Overview

This module will examine the basis of gains from trade through consideration of the Ricardian and Heckscher-Ohlin-Samuelson models of comparative advantage as well as 'new' trade theory. The history of international trade policy will be examined, with an emphasis on the development of international trade agreements and free trade areas. The role of multi-national firms in globalisation will also be addressed. The causes of exchange rate movements will be examined, along with key aspects of exchange rate policy. Alternative exchange rate regimes will be considered in the light of their implications for domestic economies. The consequences of Brexit for UK trade and investment flows will be evaluated.

Assessment Strategy

-threshold -D- to D+ (40-49%):* No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Analyse the theory of comparative advantage and how it implies benefits from international trade.

• Evaluate the consequences of Brexit.

• Examine the history of international trade policy, and evaluate free trade agreements and free trade areas.

• Examine the role of multi-national firms in globalisation.

• Explain 'new' trade theory, and the implications of external economies of scale and imperfect competition for international trade.

• Explain the causes of exchange rate movements and appraise alternative exchange rate regimes.