World trading patterns; Mainstream economics trade theories: absolute and comparative advantage
theories, sources of comparative advantage, specific factor model, Heckscher-Ohlin model,
economies of scale and imperfect competition, international factor movements; Trade policy: tariffs,
export subsidies, import and export quotas, political economy of trade policy, import substituting
industrialisation; Exchange rates and open economy macroeconomics; Alternative paradigms:
Prebisch-
Texts/References:
1. P. Krugman and M. Obstfeld, International Economics: Theory and Policy, 6th Ed., Pearson
Education, 2003.
2. D. Ray, Development Economics, OUP, 1998.
3. A.K. Bagchi, The Political Economy of Underdevelopment, Orient Longman, 1989.
4. M. P. Todaro and S. C. Smith, Economic Development, Pearson Education, 2003.
5. P. Patnaik (ed.), Imperialism: the Highest Stage of Capitalism: Lenin, Leftword, 2000.
