ECON 7072 - International Trade PG

North Terrace Campus - Semester 1 - 2023

This course deals with the theory and practice of international trade and of trade-related policies. It focuses on analysing the gains from trade, the changing patterns of trade, the income distributional consequences of liberalising foreign trade, the relationship between trade, investment, and economic growth, and the reasons for and consequences of trade policies. The course relies predominantly on a standard collection international trade models to understand the motivations behind modern trade policies. During the weekly seminar, students then analyse the efficacy of trade policy, considering both intended and unintended consequences of policy choices with particular attention paid to the changing geopolitical environment in which these policies exist.

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Course Details

Course Code	ECON 7072
Course	International Trade PG
Coordinating Unit	Economics
Term	Semester 1
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	3
Contact	Up to 3 hours per week
Available for Study Abroad and Exchange	Y
Incompatible	ECON 3506
Assumed Knowledge	ECON 7011 or ECON 7241
Restrictions	Available to GCertAppEc, GradCertIntEc, GradDipAppEc, GradDipIntEc, MAppEc, MFinBusEc students only
Assessment	Typically two mid-Semester tests, assignments & final exam

Course Staff

Course Coordinator: Dr Raul Barreto

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Course Learning Outcomes

On successful completion of this course, students will be able to:

Compare at the level of formal analysis, the major models of international trade and be able to distinguish between them in terms of their assumptions and economic implications.
Employ the principle of comparative advantage and its formal expression and interpretation within different theoretical models.
Apply partial equilibrium and (where required) general equilibrium models in analysing the economic effects of (a) trade policy instruments such as tariffs, quotas, export subsidies, (b) retaliatory measures such as anti-dumping duties and countervailing duties and (c) the creation of regional trading arrangements such as free trade areas, customs unions and common market.
Distinguish and critically analyse the main arguments for protection and conversely be able to critically evaluate the relevance and realism of arguments for free trade, taking into account the costs and benefits of trade policy measures on different sections of the community and the implications for the formulation of trade policy.
Identify major recent developments in the world trading system, and be able to critically analyse key issues raised both by the current round of WTO negotiations and by the spread of regional trading arrangements.
Develop communications skills through the presentation of your work, interactions during tutorial sessions, and appropriate use of the discussion board.

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Attribute 1: Deep discipline knowledge and intellectual breadth Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.	1-6
Attribute 2: Creative and critical thinking, and problem solving Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.	1-6
Attribute 3: Teamwork and communication skills Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.	5,6
Attribute 4: Professionalism and leadership readiness Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.	1-6
Attribute 5: Intercultural and ethical competency Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.	4,5,6
Attribute 8: Self-awareness and emotional intelligence Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.	4,5,6

Learning Resources

Required Resources

International Trade: Theory and Evidence by Markusen, Melvin, Kaempfer and Maskus, Mcgraw Hill, 1995

This textbook is available free of charge and may be downloaded from: http://spot.colorado.edu/~markusen/textbook.html

Recommended Resources

Robert C. Feenstra and Alan M. Taylor, International Trade (3rd Edition), 2014 Worth Publishers.

Online Learning

MyUni - http://www.myuni.adelaide.edu.au

Other online Resources:
WTO: http://www.wto.org
UNCTAD: http://www.unctad.org
OECD: http://www.oecd.org
International Center for Trade and Sustainable
Development: http://www.ictsd.org
The World Bank: http://www.worldbank.org
Alan Deardorff’s Glossary of International Economics Terms:
http://www.personal.umich.edu/~alandear/glossary

Learning & Teaching Modes

Learning in this course is through lectures, tutorials, and personal study.

The lectures will provide you with the necessary understanding of the material to be able to solve the exercises you will be given during tutorials or exams.

Tutorials represent an important learning component of the class. Students are expected to work through the assignments and prepare solutions to be discussed during the tutorial time.

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

Lectures: 2 Hour per week

Tutorials: 1 Hour per week
Study textbook 6 hours per week
Prepare homework answer 2 hours per week

Learning Activities Summary

Teaching & Learning Activities	Related Learning Outcomes
Lectures	1-5
Tutorials	1-6

