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International Trade
Sylva Žáková Talpová, Ph.D.
Sylva.zakova.talpova@econ.muni.cz

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Why international trade?

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About the course
̶What to expect?
̶What are you expected to know?
̶What to do to pass the course?
̶Seminars compulsory
̶Seminar work/essay
̶Final exam
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What this course can bring to you, really?

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Essay, presentation and brief
̶Choose a topic in IS
̶Prepare an ESSAY on a selected topic (7-10 pages max. incl. sources)
̶Please upload your seminar work to IS until Tuesday 11 a.m. prior to your presentation (Thursday)
̶Prepare a PRESENTATION and present your mayor findings during seminar (10 minutes) (no need to
upload); include 4-6 review questions!
̶Prepare a BRIEF (incl. Infographics – optional) according to instructions in IS (upload HERE)

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Essay - content
̶Try to include most recent data and information
̶Upload your essay in IS
̶At the beginning of your essay, formulate questions that you want to answer (and make sure you
answer them in the endJ)
̶Follow formatting and citation guidelines (webpages ESF MU)
̶It is an essay – do not a copy&paste from other sources; your input is necessary (ideas,
comparison, advocating, discussion, etc.)
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Final assessment
Grading:
̶50 and more.....A
̶49-46.......B
̶45-40.......C
̶39-35.......D
̶34-30.......E
̶29-0.........F
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Essay assessment
̶CONTENT 60%
̶Clear structure
̶Correct and relevant information
̶Adequate work with resources (comparison, discussion, etc.)
̶Well-founded conclusions
̶FORMAL REQUIREMENTS 10%
̶Correct citations, formatting
̶Text flow, understandable, readable, illustrations (graphs)
̶PRESENTATION 20%
̶BRIEF 10%
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Final test
To pass the final test, you need to reach 60% in the test. Multiple-choice questions focused on the
main principles of international trade and open questions to show the ability to understand, apply
and assess issues in international trade.
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Additional points
You can get additional points by adding interesting international trade news to a course dashboard.
These posts need to be brief, informative, clear, including external links.
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Schedule
5.10.
SEMINAR: Introduction to international trade and organization of the course
12.10.
Basic Models of international trade
19.10.
SEMINAR
26.10.
Political economy of trade policy & International trade agreements (dr. Šafrová Drášilová)
2.11.
SEMINAR
16.11.
SEMINAR
23.11.
Legal Aspects of international trade (JUDr. Kyselovská)
30.11.
SEMINAR
7.12
The instruments of trade policy
14.12.
SEMINAR
21.12.
MNC in international trade

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Literature
̶Krugman, P. R. (2009). International economics: Theory and policy (8th ed.). Boston:
Pearson/Addison Wesley. (library code EKV-1049)
̶Lecture notes
̶Articles! (databases: EBSCO, ProQuest, JSTOR etc.)
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Please communicate J
Green dialogue boxes

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Ready to start?
Close-up of hopscotch on a sidewalk

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Is today´s economy global?
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Pankaj Ghemawat
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File:Thomas Friedman 2005 (1).jpg
Thomas Friedman, American journalist, author of a book called „The world is flat“
http://economictimes.indiatimes.com/photo/9058997.cms

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Challenges
Globalisation
Benefits
̶Backlash against capitalism and rekindling of nationalism
̶Increased protectionism of high-demand resources
̶Need to develop top managers with international understanding and experience
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̶Access to more markets
̶Growth of developing economies
̶Opportunities for flexibility and efficiency
̶Opportunities for small and medium-sized enterprises (SMEs)
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International trade development
http://internationalecon.com/Trade/Tch5/T005-1-1.gif
Newer data (check trends)

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Data source here

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International trade development
http://internationalecon.com/Trade/Tch5/T005-1-2.gif

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Data source here

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Measuring international trade
̶Import
̶Export
̶Trade compared with GDP (trade = (import+export)/2)
̶Shortcomings?
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Obsah obrázku text, mapa, atlas Popis byl vytvořen automaticky

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Key recent trends
̶the economic growth of many developing countries
̶the growing integration of global production through supply chains
̶the higher prices for agricultural goods and natural resources
̶increasing interdependence of the world economy, which causes shocks to reverberate more quickly
and globally
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Quiz!
When you look at world exports as a percentage of world GDP for the years 1970 to 2005, you can
see:
A.steady increase
B.sharp increase
C.steady decline
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Global integration
̶Theoretical approach
̶Competitive advantage
̶Comparative advantage
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Examples of comparative advantage:

üSlovakia /Germany
üFrance/Netherlands
üFinland/Poland
üCzech Republic/Italy

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Segmented markets
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2%A5%93%09%7D

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Consequences
̶Price dispersion
̶Home bias
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̶Access to markets
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Integration within trading block
The dominance of the US is already over. What is emerging is a world economy of blocs represented
by the North American Free Trade Agreement, the EU, and the Association of Southeast Nations.
There´s no one center in this world economy.
Peter Drucker
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Integration within trading block

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Consequences
̶Price convergence within trading block
̶Expansion of efficient firms
̶Focus on their competitive advantage
̶Relation between specialization of firms according to competitive advantage and the specialization
of a country according to comparative advantage
̶Attractivity of successful regional trading blocks
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The Czech Republic ranking
Data source here

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Quiz!
TRUE OR FALSE???
“Asia accounts for one half of world exports”
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Global integration
Source: Filip Abraham, Internalization and globalization

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Consequences
̶Global price convergence
̶Home market bias disappears
̶Efficient firms prevail
̶Firms focus on their competitive advantage, countries specialize according to their comparative
advantage
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From theory to practice
̶Price convergence
̶Home market bias
̶Turning to corporate specialization due to integration
̶Relation between integration and comparative advantage of countries
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Thank you for attention!
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