History Of The Global Economy

Module description

The emergence of new powers and technologies 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 18th century and the first period of true globalisation in the 19th century, as imperialism and capitalism spread across the world. The 20th 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 19th century through state-led growth in the mid-20th century and the rise of neoliberalism from the 1980s.  

Assessment details

Semester 1: 

• Coursework

Semester 2: 

• Coursework & Examination

Educational aims & objectives

This module aims to:

• Introduce students to the history of the world economy, providing a background to the emergence of a new group of dynamic developing economies.
• Introduce to students the concept of industrial revolution, urbanization, and the modernization of agrarian societies.
• 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. 

Learning outcomes

At the end of this module students are expected to:

• Have developed their understanding of key foundational concepts in international political economy.
• Critically understand the alternative ways that societies can organise their economies and the set of policy choices available for promoting economic growth.
• Analyse and compare the strengths and weaknesses of differing modes of linking national economies to the global economy.
• Identify the value of historical analysis to understand to what extent contemporary events and structures are rooted in the past.
• Demonstrate an ability to critically understand 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 the module descriptions above are related to the current academic year and are subject to change.