| Economics and Finance(English) | |||||
| Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 | ||
| Course Code: | ITRD407 | ||||||||
| Course Name: | Foreign Trade and The World Economy | ||||||||
| Course Semester: | Spring | ||||||||
| Course Credits: |
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| Language of instruction: | TR-EN | ||||||||
| Course Requisites: | |||||||||
| Does the Course Require Work Experience?: | No | ||||||||
| Type of course: | University Elective | ||||||||
| Course Level: |
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| Mode of Delivery: | Face to face | ||||||||
| Course Coordinator : | Dr.Öğr.Üyesi GÖKÇEN AYDINBAŞ | ||||||||
| Course Lecturer(s): |
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| Course Assistants: |
| Course Objectives: | The purpose of this course is to study the structure and dynamics of international trade within an evolving world economy from the perspective of a developing country, especially Turkey. Students will analyze the essential characteristics of international trade structures of developing countries within recent periods of world economy. |
| Course Content: | Classification of economy; classification of manufactured goods; horizontal specialization; vertical classification; technological classification of exports economic development; meaning and indicators of economic development; characteristics of the developing world; the origins of foreign trade; feudal society; geographical explorations; Mercantilism; Industrial Revolution; Colonialism; international trade and development strategy; current key issues in international trade; the terms of trade and the Prebisch-Singer Hypothesis; import substitution industrialization (ISI); export promotion; globalization and international trade; drivers of globalization; globalization of developing countries in trade; outsourcing and offshoring; the fragmentation of production and emergence of production networks; global value chains; governance of value chains; globalization and development strategy; Turkey and value chains; industrial upgrading; sectoral examples. |
The students who have succeeded in this course;
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| Week | Subject | Related Preparation |
| 1) | • Syllabus. • Discuss Library Orientation Course, Instructor to verify completion. • Describe the classification of production. • Illustrate structure of Turkish exports with respect to sectors. • Compare this structure with more developed and less developed countries. | |
| 2) | • Describe the classification of production with respect to stages. • Explain stages of production. • Illustrate structure of Turkish exports with respect to stages of production. • Illustrate structure of Turkish exports with respect to technological classification. • Compare this structure with more developed and less developed countries. | |
| 3) | • List the measures of development. • Define the developing world. • Discuss the levels of industrialization. • Explain what we mean by development. | |
| 4) | • Explain the origins of global trade. • Describe feudal society. • Define mercantilism. • Describe the historical effects of industrial revolution. | |
| 5) | • Define colonialism. • Describe de-industrialization in the colonies. • Explain decolonization. • Describe the lasting effects of colonialism and path dependency. | |
| 6) | • Describe the structure of Turkish exports. • Explain the meaning of development and its measures. • Explain the evolution of trade. • Discuss effects of industrial revolution. • Describe colonialism. • Explain the lasting effects of colonialism. | |
| 7) | • Discuss the importance of exports to different developing nations. • Explain the traditional theories of international trade. • Understand the critique of traditional free-trade theory. • Describe the traditional trade strategies for development. | |
| 8) | • Discuss the need to industrialize. • Explain the easy ISI. • Define infant industry protection. • Explain when to eliminate infant industry protection. • Describe the importance of state to successful ISI. | |
| 9) | • Define strategy switching. • Explain how to continue structural change • Describe easy export substitution industrialization. • Define difficult ISI • Summarize the lessons of strategies. | |
| 10) | • List the indicators of GVCs. • Define the lead firm in GVCs. • Describe the relation between globalization and development. • Discuss smile curve economics. | |
| 11) | • List the indicators of GVCs. • Define the lead firm in GVCs. • Describe the relation between globalization and development. • Discuss smile curve economics. | |
| 12) | • List the dynamics of globalization. • List the distinctive features of the contemporary global economy. • Describe the reorganization of production and trade in global economy. • Define the lead firm in GVCs.. • Discuss the importance of exports to different developing nations • Understand the critique of traditional free-trade theory. • Describe the traditional trade strategies for development. | |
| 13) | • Define the place of Turkey in GVCs. • Define industrial upgrading. • Describe the steps of upgrading trajectory. • Explain clothing value chain. | |
| 14) | • Explain the importance of understanding the uneven nature of power relationships in GVCs. • Describe the new global clothing industry. • Explain upgrading in the new global clothing industry. • Explain upgrading in Turkey and background on Turkish firms. • Describe the transformation of Erak Clothing. | |
| 15) | • Illustrate structure of Turkish exports. • Compare this structure with more developed and less developed countries. • Define colonialism. • Describe the lasting effects of colonialism and path dependency. • Describe the traditional trade strategies for development. • Describe dynamics that have driven globalization. • List the distinctive features of the contemporary global economy. • Describe the reorganization of production and trade in global economy. • Describe upgrading. • Illustrate upgrading. |
