International Trade ECON5018

  • Academic Session: 2017-18
  • School: Adam Smith Business School
  • Credits: 20
  • Level: Level 5 (SCQF level 11)
  • Typically Offered: Semester 1
  • Available to Visiting Students: No
  • Available to Erasmus Students: No

Short Description

The aim of this course is to introduce students to the theory of international trade and its application to policy issues which arise in the world trading environment. The course starts examining the gains from trade, as they constitute the building block of any analysis of trade flows. The lectures then analyse a number of models which seek to explain international trade patterns. In the second part of the course, different trading strategies will be discussed. Discussion includes protectionism, unilateral liberalization, free-trade agreements, multilateral trade agreements and issues surrounding factor movements.

Timetable

A 2-hour lecture each week for 10 weeks.

Nine 1-hour tutorial taking place in weeks 2-10.

Requirements of Entry

None

Assessment

■ Coursework: essay (25% of final grade for course)

■ Examination: two-hour end-of-course examination (75% of final grade for course).

Main Assessment In: December

Course Aims

The aim of this course is to introduce students to the theory of international trade and its application to policy issues which arise in the world trading environment. The course starts examining the gains from trade, as they constitute the building block of any analysis of trade flows. The lectures then analyse a number of models which seek to explain international trade patterns. In the second part of the course, different trading strategies will be discussed. Discussion includes protectionism, unilateral liberalization, free-trade agreements, multilateral trade agreements and issues surrounding factor movements.

Intended Learning Outcomes of Course

By the end of this course, students should be able to:
Explain why all countries can benefit from international trade, despite differences in production technologies and factor endowments;
Understand the role of differences and similarities between countries in explaining international trade flows;
Predict the pattern of trade between countries;
Discuss the implications of less-than-perfectly competitive market structures for trade between countries;
Explain the different trade policy instruments available to policy makers;
Discuss the arguments in favour and against protection, with a focus on the political economy of trade policy;
Analyse the options of economic integration available to a country, in terms of free-trade and multilateral agreements; and
Show the inter-relationship between trade in goods and factor migration.

Minimum Requirement for Award of Credits

None