Course overview
This course provides students with an in-depth understanding of the theories, policies, and economic impacts of international trade. It provides students with a thorough grounding in the theory of international trade as well as international trade policy. It demonstrates the relevance of the theory in the analysis of (a) existing patterns of international trade and what determines them, (b) the conduct of trade policy and (c) the economic implications of international trade and trade policy both for individual economies such as Australia and the wider international community.
Course learning outcomes
- Compare the major models of international trade and be able to distinguish between them in terms of their assumptions and economic implications
- Analyse the economic effects of trade policy instruments, retaliatory measures and the creation of regional trading arrangements
- Distinguish and critically analyse the main arguments for protection and conversely be able to critically evaluate the relevance and realism of arguments for free trade
- Identify major recent developments in the world trading system and critically analyse key issues raised both by multilateral trade agreements and by the spread of regional trading arrangements
- Form the relationship between international trade theory and trade flows through evidence-based analysis. Understand how the relationships among trade policy, trade practice and geopolitics can lead to sub-optimal welfare and growth outcomes
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