Introductory description

This module provides students with a thorough understanding of the theory and the empirics of international trade. You will study theoretical models of international trade including the famous Ricardian model of comparative advantage as well as the effects of tariffs, free trade agreements and custom unions. You will also study empirical applications such as the long-term evolution of globalisation since the 19th century and global supply chains in manufacturing. You will gain skills and techniques to analyse problems from a mathematical, graphical and intuitive perspective applying your knowledge to real-world scenarios.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The module will typically cover the following topics:

The context of world trade and its phenomenal growth in recent decades; Classic Models of Trade Theory, including the Ricardian theory of comparative advantage; the Heckscher–Ohlin model and the effect of international trade on income distribution, and more recent trade models incorporating economies of scale, imperfect competition and product differentiation; the economic rationale behind labour migration and foreign direct investment by multinational corporations; trade policy and the analysis of the economic effects of tariffs, antidumping duties and import quotas, combining the discussion with case studies; the debate on globalisation and the connections with environmental and labour standards enter the debate; and why countries join international trade agreements and how the World Trade Organisation (WTO) settles international trade disputes.

Learning outcomes

By the end of the module, students should be able to:

• Subject knowledge and understanding:...demonstrate general knowledge and understanding of international trade theory. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, classes with problem sets, and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Examination.
• Subject knowledge and understanding:...demonstrate general knowledge and critical understanding of international trade policy. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, classes with problem sets, and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Examination.
• Key skills:...understand and manipulate simple economic models, both graphically and analytically. Read critically the empirical literature, in the area of public policy. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, classes with problem sets, and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Examination.
• Cognitive skills:...apply critical analysis to the topics of the module. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, classes with problem sets, and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Examination.
• Professional skills:...review the relevant literature and evidence. The teaching and learning methods that enable students to achieve this learning outcome are: Classes with problem sets, and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Examination.

Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Creative thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Analysis of institutions
Analysis of optimisation

Transferable skills

Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills