This book provides a comprehensive introduction to economic policy in terms of shaping the national and international economic order and addressing the issues of open economies. After covering the fundamentals of economics, particularly macroeconomics, it presents concepts and instruments of economic policy. The book explains market forms, market failures, and competition policy, and conveys the specific economic policy requirements arising from integration and globalization. Topics also include recent theoretical approaches, economic policy decision-making processes, aspects of the New Political Economy, and international organizations. The book offers a very good insight into international developments in economic policy, addressing questions of globalization and EU integration as well as modern foundations.