Course Catalogue

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:

  1. 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.
  2. Thirlwall, A.P. (2000). Growth and development, with special reference to developing economies. Houndmills, Basingstoke, Hampshire: Macmillan.
  3. Siebert, H. (2002). The world economy. London: Routledge.

 

Suggested reading:

  1. Mokyr, J. (1990); The Lever of Riches: Technological Creativity and Economic Progress, OUP.
  2. Kenwood, A. G., & Lougheed, A. L. (2002). The growth of the international economy 1820-2000: An introductory text. London: Routledge.
  3. Todaro, M. P., & Smith, S. C. (2009). Economic development. Harlow: Addison-Wesley.
  4. Meier, G. M., & Rauch, J. E. (2005). Leading issues in economic development. New York [etc.: Oxford University Press.        
  5. 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.
  6. UNCTAD (2010). World Investment Report 2010: UN Press.
  7. 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.
  8. Jovovic, R. (2012). Global financial crisis: Role of international institutional framework, and lessons for transitional countries. Montenegrin Journal of Economics, 8(3), 65-73.
  9. Fackler, J.S., & Parker, R.E. (2005). Was debt deflation operative during the great depression? Economic Inquiry, 43(1), 67-78.
  10. http://www.pearsonhighered.com/assets/hip/us/hip_us_pearsonhighered/samplechapter/0205231527.pdf

 

(Updated June, 2013)