This course covers, with a focus on both theory and empirics, advanced topics in international trade (as well as inter-regional trade and economic geography). It includes the study of positive issues, such as: Why do countries trade? What goods do countries trade? What are the implications of openness for the location of production, industries, occupations, and innovative activity? And, what impedes trade and why do some countries deliberately erect policy impediments to trade? The course also concerns normative issues, such as: Is trade openness beneficial to a representative agent? And, Are there winners and losers from trade and if so, can we identify them? Throughout, these issues are approached in neoclassical settings as well as those with market failures, at the industry-level as well as the firm-level, and in the presence of both mobile and immobile factors (e.g., foreign direct investment (FDI), offshoring of tasks, multinational firms and immigration).

This course will introduce the student to the field of international political economy, teaching students the ways in which economics and politics influence each other when it comes to creating policy. Economic policy can be an important instrument of statecraft and diplomacy between countries, yet countries can also use economic policy to punish or express disapproval towards other countries using sanctions. In this course, the student will learn about the international organizations and regimes that are designed to facilitate international economic transactions and ensure economic stability, such as the World Trade Organization (WTO) and the International Monetary Fund (IMF). The student will also review the impact that globalization has on the world economy and the gap between rich and poor countries. Upon successful completion of this course, the student will be able to: identify, explain, and compare major theories in the field of international political economy; analyze the effects of trade policies on domestic and international actors; evaluate the costs and benefits of Foreign Direct Investment and Sovereign Debt; explain the development of the international currency system and analyze the effects of domestic policies; compare and contrast approaches to human rights and access to basic human needs. (Political Science 411)

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Explain tarrifs as barriers to trade
Identify at least two benefits of reducing barriers to international trade