module specification

EC6002 - Development Economics and Emerging Markets (2017/18)

Module specification Module approved to run in 2017/18
Module title Development Economics and Emerging Markets
Module level Honours (06)
Credit rating for module 30
School Guildhall School of Business and Law
Total study hours 300
 
81 hours Scheduled learning & teaching activities
219 hours Guided independent study
Assessment components
Type Weighting Qualifying mark Description
Coursework 40%   One essay (2000 words)
Unseen Examination 50%   Part seen part unseen exam (3 hours)
Attendance Requirement 10%   Attendance and participation in seminars
Running in 2017/18
Period Campus Day Time Module Leader
Year City Monday Afternoon

Module summary

This module develops student’s knowledge and understanding of the main theories and policies of economic development. It examines; different perspectives on the meaning and definition of economic development, ethical issues involved, the role of the state and policies including trade and industrial policies, relationship between labour migration and economic development, the role of the international organizations in the  formulation of development policy, and the relationship between economic growth and the environment. The module also provides a comparative analysis of economic performance among a selected number of developed and developing countries.

Prior learning requirements

EC5006 Microeconomics or EC5001 Business Economics, or EC5002 International Business and World Markets or equivalent.

Module aims

The module aims to provide students with:
1. a systematic knowledge and understanding of economic development issues, including a critical awareness of current issues in the subject and the available evidence;
2. an ability to apply economic principles and analysis in a variety of settings including in policy formulation and in an economic development context;
3. a range of transferable and subject-specific skills that will be of value in employment and self-employment;
4. an appreciation of the economic-social-political dimensions of wider human development issues in an interdependent globalised world.

It also aims to develop students' skills, in particular: academic study skills; self -assessment and reflection; subject research; data analysis; literacy; applied analysis; and critical thinking.

Syllabus

Economic development- different definitions and perspectives on the issue, capitalism, socialism, and ethical issues.
Cultures and religions -the impact of cultures and religions in influencing and shaping the pattern of economic development.
The role of industrial and trade policy-import substitution, export oriented industrialization, the impact of industrial policy, and case studies of South East Asia and Latin America regions.
The impact of factor endowments-natural resource-abundance and development, Dutch disease, the interaction between factor endowments and industrial policies.
International organizations-the role of the Word Bank and the IMF in influencing development policy and outcome in developing countries.
Environment and development-positive and negative impact of economic growth on the environment, the impact on sanitation, infant mortality, and pollution.
The role of the state- definition of developmental-state and predatory-state, case studies of Sub-Saharan Africa and South East Asia.
Comparative perspective-economic development and performance of selected countries that may include Mexico, India, China, Germany, USA, and Japan.

Learning and teaching

Students’ learning is organised around direct contact time with the teaching team, and refective independent learning. The direct contact time takes place through lectures, seminars and group workshops. Students are expected to complement this 'formal' learning activity with further reading of the material suggested in the teaching sessions, solving realistic business problems using economic analysis, research, writing, planning and preparation for presentations, class tests, and the final exam.

Student contact time will normally be 3 hours per week. Lectures will typically be around 2 hours duration and will deliver core subject knowledge in development economics. As this module emphasises the development of theory, policy and application a whole-group workshop of around 1 hour will provide examples of how to use economics to understand and analyse development problems. In the 1 hour seminar, the emphasis is on student learning through participation, formative feedback and active learning.

The contact time with teaching teams will be organised around a range of learning activities including active learning to acquire knowledge and understanding, problem solving, problem based learning, presentations, analysis of case studies, group reading and analysis of research papers, discussion of policy issues and debate.

Professional and transferable skills are developed in lectures and seminars, and through independent directed learning and assessment. Skills development is enhanced through problem solving and problem based learning practiced in seminars.

The module makes extensive use of blended learning  through use of virtual learning environment platforms (WebLearn, Publisher E-resources) in which module lecture material, course handbooks,test questions, previous assessment with feedback, and other material is placed.  The mode of delivery of lectures is based on an interactive approach to encourage student engagement and to enhance learning outcome. Other ICT resources include links to key web resources such as Government departments, and research institutes.

Professional and transferable skills are developed in lectures and seminars, and through independent directed learning and assessment. Skills development is enhanced through problem solving and problem based learning practiced in seminars.

The module makes extensive use of blended learning  through use of virtual learning environment platforms (WebLearn, Publisher E-resources) in which module lecture material, course handbooks,test questions, previous assessment with feedback, and other material is placed.  The mode of delivery of lectures is based on an interactive approach to encourage student engagement and to enhance learning outcome. Other ICT resources include links to key web resources such as Government departments, and research institutes.

