GOV 674 - The International Economy (3)

Presents the theoretical basis, historical development, institutional structure and current debates about the international economy as well as examining the concepts of comparative advantage and the gains from trade, exchange rates and alternative mechanisms for balance-of-payments adjustment, and the problems and instruments of trade policy. Lessons learned from the successes and failures of past international economic arrangements are reviewed. The purpose, organization, operation, and problems of the key international economic agencies governing the world economy (IMF, WTO, World Bank) are covered. Finally, the current controversies about the performance of the international economic system are evaluated, and the possibility for reform assessed.