This course will cover the theories of international trade and investment with a focus on contemporary challenges in the global economy, including premature deindustrialization, global imbalances, the US-China trade war and the relation between globalization and political authoritarianism. We will begin with an historical account of global capitalism, from the mercantilism to imperialism, to Bretton Woods, the neoliberal era beginning in the late 20th century and the current phase of “deglobalization.” We then consider open economy Keynesian issues of export multipliers and the balance of payments. The discussion of trade theory will focus on classical and neoclassical theory, theories of unequal exchange, global value chains and their implications for income distribution and economic development. We will analyze tariffs and of taxation, including free trade zones and tax havens, as well as the possibility of labor standards in trade agreements.