Assuming that global international trade sharply declines because of the “trade war” (in the forms
of increases in tariff and other trade barriers such as import quota and export subsidies on both
sides) between the U.S. and China, the U.S. and the European Union, and the U.S. and Japan.
Everything being equal, explain in 700-800 words the likely impact on the following:
• Global productivity, economic growth and inflation
• Australian consumers who buy goods imported from China, Japan and the United States.
• Australian producers who need to source from both China and the United States.
• Australian exporters such as a mining company who exports iron ore and coal to China and
Japan.
ECON8047 INTERNATIONAL TRADE S1 1 / 4 INDIVIDUAL ASSIGNMENT Total Marks 100 | Weighting 30% 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. QUESTIONS Question 1 Assuming that global international trade sharply declines because of the “trade war” (in the forms of increases in tariff and other trade barriers such as import quota and export subsidies on both sides) between the U.S. and China, the U.S. and the European Union, and the U.S. and Japan. Everything being equal, explain in 700-800 words the likely impact on the following: • Global productivity, economic growth and inflation • Australian consumers who buy goods imported from China, Japan and the United States. • Australian producers who need to source from both China and the United States. • Australian exporters such as a mining company who exports iron ore and coal to China and Japan. Your discussion must reference the following: • Blinder, Alan S., 2019, “The Free-Trade Paradox: The Bad Politics of a Good Idea”, Foreign Affairs, Vol. 98 (1), 119-128 (Also available on iLearn); • Chapters/sections of the prescribed textbook relevant to lecture topics from weeks 8-10; or lecture slides from weeks 8-10; and • Three or more other academic references (i.e. research articles) from your own research. https://multisearch.mq.edu.au/primo-explore/fulldisplay?docid=TN_proquest2161594684&context=PC&vid=MQ&search_scope=PC_PLUS_LOCAL&tab=books_more&lang=en_US https://multisearch.mq.edu.au/primo-explore/fulldisplay?docid=TN_proquest2161594684&context=PC&vid=MQ&search_scope=PC_PLUS_LOCAL&tab=books_more&lang=en_US https://multisearch.mq.edu.au/primo-explore/fulldisplay?docid=TN_proquest2161594684&context=PC&vid=MQ&search_scope=PC_PLUS_LOCAL&tab=books_more&lang=en_US ECON8047 INTERNATIONAL TRADE S1 2 / 4 Question 2 The U.S. and China are also currently engaged in a “technology war” (see e.g. this overview article from Forbes: https://www.forbes.com/sites/zakdoffman/2020/12/29/us-and-china-technology- conflict-heres-why-2020-is-so-critical/). Discuss in 700-800 words the likely impact of this “technology war” on Australian trade with both U.S. and China. Your discussion must reference the following: • Liu, T. and Wing, T.-W., 2018, “Understanding the U.S. – China Trade War”, China Economic Journal, 11(3), 319-340. (Also available on iLearn) • Chapters/sections of the prescribed textbook relevant to lecture topics from weeks 8-10; or lecture slides from weeks 8-10; and • Three or more other academic references (i.e. research articles) from your own research. SUBMISSION • The assignment must be submitted via Turnitin by 3pm Friday May 22. The submission link will be available on iLearn. • 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 will incur a penalty of 10% per day of total available marks. • Submissions will not be accepted beyond 72 hours past the submission deadline. • 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. https://www.forbes.com/sites/zakdoffman/2020/12/29/us-and-china-technology-conflict-heres-why-2020-is-so-critical/#5825ed08175e https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1516256 https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1516256 https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration http://libguides.mq.edu.au/c.php?g=674324&p=4748637 ECON8047 INTERNATIONAL TRADE S1 3 / 4 UNACCEPTABLE ACADEMIC ACTIVITIES • The consequence of unacceptable academic activities is zero marks and potentially the initiation of the student disciplinary procedure. They include, but are not limited to: o Contract-cheating is having another person or entity conceive, research or write material for an assignment and submitting the work as one’s own, irrespective of whether the other person or entity was paid for the material. o Collusion is unauthorised collaboration in producing an academic exercise that is designated as an individual task. o Plagiarism is adopting or reproducing the work or ideas of another person, whether intentionally or not, and presenting this as one’s own without clearly acknowledging of the source of the work or ideas. o Self-plagiarism is unacknowledged use of material you have previously published or submitted. • This is an individual assignment: collaboration with other students is not authorised. You may work with other students at the preparatory stage. However, the final version of the assignment should be written in your own words. • Note that Turnitin will compare your submission against others’ as well as internet sources. The originality report will be made available upon the deadline. • Get familiarised with the MQ academic honesty policy. DOCUMENT PREPARATION CHECKLIST The assignment is typed using a word processor (e.g. MS Word). The assignment is written in full sentences and paragraphs, and in clear formal language. The