Module ECON1071: Introduction to the International Economy

Department: Economics and Finance

ECON1071: Introduction to the International Economy

Pre-requisites

Corequisites

Excluded Combinations

Aims

• Provide students with knowledge and understanding of the fundamental features of different types of economy, and of world trade and the international financial system.
• Provide students with an understanding of international trade theory, of economic growth and economic transition/transformation.
• Inform students of key concepts relevant to understanding/analysis of important developments and crises in the world economy.
• Offer the opportunity to develop key skills.

Content

• A range of material is covered at an introductory level with emphasis on topics such as:
• Theories of knowledge. Science and social science.
• Economic growth
• Economic systems
• International trade and protectionism
• International factor movements.
• The balance of payments and national income. Current, capital and financial accounts.
• The determinants of imports, exports, financial flows.
• Exchange rate analysis
• The evolution of the international monetary system.
• The economics of international integration
• The evolution of the EU.
• Economics Growth and development.
• Global demographic trends.
• The historical evolution of the US economy: Rise and fall of the ‘Socialist’ systems. The USSR and Eastern Europe.
• East Asian growth miracle: China.
• Emerging south Asian giant: India.
• Resource curse economies: Case studies in Africa, and the Middle East.
• The science, economics and politics of climate change.
• Technological change, AI, robotics and the future of employment.
• The rise and fall (?) of liberal democracy.
• The political economy of international terrorism.

Learning Outcomes

• Understanding of the key features of different types of economic system.
• Understanding of key institutions in the world economy.
• Knowledge and understanding of relevant economic concepts.
• Understanding the causes and impact of change on economies.

• Ability to explain the underlying reasons for changes in economies/economic systems.
• Ability to analyse the strengths and weaknesses of economic systems.
• Ability to identify, interpret and use information for the study of economies and the world economy.

• Examples are provided to demonstrate how students will have the opportunity to develop the following key skills:
• Written Communication - by completing formative and summative assignments.
• Problem Solving - by applying the necessary analytical techniques in preparing assignments.
• Initiative - by searching relevant literature and other information in preparation for the formative assignment and the examination.

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

• Teaching is by lecture and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminars, and private study. Formative assessment is by means of an assignment. Summative assessment is by means of an examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment

A written assignment of 1,000 words.