Module ECON1071: The World Economy

Department: Economics

ECON1071: The World Economy

Prerequisites

• None

Corequisites

• Principles of Economics (ECON1011).

Excluded Combination of Modules

• None.

Aims

• Provide students with knowledge and understanding of the fundamental features of different types of economic systems, and of the ways in which countries interact with each other through world trade and the international financial system.
• Provide students with an understanding of economic growth and economic transition/transformation.
• Facilitate students' understanding of important developments and crises in the history of 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:
• Economic growth and types of economic systems.
• The determinants of international trade, protectionism and the balance of payments.
• The determinants of exchange rates, capital, labour and financial flows.
• Long term drivers of growth in the world economy.
• The historical evolution of the world economy, including case studies of countries and regions such as:
• The UK, Western Europe, the USA and Latin America,
• The USSR and Eastern Europe,
• East Asia, China and India,
• Sub-Saharan Africa and the Middle East.
• The future of the world economy.

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 of historial changes in 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 lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminars, and private study. Formative assessment is by means of a written assignment. Summative assessment is by means of an online examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

One written piece of work to prepare students for the summative exam.

■ 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