This module explores key questions in the area of international trade. Should countries trade freely with each other? What are the gains/losses from free trade and are they distributed evenly within the population? What are free trade agreements and what do they try to accomplish? What are the various trade policies used (e.g. tariffs, import quotas) and what are their implications for the consumers and the producers? These questions will be answered by analysing, among others, various standard trade models such as that of Ricardo and Heckscher-Ohlin.
Pre-requisites: ECON2001 or ECON2003