Course Syllabus: International Economic Relations (IER)
🎯 Learning Objectives
By the end of Week 1, students should be able to:
- Define International Economic Relations (IER) and explain its scope.
- Understand how IER fits within the global political and economic system.
- Trace the historical evolution of international trade and finance.
- Identify key actors (states, corporations, institutions) in IER.
- Discuss the relevance of IER in a globalized world.
🏛️ Lecture Structure (3 Hours Total)
1. Lecture 1 (2 hours): The Foundations of International Economic Relations
Key Topics:
- Definition and nature of IER
- Relationship between national and international economies
- Historical overview:
- Mercantilist era and early trade expansion
- Industrial Revolution and 19th-century trade liberalization
- The interwar period and Bretton Woods
- Post–Cold War globalization
- Key concepts: international trade, finance, investment, and economic diplomacy
- Major actors:
- States and governments
- Multinational corporations (MNCs)
- International organizations (IMF, World Bank, WTO)
- NGOs and civil society
Visual aids:
- Timeline: evolution of the world economic system
- World trade network map
- Diagram showing flows of goods, capital, and services
2. Seminar / Workshop (1 hour): The Global Economy in Context
Discussion questions:
- What distinguishes international from domestic economic relations?
- How has globalization changed the structure of IER?
- Are national economies still independent in the 21st century?
- What role do multinational corporations play in shaping economic policy?
Activity:
“Mapping Global Interdependence”
Students work in small groups to map how one product (e.g., smartphone or coffee) connects multiple economies through trade, finance, and investment.
📚 Key Readings
Core Texts:
- Krugman, P. R., Obstfeld, M., & Melitz, M. (2023). International Economics: Theory and Policy. Ch. 1–2.
- Oatley, T. (2022). International Political Economy. Ch. 1.
Supplementary Readings:
- Gilpin, R. (2001). Global Political Economy: Understanding the International Economic Order. Ch. 1.
- Stiglitz, J. (2018). Globalization and Its Discontents Revisited. Introduction.
- IMF (Latest). World Economic Outlook. Overview section.
🧩 Assignment
Type: Short essay (2–3 pages)
Topic:
“How globalization has reshaped the nature and scope of international economic relations.”
Requirements:
- Use at least two academic sources.
- Include one example of a recent international economic event (trade war, debt crisis, etc.).
Due: Week 2 seminar.
💬 Key Terms and Concepts
- International economic relations (IER)
- Globalization
- Trade liberalization
- Capital mobility
- Balance of payments
- International institutions
- Economic interdependence
🧠 Learning Outcomes
By the end of this week, students will be able to:
- Clearly define and contextualize IER.
- Explain the historical roots of modern economic globalization.
- Identify the main participants and institutions in the global economy.
- Engage critically with debates on economic interdependence and sovereignty.
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