SEMESTER AT SEA COURSE SYLLABUS
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SEMESTER AT SEA COURSE SYLLABUS
Voyage: Fall 2014
Discipline: Economics
SEMS 3500-106: International Economics
Division: Upper
Faculty Name: Abbas Noorbakhsh, Ph.D.
Pre-requisites: Principles of Economics or the consent of the instructor.
COURSE DESCRIPTION:
In today’s global economy, the economic systems of different countries and regions of the World are highly
interdependent upon each other through fast and continuous movements of goods, services, labor, and flows
of funds. This course concentrates on some of the most essential concepts and issues relating to
international trade and international monetary relations. We first try to answer why nations trade by
discussing the concepts of absolute and comparative advantage and their sources in each country. We then
look at different trade barriers and their socio-economic consequences in devising trade policies with an
emphasis on developing nations. Regional economic integration and the effect of the operations of global
firms on international factor movements will then be considered. The course also focuses on concepts of the
balance of payments, foreign exchange rate determination, and exchange rate adjustments. The most
important issues relating to macroeconomic policy making in an open economy environment will conclude
this course. Students will be asked to incorporate some field assignments in the context of class discussions
to establish real life examples of theoretical issues in international economics.
COURSE OBJECTIVES:
1. To introduce the students to the basic theories of trade in order for them to understand why
nations trade.
2. To discuss the benefits and disadvantages of free trade amongst nations.
3. To explain the economic consequences of tariff and nontariff trade barriers.
4. To introduce the students to basic concepts of balance of payments, exchange rate systems,
exchange rate determination, and the effect of international monetary system on the
economic relationships among different countries.
REQUIRED TEXTBOOKS:
AUTHOR: Robert J. Carbaugh
TITLE: International Economics
PUBLISHER: South-Western; CENGAGE Learning
ISBN #: 10:1-4390-3894-9
DATE/EDITION: 2011, 13th editionTOPICAL OUTLINE OF COURSE Depart Southampton- August 23 A1- August 25: Globalization Read Chapter 1 & prepare Key Concepts & Terms on Page 27 A2-August 27: Foundations of the Modern Trade Theory: Comparative Advantage Read Chapter 2 & prepare Key Concepts & Terms on Page 64 St. Petersburg: August 29- September 2 A3- September 3: Foundations of the Modern Trade Theory: Comparative Advantage; Continued Read Chapter 2 & prepare Key Concepts & Terms on Page 64 A4- September 5: Sources of Comparative Advantage Read Chapter 3 & prepare Key Concepts & Terms on Page 108 Hamburg: September 7-11 A5- September 12: Regional Trade Arrangements Read Chapter 8, Preparing for the Field Lab Antwerp: September 14-16 Field Lab: Visiting European Union Institutions in Brussels: Challenges of the European Union and the Euro Zone. Details will be provided after the plans for the visit are finalized. Le Havre: September 17-19 A6-September 20: Discussing the Field Lab Activities and outcomes A7- September 22: Tariffs Read chapter 4 and prepare Key Concepts & Terms on Page 151 Dublin: September 24-27 A8- September 28: Tariffs; Continued Read chapter 4 and prepare Key Concepts & Terms on Page 151 A9- September 30: Nontariff Barriers Read Chapter 5 and prepare Key Concepts & Terms on Page 184 Lisbon: October 1-2
In transit: October 3 Cadiz: October 4-5 A10- October 7: Nontariff Barriers; Continued Read Chapter 5 and prepare Key Concepts & Terms on Page 184 Casablanca: October 8-11 A11-October 13: Review for the Mid-term exam A12- October 15: Mid-Term Exam; Chapters 1, 2, 3, 4, 5, 8 Dakar: October 16-19 A13- October 21: Trade Regulations and Industrial Policies: WTO Read Chapter 6 and prepare Key Concepts & Terms on Page228 A14- October 23: Trade Policies for the Developing Nations Read Chapter 7 and prepare Key Terms & Concepts on Page 269 Takoradi: October 25-26 Tema: October 27-28 A15- October 29: The Balance of Payments Read Chapter 10 and prepare Key Concepts & Terms on Page 366 A16- October 31: Foreign Exchange Read Chapter 11 and prepare Key Concepts & Terms on Page 402 Study Day: November 2 A17-November 3: Foreign Exchange; Continued Read Chapter 11 and prepare Key Concepts & Terms on Page 402 A18- November 5: Exchange Rate Determination Read Chapter 12 and prepare Key Concepts & Terms on Page 431 Rio de Janeiro: November 7-9 In-transit: November 10-11 Salvador: November 12-14 A19- November 15: Exchange Rate Determination; Continued Read Chapter 12 and prepare Key Concepts & Terms on Page 431 A20- November 17: Exchange Rate Systems and Currency Crises Read Chapter 15 and prepare Key Concepts & Terms on Page 494
Study Day: November 19
A21-November 20: Exchange Rate Systems and Currency Crises; Continued
Read Chapter 12 and prepare Key Concepts & Terms on Page 431
Bridgetown: November 22-24
A22-November 25: Macroeconomic Policy in an Open Economy
Read Chapter 16 and prepare Key Concepts & Terms on Page 511
A23- November 27: Review for the Final Exam
Havana: November 29- December 2
Study Day- December 3
A24-December 4: Final Exam: Chapters 6,7,10, 11, 12, 15, 16
FIELD WORK
1. FIELD LAB
We will visit the EU institutions in Brussels to enhance our understanding of some
of the opportunities and challenges which the European Union is currently facing.
Hopefully, we will have the opportunity of listening to a speaker followed by Q & A
about some of the latest challenges the Euro zone has been facing due to the debt
crisis in Greece and some other countries. We will pay special attention to the role
that Euro is playing in this process.
Field lab attendance is mandatory for all students enrolled in this course. Please do
not book individual travel plans or a Semester at Sea sponsored trip on the day of our
field lab. Detailed description of the field lab activities and its academic objectives
will be provided after the site visit is finalized.
2. FIELD ASSIGNMENTS; COUNTRY PROFILES:
Every student must select a group of three countries from the ones being visited during our
journey. A profile for each country must be compiled by the student. These country profiles should
consist of the following information:
1. The geographic location of the country visited.
2. The geographic location and the economic importance of the port visited for the country.3. The comparative advantage of each country in international trade (i.e. major exports of
each country during the most recent year)
4. The most important imports of each country during the most recent year.)
5. The degree of openness of each country (exports + imports) / GDP for the most recent year.
6. The balances of Current Account and Capital & Financial Account during the most recent
year.
7. The name of the national currency and its latest exchange rate vs. the U.S. dollar.
8. The name of some of the largest MNC enterprises which are currently operating in the
country.
9. The price of a Big Mac in local currency if McDonald Corporation has a restaurant in the
port.
10. The average price of a big Mac in three of the largest urban areas in the United States.
11. Estimate the exchange rate between the domestic currency and the U.S. dollar based on
the Big Mac prices. Compare this exchange rate with the official quoted rate
(overvaluation or undervaluation of the domestic currency in the foreign exchange
market.)
12. Express any interesting personal observation while touring a local food market in each
port.
Country profile reports must be word-processed, double-spaced in a maximum of three pages and
submitted to the instructor no later than December 3, 2014.
METHODS OF EVALUATION / GRADING RUBRIC
The final grade is based on attendance and class participation, homework, field lab project,
and two tests. Points will be distributed as follows:
Mid-term 125 points
Final (comprehensive) 125 points
Attendance / participation 25 points
Homework assignment 50 points
Field Lab Project 100 points
Country Profiles Report 75 points
____________
Total 500 points
Your performance in the course will be evaluated according to the following scale:
90-100 A
80-89 B
70-79 C
60-69 D
below 60 F
There is no make-up exam if you miss one unless you are ill and it can be verified officially.
No cell phones, pagers, IPods, IPads, Laptops, or other electronic devices, other than
financial calculators, will be permitted during exam periods. Violation of this will subject
you to academic disciplinary procedures. Electronic communications through phones or text
messaging; sending, receiving, or checking e-mails during the class periods are strictly
prohibited. The attendance score is calculated only based on the number of classes that you attendthrough the semester. Once you miss a class, I will not hear any excuse to restore the credit for that. LIBRARY RESERVES: To review the basic economics concepts and definitions, the following textbooks are placed on reserve in the library. You are strongly advised to consult this text to refresh your memory or read about some of the economics concepts that are frequently referred to throughout class discussions in this course. 1. AUTHOR: Gregory Mankiw TITLE: Brief Principles of Macroeconomics PUBLISHER: South-Western / CENGAE Learning ISBN #: 13:978:0-324-59244-2 DATE / EDITION: 2008; Fifth or the most recent Edition 2. AUTHOR: Michael Parkin TITLE: Microeconomics PUBLISHER: Pearson ISBN #: 13:978:0—13-301994-0 DATE / EDITION: 2014; Eleventh Edition HONOR CODE Semester at Sea students enroll in an academic program administered by the University of Virginia, and thus bind themselves to the University’s honor code. The code prohibits all acts of lying, cheating, and stealing. Please consult the Voyager’s Handbook for further explanation of what constitutes an honor offense.
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