assignment is proofread, and grammatical errors and typos are minimised. The assignment is written under the word limit and the final word count is indicated at the end of the document. I have read the assignment rubric and made sure that my assignment is up to the criteria. The document is saved as a PDF file of a size less than 40MB. AFTER-SUBMISSION CHECKLIST I have double-checked whether the document was properly uploaded. I have seen my originality report (generated after the deadline). I have received the Turnitin receipt via email. https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/academic-honesty 4 / 4 ECON8047 INTERNATIONAL TRADE S1 2020 MARKING RUBRIC Criteria Fail (F) 0-49% Pass (P) 50-64% Credit (CR) 65-74% Distinction (D) 75-84% High Distinction (HD) 85-100% Task 1: Issues and analysis (20 marks) Student does not demonstrate any understanding of issues in the given context. Student fails to demonstrate an analysis substantiating any of made claims through theories, concepts, arguments, research studies or examples. Struggle to discuss theories and concepts in their own words. Student demonstrates limited understanding of issues in the given context. Student poorly demonstrates a limited analysis, and develop poor arguments by relying on irrelevant theories, concepts, arguments, research studies or examples. Some inaccurate reproduction of the theories/concepts. Able to discuss theories and concepts in their own words. Student demonstrates fair understanding of issues in the given context. Student accurately demonstrates an analysis, and develops fair arguments but lack substantiation through relevant theories, concepts, arguments, research studies or examples. Adequate and encyclopaedic understanding. Mostly accurate reproduction of the theories/ concepts. Able to discuss theories and concepts in their own words. Student demonstrates deep understanding of issues in the given context. Student accurately demonstrates an analysis, and develops appropriate arguments substantiating made claims through relevant theories, concepts, arguments, research studies or examples. Deep understanding and accurate reproduction of the theories/concepts. Appreciation of the limits of their own understanding. Student demonstrates an extensive understanding of issues in the given context. Student accurately and insightfully demonstrates an analysis, and masterfully develops arguments substantiating made claims through relevant theories, concepts, arguments, research studies or examples. Insightful and elaborated understanding, and accurate and insightful reproduction of the theories/concepts. Able to generate new understanding by synthesising smaller ideas. Able to generalise theories/concepts. Task 2: Position and critique (20 marks) Student fails to support and provide evidence for a clear and independent position. There is no interpretation and integration of the analysis for an independent reasoned judgement. Student fails to identify a counter argument and defend his/her position against it based on assumptions and implications of analysis and position. Student struggles to demonstrate a clear position and independent reasoned judgement. Student ordinarily provides an interpretation and integration of the analysis. Student struggles to identify a counter argument and defend his/her position against it based on assumptions and implications of analysis and position. Student accurately demonstrates a clear position and independent reasoned judgement. Student mostly effectively provides an interpretation and integration of the analysis. Student accurately identifies a counter argument and defends his/her position against it based on assumptions and implications of analysis and position. Student accurately demonstrates a clear position and independent reasoned judgement. Student effectively provides an interpretation and integration of the analysis. Student skilfully identifies a counter argument and defends his/her position against it based on assumptions and implications of analysis and position. Student accurately and insightfully demonstrates a clear position and independent reasoned judgement. Student effectively and creatively provides an interpretation and integration of the analysis. Student skilfully and insightfully identifies a counter argument and defends his/her position against it based on assumptions and implications of analysis and position. Tasks 1 & 2: Communication, referencing and quality of research (10 marks) Text has no formal structure. Very poor text logic with frequent use of contradictions. Absence of academic tone due to consistent use of informal language. Referencing is non-conforming to standard style or absent. Articles are from non-reputable sources, irrelevant to arguments, or do not substantiate made claims. No research, or mostly inappropriate/irrelevant research. Text has under-developed formal structure. Poor text logic with recurrent use of contradictions. Inappropriate academic tone due to frequent use of informal language. Referencing is mainly inaccurate or does not conform to a standard style. Articles are often from non-scientific sources, irrelevant to arguments, or do not help to substantiate made claims. Use immediately available information with little discrimination. References are often academically inappropriate/irrelevant. Text has formal structure. Satisfactory text logic with some use of contradictions. Inconsistent academic tone due to use of informal language. Referencing is fairly