recently emerged as a topic of growing concern and can trace its lineage back to the idea of the middle product, a recurring concept in Prof. Sanyals work.

Rajat Acharyya is a Professor of Economics at Jadavpur University, and currently teaches Microeconomic Theory and International Economics. He was a student of Prof. Kalyan K. Sanyal at Calcutta University from 1987 to 1989. He completed his Ph.D. at Jadavpur University and subsequently held a Ford Foundation Fellowship at the University of Rochester, USA (1997-1998). He was honoured with the EXIM Bank International Trade Research Award in 1997 and the Mahalanobis Memorial Medal Award in 2006. Prof. Acharyya was a Visiting Fellow at the University of Kent at Canterbury, UK (2008 2010) and is the Editor of Trade and Development Review (www.tdrju.net ).

Sugata Marjit is the Reserve Bank of India Professor of Industrial Economics at the Centre for Studies in Social Sciences, Calcutta and Chairman of the West Bengal State Council of Higher Education. His research interests include International Economics, Industrial Organization, Development Economics, Macroeconomics and Public Economics. He has held professorial positions e.g. at the Indian Statistical Institute, Jawaharlal Nehru University, at the Universities of Bonn, Cornell, Penn State, Rochester, Erasmus, Copenhagen, Queensland and at the City University of Hong Kong. He received the Mahalanobis Medal from the Indian Econometric Society in 2002 and the VKRV Rao National Prize for young Social Scientists in 2003. He serves on the editorial boards of various national and international journals and is the Editor of The South Asian Journal of Macroeconomics and Public Finance.

Part I:Globalization, Input Trade and Sanyals Contribution to Trade Theory.- Chapter 1: Middle Products Revisited.- Chapter 2: Competition Policy vs. Industrial Policy.-Part II:Trade, Technology and Increasing Returns.- Chapter 3: Protectionism and Increasing Returns.- Chapter 4: Transaction Cost, Technology Transfer and Mode of Organization.- Chapter 5:  A Simple Model of Foreign Brand Penetration with Multi-Product Firms.-Part III:Agricultural Trade, Uncertainty and the Emerging issues.- Chapter 6: Agricultural Trade with Production Uncertainty.- Chapter 7: Safeguards and Investigations.-Part IV:Trade Diversity, Quality and the developing Countries.- Chapter 8: Infrastructure Development, Comparative Advantage and Missing Trade.- Chapter 9: Catching up in terms of Product Quality.-Part V:Dynamic Issues.- Chapter 10: Convergence in a Three Factor Dynamic Model: Finite Vs. Infinite Lives.-Part VI:Trade, Financial Flows and Exchange Rate.- Chapter 11: Some Reflections on the Recent Financial Crisis.- Chapter 12: Mundell-Fleming with Stock Market and Endogenous Risk Premium.- Chapter 13: Reforms, Exchange Rate Pass-Through and Indias Export Prices.