Answering two question in an essay form

write one essay for each question and each essay should be 5 pages. format: 12 New Times Roman font, doubled spaced, APA style for the citation. questions are located under “essay topics” in the bottom of this page!

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I. Basic Terminology: Be able to incorporate as many of of the following basic political economic terms as possible into each of the two essays of choice from the second category. Class lecture notes may be used for defining the listed terms as well as the Charles Wheelan textutal readings.** Do be certain to incorporate other useful data from the Wheelan text, and various suggested scholarly IPE books and articles as well.**


NIC’s and example nations

Welfare and Distributional Consequences

Explanatory and Evaluative Studies

Welfare Evaluation

Liberalism(Economically defined)

The Philosophies of Adam Smith and David Ricardo


Interests and Material Interests

Political Institutions

Market Liberalism


National Treatment and Nontariff Barriers

Customs Union

Dispute Settlement Mechanism

The Doha Round

Free Riding and Free Trade Area

Generalised System of Preferences

Hegemon and Hegemonic Stability Theory

Intergovernmental Bargaining

Ministerial Conference


Public Good


Tariffs, Trade Creation, and Diversion


Contract Curve

Enforcement Problem

Factor Endowments

Hecksher-Ohlin Model

Nash Equilibirium

Outside Option

Pareto Suboptimal



Collective Action Problem

Export-Oriented Sector

Factor Mobility and Model

Factor-Price Equalisation

Import-Competing Sector


Proportional Representation

Reciprocal Trade Agreements Act

Sector Model

Specific Factors

Stolper-Samuelson Theorem

Veto Player

Economics of Experience

Economics of Scale

Industrial Policy

Infant-Industry Case for Protection



State Strength

Strategic-Trade Theory

Backward Linkages

Big Push

Complementary Demand

Easy ISI

Enclave Agriculture

Export Substitution Strategy


Generalised System of Preferences

Group of 77

Import Substitution Industrialisation


New International Economic Order

Pecuniary External Economics

Secondary ISI

Singer-Prebisch Theory


Terms of Trade

United Conference on Trade and Development


Central Banking

Equity Market Bubbles

“Toxic Assets”

Lehman Brothers and Bear Stearns

Paul Volcker

II. Essay Topics:

What is the global economy? Illustrate and explain its’ evolution. Is it good, bad or a bit of both?

 What are various approaches to trade policy? Which may foster fairer global trade? 

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