Theories of International Trade
Prof. Irena Kikerkova PhD
Course objectives (competences):
After completing this course, students should be able to:
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.