EC7087 - Emerging Markets in Global Economy (2017/18)
|Module specification||Module approved to run in 2017/18|
|Module title||Emerging Markets in Global Economy|
|Module level||Masters (07)|
|Credit rating for module||20|
|School||Guildhall School of Business and Law|
|Total study hours||200|
|Running in 2017/18||
This module develops student’s knowledge and understanding of the main theories, policies and issues of economic development in emerging economies. It examines
changes in emerging economies concentrating in particular on the BRICS countries. It considers the factors that have led to the growth of these economies and their implications for the global economy.
The module aims to provide students with:
- a systematic knowledge and understanding of main economic development theories and policies in emerging economies, including a critical awareness of contemporary issues in the subject and the available evidence;
- an understanding of key characteristics and changes in emerging markets and their implications for the global economy;
- an ability to apply economic principles and analysis to emerging markets;
- an appreciation of the economic-social-political dimensions of wider human development issues in an interdependent globalised economy;
- academic study skills; subject research; data analysis; critical thinking, self-assessment and reflection skills.
Economic development: different definitions, theories and perspectives on the issue.
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 emerging economies.
The role of governments, non-governmental organisations and international organisations such as WTO in promoting economic development.
The role of FDI in promoting economic growth and development and case studies of emerging economies.
The development of bank finance and stock exchanges in facilitating FDI and development.
The role of industrial and trade policy and case studies of emerging economies.
Comparative perspective: economic development and performance of selected countries that may include Brazil, Russia, India, China, South Africa and Mexico.
Cultures and religions: the impact of cultures and religions in influencing and shaping the pattern of economic development.
Human development: definition, measurement and issues.
Learning and teaching
Students’ learning will be organised around direct contact time with the teaching team, and reflective independent learning. The direct contact time will take place through lectures, seminars and workshops. Student contact time will normally be 3 hours per week. Lectures/workshops will typically be around 2 hours and will deliver core subject knowledge and discuss contemporary issues with students. Seminars will be 1 hour long and student centred emphasising active participation and learning and formative feedback.
Students will be expected to complement the 'formal' learning activity with further reading of the material suggested in the teaching sessions, solving real world-related seminar questions and analysing case studies. They will be expected to analyse case studies, research, read and reflect on academic journal articles and use economic analysis prior to seminars. Furthermore, they will be required to discuss policy issues, plan, prepare and present group presentation and write an essay.
As this module emphasises understanding of development theory, policy and application a group 2-hour workshop will provide examples of how to use economics to understand and analyse development problems facing emerging economies.
Professional and transferable skills will be developed during lectures, seminars and through independent directed learning and assessment. Skills development will be enhanced through problem solving, analysis and presentation of case studies and academic research journal papers during seminars.
The module will make extensive use of blended learning through the use of virtual learning environment platforms (Weblearn, and E-resources) in which module handbook, lecture, seminar, journal articles, case studies, assessment materials, revision materials, videos and other links to key web resources will be uploaded.
On successful completion of this module students will be able to:
- demonstrate a broad knowledge and a systematic understanding of main economic development theories, policies and issues in emerging markets;
- explain the key features and changes in emerging markets such as Brazil, Russia, India, China, South Africa and Mexico and have knowledge of current issues in the subject;
- have critical awareness of the role of governments, non-governmental and international organisations in emerging economies;
- explain how economic policies, factor endowments and foreign direct investment (FDI) can influence pattern of development in emerging economies, and appreciate the significance of structural transformation in such economies;
- demonstrate an appreciation of the economic-social-political dimensions of wider human development issues in an interdependent globalised economy;
- provide evidence and assimilate, structure, analyse and evaluate qualitative and quantitative data to understand and critically evaluate policy issues in the subject;
- demonstrate skills in research, data analysis, critical evaluation, planning, written and oral communication, reflection, self-management and time-management.
The module will be assessed through:
- A group presentation and submission of power point slides on a current issue facing an emerging economy (40%)
- An individual essay (2500 words) (60%)
1. Todaro, M. P. and Smith, S. C. (2015) Economic Development.12th edition. Addison Wesley.
2. 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
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
5. Handbook of Development Economics, Volume 3A and 3B. Elsevier B.V., various years.
6. Khanna, T. and Palepu, K. G. (2013) Winning in Emerging Markets: A Road Map for Strategy and Execution. Harvard Business Press.
7. Meier, G., M. and Rauch, J. B. (2005) Leading Issues in Economic Development. 8th edition. Oxford: OUP.
8. Montriel, P. J. (2003) Macroeconomics in Emerging Markets. Cambridge University Press. Available as E-Book
9. Ramamurti, R, and Singh, V.J (2009) Emerging Multinationals in Emerging Markets. Cambridge University Press. Available as E-Book
10. Rosser, J.B., and Rosser, M.V. (2004,) Comparative Economics in a Transforming World Economy. 2nd edition. MIT Press.
11. Sen, A. (1999) Development as Freedom.
12. Shome, P. (2014) The G20 Macroeconomic Agenda: India and the Emerging Economies. (Edited) Cambridge University Press. Available as E-Book
13. Thirlwall, A.P. and Pacheco-Lopez, P. (2017) Economic of Development. 10th edition. Palgarve Macmillan.
Emerging Markets Journal
International Journal of Emerging Markets
International Journal of Economic Policies in Emerging Economies
Journal of Business, Finance and Economics in Emerging Economies
Journal of International Trade and Economic Development
Journal of Economic Development
International Journal of Business and Economic Development
International Journal of Development and Sustainability
Trade and Development Review
International Journal of Trade and Global Markets
American Economic Association Journal: Economic Policy
OECD Journal-Economic Studies
UK-Department for International Development
UK- Department for International Trade
UK Export Finance
International Development Association- World Bank
www.ft.com FT Emerging Markets Hub
Key Data Bases
Academic Search Complete
Economics and Social Data Services (ESDS)
Sage Journals Online
World Bank E-Library