Faculty of Economics and Business

BACHELOR IN ECONOMICS SECOND YEAR Course

World Economy

Code

802351

Module

Spanish, International and Sectorial Economics

Area

International Economics

Nature

Compulsory 6

Attendance

3,6

Credits

Non Attendance

2,4

Year

2

Semester

3

COORDINATION DEPARTMENT Economía Aplicada I

COORDINATOR AND CONTACT María José Paz; [email protected]

SYNOPSIS BRIEF DESCRIPTION The course provides the necessary information for analyzing today's global economy in a systemic way, including tendencies and contradictions, the behavior of actors, and relations of interdependence. More specifically, we will: (1) analyze the growth, development, and regulation of the global economy as a whole, in developed economies, and in developing economies; and (2) study the development and regulation of the major international economic relations – production, trade, and finance.

PRE-REQUISITES For this subject, it is recommended that the student: - Be acquainted with basic economic concepts (especially macroeconomic), as well as theoretical relationships between the main economic variables. - Have some minimal mathematical background, especially the ability to deal with fractions and to read tables and charts. - Have general knowledge of contemporary world history.

Faculty of Economics and Business

- Manage Microsoft Office and internet browsers, at the user level.

OBJECTIVES Overall goal of the course: that students understand the forces and processes that shape the evolution of the world economy and its economic consequences. More specifically, goals of the course include that students: 1) Learn about the characteristics and recent developments in the world economic system: - With regard to production levels, income per capita, and development in different areas of the world economy. - With regard to some of the major international economic relations: international production, trade and finance. - With regard to the economic regulation of the global economic system as a whole, as well as of the various international economic relations. 2) Learn about some of the forces and processes that have led to those characteristics and evolution. 3) Reflect upon the main socio-economic challenges of the current global economic system, as well as upon the debates over how to tackle them. 4) Be able to seek, interpret and present quantitative and qualitative information that enable them to make judgments on relevant issues of the global economy.

COMPETENCES General: CG2, CG3 y CG4 Transversal: CT1, CT2 y CT3 Specific: CE1, CE5 y CE6

LEARNING METHODOLOGY A mixed methodology of teaching and learning will be used in all educational activities with the aim of encouraging students to develop a collaborative and cooperative attitude in the pursuit of knowledge.

TOPICS COVERED (Syllabus) PART I. FUNDAMENTALS FOR THE ANALYSIS OF THE WORLD ECONOMY Unit 1. Concepts and indicators for the study of the world economy 1. The study of the world economy. 2. Concepts, indicators, and theories of growth and development. 3. Concepts, indicators, and theories of economic regulation. 4. Concepts and indicators of international economic relations. PART II. GROWTH AND DEVELOPMENT IN THE WORLD ECONOMY Unit 2. Overview of the world economy 1. Production, per capita income, and development in today's world economy. 2. Evolution of production, per capita income, and development. 3. Economic regulation in stages: main actors and norms. Unit 3. Characteristics and dynamics of growth in developed countries

Faculty of Economics and Business

1. Basic characterization of the developed countries. 2. Possible explanations of growth and development stages. 3. Regulatory issues: varieties of capitalism. Unit 4. Characteristics and growth dynamics in developing countries 1. Conceptualization and current characteristics of underdevelopment. 2. Possible explanations of stages of growth and development. 3. Regulatory issues: main theoretical propositions and multilateral development actors (World Bank). PART III. INTERNATIONAL ECONOMIC RELATIONS Unit 5. International production and transnational corporations 1. Theories of international production. 2. Current characteristics and evolution of international production and transnational corporations. 3. National and international regulation of international production: key actors and norms. Unit 6. International trade 1. Theories of international trade. 2. Current characteristics and evolution of international trade. 3. The regulation of international trade (GATT and WTO). Unit 7. Exchange rates and international finance 1. Concepts and theories of exchange rate regimes and international finance. 2. Current characteristics and evolution of the international monetary and financial systems. 3. International regulation of the monetary and financial systems (IMF). Unit 8. Economic integration processes 1. Theories of economic integration. 2. Formal and informal processes of integration. 3. Political economy of economic integration. BALANCE AND PERSPECTIVES. THE LIMITS OF THE CURRENT DEVELOPMENT MODEL.