LECTURE SCHEDULE

WEEK	TOPIC	CHAPTERS
Part I	Introduction
Wk 1	Technical Concepts - Markusen, et.al.,	1 - 4
Wk 2	Why do countries trade? - Markusen, et.al., Feenstra & Taylor	5 - 6 1
Part II	Theoretical Analysis of International Trade
Wk 3	The Classical Model: Differing Technologies - Markusen, et.al., Feenstra & Taylor	7 2
Wk 4 & 5	The Heckscher - Ohlin Model - Markusen, et.al. Feenstra & Taylor	8 4
Wk 5 & 6	The Specific Factors Model - Markusen, et.al. Feenstra & Taylor	9 3
	Mid Semester Examination
Wk 7	Government Policies as the Determinants of Trade - Markusen, et.al.,	10
Wk 8	Imperfect Competition as the Determinant of Trade and the Gains from Trade Markusen, et.al.,	11
	Increasing Returns to Scale - Markusen, et.al., Feenstra & Taylor	12 6
Wk 9	Tastes, Per Capita Income, and Technological Change as the Determinants of Trade - Markusen, et.al.,	13
Part III	Trade Policy
Wk 10	Tariffs - Markusen, et.al.,	15
	Quotas and Other Non-tariff Barriers - Markusen, et.al.,	16
Week 11	Imperfect Competition, Increasing Returns Strategic Trade Policy - Markusen, et.al.,	17
	Preferential Trade Areas Markusen, et.al.	18
Week 12	The Political Economy of Trade Policy Markusen, et.al. Feenstra & Taylor	19 11
	Administered Protection Markusen, et.al.	20

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

Assessment Task	Due Date/ Week	Weight	Length(Word, Time)	Learning Outcomes
Assignment 1	Week 4	10%	Varying	1 - 4
Mid-term Exam	Week 7	20%	80 minutes	1 - 4
Engagement activities*	Weekly	20%	60 Minute/Week	1 - 4
Assignment 2	Week 7	10%	Varying	1 - 4
Final Exam	Exam Period	40%	180 Minutes	1 - 6
Total		100%

Engagement Activities consist of weekly quizzes and active participation in tutorials.

Assessment Related Requirements

1. Legible handwriting and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the midterm and final examinations because of poor handwriting.

2. The 11 online quizzes must be completed prior to the due date to count toward assessment. Students may make as many attempts of each quiz as he or she wishes prior to the due date and only the highest score from the attempts will be recorded. Your final quiz score will be the average of your eight best online quizzes will be counted.

3. Hurdle - Students are required to score at least 40% on the final exam to pass the course.

Assessment Detail

NOTES ON ASSESSMENT

Engagement activities (consists of online quizzes and Participation) 20%

Weekly Online Quizzes
Weekly – except week 1
The tutorial quizzes component of the assessment will be based on marks received for short online quizzes that will occur each week except week 1. Of the 11 quizzes, only the best 8 will be counted toward assessment. Prior to each quiz due date, students may make as many attempts as he or she wishes. Only the highest score from any attempt is counted.

Active tutorial Participation
Weekly – except week 1
Best of 8 would be counted out of 11

Mid-term Exam 20%
This test will assess the topics of Weeks 1-6 (inclusive). It will be 80 minutes in length. It will consist of problems similar to those discussed during tutorials and may also include multiple-choice questions. Further details regarding the date and medium would be announced in MyUni

**Failure to sit the midterm test will result in receiving zero points**

Assignments 20%
There will be two written assignments due at the close of weeks 4 and 7. The material covered by the assignment will be selected from weeks 1 through 6 (inclusive). Details regarding the content, format, requirements and due dates for the assignment will be provided on my uni.

Tutorial Exercises - Non-graded
Weekly – except week 1
Tutorial exercises will be made available on MyUni during the week prior to the tutorial. You will be asked to prepare some exercises before going to your tutorial. Please be aware that this preparation is important as it will improve your learning during the tutorial and will contribute towards a dynamic environment where students and tutors will interact more actively with one another. These exercises are not to be submitted or graded.

Final exam 40%
This exam may assess all topics covered in the course and may use a variety of formats, including multiple-choice questions, mathematical problems, and short answer questions. Details regarding the precise structure will be posted on MyUni.

Further details will be provided on MyUni.

Submission

1- No late assignment accepted. Exceptional circumstances will be evaluated by the lecturer in charge on a case-by-case basis and should be discussed whenever possible at least 48 hours before the due date. Failure to hand in an assignment on time will lead to a zero mark.

2 – Extensions and alternative assessment conditions for students with disabilities:
It is your responsibility to contact lecturer, in the first 2 weeks of the semester and provide them with a copy of your Access Plan.
You do not have an automatic right to extensions for assignments. You must apply for extensions in the designated way at least 2 weeks before the due date for the assignment. The usual extensions available to students with disabilities is 2 days over the regular due date of the assignments.

3 – All assignments must be submitted electronically via MyUni. Hand written assignments may be scanned for submission

4 – Each assignment should be accompanied by a cover sheet.

5 - Medical reports from only Australian registered medical practitioners are accepted. See for the list of acceptable medical practitioners: www.ahpra.gov.au.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M10 (Coursework Mark Scheme)
Grade	Mark	Description
FNS		Fail No Submission
F	1-49	Fail
P	50-64	Pass
C	65-74	Credit
D	75-84	Distinction
HD	85-100	High Distinction
CN		Continuing
NFE		No Formal Examination
RP		Result Pending

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through Access Adelaide.

Additional Assessment

If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator