Department and Course #: Course Title: Academic Term: Class Time: Academic Division: Instructor: Telephone Number: Email: ECON 320 INTERNATIONAL TRADE SUMMER 2009 TUESDAY AND THURSDAY, 5:45p-8:00p SOCIAL SCIENCES TOM SCHENK 515-281-3753

ACADEMIC MAJOR GOALS AND OBJECTIVES 1. Demostrate abilities to conduct research to access relevant information and then communicate the results of the research to others in written and oral format. 2. Demonstrate abilities to work in a team environment, as a leader and as a follower, to generate solutions to specific situations. 3. Develop skills in analyzing business situations and recommend courses of action that show a thorough understanding of the internal and external envorments. INSTRUCTIONAL OBJECTIVES *Learning as Knowledge The student will: 1. Identify the definition(s) of political theory, economics, international trade 2. Identify the basic principles of the law of supply, law of demand, and market equilibrium. 3. Identify and understand the principles of unemployment, interest rates, fiscal, and monetary policy. 4. Understand the economy as a system. *Learning as Process or Behavior The student will: 1. Relate political economy systems to the U.S. and other economies. 2. Study how the market system allocates products and services to consumers. 3. Apply economic theory in real-world applications 4. Learn how policy affects all the elements of the economy. *Learning as Attitude The student will: 1. Appreciate the basic underlying dilemma of economics. 2. Develop an awareness of how economics impacts their daily lives. 3. Appreciate the complex interactions in an economy. CONTENT OUTLINE • Elements of international trade: political economy, culture, political science, economics. • Institutions in international trade • Political philosophy • Trade-offs and opportunity cost • Comparative advantage • Foreign Direct Investment • Monetary institutions in international trade • Regional trade agreements


INSTRUCTIONAL PROCEDURES Instructional procedures for this course will include lectures, class discussions, “company” (group) exercises, case analysis, and individual assignments. Students will successfully pass the class if they aforementioned activities. INSTRUCTIONAL RESOURCES

1. Textbook: Economics by David Colander, 7th Edition, McGraw-Hill, Irwin: 2006
ISBN: 0-07-340286-9 Times

2. Periodicals: The Economist, The Wall Street Journal, The Des Moines Register, New York 3. Blogs: Grew Makiw, Marginal Revolution, Free Exchange, Dani Rodrik’s Weblog,
4. Growth Commission Blog Other readings will be distributed online and in-class.


Y = 0.3 • M + 0.3 • F + 0.3 • R + 0.1 • P
Y = total score; M = Midterm F = Final R = Research Project P = Participation Exams: One exam will be administered. The exam will consist of a multiple choice, argument, and long problems. Multiple choice questions will test basic economic vocabulary and elementary relationships. Argument questions will ask the student to reply to a normative statement using economic reasoning taught in class. I may use quotes from recent periodicals and/or blog posts. Finally, long problems will be multi-part and will test whether the student can work through an economic model. Each exam will implicitly be cumulative insofar as the principles of economics are tightly intertwined, but the emphasis will be on the contemporary lesson. Final: The final will explicitly be cumulative, although the emphasis will be slightly more on the latter half of the class. The format will be similar to exams: multiple choice, essay, and long problems. The test is worth slightly more and, thus, will be slightly longer than exams. Research Project: Students will participate in a 2 to 3 member group project that will be completed in four stages with a culmination up to a final presentation. Each group will choose a country to research and write on the country’s political, culture, and economic system. A defined portion of the paper will be due approximately every two weeks. Details of the assignment will be provided in another document. Participation: As an advanced class, this course depends on dialog between the instructor and professor. Students will be expected to participate in each class. Final Grade: Letter grades will be assigned as follows: A = 90-100% B = 80-89% C = 70-79% D = 60-69% F = < 60% MISSED EXAMS AND ASSIGNMENTS Project milestones will be due at the beginning of the day. Tests will be given on the days denoted below. Late assignments will be penalized 40 percent. Students must notify the professor of an upcoming absence. Students will be allowed to make up exams ONLY when the professor received prior notification for the inability to complete the exams. In extreme cases where prior notification is impossible, the student must provide written documentation—not by the student—explaining the absence. Students who miss a test for an unexcused absence will receive a zero.


ATTENDANCE Students will be expected to attend every class. Irregular attendance will be reflected in participation score. WRITING AND CRITICAL THINKING Modern economics is intensely mathematics, but few people possess the training to grasp a mathematical model. As such, economics is typically communicated in written periodicals so it is no coincidence that well-known economists tend to be good writers—e.g., Paul Krugman, Herny James, John Gailbraith, and Milton Friedman. Employers often lament and seek those with sharp writing ability. Although writing ability is hard to notice during an application procedure, employers will often quickly promote those who effectively communicate. This class will challenge student to reply to assertions during an examination. Students will need to synthesize economic theory and writing to convince the professor the original argument was either fallacious or correct. This experience will be different from writing an essay or research paper. Argument portions of the exam will give the student little room to wonder or “add fluff”. TENTATIVE SCHEDULE & READINGS Economics is truly an interdisciplinary subject involving political theory, moral philosophy, mathematics, and elements of all social sciences. This course will be based around the cold logical and mathematical aspects often satirized in TV and movies. However, this class will also overtly emphasis applications of economic theory and briefly highlight the moral philosophy and political philosophy elements. All readings listed below are mandatory. Readings should be completed prior to the scheduled class. These readings will delve into political theory, philosophy, and other classical writings that will add to the student’s comprehensive knowledge. Students will not be tested over the material and absolutely should complete other assignments first. I hope this syllabus will be a resource for the student after the class has been completed. The required textbook for this class will be Global Business Today, Charles W.L. Hill, Sixth Edition, 2009 (ISBN: 978-0-07-338139-8) 05 May: Introduction to Globalization Globalization Hill – Chp. 1 Institutions in International Trade Stiglitz, Joseph. Globalization and its Discontents – Chapter 1, The Promise of Global Institutions 07 May: Political Economy and the Law Hill – Chp. 2 Sen, Amartya, Development as Freedom – Chapter 2, The Ends and the Means of Development Political philosophies: 12 May: Culture & Society Hill – Chp. 3 Sen – Chapter 10, Culture and Human Rights 14 May: Ethnics and Social Justice Hill – Chp. 4 Sen – Chapter 3, Freedom and the Foundations of Justice 19 May: PHASE 1 DUE International Trade Theory Hill – Chp. 5 21 May: Political Economy of Trade Hill – Chp. 6 Stiglitz – Chapter 2, Broken Promises


26 May: Foreign Direct Investment Hill – Chp. 7 Regional Trade Agreements Hill – Chp. 8 28 May: PHASE 2 DUE Foreign Exchange Hill – Chp. 9 02 Jun: MIDTERM 04 Jun: Monetary Systems Hill – Chp. 10 09 Jun: PHASE 3 DUE Pricing Strategies Hill – Chp. 15 11 Jun: TBA 16 Jun: PHASE 4 DUE PRESENTATIONS 18 Jun: PRESENTATIONS [CONT.] 25 Jun: FINAL


Revised: 4/13/04, 6/24/05, 8/01/06, 12/21/06, 6/04/07

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