Trade is now central to domestic and international policy in a way unimaginable two decades ago; in the hands of western populists this often means blaming China and less developed competitors for the loss of manufacturing jobs – President Trump is effectively using economic conflict (“trade wars”) as an organising principle for his foreign and domestic policy. In the UK, the economic case for Brexit was predicated on the UK gaining better terms of trade alone than were available to it as a member of the EU. As trade talks with the EU and other international partners go forward in 2020, we will see if this proposition holds, especially as the question of trade trade-offs will come to the fore in the UK.
This course offers a practitioner’s perspective on the current architecture of the international trade system, its development, the current legal and policy challenges it faces, and the range of potential solutions. Grounded in trade policy and economics, the course will look behind the headlines to consider the choices faced by politicians and policymakers as they seek to square the circle of a variety of factors: inclusive economic growth; China’s rise; ageing populations in the developed world; youthful populations in the developing world; taxing transnational corporations; and the knowledge economy within an ecologically sustainable package to tackle climate change. All of these are either trade issues or closely related to trade – and this generation of policymakers will need to understand the issues in order to plot a route forward.
Learning outcomes
- Understand the arguments for trade liberalisation and the roadblocks to further liberalisation;
- Understand how tariffs, standards, and international trade interact and are supported by the World Trade Organisation (WTO);
- Be able to articulate three futures for international trade between now and 2035
