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In this book elements of a theory of the optimum size of states are developed to obtain an overall view of small states in the global system. Political status and the value of independence in international relations is evaluated with the aid of the independence/dependence continuum. Analysis of the foreign trade of small states is undertaken to verify theoretically expected characteristics of small states. The theoretical status of small states in international trade is explained with the help of the Heckscher-Ohlin theory of trade and the theory of intra-industry trade. Economic growth, monetary stability and regional problems of small states are also examined in the book. Finally regional integration as a possible escape from smallness is examined in the light of political status, trade characteristics and centre-peripheral relations of small states. The main conclusion of the study is that small states are not suboptimal units in the global system.