International Economic Relations

In the last four decades the economic integration of the economies, induced by the policies of economic liberalization and globalization, has increased. The volume of trade has increased, and the pattern of trade has also changed. Production, finance, investments etc. have been globalized but there are controls over the technology (IPRs) and the labor movement. The changing economic situation and the international economic relations have their pros and cons. In this assignment you will broadly review what you have studied in the classes and based on that you will analyse the ongoing world economic scenario. You will answer the following questions.

1. Introduction (half page, 5%)
2. Why free trade is considered better? Discuss cases for and against the free trade. (about one and half page, weightage 15%)
3. What policy instruments have been used to promote economic integration? How the WTO regulations tried to promote economic integration? (about one page, weightage 20%)
4. What are the persisting main controversies in the trade policy? (about one and half page, weightage 20%)
5. Do you think that the ongoing trade wars and the outbreak of COVID-2019 will reverse the globalization process? (about two and half pages, weightage 35%)

(Hint: COVID-19 virus has disrupted the supply chain along with the decrease in the aggregate demand and there is a fear that world economy may go into recession. So, a thinking is developing that too much globalization is a risky proposition)

• Overview (half page, 5%)

What you will do?

You will write a 7-8-page academic research paper (12 font size and 1.15-line space, font Times New Roman). Substantiation of your viewpoints and arguments with data and with the references from the literature will be appreciated. Avoid inserting big tables and the graphs in the text. You can append the data tables and graphs, if needed.

At the end of the assignment you will attach a page listing the articles reviewed including the academic research papers and newspaper and web-based articles. You can use any citation style.    

Review of Literature: You will read the related book chapters, lecture slides and your class notes. You will also review some academic research papers. In addition, you can cite newspaper article, web-based articles, TV discussions etc. etc.

The evaluation will be on the basis of the content as well as how the facts are articulated. Use the terminology of economics in the explanation.

The last date of submission .You will submit by email. No submission after the last date will be accepted.