FE6002 - Development Economics and Emerging Markets (2021/22)
|Module specification||Module approved to run in 2021/22|
|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|
|Running in 2021/22||
This module enables students to acquire a systematic knowledge and understanding of the main theories, policies, issues and evidence in economic development with particular focus on emerging economies.
It develops students’ ability to apply economic principles and analysis in a variety of contexts in economic development and policy formulation.
It fosters an appreciation of the economic, social and political dimensions of development issues in an interdependent globalised world.
The module examines: different perspectives on economic development; theories of economic growth and development; the role of international institutions, national governments and markets; foreign aid; informal finance; trade and industrial policies; different types of economic systems and comparative economic development in selected countries that may include Brazil, Russia, India, China, Mexico, USA and Japan.
It addresses gender inequality and inequality in terms of income, access to education, health, finance, credit and job opportunities.
Internationalisation is addressed when examining poverty, inequality, foreign aid, trade, demographics, climate change, environment and economic development of selected emerging economies.
Students are encouraged to reflect and draw on their diverse socio-cultural
backgrounds and experiences.
Equality is promoted by treating everyone with equal dignity and worth, while also raising aspirations and supporting achievement for people with diverse requirements, entitlements and backgrounds
A range of transferrable and subject specific skills are developed, in particular: self- assessment and reflection; peer assessment; written and oral communication; subject research; problem solving; data and quantitative; analytical and critical thinking.
Introduction to economic development: different definitions and perspectives. LO1
Comparative economic development: definition and indicators of development, discussion of different human development indices, characteristics of developing world. LO1
Sustainable development goals: definitions, recent evidence in achievements. LO1
Classic and modern theories of economic growth, development, and structural transformation. LO1
International organizations-the role of the Word Bank and the IMF in influencing development policy and outcome in developing countries. LO2
Poverty: definition, measurement, absolute and relative poverty, recent global trends especially in developing countries, policies. LO2
Inequality: definition, measurement, absolute and relative, recent global trends particularly in developing countries, policies. LO2
Human capital: education and health in economic development,
recent trends, causes, consequences and policies and the gender gap in education and health. LO2
Environment and climate change: issues in environment and development, positive and negative impact of economic growth on the environment and pollution. LO2
The impact of factor endowments: natural resource abundance and development, Dutch disease, the interaction between factor endowments and industrial policies. LO2
Population demographics in developing countries: trends, causes, consequences and policies. LO2
Agricultural transformation and rural area development, role of women, microeconomics of farmer behaviour LO3
Informal financial markets: issues, advantages and disadvantages of informal markets, role of microfinance in rural areas in developing countries. LO3
Foreign Aid: development assistance debate, motives for donors and recipients. LO3
International trade theory and development strategy: recent trends in international trade and relationship with economic growth, the role of industrial and trade policy such as import substitution and export oriented industrialization, and case studies of South East Asia and Latin America regions. LO3
The role of the government and markets in economic development
Capitalism: welfare theory of economics, market failure, LO3
Socialism: Marxist’s overview, controversies in socialism. LO3
The reasons behind failure of central planning and the rise of market economies. LO3
Transition programme: analysis of the main economic policies employed to assist countries in the transition from socialism to capitalism. LO3
Economic and social characteristics of emerging countries such as
Russia, India, Brazil, Mexico and China. LO3
Comparative perspective-analysis of economic development and
performance of selected countries that may include Mexico, India,
China, Russia, Brazil, Germany, USA, and Japan. LO3
Balance of independent study and scheduled teaching activity
Students’ learning is organised around formal direct contact time with the teaching team, and reflective independent learning. Student formal contact time is normally 3 hours per week. Lectures are around 2 hours and deliver core subject knowledge in development economics and emerging markets. During the 1 hour seminar, the emphasis is on student learning through participation, problem solving, examination of case studies, oral presentations and formative feedback.
Students are expected to complement the 'formal' learning activity with further reading of the material suggested in the teaching sessions, solving economic development problems and analysing case studies using economic analysis; conducting research; writing, planning and preparing for individual presentations and coursework; the in class test and the final exam.
The contact time with teaching teams is organised around a range of learning activities including active learning to acquire knowledge and understanding, problem solving, oral presentations, reading and analysis of research papers, discussion of policy issues analysing case studies, and debate. Many activities require students to carry out independent work prior to formal class. Students are required to engage with research published in high level academic journals and international organisations, participate in class discussions, carry our individual presentations, analyse case studies, reflect on their learning and prepare for coursework.
Professional and transferable skills are developed in lectures and seminars, and through independent directed learning and assessment. Skills development is enhanced through working cooperatively solving economic problems, discussion of journal articles. Individual presentations during seminars review and discuss a range of economic development issues faced by governments and international organisations.
Initiative and independence is developed progressively through the module such that students are required to take greater responsibility of their work.
The module makes extensive use of blended learning through use of virtual learning environment platforms (WebLearn) where module handbook, lecture slides, seminar questions, coursework brief, assessment and grading criteria, past in class test and exam papers, guideline answers to past exam papers, journal articles, research reports and other relevant learning materials are provided. Links to other online resources, government data bases and videos are also available on Weblearn.