Learning outcomes

On successful completion of this module students will be able to:
1. demonstrate a broad knowledge and a systematic understanding of economic development and the role of economic policy covering theory, policy and ethical issues;
2. explain how economic policies and factor endowments influence pattern of development in any given country/region, and appreciate the significance of structural transformation in developing countries;
3. appreciate the impact of cultures and religions on the process of human development;
4. apply a range of specialist skills to the organizations in which they as specialists may operate, including the application of analytical or quantitative techniques;
5. marshal evidence and assimilate, structure, analyse and evaluate qualitative and quantitative data to understand and critically evaluate policy issues in the subject;
6. demonstrate planning, communication, self-management, time-management, and self-presentation skills.

Assessment strategy

Coursework will be used through the module to develop students learning and understanding. Also students will periodically review the assessement of other students. One of the benefits of this reflective learning will be to raise performance in future assessment.

The final examination is 3 hours. The exam will assess the student’s knowledge and understanding of development economics and emerging markets covering theory, issues, policy and application; ability to apply and to critically assess what they learn directly to organizations; ability to marshal evidence, both qualitative and quantitative, and to understand and critically evaluate policy issues in the subject. In the previously seen section students will write up previously prepared answers to questions. The exam questions in both parts will address the underlying principles or issues of the subject matter or provide solutions to technical questions.

Attendance data is collected by lecturers and tutors which is added to Evision and this information will constitute the main element of the attendance/participation mark. However, there will also be a reward for active and constructive class participation which is be assessed in discussion with the seminar group

Bibliography

The main text in the autumn semester is:

1. Todaro, M. and Smith, S. (2015) Economic Development, 12th ed., Prentice Hall (henceforth: TS).    Aldgate   330.91724 TOD
Earlier 11th edition is available at Holloway Road   330.91724 TOD

Other important texts for the module include:

2. Easterly, W. (2001) The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics Cambridge, MA: MIT Press, (henceforth: WE),

3.  Desai, V. and Potter, R. B. (2014) The Companion to Development Studies. (edited), 3rd edition. Routledge. Available as E-book

4. Human Development Reports 2010, 2015, 2016, 2017

5. Handbook of Development Economics, Volume 3A and 3B.  Elsevier B.V., various years.

6.Ray, D. (1998) Development Economics, Princeton: Princeton University Press. (henceforth: RD).

7. Thirlwall, A.P. and Pacheco-Lopez, P. (2017) Economic of Development. 10th edition. Palgarve Macmillan.

8. Weil, D.N. (2012) Economic Growth, 3rd Edition (henceforth: DW), Pearson (henceforth: WD).

The main book textbook in the spring semester is:
1. Rosser, J.B., and Rosser, M.V. (2004) Comparative Economics in a Transforming World Economy, 2nd edition. MIT Press.

A good source on thinkers of development economics is
2. Simon, D. (ed.),(2006)  Fifty Key Thinkers on Development Economics, Routledge.
3. Chenery, H. and Srinivasan, T.N. (editors of original volumes), Handbook of Development Economics, 2010 and various other years, Elsevier;
4. Peil, J. and van Staveren, I. (editors) (2009)  Handbook of Economics and Ethics, Edward Elgar.

Students interested in going deeper into a specific country or topic may wish to consult one of the following
5. Amsden, A. H.  (2004) The Rise of the Rest: The Challenge to the West from Late Industrialising Economies.  Oxford University Press. Available as E-Book
6. Aricanli, T. and Rodrik, A. (eds) (1990) The Political Economy of Turkey, Macmillan and St. Martins
7. Baer, W. (2007) The Brazilian Economy: Growth and Development, 6th edition, Praeger
8. Barkey, H.J. (1990) The State and Industrialisation Crisis in Turkey, Westview Press.
9. Booth, A. (1998), The Indonesian Economy in the Nineteenth and Twentieth Centuries: A History of Missed Opportunities, St. Martin’s Press
10. Fields, K.J. (1995), Enterprise and the State in Korea and Taiwan, Cornell University Press (not in stock at London Metropolitan University libraries)
11. Freeman, C. and Soete, L. (1997) The Economics of Industrial Innovation, 3rd Edition, Pinter,
12. Jackson, T. (2009) Prosperity without Growth, Earthscan
13. Pinheiro, A. C. and Giambiagi, F. (1994), Brazilian Privatization in the 1990s, World Development 22(5) 737-753
14. Scitovsky, T. (1992) The Joyless Economy: The Psychology of Human
Satisfaction, Oxford University Press
15. Shome, P. (2014) The G20 Macroeconomic Agenda: India and the Emerging Economies. (Edited) Cambridge University Press. Available as E-Book
16. Steinfeld, E. S. (2000), Forging Reforms in China: The Fate of State Owned-Industry, CUP
17. Thirlwall, A.P. and Pacheco-Lopez, P. (2008), Trade Liberalisation and the Poverty of Nations, Edward Elgar