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Lecture 1

ECON 3HH3 Lecture Notes - Lecture 1: Smoot–Hawley Tariff Act, Offshoring, Break Bulk Cargo


Department
Economics
Course Code
ECON 3HH3
Professor
Pau S.Pujolas
Lecture
1

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Trade in the Global Economy 1
1
International Trade
2
Migration and
Foreign Direct
Investment
3
Conclusions

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Introduction
On April 14, 2010, the Eyjafjallajokull volcano
in Iceland roared to life after being dormant for
more than two centuries.
An event like this has dramatic consequences
for international trade, the movement of
goods and services across borders.
Roughly 100,000 flights to and from Northern
Europe were cancelled, and billions of dollars
in air freight and millions of travelers were
delayed, cancelled, or re-routed.
In April 2010 the ash
from Iceland's
Eyjafjallajokull
volcano disrupted
air travel in Northern
Europe and beyond.

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Introduction
In this course, we will study international trade in goods
and services.
We will learn the economic forces that determine what
that trade looks like:
what products are traded
who trades them
at what quantities and prices they are traded
what the benefits and costs of trade are.
We will also learn about policies that governments use
to shape trade patterns among countries.
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