International Trade and Globalization
International Trade and Globalization
An examination of how trade theory, multilateral institutions, and global value chains have reshaped production, employment, and inequality across the world economy.
60-Second Review
Express reviewA condensed, point-by-point summary of the module, for reviewing right before a test or exam.
- Trade Theory and the Roots of Protectionism. From Ricardo's comparative advantage to Smoot-Hawley, the theoretical and historical foundations of trade policy.
- GATT, the WTO, and Multilateral Trade. From the 1947 GATT through the Uruguay Round to the WTO, and the stalled Doha agenda that followed.
- Regional Trade Blocs Around the World. NAFTA/USMCA, the EU single market, ASEAN, Mercosur, and the African Continental Free Trade Area.
- Global Value Chains and China's Rise. China's WTO accession, fragmented global production, just-in-time logistics, and the container revolution.
- Investment, Growth Strategies, and Intellectual Property. Special economic zones, the East Asian growth model, FDI, transfer pricing, TRIPS, and GATS.
- Trade's Social and Environmental Costs. Labor standards, the pollution haven hypothesis, the Seattle protests, and fair trade certification.
- Crisis, Trade War, and Supply Chain Disruption. From the 2008 trade collapse through the US-China trade war to COVID-19 and sanctions on Russia.
- Digital Trade and Globalization's Future. E-commerce, the gig economy, labor migration, the elephant curve, and debates over deglobalization.
This is the starting point of International Trade and Globalization: you don't need any prior knowledge of this subject to begin.
Key points
11. Trade Theory and the Roots of Protectionism22. GATT, the WTO, and Multilateral Trade33. Regional Trade Blocs Around the World44. Global Value Chains and China's Rise55. Investment, Growth Strategies, and Intellectual Property66. Trade's Social and Environmental Costs77. Crisis, Trade War, and Supply Chain Disruption88. Digital Trade and Globalization's Future
Visual module map
1Trade Theory and the Roots of Protectionism
2Regional Trade Blocs Around the World
3Investment, Growth Strategies, and Intellectual Property
4Trade's Social and Environmental Costs
5Digital Trade and Globalization's Future
Alternative visual view: a simplified sequence of some of the module's key points, in their order within the syllabus.
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Final test
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Optional mini-games
Extra practice, with no penalty, to reinforce the module's content.
Further reading
Bibliography and cited sources used to create this module.
- Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. London: W. Strahan and T. Cadell.
- Ricardo, D. (1817). On the Principles of Political Economy and Taxation. London: John Murray.
- Krugman, P. (1979). "Increasing Returns, Monopolistic Competition, and International Trade." Journal of International Economics, 9(4).
- Krugman, P., Obstfeld, M., and Melitz, M. (2018). International Economics: Theory and Policy. New York: Pearson.
- Rodrik, D. (2011). The Globalization Paradox: Democracy and the Future of the World Economy. New York: W. W. Norton & Company.
- Milanovic, B. (2016). Global Inequality: A New Approach for the Age of Globalization. Cambridge, MA: Harvard University Press.
- Levinson, M. (2006). The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger. Princeton: Princeton University Press.
- Baldwin, R. (2016). The Great Convergence: Information Technology and the New Globalization. Cambridge, MA: Harvard University Press.
- World Bank. (1993). The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press.
- World Trade Organization. "Understanding the WTO." https://www.wto.org/english/thewto_e/whatis_e/tif_e/tif_e.htm