The world economy will need even more globalization in the post-pandemic 2021 decade

LEARNING OUTCOMES
This assessment task relates to the following Learning Outcomes:
• Knowledge and Understanding: Be conversant with major trade theories and policy measures.
• Application and Critical Thinking: Evaluate the impact of trade-related issues on countries based on trade concepts and theories.
• Ethical Thinking: Evaluate the impact of trade-related issues on countries with a focus on the tradeoffs between efficiency and equity.
ESSAY TOPIC
The COVID-19 pandemic has significantly disrupted global trade since 2020, as production and consumption are scaled back globally. In general, while the demand and supply for goods and services across the globe have gone down significantly at the height of the pandemic, many countries now also rely on trading with others for key medical supplies and other essential goods. Using trade theories and policies you have learned in this unit, argue in 1200 -1500 words the role of international trade in a nation’s welfare, development and even livelihood under the pandemic. Elaborate also your thoughts on the impact of international trade on the future recovery of economies in the post- pandemic world. You can either choose one country/region1 of your choice to do a case study, or look at the entire world economy in general. Your discussion must reference the following:
• Contractor, Farok J., 2021, “The world economy will need even more globalization in the post- pandemic 2021 decade”, Journal of International Business Studies , https://doi.org/10.1057/s41267-020-00394-y (Also available on iLearn);
• Chapters/sections of the prescribed textbook relevant to lecture topics from weeks 1-10; or lecture slides from weeks 1-10 (only cite the materials you think are relevant for your analysis); and
• Three or more other academic references (i.e. research articles) from your own research.
1 The size of the country/region doesn’t matter. For example, you can pick a small country like
Singapore, or a large one like the United States, or regions like the European Union and ASEAN.
    
 ECON8047 INTERNATIONAL TRADE S1 2023
SUBMISSION
• No extensions will be granted except for the cases where an application for Special Consideration has been approved. For further details, see the University’s Special Consideration policy.
• Late submission deductions apply, please refer to the “Assessment Task” Section on iLearn for details.
• Re-submissions are allowed until the deadline.
FORMATTING/REFERENCING
• Use 1.5 spacing and a professional font (e.g. Times New Roman) with a font size 11 or 12.
• All sources used in the discussions must be appropriately referenced both in the text and in the reference list, using a standard referencing system (e.g. Harvard style). More information about referencing is available at the Library website.
• The reference list does not count towards your final word count, but the in-text citations do.

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