TEACHING ACTIVITIES DISTRIBUTION Theoretical lessons

% of Total Credits

30%

In-class presentation and discussion of the main contents of the given topic (approximately three hours per week). - The teacher will make a presentation, usually with Power Point. - Some sessions will include practical exercises, to complete or illustrate the content. - Students are expected to participate actively in class, demonstrating that they have completed the assigned readings.

Practical lessons

% of Total Credits

15%

Practical exercises in seminar sessions: - The group will be divided into two sub-groups, each of which will attend bi-weekly hourlong seminars. - In the case of a large group, each sub-group will consist of work teams. - The assignments (and necessary readings) will be uploaded to the virtual campus in advance.

Other Activities

% of Total Credits

15%

Faculty of Economics and Business

ASSESSMENT Exams

% Share of Final Grade

50%

% Share of Final Grade

50%

Final exam, covering entire course.

Other Activities

- Attendance and participation in class (10%). - Discussion and presentation of results of exercises via the virtual campus and in seminar sessions (10%). - Two short essays, delivered via the virtual campus, with the characteristics specified therein (20%). - Mid-term exam, covering topics up to that point (10%).

EVALUATION CRITERIA In order to pass this subject, the student will have to achieve a minimum grade in the final exam. In the “convocatoria ordinaria” it will be considered that the student has taken the course (and graded accordingly) if he/she hands in the first course essay AND takes the mid-term exam. In the “convocatoria extraordinaria” it will be considered that the student has taken the course (and graded accordingly) if he/she takes the final exam.

Faculty of Economics and Business

TIMETABLE Wednesday 9 COURSE PRESENTATION 16 UNIT 1

Thursday 10

Friday 11

17

18

22

23 UNIT 2

24

25

28 UNIT 2

29

October 1

2

5 UNIT 3

6

30 SEMINAR I (group 1) SEMINAR I (group 2) 7 UNIT 3

8

9

12 HOLIDAY

13

15

16

19 UNIT 4

20

14 SEMINAR II (group 2) SEMINAR II (group 1) 21 UNIT 4

22

23

26 UNIT 4

27

29

30

November 2 MID-TERM EXAM

3

28 SEMINAR III (group 1) SEMINAR III (group 2) 4 UNIT 5

5

6

9 HOLIDAY

10

11 UNIT 5

12

16 SEMINAR IV (group 2) SEMINAR IV (group 1) 23 UNIT 6

17

18 UNIT 6

19

13 HAND IN ESSAY 1 20

24

25 UNIT 6

26

27

30 SEMINAR V (group 1) SEMINAR V (group 2) 7 UNIT 7

December 1

2 UNIT 7

3

4

8

9 UNIT 7

10

11

14 SEMINAR VI (group 2) SEMINAR VI (group 1) 21 COURSE CLOSURE

15

16 SEMINAR VII (group 1) SEMINAR VII (group 2) 23

17

18

24

25 HAND IN ESSAY 2

Monday September 7

Tuesday 8

14 UNIT 1

15

21 UNIT 2

22

Faculty of Economics and Business

RESOURCES BASIC BIBLIOGRAPHY Callinicos, Alex (2009): Imperialism and Global Political Economy, Polity, Cambridge. O’Brien, Robert and Marc Williams (2010): Global Political Economy. Evolution and Dynamics, Palgrave Macmillan. Ravenhill, John (ed.) (2008): Global Political Economy, Oxford University Press, New York. Walter, Andrew and Gautam Sen (2008): Analyzing the Global Political Economy, Princeton University Press, Princeton.

COMPLEMENTARY BIBLIOGRAPHY To be uploaded to the virtual campus.

OTHER RESOURCES