Course Title：An Introduction to Economics: Markets, Trade, Institutions and Controversies

The course will begin by discussing the main elements of the market economy, the reasons why markets exist and the benefits associated with them, according to liberal economists to include the founder of modern economics, Adam Smith. It will then focus on markets in an international context, discussing the best known theory of international trade, the Theory of Comparative Advantage, associated with David Ricardo, alongside more modern contributions to theory to include the Hechsler-Ohlin model. The course will examine global institutions which developed in the second half of the twentieth century to encourage international trade, with specific reference to the World Trade Organisation and the International Monetary Fund. It will also cover key controversies associated with markets, to include inequality and exploitation and reference will be made to the works of Amartya Sen and the capitalist critiques of Karl Marx. The course will use China’s reforms associated with Deng Xiaoping (gaige kaifang –reform and open to the outside world) as a case study.