International Trade: Theory and Policy

Main concepts and methods of international trade are illustrated with applications drawn from the real world. ?We will explore the theoretical foundations of international trade: focus on why nations trade, what they trade, patterns of trade, terms of trade, tariff & non-tariff trade barriers under the framework of World Trade Organization, and in what sense international trade is beneficial to trading countries. Also considered will be trade policies and the institutions that determine trade policy, especially in the aspects of imperfect competition, scales of economies, intra-industry trade and strategic trade.