The World Economy in Historical Perspective explores the process of economic change from the expansion of European overseas trading ventures in the 16th century to the upheavals of the early 21st century. It begins with explanations offered for why industrialization first occurred in Europe rather than within the other large, advanced economic groupings of the 16/17th centuries, namely China, India and the Ottoman Empire. More detailed studies then proceed to examine how trade, finance and industry developed within Europe, and especially within Britain, leading to gradually accelerating economic growth in the 18th century, culminating in what is now recognized as the Industrial Revolution. In the second term the module goes on to examine the spread of industrialization in the 19th century, both within and beyond Europe, together with the international integration of trade, finance, and labour markets of the late 19th and early 20th centuries. The disruption to the world economy following the onset of World War I in 1914 provides a backdrop for study of the interwar years, especially the Great Depression of the 1930s. The impact of World War II is then assessed from the perspective of the reconstruction of the world economy, beginning with Western Europe. Particular attention is then given to evolving international trade and monetary regimes and their often fractious interactions with varying policy objectives and rates of economic growth in different regions of the global economy, particularly Europe. The module concludes with a review, in terms of continuity and change, of the nature and impact of global economic development at the turn of the 21st century.
Upon completion of EC120, students will have an appreciation of the main patterns of economic change from early modern times to the present, with particular emphasis on the forces that govern long term changes in economic well being across time and space, together with the shorter term fluctuations and crises that determine economic policies and performance.
Academic skills. EC120 contributes to the development of (i) communication and literacy, via essay writing; (ii) research and information gathering, via the identification, selection and acquisition of materials relevant for essay writing and examination preparation; and (iii) critical evaluation of alternative accounts of economic events.
Other employability skills include (i) clear, concise and well-organised professional written work; (ii) personal time management, target-setting to achieve the timely completion of essays and other reading assignments, and (iii) reflection on, and response to, feedback provided for essays.
Upon completion of EC120, students will have an appreciation of the main patterns of economic change from early modern times to the present, with particular emphasis on the forces that govern long term changes in economic well being across time and space, together with the shorter term fluctuations and crises that determine economic policies and performance.
Academic skills. EC120 contributes to the development of (i) communication and literacy, via essay writing; (ii) research and information gathering, via the identification, selection and acquisition of materials relevant for essay writing and examination preparation; and (iii) critical evaluation of alternative accounts of economic events.
Other employability skills include (i) clear, concise and well-organised professional written work; (ii) personal time management, target-setting to achieve the timely completion of essays and other reading assignments, and (iii) reflection on, and response to, feedback provided for essays.