This course overviews the global trade history and patterns, introduces the underlying trade theories, and examines trade policies and institutions. Lectures focus on economic intuition behind the models and their real-world implications. Topics cover patterns and trends in world trade, classical/neo-classical/modern trade theories and models, labor and capital movements across countries, trade policy and instruments, international labor and environment standards.
Objectives
The main goal is to develop analytical framework for understanding international trade patterns and trade policy issues. After completing this course, students should be able to
• Sketch a broad picture of the world trade history, evolution, and economic thought
• Identify the causes and driving forces behind the world trade patterns and trends
• Master key concepts, theories, models, and empirical findings in international trade
• Analyze common trade policy instruments and their market welfare effects
• Acquire essential computer skills in analyzing international trade data
• Participate in research-based trade policy debates and presentations
It is important for students to provide feedback in time throughout the course to ensure positive learning and teaching experience. If students have trouble keeping up with the class material or the workload, please feel free to contact the instructor. It is the instructor's responsibility to support students to make progress and succeed in the course. Students are strongly encouraged to 1) raise questions and participate in the lecture; 2) provide feedback and suggestions regarding teaching and course organization; 3) solve problem sets and conduct research together; 4) improve the learning and teaching outcomes.
Evaluation
1) Problem sets (20%)
2) Trade policy debate (10%)
3) Midterm and final exams (each 35%)
Problem sets will be assigned roughly every two to three weeks. Students can discuss questions but must submit independent solutions. Assignment deadlines are firm. Recognizing that students may face unusual circumstances, one late assignment is allowed and will not be penalized. However, late assignments will not be accepted three days (72 hours) after the due date.
Midterm and Final Exams. Exams will not be rescheduled because of travel and other personal arrangements. In the case of a documented emergency on the scheduled exam date, a make-up exam will be given, or the weight of the missed midterm will be shifted to the final exam, given the proof is received within 48 hours of the exam.
Public Policy Debates. Registered students are required to form groups and participate into one policy debate. Topics include “Should countries favor free trade or protectionism?” “Did U.S. benefit from its trade policy?” “Should all countries follow international labor and environment standards?” For details and instructions, please follow course website Projects page.
Extra credit. Please arrive on time and refrain from texting or browsing the Internet in the lecture. A maximum of 5 points will be offered to students who are willing and able to show extra efforts in their course works (e.g., in-class quizzes, participation, compiling and sharing lecture notes).