ECON 2500NA - International Trade & Investment Policy II

Ngee Ann Academy - Trimester 3 - 2016

This is an introductory undergraduate course in international trade. The course covers the following standard topics: the main reasons for trade, trade patterns, trade and income distribution, FDI and immigration, trade policy instruments, WTO and the multilateral trading system, trade agreements. The course may also cover additional topics such as offshoring, trade and child labour, globalisation and environment.

Open All

Course Details

Course Code	ECON 2500NA
Course	International Trade & Investment Policy II
Coordinating Unit	Economics
Term	Trimester 3
Level	Undergraduate
Location/s	Ngee Ann Academy
Units	3
Contact	Intensive
Available for Study Abroad and Exchange	Y

Course Staff

Course Coordinator: Dr Colin Rogers

Lecturer: Colin Rogers
colin.rogers@adelaide.edu.au

Course Timetable

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

Course Learning Outcomes

The aim of this course is to provide students with an understanding of international trade and investment theory, along with a wide range of related policy questions. The course pays particular attention to understanding the basic reasons why countries engage in international trade and investment and how open and free trade can facilitate positive outcomes in countries in terms of economic efficiency, growth and employment. It introduces the standard trade and investment theory and then considers international institutions such as the World Trade Organisation, International Monetary Fund , World Bank and other trading and investment arrangerments such as ASEAN, NAFTA, the EU and TPP agreements reflect current policy objectives. The objective is to understand how the economic way of thinking helps us understand these policies, and what role these international and regional institutions or agreements can play in encouraging policieds to improve national and global standards of living.

Upon successful completion of this course students should be able to:

1	To gain knowledge of what determines exports and imports.
2	To understand how trade affects production and consumption in each trading country.
3	To identify gains and losses from trade.
4	To learn the essentials of trade theories.
5	To represent partial and general equilibrium analysis of trade.
6	To understand the role of scale economies and imperfect competition in trade.
7	To understand the link between growth and trade.
8	To analyse the economic impacts of trade policy.
9	To survey arguments for and against protectionism.
10	To analyse the economic impacts of regional integration and free-trade agreements.
11	To understand the role of the World Trade Organisation (WTO).
12	To survey issues in trade resulting from factor movements.
13	To survey issues in trade and the environment.

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)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	1 to 13
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	2, 5 and 10
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	1 to 13
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	1 to 13
Intercultural and ethical competency adept at operating in other cultures comfortable with different nationalities and social contexts able to determine and contribute to desirable social outcomes demonstrated by study abroad or with an understanding of indigenous knowledges	1 to 13
Self-awareness and emotional intelligence a capacity for self-reflection and a willingness to engage in self-appraisal open to objective and constructive feedback from supervisors and peers able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate	1 to 13

Learning & Teaching Modes

No information currently available.

Workload

No information currently available.

Learning Activities Summary

Week 1: 3 October to 7 October
Session 1	Globalization: overview	Readings
	Globalization and its discontents Why the backlash against free trade and foreign investment? Who are the winners and losers from Globalization?	Challenges and Opportunities in International Business (v. 1.0) Chapter 1. http://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp “Globalization Backlash 2.0” Economist, July 27, 2016. “The Globalization disconnect” by Stephen S. Roach, Project Syndicate, July 25, 2016. Chapter 1, Making Globalization Work, 2006/2007 North and Company, Joseph Stiglitz.
Session 2	International Trade Theory: Some key concepts	Readings
	Classical country-based theories vs modern firm-based theories Classical theory: opportunity cost; comparative vs absolute advantage Limitations of classical theory	Challenges and Opportunities in International Business (v. 1.0) Chapter 2.1
Session 3	Firm-based theories	Readings
	Intra-industry trade, country similarities, product life-cycle, strategic rivalry and national competitive advantage Limitations of firm-based theories	Challenges and Opportunities in International Business (v. 1.0) Chapter 2.1
Session 4	Legal and Government factors that impact on trade and FDI	Readings
	Legal systems, tariffs, quotas dumping legislation and other restraints on trade Foreign Direct Investment Firm level investment decisions and the role of governments in facilitation of FDI	Challenges and Opportunities in International Business (v. 1.0) Chapter 2 2.-2.3
Session 5	Structure of the global economy	Readings
	Contribution to the global economy as measured by GDP Classification of economies: Advanced, emerging and developing	Challenges and Opportunities in International Business (v. 1.0) Chapter 4 http://www.economist.com/node/11848592

Week 2: 14 November to 18 November
Session 6	International monetary system	Readings
	The role of the IMF: friend or villain? The de facto US dollar standard The World Bank Asian Development Bank Th e global monetary system: a de facto US $ standard Reform and evolution of the international monetary system. An Asian IMF?	Challenges and Opportunities in International Business (v. 1.0) Chapter 6 https://www.cigionline.org/blogs/global-economy/case-christine-lagarde
Session 7	Foreign exchange markets and exchange rates	Readings
	Exchange rate regimes – fixed, floating and managed. Currency boards, dollarization and currency unions. Any good ideas? Trade and capital flows influence on exchange rates. Recipes for currency and banking crises?	Challenges and Opportunities in International Business (v. 1.0) Chapter 7
Session 8	Global and regional economic integration	Readings
	History: Post WW II institutions: IMF and Bretton Woods, GATT, World Bank, Marshall Plan, OECD, BIS Current institutions: IMF (post Bretton Woods), WTO, OECD, EU, ASEAN, BRICs Role of WTO and collapse of the Doha Round Free trade agreements: NAFTA, and other bi-lateral agreements Trans-pacific Partnership (TPP) Trans Pacific Trade and Investment Partnership (TTIP) BREXIT, the EU and the Euro The end of Globalization?	none
Session 9	International investment from a firm’s perspective revisited	Readings
	PESTEL and CAGE analysis Scenario planning	Challenges and Opportunities in International Business (v. 1.0) Chapter 8
Session 10	Overview and revision of key concepts

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

Tutorial work Session 1	10%
Tutorial work Session 2	10%
Mid course assignment (electronic submission)	20%
Final exam	60%

Assessment Detail

No information currently available.

Submission

No information currently available.

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.

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