| Course Notes / Textbooks: | Economic Development Michael P. Todaro and Stephen C. Smith 2012 Pearson | 11th Edition ISBN 978-0-13-801388-2 |
| References: | “Assembly Trade and Technology Transfer: The Case of China,” Authors: Lemoire, F. ve Ünal-Kesenci, D. World Development, (2004), 32(5): 829-850. The Process of Economic Development Authors: James M. Cypher and James L. Dietz Publisher: Routledge; 3rd Edition (2009) ISBN-13: 978-0-415-77103-0 | ISBN-10: 0-415-77103-X International Business, Authors: Michael R. Czinkota, Ilkka A. Ronkainen, Michael H. Moffett, Publisher: John Wiley & Sons, 8th Edition (2011) ISBN-13: 978-0-470-53065-8 Beyond Economic Growth: An Introduction to Sustainable Development Authors: Tatyana P. Soubbotina Publisher: World Bank; 2nd Edition (2004) ISBN: 0-8213-5933-9 Nations and Firms in the Global Economy Authors: Steven Brakman, Harry Garretsen, Charles van Marrewijk, Arjen van Witteloostuijn Publisher: Cambridge (2006) ISBN-13: 978-0-521-54057-5 “Global supply chains: why they emerged, why they matter, and where they are going” in Global value chains in a changing world (eds: Deborah K. Elms and Patrick Low) Author: Richard Baldwin Publisher: WTO Publications; 1st edition (2013) ISBN: 978-92-870-3882-1 “The Global Economy: Organization, Governance, and Development” in The Handbook of Economic Sociology (eds: Neil J. Smelser and Richard Swedberg) Author: Gary Gereffi Publisher: Princeton University Press, 2nd Edition (2005) ISBN: 0-691-12125-7 Introduction: Globalisation, Value Chains and Development Author: Gereffi et al. IDS Bulletin Vol 32 No 3 2001, p.1 Upgrading in Global Value Chains Author: John Humphrey Publisher: International Labor Office, 2004 ISBN: 92-2-116016-5 Upgrading in the Global Clothing Industry: Mavi Jeans and the Transformation of a Turkish Firm from Full-Package to Brand-Name Manufacturing and Retailing Author: Nebahat Tokatli and Ömür Kızılgün Journal: Economic Geography 80(3): 221-240, 2004 Publisher: Clark University |
| Learning Outcomes | 1 |
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| Program Outcomes | ||||||||
| 1) Explain the advances in the area of economics and finance within the framework of scientific methodology, theories and models. | ||||||||
| 2) Employ the appropriate tools and analytical techniques to collect and analyze quantitative and qualitative data in the related areas, interpret results and propose solutions. | ||||||||
| 3) Explain the evolution of financial markets and institutions in a historical context and define how they operate. | ||||||||
| 4) Recognise the basic principles and regulations in the financial sector. | ||||||||
| 5) Discover and create entrepreneurial opportunities to successfully establish and develop their own ventures. | ||||||||
| 6) Recognise, interpret and discuss the current economic issues both at the national and global levels. | ||||||||
| 7) Have the English proficiency in following and interpreting the developments in the areas of economics and finance and in conducting written and oral communication. | ||||||||
| 8) Express the role of international capital markets in the global economy; accordingly define the concept of risk in terms of measurement and management. | ||||||||
| 9) Identify standards of personal, professional, social and business ethics, evaluate the ethical implications of various practices in the related areas, and be aware the importance of ethical behavior in adding value to the society. | ||||||||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Explain the advances in the area of economics and finance within the framework of scientific methodology, theories and models. | |
| 2) | Employ the appropriate tools and analytical techniques to collect and analyze quantitative and qualitative data in the related areas, interpret results and propose solutions. | |
| 3) | Explain the evolution of financial markets and institutions in a historical context and define how they operate. | |
| 4) | Recognise the basic principles and regulations in the financial sector. | |
| 5) | Discover and create entrepreneurial opportunities to successfully establish and develop their own ventures. | |
| 6) | Recognise, interpret and discuss the current economic issues both at the national and global levels. | |
| 7) | Have the English proficiency in following and interpreting the developments in the areas of economics and finance and in conducting written and oral communication. | |
| 8) | Express the role of international capital markets in the global economy; accordingly define the concept of risk in terms of measurement and management. | |
| 9) | Identify standards of personal, professional, social and business ethics, evaluate the ethical implications of various practices in the related areas, and be aware the importance of ethical behavior in adding value to the society. |
| Expression | |
| Brainstorming/ Six tihnking hats | |
| Individual study and homework | |
| Lesson | |
| Homework | |
| Project preparation | |
| Q&A / Discussion |
| Written Exam (Open-ended questions, multiple choice, true-false, matching, fill in the blanks, sequencing) | |
| Homework | |
| Application | |
| Observation | |
| Individual Project | |
| Presentation | |
| Reporting | |
| Case study presentation |
| Semester Requirements | Number of Activities | Level of Contribution |
| Homework Assignments | 1 | % 20 |
| Midterms | 1 | % 30 |
| Final | 1 | % 50 |
| total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 50 | |
| PERCENTAGE OF FINAL WORK | % 50 | |
| total | % 100 | |
| Activities | Number of Activities | Workload |
| Course Hours | 15 | 45 |
| Study Hours Out of Class | 15 | 90 |
| Presentations / Seminar | 1 | 6 |
| Homework Assignments | 1 | 8 |
| Midterms | 2 | 16 |
| Final | 1 | 12 |
| Total Workload | 177 | |