International Trade

Since March 2020 when the world economies went into cascading lockdowns, global trade has been severely impacted. As the global economy slowly opens up, we will answer some age old and some new questions - First, what factors determine flow of international goods and services? Second, how are the gains and losses from international trade distributed amongst nations? Do all benefit, or are some countries made better off at the expense of others? Third, how does trade affect the internal allocation of resources and distribution of income within a country? Fourth, why do national governments try and influence or control international trade flows? Finally, how does international trade affect the low- and middle-income countries in today's global economy especially in the post Covid world? (ECON 0255 or ECON 0344 or IPEC 0240 [formerly ECON 0240]) 3 hrs. lect.