EC 308 - International Trade

Lecture Hours: 3
Lab Hours: 0
Credit Hours: 3

Economic and political interaction among nations has grown tremendously over the last several decades and continues today. Virtually no country can escape the fact that it is part of a larger world community. News reports every day are filled with examples of international trade. Recent examples include: disputes between the World Trade Organization, the imbalance of trade between the U.S. and some of its trade partners and the desire to coordinate macroeconomic policies, the immigration of labor into the U.S. and the international flow of capital, the relocation of production facilities to overseas sites (offshoring), the production of merchandise in low-wage countries, and coordination issues in the European Economic and Monetary Union. The class starts from the positive view that free trade improves the welfare of both trading partners under a restrictive set of assumptions, and proceeds to demonstrate how relaxing those assumptions does not change the basic result. Prerequisite(s): EC 201 and EC 202 with a minimum grade of C. EC 300 is recommended.