EC336-15 International Trade
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 aims
To enable students to obtain a good understanding of the theory of international trade and trade policy. Students will acquire an appreciation of world trade and its phenomenal growth in recent decades, before developing an understanding of the classic models of trade theory and how to use such models to address policy issues. The module also equips students to gain an appreciation of the economic rationale behind labour migration and foreign direct investment by multinational corporations. In terms of the topic of trade policy, the module will develop in students the ability to critically analyse the economic effects of tariffs, antidumping duties and import quotas, and to combine the discussion with case studies such as the Common Agricultural Policy of the European Union. Finally, the module aims to provide students with an understanding of why countries join international trade agreements and how the World Trade Organisation (WTO) settles international trade disputes.
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
Study time
| Type | Required |
|---|---|
| Lectures | 20 sessions of 1 hour (13%) |
| Seminars | 4 sessions of 1 hour (3%) |
| Private study | 126 hours (84%) |
| Total | 150 hours |
Private study description
Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group D4
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Test | 20% | No | |
| Examination | 80% | No | |
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Assessment group R3
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Examination - Resit | 100% | No | |
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Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.
Pre-requisites
EC201-30 Macroeconomics 2 AND EC202-30 Microeconomics 2 OR
EC204-30 Economics 2
To take this module, you must have passed:
Courses
This module is Optional for:
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TECA-L1PA Postgraduate Taught Economics (Diploma plus MSc)
- Year 1 of L1PA Economics (Diploma plus MSc)
- Year 2 of L1PA Economics (Diploma plus MSc)
-
UECA-3 Undergraduate Economics 3 Year Variants
- Year 3 of L100 Economics
- Year 3 of L116 Economics and Industrial Organization
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UECA-4 Undergraduate Economics 4 Year Variants
- Year 4 of LV16 Economics & Economic History with Study Abroad
- Year 4 of L103 Economics with Study Abroad
- Year 4 of LM1H Economics, Politics & International Studies with Study Abroad
- Year 4 of L114 Industrial Economics with Study in Europe
- Year 3 of UECA-LM1D Undergraduate Economics, Politics and International Studies
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UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
- Year 3 of L1CA Economics, Psychology and Philosophy
- Year 3 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
- Year 3 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
- Year 3 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
-
UPHA-L1CB Undergraduate Economics, Psychology and Philosophy (with Intercalated Year)
- Year 4 of L1CG Economics, Psychology and Philosophy (Behavioural Economics Pathway) (with Intercalated Year)
- Year 4 of L1CH Economics, Psychology and Philosophy (Economics with Philosophy Pathway) (with Intercalated Year)
- Year 4 of L1CJ Economics, Psychology and Philosophy (Philosophy and Psychology Pathway) (with Intercalated Year)
- Year 4 of L1CB Economics, Psychology and Philosophy (with Intercalated Year)
- Year 4 of USTA-G300 Undergraduate Master of Mathematics,Operational Research,Statistics and Economics
- Year 3 of UMAA-GL11 Undergraduate Mathematics and Economics
- Year 4 of UECA-GL12 Undergraduate Mathematics and Economics (with Intercalated Year)
- Year 3 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MH Philosophy, Politics and Economics - Economics/Philosophy Bipartite (Economics Major) (with Intercalated year)
- Year 4 of V7MF Philosophy, Politics and Economics - Economics/Politics Bipartite (Economics Major) (with Intercalated year)
- Year 4 of V7MJ Philosophy, Politics and Economics - Philosophy/Politics Bipartite (with Intercalated year)
- Year 4 of V7MG Philosophy, Politics and Economics - Politics/Economics Bipartite (Politics Major) (with Intercalated year)
This module is Unusual option for:
- Year 3 of UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 3 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)
This module is Option list B for:
- Year 3 of USTA-Y602 Undergraduate Mathematics,Operational Research,Statistics and Economics
- Year 4 of USTA-Y603 Undergraduate Mathematics,Operational Research,Statistics,Economics (with Intercalated Year)
This module is Option list C for:
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)
This module is Option list D for:
- Year 3 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics