The covid-19 pandemic, the accelerated digitalization of economies, the rise of protectionism amid heightened geopolitical tensions, and other dramatic events have altered the international trade landscape. The new normal in international trade is best characterized as a challenging VUCA environment, presenting novel opportunities and heightened risks.

Past trade theories may need to be reexamined and new trade theories may be needed to help us better understand international trade in an increasingly VUCA world.

This assignment enables you to develop a better and deeper understanding of
what international trade and internationalization mean in a VUCA world, drawing on relevant theories, frameworks, and concepts you have learned in Session 5. Two readings have been assigned to help you kickstart your research. You are expected to do some further research on your own in answering both questions.

Questions:

• “Compared to international trade in the past, the new normal in international trade is best characterized as a challenging VUCA environment.”
  To what extent do you agree with this statement? What would be three
  strategic implications on international trade in a VUCA world?
• “Past trade theories may need to be re-examined and new trade theories
  may be needed to help us understand international trade in a VUCA world.”
  Which trade theories, frameworks, and concepts covered in Session 5 are still
  relevant and which are becoming less relevant? What would be three
  theoretical implications to consider in coming up with new theories on
  international trade in a VUCA world?