History Of The Global Economy

Module description

The emergence of new powers is changing today’s global order. Yet the economic and political developments underlying this new era have deep historical roots. This module introduces students to the major historical events and trends that have shaped the global economy, starting with the industrial revolution in the 18^th century and the first period of true globalisation in the 19^th century, as imperialism and capitalism spread across the world. The 20^th century is a story of both unprecedented growth and economic divergence. It is also one of repeated crises, from the First World War, the Great Depression, and the Second World War, through to the oil and debt crises of the 1970s and 1980s. The 21st century has already seen its first global crises in the Global Financial Crisis of 2008-09, followed more recently by the Covid pandemic of 2020-21, and now the current global inflationary shock. The module will highlight the interaction between competing global interests and evolving global ideologies, from liberalism in the 19^th century through state-led growth in the mid-20^th century and the rise of neoliberalism from the 1980s.

Assessment details

Semester 1: 

• 1,500 Word Formative Essay (0%) 

Semester 2: 

• 1,500 Word Formative Essay (0%)
• 3 Hour In Person Examination (100%)

Educational aims & objectives

This module aims to:

• Introduce students to the history and background to the emergence of a new group of dynamic developing economies.
• Introduce to students to how and why these emerging economies have had fast economic growth in the context of the historical evolution of the global system.
• Introduce key concepts and arguments about trade, finance, and the international political economy that constitute the background to understanding contemporary global dynamics.
• Introduce students to basic concepts of international political economy, including models of national economic organization and how national economies interconnect in the global economy.
• Introduce students to the rise of the liberal trading order of the late 19th Century, the colonial system into the context of European competition and the breakdown of the liberal order and the subsequent Great Depression.
• Introduce students to the contemporary context by examining the trading system and the post - World War II, Bretton Woods financial system and its impact on newly independent and/or increasingly industrialized developing nations.
• Introduce students to the breakdown of the 'embedded liberal' post - war order and the rise of neoliberal hegemony.

Learning outcomes

At the end of this module:

• Students will have developed their understanding of key foundational concepts in international political economy and begun to develop an understanding of the theories of global economic organization.
• Students will have developed their understanding about alternative ways that societies can organise their economies and the set of policy choices available for promoting economic growth.
• Students will have developed their understanding about the critically the strengths and weaknesses of differing modes of linking national economies to the global economy.
• Students will have developed their awareness of historical analysis to understand how contemporary events and structures are rooted in the past.
• Students will have gained an understanding of the contemporary political economy and how emerging markets are altering the balance of economic and political power.

Teaching pattern

20 x 2 hr lecture

20 x 1 hr seminar

Module description disclaimer

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Please note that modules with a practical component will be capped due to educational requirements, which may mean that we cannot guarantee a place to all students who elect to study this module.

Please note that the module descriptions above are related to the current academic year and are subject to change.