ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title INTERNATIONAL TRADE
Code ECON335
Coordinator Dr S Mitra
Economics
Shalini.Mitra@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 6 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ECON227 Microeconomics for Business Economics; ECON233 INTRODUCTORY ECONOMETRICS FOR BUSINESS AND ECONOMICS; ECON222 MICROECONOMICS 2; ECON221 MICROECONOMICS 1 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

6

      12

6

36
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 6
 
      120 mins X 1 totaling 24
60 mins X 1 totaling 6
 
 
Private Study 114
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Unseen Written Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 60% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty appl  2 hours    60       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 3: Individual Weekly news item analysis Assessment Type: Practical Assessment Duration/Size: 10 x 200 words Weighting: 5% Reassessment Opportunity: Yes Penalty for Late Submi  10 x 200 words         
Assessment 1: Online Tests Assessment Type: Practical Assessment Duration/Size: 5 x 1 hour tests Weighting: 35% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penal  5 x 1 hour tests    35       

Aims

To develop an appreciation and understanding of basic principles determining the observed patterns of trade in the increasingly globalised world economy.


Learning Outcomes

(LO1) Students will be able to understand the role of both absolute and comparative advantage in explaining observed patterns of trade in the global economy

(LO2) Students will be able to recognise both the strengths and limitations of the basic Ricardian approach and the Hecksher-Ohlin Theory of trade.

(LO3) Students will be able to critically evaluate the roles, achievements and failures of various international institutions in the context of international economic performance.

(LO4) Students will be able to critically understand and approach trade based on increasing returns to scale

(LO5) Students will be able to recognise the implications of different types of trade barriers and why countries protect.

(LO6) Students will develop a critical understanding of the importance and implications of different levels of economic integration in the context of NAFTA and the EU.

(LO7) Students will be able to critically evaluate trade-oriented growth strategies for less developed economies.

(S1) Problem solving skills

(S2) Teamwork

(S3) Organisational skills

(S4) Communication skills

(S5) IT skills

(S6) International awareness


Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Materials
Description: recordings will be designed to provide essential information and introduce students to the basic tools and concepts (both statistical and economic) of analysis.
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method - Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Description: Seminars will provide students with the opportunity to further develop their skills through the exploration of various numerical and theoretical problems, analysis and discussion of recent news articles and seminal academic papers.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes
Notes: students to prepare given readings and work on numerical and theoretical problems.

Teaching Method: Group study
Description: Biweekly 1 hour session to foster student community and engagement b y working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours:114
Description: Students are expected to read the additional reading indicated on the reading list along with their essential reading And any news item analyses.

Costs Information:
Students will incur no specific costs as a result of taking this module

There are the following pre-requisites for this module:
Either a)ECON221 and ECON222
b) ECON227 and ECON222
c) ECON233

Skills/Other Attributes Mapping

Skills / attributes: Problem solving skills
How this is developed: applying theories to real world problems
Mode of assessment (if applicable): Exam and Online Tests

Skills / attributes: Teamwork
How this is developed: group presentation
Mode of assessment (if applicable):

Skills / attributes: Organisational skills
How this is developed: assessments
Mode of assessment (if applicable): Exam and Online Tests

Skills / attributes: Communication skills
How this is developed: In tutorials and through long answer and essay type questions
Mode of assessment (if applicable): Exam and Online Tests

Skills / attributes: IT skills
How this is developed: Through the online tests
Mode of assessment (if applicable): Online Tests

Skills / attributes: International awareness
How this is developed: subject matter
Mode of assessment (if applicable): Exam and Online Tests


Syllabus

 

Trade and the world economy;

Absolute and comparative advantage as the basis of trade;

Specific factors and income distribution;

Factor proportions: Heckscher-Ohlin model;

Trade policy: Nominal v Effective protection;

Terms of trade: Who gains most from trade?;

Primary commodities and the least developed economies;

Primary commodity prices and the developed economies;

Prebisch-Singer hypothesis;

International Trade and economic growth: Engine or handmaiden?;

Foreign direct investment and multi-national enterprises;

Trade liberalisation and globalisation;

Intra-industry trade;

International institutions and world trade;

Recent developments in world trade;

World Trade Organisation: what do members gain?;

International economic policy: formulation, implementation and consequences.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.