Module Title: World Economic
History
Programme: BA
Economics +, BA (Hon) Economics
Module Code: ECH 302
Credit Value: 12
Module Tutor: Dr. Navin K.
Jha
General Objectives:
The academic aim of this module is
to explain the evolution of world economy during the last millennium with
greater emphasis on the post industrial revolution period, explain the reasons
of growing disparities between the rich and the poor nations, strengthen the analytical
ability of the students to appreciate the growth of world economy, this is
extremely vital for a student of economics especially in the era of
globalization and to consolidate their understanding of the development
process.
Learning Outcomes:
At the end of this module, the
students are expected to be able to:
·
Explain
the causes and impact of the recent global financial crisis 2008.
·
Discuss
the trends in the population and income distribution.
·
Develop
critical thinking about the causes and the effect of economic imperialism.
·
Analyse
critically the impact of globalization and global trading system.
·
Evaluate
the process of economic development of South East Asian economies.
·
Analyse
the different economic crises.
Learning and teaching approach:
Lectures (60 hours in 15 weeks)
Tutorials (15 hours in 15 weeks)
Discussions (10 hours in 15 weeks)
Assignments (20 hours in 15 weeks)
Assessment:
Semester end examination (50%)
Seminar Presentations (25%)
Assignments (25%)
Pre-requisite: Macro Economics
and Developmental Economics.
Subject Matter
Part I
Beginning of Modern economic Epoch (25
hours)
- Modern economic growth,
concept and analysis.
- Development and
underdevelopment as historical process
·
Long
term trends in population and per capita income of Europe and world, 19th & 20th
century.
·
British
Industrial revolution and foundation of European miracle.
·
Asian
falling behind.
·
The
transition to modern economic growth in North-Western Europe.
·
European
Imperialism, 18th to 20th century, brief history,
types and causes
Part II.
The 20th Century (35
hours)
·
Globalization
and International trading system 1850-1913.
·
The
international monetary system 1850-1930.
·
Break
down of liberal world order 1913-1950.
·
Golden
age of economic Growth: Catching up and convergence since 1950.
·
Industrialization
in periphery: The rise of Asian tigers, 1980s and 1990s.
·
World
Economic Crises:
o Great depression of
1930s, OPEC and Oil Shocks of 1970 to 1979
o International Debt
Crisis. Asian Financial Crisis 1997
- Some recent development
experience-China, Africa, Argentina. Global Economic crisis, 2008. Global
financial crisis of 2008-2010
Reading list
Essential Reading:
- Maddison, A. (2001).
Organisation for Economic Co-operation and Development. The world
economy: A millennial perspective. Paris, France: Development Centre
of the Organisation for Economic Co-operation and Development.
- Thirlwall, A.P. (2000). Growth
and development, with special reference to developing economies.
Houndmills, Basingstoke, Hampshire: Macmillan.
- Siebert, H. (2002). The
world economy. London: Routledge.
Suggested reading:
- Mokyr, J. (1990); The Lever
of Riches: Technological Creativity and Economic Progress, OUP.
- Kenwood, A. G., &
Lougheed, A. L. (2002). The growth of the international economy
1820-2000: An introductory text. London: Routledge.
- Todaro, M. P., & Smith, S.
C. (2009). Economic development. Harlow: Addison-Wesley.
- Meier, G. M., & Rauch, J.
E. (2005). Leading issues in economic development. New York [etc.:
Oxford University Press.
- Wray, L.R. (2012). The Rise
and Fall of Money Manager Capitalism: A Minskian Approach. Cambridge
Journal of Economics, 33, 807-28. International Library of Critical
Writings in Economics, 2, 268, 625-646.
- UNCTAD (2010). World
Investment Report 2010: UN Press.
- Kilian, L. (2009). Not all oil
price shocks are alike: Disentangling demand and supply shocks in the
crude oil market. The American Economic Review, 99(3), 1053-1069.
- Jovovic, R. (2012). Global
financial crisis: Role of international institutional framework, and
lessons for transitional countries. Montenegrin Journal of Economics, 8(3),
65-73.
- Fackler, J.S., & Parker,
R.E. (2005). Was debt deflation operative during the great depression?
Economic Inquiry, 43(1), 67-78.
- http://www.pearsonhighered.com/assets/hip/us/hip_us_pearsonhighered/samplechapter/0205231527.pdf
(Updated
June, 2013)