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 |
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Year | CATS Level | Semester | CATS Value |
Session 2024-25 | 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; ECON221 MICROECONOMICS 1; ECON222 MICROECONOMICS 2; ECON233 INTRODUCTORY ECONOMETRICS FOR BUSINESS AND ECONOMICS |
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 |
24 |
6 |
30 | ||||
Timetable (if known) | |||||||
Private Study | 120 | ||||||
TOTAL HOURS | 150 |
Assessment |
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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 | 60 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
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 | 1.5 | 35 | ||||
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 | 0 | 5 |
Aims |
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To develop an appreciation and understanding of basic principles determining the observed patterns of trade in the increasingly globalised world economy. |
Learning Outcomes |
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(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 |
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(LO2) Students will be able to recognise both the strengths and limitations of the basic Ricardian approach and the Hecksher-Ohlin Theory of trade. |
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(LO3) Students will be able to critically evaluate the roles, achievements and failures of various international institutions in the context of international economic performance. |
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(LO4) Students will be able to critically understand and approach trade based on increasing returns to scale |
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(LO5) Students will be able to recognise the implications of different types of trade barriers and why countries protect. |
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(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. |
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(LO7) Students will be able to critically evaluate trade-oriented growth strategies for less developed economies. |
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(S1) Problem solving skills |
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(S2) Teamwork |
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(S3) Organisational skills |
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(S4) Communication skills |
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(S5) IT skills |
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(S6) International awareness |
Teaching and Learning Strategies |
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Teaching Method - Lecture There are the following pre-requisites for this module: Skills/Other Attributes Mapping Skills / attributes: Problem solving sk
ills Skills / attributes: Teamwork Skills / attributes: Organisational skills Skills / attributes: Communication skills Skills / attributes: IT skills Skills / attributes: International awareness |
Syllabus |
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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 |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |