As the students complete the course successfully, they will have learnt fundamental theoretical and policy-related analyses in the field of international trade. Some important questions will be addressed throughout the semester, such as:

• Why is trade generally mutually beneficial for two trading partners (in theory)?
• How does trade lead to the expansion of consumption possibilities and input-saving outcomes?
• What are the standard assumptions in different trade theories?
• What are the implications of dropping or changing those standard assumptions?
• How do countries trade with each other when the firms operate under the conditions of increasing returns scale and monopolistic competition?
• What are the effects of government interventions to free trade?
• What are the connections among international trade, national development and globalization?

Students will be able to provide theory-consistent responses to these important questions thanks to the scholarly knowledge they acquired in the context of international trade theory and policy.