EC5002 - International Business and World Markets (2019/20)
|Module specification||Module approved to run in 2019/20|
|Module title||International Business and World Markets|
|Module level||Intermediate (05)|
|Credit rating for module||30|
|School||Guildhall School of Business and Law|
|Total study hours||300|
|Running in 2019/20||No instances running in the year|
This module aims to introduce students to the dynamics of international business operations and the evolving world markets. International economic issues influence the formulation of trade and investment policies as well as entreprise strategies, and this module gives students the opportunity to understand and discuss the challenges therein for multinational businesses. In recent years, we have seen dramatic economic changes such as new theoretical developments, empirical studies and the growing role played by emerging economies. The aim of this module is therefore to give students a strong understanding of key theories and policies which will be analysed in the light of current international debates.
There are 2 main themes to the teaching of this module. The first section of the module develops an understanding of the international business environment including globalisation of firms’ activities, the changing patterns of foreign direct investment, collaborative ventures and global strategy. The second section of the module focuses on the global market place in which international businesses operate and comprises an understanding of trade theories and government policies.. The module also covers some international macroeconomic debates such as the operation of financial markets and international lending combined with a critical analysis of recent events in the economy.
Prior learning requirements
EC4003 Global Business Environment or equivalent
The module aims to:
- develop and apply various economic methods to the analysis of firms, markets and industries, and introduce the student to various conflicting theories in industrial organisation and to suggest approaches which may resolve such conflict;
- provide an economic analysis of international trade theories and policies;
- provide an understanding of foreign direct investment and multinational companies and consider any distributional and ethical issues that may arise;
- introduce the financial framework through which international business operate through an understanding of the balance of payments, the foreign exchange market and exchange rate policies;
- introduce students to an understanding, analysis and interpretation of empirical data in this subject area.
It also aims to develop students' skills, in particular: academic study skills; problem solving; self assessment and reflection; IT; subject research; applied analysis; literacy; critical thinking; quantitative analysis; and career management.
The International Business Environment
Nature of International Business
Globalisation of Markets
International Business strategy
Alternative theories of the firm
Foreign Direct Investment and Collaborative Ventures
International Business and the global Marketplace
Trade in the Global Economy
-Trade and technology: The Ricardian Model
-Trade and resources: The Hecksher-Ohlin Model
-Alternative theories of trade
Government intervention in International Business
-Trade Policies: Tariffs and Nontariff barriers
Learning and teaching
Student contact time will normally be 3 hours per week. Lectures and whole group workshops will typically be around 2 hours and will deliver core subject knowledge in competition and the international economy. Seminars are designed to allow students to work co-operatively and creatively and develop analytical and problem-solving skills required for the in-class test, coursework and exam. Teamwork and leadership skills will be developed through the use of ‘live’ games and simulations.
To this end, the 1hr seminar will focus on student learning through participation in problem-solving, presentation, group work, discussion of journal articles, empirical data and policy debates. These activities will also enhance students’ professional and transferrable skills such as team-work and communication. The students are expected to engage fully in reflective independent learning and formative feedback will be given at every opportunity to enhance the student skills and learning experience.
Students will get the chance to develop their critical analysis skills during the essay writing exercise and will develop their ability to engage with research published in academic journals. The in-class test assessment will develop students’ ability to engage in independent active learning and take greater responsibility of their learning experience and outcome.
The module will be supported with ICT resources such as WebLearn and Publisher’s E-resources which will give easy and flexible access to lecture materials and assessment information.
The development of career awareness is promoted within the module by introducing students to career development opportunities such as, internships and work experience, job search techniques, employer recruitment strategies, self presentation together with a review of skills sought by prospective employers. Written presentation including CVs and personal statements, networking, job application, interviews, and inter-cultural communication are also discussed.
On successful completion of this module, students will be able to:
- demonstrate the ability to apply various economic methods to the analysis of firms, markets and industries;
- participate in discussion about analytical and policy issues in industrial organisation;
- demonstrate an understanding of competition and trade theory;
- examine the development of trade, investment and finance policies;
- evaluate of the role played by multinational corporations by considering economic, political and ethical issues;
- show critical awareness of the relative strengths and weaknesses of different forms of economic analysis in the context of the subject material.
The assessment strategy is developed with the aim of testing the module's learning outcomes and consists of in-class tests, a coursework, and a 2-hour part-seen and part -unseen written exam. The in-class tests will assess students’ understanding of international business operations, policies, trade theories and financial markets. The coursework is designed to develop students’ understanding of the conceptual framework of international business and the global marketplace. The coursework will give students the opportunity to further research on topical issues while applying theoretical understanding. Essay questions are designed to develop critical thinking and the ability to evaluate ethical and policy dimensions of international business. It also enables understanding of the implications of the globalisation of finance. The exam will test the specified learning outcomes for the whole module.
Lipcynski J., Wilson O.S., Goddard J. (2009) Industrial Organisation: Competition, strategy and policy, 3rd Ed., Prentice Hall.
Belleflamme P. and Pietz M. (2010). Industrial Organisation: Market & strategies, Cambridge University Press.
Michaels R. J. (2011). Economics for managers: Transations & Strategies, South Western.
Pugel, T. (2009). International Economics, 14th ed., McGraw-Hill.
Salvatore D. (2007) International Economics, 9th Ed., Wiley & Sons.
Krugman, P. and Obstfeld, M. (2006). International Economics: Theory and Policy, 7th Ed., Pearson Education.
Appleyard D., Field A., and Cobb S. (2006) International Economics 5th Ed., McGraw Hill.
Gerber J. (2005) International Economics 3rd Ed., Pearson Education.
Husted S., and Melvin M., (2007) International Economics 7th Ed., Pearson Education.
Ingham, B. (2004). International Economics: A European Focus, FT/Prentice Hall.