Module Code and Title:       DEV202          World Economic History

Programme:                          BA in Development Economics

Credit Value:                         12

Module Tutor:                       Sanjeev Mehta

General Objective: The main purpose of this module is to trace the progress of the world economy in the last two millennia. It aims to identify the forces that explain the success of the western countries and explore the obstacles that hindered advancement in regions that lagged behind. The module also provides an understanding of the evolution of the world economy and development policies over time.

Learning outcomes – On completion of this module, learners should be able to:

1. Trace the evolution of the world economy in modern history.
2. Evaluate the impact of differential growth rates on development levels.
3. Analyse the historical role of the state and institutions in economic development.
4. Examine the effect of demographic and social factors on growth processes.
5. Identify the importance of technological choices and innovations.
6. Describe economic lessons learned by the world from historical experiences.
7. Identify the long term impacts of major crises (e.g., wars and downturns) on economic growth.
8. Discuss the arguments on either side of the debate relating to neo-classical reforms.
9. Explain the importance of alternative approaches to development.

Learning and Teaching Approach: This module will be taught by means of lectures, tutorials, debates, case studies and self-directed study. Lectures will aim at explanation of various concepts and theories. Tutorials and laboratory work will be an integral part of the module, and it is expected that much of the learning and application of econometric concepts will be achieved through these tutorials and laboratory work. The focus of learning would be enhancing student’s ability to understand each model and its underlying assumption so that they can apply right model and make correct interpretation. It is also expected that students will spend additional hours of reading, problem solving and econometric estimation each week. 

Assessment Approach:

A. Individual Assignment: Portion of Final Marks: 15%

Students will write one essay based on library research covering topics covered in the preceding four weeks. The assignment should have a maximum limit of 400 words.

• 1%       Adequacy of references used
• 2%       Defining the concepts
• 3%       Use of appropriate analytical tools
• 7%       Analysis and findings
• 2%       Conclusion

C. Group Work: Portion of Final Mark: 15%

Groups of 4 will complete a report based on an activity involving time series data analysis on the development differences in the since European miracle. Report word limit: 500 words.

• 1%       Situation analysis
• 2%       Methodology of group work
• 6%       Discussion on findings in the joint report
• 4%       Peer review of individual reports
• 2%       Presentation (individually marked)

D. Critical Essay: Portion of Final Mark: 15%

Each student will complete an essay on the issues pertaining to any relevant topic after the mid-semester. Word limit: 750 words.

• 2%       Logical flow of thoughts
• 7%       Ability to comprehend relevant issues in the debate
• 3%       Evidence based arguments
• 1%       Language skills
• 1%       Subtleness of conclusion
• 1%       Structure of the essay

E. Midterm Examination: Portion of Final Mark: 20%

Students will take a written exam of 1.5 hr duration covering topics up to the mid-point of the semester.

Pre-requisites:

Subject matter:

1. World Economy in the Pre-Modern Economic Epoch (before 1800)
   • Conquests and settlements
   • International trade and capital movements
   • Technologies and Institutional Innovations
   • Nature and Welfare implications of Population changes
   • Impact of the incidence of Disease, Hunger and War
   • Changes in GDP per Capita and its Regional Dispersal
2. Impact of Western Development (1800-1945)
   • Asia falling behind and European Emergence
   • Creation of Modern national State
   • Institutions Supporting Merchant Capitalism
   • The Industrial Revolution: Drivers and Impact on Global Economy
   • Role of Invisible Hand; Emergence of Free Trade; Globalisation
   • Colonial Exploitation
   • Acceleration in Technical Progress and Real Income Growth
   • Great Depression and Revival of Activist Intervention
3. World Economy in the post War Period (1950 onwards)
   • Marshall Plan and European Miracle
   • Decolonisation and Travails of Third World
   • Asian Miracle
   • African Atrophy
   • Debt crisis of 1980s and Structural Reforms
   • Neoclassical Revival; Catching Up and Convergence
4. Emergence of Alternative Approaches to development
   • Dissatisfaction with the Mainstream Approach
   • Alternative approaches- Measurable Economic Welfare, Basic needs approach, human development approach, Sen’s capability approach, sustainable development, participatory approach
   • Some Global initiatives: “GNH” of Bhutan, “Measure of Sustainable Development’ by Global sustainability panel, “National Wellbeing” in UK, “GDP and beyond” European Commission project and “Better Life Initiative” of OECD
   • Concept of GNH: Pillars, Domains and Indicators; socio-cultural predisposition towards GNH; Balancing Needs and Wants; Policy response; GNH Index

Reading List:

1. Essential Reading
   • Maddison, A. (2001).The World Economy: A Millennial Perspective. OECD, Paris
   • Cameron, R. & Neal, L. (2003); A Concise Economic History of the World: From Paleolithic times to present. Oxford University Press
2. Additional Reading
   • Harvey (2005). A Brief History of Neoliberalism. Oxford University Press.
   • Beaud, M. (2001). A History of Capitalism, 1500-2000. trans. by Tom Dickman and Anny Lefebvre. New York: Monthly Review Press.
   • Jomo, K.S. (ed.) (2006).The Long Twentieth Century: The Great Divergence: Hegemony, Uneven Development and Global Inequality. Oxford University Press.
   • Hobbsbawm, E. J. (1999). Industry and Empire: The Birth of Industrial revolution. New Press, New York.
   • RGoB (1999). Bhutan 2020: A Vision for Peace, Prosperity and Happiness. Planning Commission.
   • RGoB (2013). Happiness towards a New Development Paradigm: Report of the Kingdom of Bhutan. Secretariat for New Development Paradigm.
   • Sen, A. (2000). Development as Freedom. Oxford University Press.

 Date: January 15, 2016