EC6002S - 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||15|
|School||Guildhall School of Business and Law|
|Total study hours||150|
|Running in 2017/18||
This module provides a comparative analysis of (a) the two main economic systems: the socialist system and the capitalist one. We will discuss the weaknesses and strengths of planned economies and we will then focus on basic model of the transition to a market economy; (b) economic performance among a selected number of emerging and developing countries, with a view to understanding what lessons economic history teaches with regards to the determinants of economic development.
Prior learning requirements
Equivalent of 30 credits of Microeconomics at level 5
The module aims to provide students with:
- An understanding of the characteristics of capitalist and socialist economic systems; knowledge of the economic and social issues that led to the failure of centrally planned economies;
- a critical awareness of current economic issues in a selected set of emerging (for instance Russia, India, Brazil and China)economies ;
- an ability to understand and appreciate the differences in economic systems across countries and how such differences can affect economic development and keys economic outcome (i.e. unemployment, inflation, macroeconomic stability, growth ect…)
- a range of transferable and subject-specific skills that will be of value in employment and self-employment;
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.
The failure of central planning and the rise of market economies- definition of capitalism and socialism and differences between two economic system. The reasons behind the failure of central planning.
Transition programme- analysis of the main economic policies employed to assist countries in the transition from socialism to capitalism
Economic and social characteristics of emerging countries such as Russia, India, Brazil, Mexico, China, South Africa, Indonesia, Turkey, Nigeria
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.
On successful completion of this module students will be able to:
- understand of the characteristics and main institutional features of capitalist and socialist economies
- explain the reason behind the failure of the socialist system and understand the set of policies employed in the transition from a planned to a capitalist economic system;
- ability to analyse the economic institutions of a set of emerging markets, the historical evolution of those institutions and their effects on economic performance.;
- marshal evidence and assimilate, structure, analyse and evaluate qualitative and quantitative data to understand and critically evaluate economic issues;
- demonstrate planning, communication, self-management, time-management, and self-presentation skills.
Coursework will be used through the module to develop students learning and understanding. Also students will periodically review the assessment of other students. One of the benefits of this reflective learning will be to raise performance in future assessment.
The final examination is 2 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.
The main book for the first two lectures is T. Mickiewicz “Economics of Institutional Change: Central and Eastern Europe” Revisited (Studies in Economic Transition), Palgrave 2010.
Students interested in going deeper into a specific country or topic may wish to consult one of the following
Amsden, A. H., 2001, The Rise of the Rest: The Challenge to the West from Late Industrialising Economies, Oxford University Press
Baer, W., 1995, The Brazilian Economy: Growth and Development, Praeger
Freeman, C. and Soete, L., 1997, The Economics of Industrial Innovation, Pinter, 3rd Edition
Jackson, T., 2009, Prosperity without Growth, Earthscan
Pinheiro, A. C. and F. Giambiagi, 1994, Brazilian Privatization in the 1990s, World Development 22(5) 737-753
Steinfeld, E. S., 1998, Forging Reforms in China: The Fate of State Owned-Industry, CUP
In addition we will rely heavily on journal articles. A complete understanding of all technical aspects is not required and we will highlight those that are important. However students are expected to master and be able to explain the intuition behind the content and conclusions of selected papers. While lecture slides will be available on WebLearn, they are being presented as an aid to learning and not as a substitute.