Module SGIA3321: THE MIDDLE EAST IN THE GLOBAL ECONOMY

Department: Government and International Affairs

SGIA3321: THE MIDDLE EAST IN THE GLOBAL ECONOMY

Prerequisites

• Any Level 2 SGIA module

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To provide a greater understanding of the external and internal contexts and processes shaping the development of the Middle East economy and its relationship to a range of important international actors and institutions.

Content

• The module discusses a range of political economy issues affecting the region and its relations to the wider global economy, typically including matters such as:
• Theories of economic globalisation and the position of the Middle East in the global economy.
• The cultural, political and legal environment confronting multinational companies in the Middle East.
• Explaining trade patterns in terms of natural resource advantage, relative labour costs and technological and organisational differences.
• The political economy of the international market for oil and gas via issues such as: spot and contract prices; cartel theory; OPEC as a residual supplier; spatial pricing theory.
• Intra-regional and inter-regional trade agreements and WTO obligations.
• Techniques of country risk appraisal: political and economic risk analysis.
• Macroeconomic performance and exchange rate stability.
• Foreign direct investment and capital flow to the Middle East.
• The financial infrastructure of the Middle East, including the significance of Islamic finance.

Learning Outcomes

• Students will gain knowledge of:
• Principal theoretical approaches to economic globalisation as they relate to the Middle East;
• The distinctive nature of the Middle East as an economic region and its place within the global economy;
• The main national and international institutional actors affecting the workings of the Middle East's economy and its wider relations;
• The distinctive cultural and political environment of the region and its impact on economic activity;
• The specific operation of the region's natural resources markets, principally oil and gas.

• Through the module student's will gain important subject specific skills including:
• The ability to analyse the development of the principal features of the region's economy and the impact of key issues, institutions and events;
• The ability to assess the consequences for the region of changes in the wider global economy particularly in terms of natural resource and capital markets;
• Analytical understanding of the relationship between the Middle East's economy and the influence of its political and religious heritage and structures.

• The module also further refines and develops important key skills including:
• Identification and assessment of appropriate resources, including using economic data to support analysis;
• Effective and appropriate selection of material and evidence in support of analysis;
• Effective written presentation of material under time pressure in response to specific questions.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The module is delivered using a mixture of lectures and tutorials.
• The lectures enable delivery of a common core of information to students and are especially useful in familiarising students with material that they may well not have encountered before, such as the technical workings of oil markets and the principles of a Shariah-compliant financial system.
• These lectures are supported and supplemented by tutorials which enable student-led presentations to act as a basis for further critical engagement with and discussion of both the lecture material and wider sources identified by students. Tutorials are directed by staff to ensure that they cover key curriculum issues, but are designed to engage students in analysing and assessing the competing dynamics at work in the Middle East economy, its position in the world and the various academic understandings of this situation.
• Summative assessment by unseen examination tests students' ability to respond in a focused and specific way to a range of questions covering different aspects of the module. It tests their ability to recall and apply information under time pressure.
• Formative assessment through essay and tutorial presentation gives students an opportunity to receive feedback and guidance on their knowledge and understanding of a specific aspect of the module and their ability to effectively assess and analyse the topic. Additionally, presentations also enable feedback and advice on relevant presentational skills.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

One essay of 2,000 words. One seminar presentation.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University