On successful completion of this module students will be able to:
1. Elaborate theory and application in relation to development economics and emerging markets with regards to different perspectives in development, Human Development Index, sustainable development goals, traditional and contemporary economic growth models and structural transformation.
2. Critically explain, provide and assimilate evidence, analyse and evaluate qualitative and quantitative data to understand and critically evaluate a wide range of issues and policies in economic development with reference to poverty; inequality; human and health capital; environment and climate change; factor endowments; and resource curse.
3. Critically evaluate theories, issues, problems and policies in economics development and emerging markets and apply economic reasoning in a critical manner to areas such as agriculture and rural area development; informal financial markets and microfinance; foreign aid; trade and industrial policies; capitalism; socialism; role of the government; comparative economic development and performance of selected countries that may include Mexico, India, China, Russia, Brazil, USA, and Japan.
The formative and summative assessments and feedback practices are informed by reflection, consideration of professional practice, and subject-specific knowledge and educational scholarship
Students are also encouraged to carry out an individual presentation on a journal article during seminars and receive formative feedback. This presentation may be on the topic of their chosen essay and enables them to reflect on their learning in preparation for their coursework.
During seminars students receive formative feedback on their knowledge and understanding of economic principles by working though exercises and problems which they prepare before the session. This preparation and feedback provides support for students when they later tackle problems set in summative assessment such as the final exam.
There are two types of summative assessments consisting of one individual 2000 words essay in week 15 assessing learning outcomes 1 and 2, and a three-hours part seen, part unseen final exam assessing learning outcome 3.
1. Todaro, M. and Smith, S. (2015). Economic development, 12th ed., Prentice Hall
Aldgate 330.91724 TOD
Earlier edition is available at Holloway Road 330.91724 TOD
2. Thirlwall, A.P. and Pacheco-Lopez, P. (2017). Economic of development. 10th ed.,
Palgarve Macmillan. This is an E-Book. Hard copies of earlier editions are available
at Aldgate 330.91724 THI
3. Easterly, W. (2001). The Elusive Quest for Growth: Economists’ Adventures and
Misadventures in the Tropics. Cambridge, MA: MIT Press.
Aldgate 338.90091724 EAS
4. Desai, V. and Potter, R. B. (2014). The companion to development studies. (edited),
3rd edition. Routledge. This is an E-book.
5. Human Development Reports 2010, 2015, 2016, 2017. This is a E-resource.
6. Handbook of Development Economics, Volume 3A and 3B. Elsevier B.V., various
years. This is an E-reource.
7. Ray, D. (1998). Development economics, Princeton: Princeton University Press.
Aldgate 338.9 RAY
8. Weil, D.N. (2013) Economic growth, 3rd ed., Pearson. Aldgate 338.9 WEI
The Core Textbooks in the spring semester:
1. Rosser, J.B., and Rosser, M.V. (2004). Comparative economics in a transforming
world economy, 2nd edition. MIT Press. Aldagte 337 Ros
Further texbooks on Thinkers of Development Economics:
2. T. Mickiewicz (2010). “Economics of institutional change: central and eastern europe”
Revisited (Studies in Economic Transition), Palgrave.
3. Simon, D. (ed.), (2006). Fifty key thinkers on development economics, Routledge.
Aldgate 338.9 FIF
4. Chenery, H. and Srinivasan, T.N. (2010). Handbook of development economic,
Elsevier. This is an E-resource
5. Peil, J. and van Staveren, I. (editors) (2009). Handbook of economics and ethics,
Edward Elgar. This is an E-resource. Hard copies available at Aldgate 174 HAN
Textbooks on Specific Countrries and Topics:
6. Amsden, A. H. (2004). The rise of the rest: the challenge to the west from late
industrialising economies. Oxford University Press. This is an E-Book.
7. Baer, W. (2007). The Brazilian economy: growth and development, 6th ed., Praeger.
Aldgate and Holloway Road 330.981 BAE
8. Garnaut, R., Golley, J., and Song, L. (2010). China: the next twenty years of reform and development. Canberra, ANU E Press. This is an E-Book.
9. Hsaio, F.T. (2018). Economic development of emerging East Asia : catching up of Taiwan and South Korea. London, Anthem Press. This is an E-Book.
10. Myant, M.R., Drahokoupil, J, (2011). Transition economies: political economy in Russia, Eastern Europe, and Central Asia. Hoboken, NJ, Wiley. Aldgate 330.947 MAY
11. Jackson, T. (2017). Prosperity without growth: foundations of economy tomorrow, Abingdon, OXON Routledge.This is an E-Book .
12. Shome, P. (2014). The G20 macroeconomic agenda: India and the emerging economies. (Edited) Cambridge University Press. This is an E-Book.
13. Thirlwall, A.P. and Pacheco-Lopez, P. (2008). Trade liberalisation and the poverty of nations, Edward Elgar. Aldgate 382.71 THI
14. Wolf, C. (2011). China and India, 2025: a comparative assessment. Santa Monica, CA, RAND.This is an E-Book