International Economics

Discipline: Semester at Sea Seminars
Instructor: Noorbakhsh
Credits: 3
Day: B
Start: 1550
End: 1710
Field Work: Day 2 - Antwerp - Monday, 15 September | Belgium Download Syllabus

In today’s global economy, the economic systems of different countries and regions of the World are highly interdependent upon each other through fast and continuous movements of goods, services, labor, and flows of funds. This course concentrates on some of the most essential concepts and issues relating to international trade and international monetary relations. We first try to answer why nations trade by discussing the concepts of absolute and comparative advantage and their sources in each country. We then look at different trade barriers and their socio-economic consequences in devising trade policies with an emphasis on developing nations. Regional economic integration and the effect of the operations of global firms on international factor movements will then be considered. The course also focuses on concepts of the balance of payments, foreign exchange rate determination, and exchange rate adjustments. The most important issues relating to macroeconomic policy making in an open economy environment will conclude this course. Students will be asked to incorporate some field assignments in the context of class discussions to establish real life examples of theoretical issues in international economics.

Field Work

Country: Belgium
Day: 2 - Antwerp - Monday, 15 September

The Field Lab for this course will consist of travelling from Antwerp to Brussels to visit the EU Parliament on September 15, 2014.  During this visit, students will have the opportunity of touring the EU Parliament and possibly meeting and conversing with some of the MPs. They also will  listen to a presentation addressing the economic Role of the EU in the World economy Academic Objectives: 1. Students will learn about the relative importance of the EU countries’ exports and imports of Goods and services as a part of the overall World trade. 2. Students will learn about the importance of European Multinational companies foreign direct investments for other countries of the World. 3. Students possibly engage in discussions relating to the opportunities and challenges which the single European currency (euro) creates for European countries and the rest of the World. 4. Students apply theories of international trade and investment to what they learn about the EU from this Field Lab and will submit their written analyses as a part of the course requirement.