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Syllabus available here.
PPT presentations available here.
Prezi overview (mindmap) available here.
Recommended reading and resources:
Douglas A. Irwin: Against the Tide (An Intellectual History of Free Trade), Princeton University Press, 1996.
Jagdish Bhagwati: Free Trade Today, Princeton University Press, 2002.
Douglas A. Irwin: Free Trade Under Fire, Princeton University Press, 2002.
Deardorff's Glossary of International Economics: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Henry George: Protection or Free Trade, 1946.
References to specific reading can be
found below. Unless stated otherwise, it can be found on
JSTOR (free access from VSE network or
through proxy; see
proxy setup instructions).
Instructions on reading and other resources making up for cancelled classes this semester:
There
are 3 classes (week 4 thru 6) that are cancelled this semestr. In order
to make up for the workload, the list of items you are required to read
or listen to is extended: it is all the items below that are in bold type (the rest is for fans or curious students).
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Course outline by weeks |
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1. |
Course requirements and general information. General remarks on economics as a guide to policy. Protectionism as a case study in theory-policy relationship. Paul Krugman: What Do Undergrads Need To Know About Trade |
Introductory |
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2. |
Scarcity and the role of exchange / division of labor in its alleviation. Benefits, prerequisites, patterns and consequences of exchange. | General Exchange Theory |
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3. |
Price theory. Monetary aspects of exchange. Interference with exchange and its consequences. Summary. |
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4. |
International
division of labor and exchange in international trade theory. Henry Martyn: Considerations on the East-India Trade David Ricardo: Of Foreign Trade (Chapter 7 of his Principles), see particularly paragraphs 15, 16 and 17 James Mill: Interchange (Chapter III of his Elements), see particularly section iv, paragraphs 9-17 William Bernstein on the History of Trade (download MP3) |
International Trade Theory (and its history) - THIS IS SUBJECT OF CLASSES THAT ARE CANCELLED THIS SEMESTER |
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5. |
Price theory in
international trade theory. Balance of payments theory.
Interference with trade and its consequences. Conclusion on
protectionism vs. free trade. John Stuart Mill: Of International Values (Book III, Chapter XVIII of his Principles) David Hume: Of the Balance of Trade |
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6. |
Trade Policy as Practiced by Governments Nye on Wine, War and Trade (download MP3) Rustici on Smoot-Hawley Tariff (download MP3) Anne O. Krueger: Are Preferential Trading Arrangements Trade-Liberalizing or Protectionist? |
Trade Policy (and its history) - THIS IS SUBJECT OF CLASSES THAT ARE CANCELLED THIS SEMESTER |
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7. |
Jobs, Jobs, Jobs: Protectionism as Remedy to Unemployment Frédéric Bastiat: “Petition of the Candlemakers'” Leamer on Outsourcing and Globalization (download MP3) Boudreaux on the Economics of "Buy Local" (download MP3) |
Arguments in Favor of Protectionism |
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8. |
Running out of Money: Protectionism to Save the Balance of
Payments Frédéric Bastiat: “On Balance of Trade” Boudreaux on Globalization and Trade Deficits (download MP3) |
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9. |
I Will if You Do: Misguided Calls for Reciprocity | |
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10. |
Not So Cheap, Please: the Logic of Dumping. The
Blackboard Economics of the Optimum Tariff Lucy Davis: Ten years of anti-dumping in the EU: economic and political targeting |
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11. |
The Economics of
Temporary Protection: the Infant Industry Argument Robert Baldwin: The Case against Infant-Industry Tariff Protection |
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12. |
Protectionism and Development Economics Munger on Fair Trade and Free Trade (download MP3) |
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13. |
Does Protectionism Protect the Environment |