International economic development emerged as a separate body of theory and practice after World War II, although international relations and international trade had existed for thousands of years. The establishment of the International Bank for Reconstruction and Development (The World Bank) (1944), the International Monetary Fund (IMF) (1945), and the General Agreement on Tariffs and Trade (GATT), 1948 (now the World Trade Organization) provided the institutional framework for the flow of theory, practice, and finance that has underpinned multilateral efforts to rid the world of poverty and human misery. This unit focuses on theory and practice relevant to international economic development. The subject matter of the unit includes international trade, labour migration, development assistance (foreign aid), poverty reduction, regional trade agreements, intellectual property rights, labour, and environmental standards, and the effects of global and regional shocks such as the Global Financial Crisis and Covid-19 Pandemic. Natural disasters are also considered. The theory is complemented by data and results of empirical research.