Course description
This course provides an analytical framework that can be utilized to study international trade. It is designed to help students understand the nature and determinants of international good and factor movements, and the economic impacts of international trade patterns and trade policy around the world. We develop theories of international trade in order to explain the factors that affect international flow of trade and to analyze the question of whether free trade improves welfare. The implications of various possible restrictions on international trade (import tariffs, quotas, and voluntary export restraints) are discussed. The incentives for countries and international organizations to allow or restrict trade are analyzed. At the end of the semester, students are able to evaluate domestic and international economic implications of trade policies, custom unions, and trade agreements.
