Objective: 
1. To provide an introduction to select economic issues of modern world.
2. To help students to understand how international institutions affect domestic and world economy.
3. To prepare students to understand key concepts and practice of global economy.

Contents: 
1. Introduction to International Economics. Main problems of global economics.
2. The Bretton Woods Institutions: GATT/WTO, International Monetary Fund, World Bank.
3. Classical and alternative trade theory. Absolute advantage in production. Comparative advantage. The Heckscher-Ohlin theory. Trade with economies of scale. Intra-industry trade. Theory of overlapping demands. Product life cycle theory. Gravity model.
4. Instruments of trade policy. Tariffs. Non-tariff barriers. Quotas. Voluntary export restraints (VERs). Export subsidies. Technical barriers to trade. Sanitary and phytosanitary measures. Blue tariffs. Red-tape barriers. Rules of origin. Antidumping. Countervailing duties. Safeguards.
5. Arguments for trade liberalization. Arguments for trade protection. Optimum tariff argument. Trade policy as a part of broader social policy objectives for a nation. Protection as a response to international policy distortions. Protection to offset market imperfections. Infant industry argument. Strategic trade policy.
6. Trade agreements: partial scope agreement, economic integration agreement, free trade area and customs union.
7. International factor movements. International labour migration. International Labour Organization. Foreign direct investment.
8. The balance of payments and exchange rate regimes. Determinants of balance of payments. The exchange rate and its determination.
9. Economic growth and economic development. Measures and determinants of growth and development. Convergence across-economies and inequalities.
10. Poverty and foreign aid. Causes of poverty in developing countries. Poverty lines. Measures of poverty. The Millennium Development Goals. Official Development Assistance.
11. Economic globalization. Arguments for and against globalization. Measures of globalization. The World Economic Forum. The World Social Forum.

Recommended reading: 
1 International Economics: Theory and Policy, Krugman P., Obstfeld M., Addison-Wesley/Pearson. Boston 2009

Additional reading:
1 International Trade Theory and Policy, Gandolfo G., Springer-Verlag. Berlin 2014
2 International Economics, Carbaugh R.J., ITP. Cincinnati 2010
3 Understanding Global Trade, Helpman E., Harvard University Press. Cambridge, Mass.; London 2011
4 International Economics, Feenstra R.C., Taylor A.M. , Worth Publishers. New York 2012
5 International Economics, Gerber J. , Addison-Wesley/Pearson. Boston 2011