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Topics include determinants of the patterns of trade and the gains from trade; the analytics of the instruments of trade policy under different market structures; the political economy of trade policy; the economics of preferential trade agreements; and the role of the World Trade Organisation.
Intended learning outcomes
On successful completion of this subject students should be able to:
- Explain why countries engage in international trade;
- Analyse the causes and consequences of international trade;
- Synthesise the theoretical and empirical literature and describe the current state of knowledge in the field of international trade;
- Analyse the welfare effects of various trade policies under different industry structures, such as monopolies, oligopolies and monopolistic competition;
- Evaluate the welfare effects of trade and industry policies under various trading regimes (regional trading blocs vs multilateralism);
- Critically evaluate the income and distributional effects of various trade policies.
High level of development: written communication; application of theory to practice; critical thinking; receptiveness to alternative ideas.
Moderate level of development: interpretation and analysis.
Some level of development: oral communication; problem solving.
Last updated: 2 December 2019