Course title

Theories of International Trade

Code

 INT 230

Professor

Prof. Irena Kikerkova PhD

Course objectives (competences):

After completing this course, students should be able to:

•  Understand the differences of various and opposing theoretical concepts and their impact or the development of international trade, by countries individually, and by overall development;
• Master the analytical-critical apparatus for analyzing different theoretical concepts and obtain the ability in different circumstances to find a link between the development of international exchange and valid theoretical conception;
• Take an objective approach to different theoretical concepts and have the ability to suggest a set of economic measures and instruments for valid economic policy in given circumstances based on the ability to use comparative analysis and approach.

The purpose of this course is to introduce students to the development of theoretical thought through the economic history of international trade, why nations trade, what is the foreign trade impulse and where it derives from. Throughout history, the meaning and importance of international trade have changed and hence views and theoretical concepts have evolved from mercantilism, through the preference of free trade, to the emergence and application of protectionism, modern forms of interventionism, and some new approaches to international trade theory. Theoretical approaches reflect the time in which they occurred and the importance of the international trade is of particular significance to any country in the era of liberalization and globalization. Hence the approach to these issues of a country with a particularly small and open economy is crucial to building a consistent economic policy with a view to incorporating it into international flows more effectively and deriving benefits from them.