module specification

This module enables students to acquire a systematic knowledge and understanding of the economic institutions of a set of emerging markets; the historical evolution of those institutions and their effects on economic performance; and the main institutional features of capitalist and socialist economies. It provides students with the opportunity to examine and evaluate qualitative and quantitative data to understand and critically evaluate the reasons behind the failure of the socialist system and the set of policies employed in the transition from planned to a capitalist economic system.

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:foregin 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, and access to finance, credit and job opportunities in emerging economies.

Internationalisation is addressed when examining foreign aid, trade 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; evaluation; analytical and critical thinking.

Agricultural transformation and rural area development, role of women, microeconomics of farmer behaviour

Informal financial markets: issues, advantages and disadvantages of informal markets, role of microfinance in rural areas in developing countries.
Foreign Aid: development assistance debate, motives for donors and recipients.

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.
   
The role of the government and markets in economic development
Capitalism: welfare theory of economics, market failure,
Socialism: Marxist’s overview, controversies in socialism.
The reasons behind failure of central planning and the rise of market economies.
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 and China.
     Comparative perspective-analysis of economic development and
     performance of selected countries that may include Mexico, India,
     China, Russia, Brazil, Germany, USA, and Japan.

All Learning outcome LO1

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 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 and analyse case studies.

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, assessment and grading criteria, past 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. 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 summative assessment 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.

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 take their final exam.

Through the summative assessment, students are provided with opportunities to develop an understanding of, and the necessary skills to demonstrate, good academic practice.

The three hour long exam will use essay type questions to 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 provide 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/case study. The exam questions in both parts will address the underlying principles or issues of the subject matter or provide solutions to technical questions.  Written communication, analytical, critical thinking, evaluation, and problem solving skills are assessed.

Revision activities and sessions are provided before the final exam to support students learning. This should boost students’ confidence and improve their performance.

All the information about processes of marking and moderating marks, timing of assessments and deadlines for feedback provision are provided in the module booklet and communicated to students through Weblearn.

Core Textbooks:
1. Rosser, J.B., and Rosser, M.V. (2004). Comparative economics in a transforming 
    world economy, 2nd edition. MIT Press. Aldgate 337 Ros

2. 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

3. 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

Additional Reading:
4. T. Mickiewicz (2010). “Economics of institutional change: central and eastern europe”
     Revisited (Studies in Economic Transition), Palgrave.
5. 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.
6. Baer, W. (2007). The Brazilian economy: growth and development, 6th ed., Praeger.
   Aldgate and Holloway Road 330.981 BAE
7. 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.
8. 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.
9. Myant, M.R., Drahokoupil, J, (2011). Transition economies: political economy in
  Russia, Eastern Europe, and Central Asia. Hoboken, NJ, Wiley. Aldgate 330.947 MAY
10. Jackson, T. (2017). Prosperity without growth: foundations of economy tomorrow,
   Abingdon, OXON Routledge. This is an E-Book.
11. Shome, P. (2014). The G20 macroeconomic agenda: India and the
   emerging economies. (Edited) Cambridge University Press. This is an E-Book.
12. Thirlwall, A.P. and Pacheco-Lopez, P. (2008). Trade liberalisation and the poverty
     of nations, Edward Elgar. Aldgate 382.71 THI
13. Wolf, C. (2011). China and India, 2025: a comparative assessment. Santa Monica,
      CA, RAND. This is an E-Book.
14. Ray, D. (1998). Development economics, Princeton: Princeton University Press.

Further Texbooks on Thinkers of Development Economics:
15. Simon, D. (ed.), (2006).  Fifty key thinkers on development economics, Routledge.
   Aldgate 338.9 FIF
16. Chenery, H. and Srinivasan, T.N. (2010).  Handbook of development economic,
    Elsevier. This is an E-resource.
17. 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