Background

The study of international trade and money has always been an especially lively and controversial area in economics. Through international trade in goods and services, as well as  international flows of money, the economies of different countries and regions are more closely linked to one another now than ever before. This trend is known as globalization. At the same time, the world economy is much more turbulent than it has been in many past decades, leading to a more volatile commercial environment. The volume of international trade is also obviously linked very closely to the prosperity and profitability of the maritime industry. An understanding of trade and money flows and their composition is a fundamental prerequisite for the understanding of shipping and global maritime supply chains.

The objective is to equip the student with a profound understanding of the workings of the international economy and its linkages and interdependences with international production, transport and distribution. This includes institutional arrangements (like the European Union, North American Free Trade Agreement, the World Trade Organisation, the International Monetary Fund), and the economics of international trade, international money and finance. Traditional concepts like comparative advantage are explored, as well as the role of industry structure and multinational corporations in international commerce.

Compulsory Reading

• Van Marrewijk, C. (2006), 'International Economics', Oxford University Press, 2006, Oxford

Recommended Reading

• Global Economic Prospects (2002), 'Transport costs as barriers to trade', Chapter 44
• Global Economic Prospects (2004), 'Transport, trade Facilitation & Logistics', Chapter 5 
• Global Outsourcing Report 20055
• Intermodal Transportation Institute (2004), 'USA needs new transportation policy', University of Denver, September 2004 
• Martin, W. and A. Winters (1995), The Uruguay Round and the Developing Countries, Cambridge University Press: New York
• Romer, P.M. (1994), 'New goods, old theories, and the welfare costs of trade restrictions', Journal of Development Economics, 2004