EC120-5-FY-CO:
The World Economy in Historical Perspective
2020/21
Economics
Colchester Campus
Full Year
Undergraduate: Level 5
Current
Thursday 08 October 2020
Friday 02 July 2021
30
29 May 2019
Requisites for this module
EC100 or EC111 or IA151 or IA153
(none)
(none)
(none)
(none)
EC120 studies the process of economic change from early European overseas trading ventures to the upheavals of the early 21st century. It begins with an overview of global economies before the onset of modern industrialization, focusing on Europe together with China, India and the Ottoman Empire in Asia.
The module goes on to examine how trade, finance and industry developed in Europe culminating in the Industrial Revolution. The second part of the module then studies the spread of industrialization both within and beyond Europe, focusing especially on the role of technological progress and international economic relations (trade, finance and migration). Following an examination of the upheavals of two world wars and the Great Depression in the first half of the 20th century EC120 continues with an overview of the global economy paying particular attention to trade, monetary regimes and governments' policy objectives to the present time.
EC120 seeks to understand why the modern world economy takes the form that it does. This involves exploring the forces that have driven economic change since the early 16th century, especially technological change in the context of expanding intercontinental commerce. EC120 aims also to support the development of useful skills in the form of (i) clear, concise and well-organised professional written work; (ii) personal time management, target-setting to achieve a timely completion of essays and other reading assignments, and (iii) reflection on, and response to feedback provided for essays.
Upon completion of EC120, students will have an awareness of the historical roots of the modern world economy. They will be equipped to show how the forces of technological change, international commerce and finance have shaped developments in industrialization and how industrialized economies responded to the upheavals of wars and depression and the challenges of globalization from the late 20th century.
EC120 is offered at two levels: 4 (first year) and 5 (second year). The only difference is in the assessments: assignments and examinations have different questions to reflect the two levels. Examples may be found in past examination question papers.
Two lecture hours per week in the Autumn term and in the Spring term. The lectures are prescribed instruction: attendance is compulsory. Some of the lecture hours may be used as seminars and additional class hours may be added as needed.
Feedback for EC120 occurs: in classes, where the design and coverage of assignment essays is discussed; in lectures, parts of which are devoted to discussion of the topics being studied; and in academic support hours, which are available each week. Academic support hours are provided to allow individual students, or small groups, to raise specific issues of interest that occur during the module, or to discuss their planning of assignments. In the weeks immediately before the final examination, revision sessions are provided to highlight themes of EC120, and to provide guidance on examination strategy. Students are encouraged to make use of academic support hours at this time to discuss their individual examination strategy and to obtain feedback from their drafts of answers to past examination questions.
- Allen, Robert C. (2009) The British industrial revolution in global perspective, Cambridge: Cambridge University Press. vol. New approaches to economic and social history
- Findlay, Ronald; O'Rourke, Kevin H. (2007) Power and plenty: trade, war, and the world economy in the second millennium, Princeton, N.J.: Princeton University Press. vol. The Princeton economic history of the western world
- Eichengreen, Barry J. (2019) Globalizing capital: a history of the international monetary system, Princeton, New Jersey: Princeton University Press.
- De Zwart, Pim; Zanden, J. L. van. (©2018) The origins of globalization: world trade in the making of the global economy, 1500-1800, Cambridge, United Kingdom: Cambridge University Press.
- Broadberry, S. N.; O'Rourke, Kevin H. (2010) The Cambridge economic history of modern Europe, Cambridge: Cambridge University Press.
- Rajan, Raghuram. (2010) Fault lines: how hidden fractures still threaten the world economy, Princeton: Princeton University Press.
- Zanden, J. L. van. (2009) The long road to the Industrial Revolution: the European economy in a global perspective, 1000-1800, Leiden: Brill. vol. Global economic history series
- Stephen Broadberry and Bishnupriya Gupta. (2006) 'The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800', in The Economic History Review. vol. 59 (1) , pp.2-31
- Neal, Larry. (2015) A concise history of international finance: from Babylon to Bernanke, Cambridge: Cambridge University Press. vol. New Approaches to Economic and Social History
- Eichengreen, Barry. (2019-08-06) Globalizing capital : a history of the international monetary system: Princeton University Press.
- De Vries, Jan. (c2008) The industrious revolution: consumer behavior and the household economy, 1650 to the present, Cambridge: Cambridge University Press.
- Eichengreen, Barry J. (2007) The European economy since 1945: coordinated capitalism and beyond, Princeton: Princeton University Press. vol. The Princeton economic history of the Western world
- O'Rourke, Kevin H.; Williamson, Jeffrey G. (2000) Globalization and history: the evolution of a nineteenth-century Atlantic economy, Cambridge, Mass: MIT Press.
- Kindleberger, Charles Poor; Aliber, Robert Z. (2005) Manias, panics, and crashes: a history of financial crises, Hoboken, N.J.: John Wiley & Sons. vol. Wiley investment classics
- Bordo, Michael D.; Eichengreen, Barry; Irwin, Douglas A. (1999) Is Globalization Today Really Different than Globalization a Hunderd Years Ago?.
- Headrick, Daniel R. (2009) Technology: a world history, Oxford: Oxford University Press. vol. The new Oxford world history
- Gregory Clark. (2007) A farewell to alms: a brief economic history of the world, Princeton: Princeton University Press.
The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Coursework |
Assignment 1 |
|
33.3% |
| Coursework |
Assignment 2 |
|
33.3% |
| Coursework |
Assignment 3 |
|
33.4% |
| Exam |
Main exam: 240 minutes during Summer (Main Period)
|
Additional coursework information
For each assignment students receive a detailed feedback sheet that comments on the strengths of the assignment and details the scope for improvements that could be made, as well as providing the mark. Students are then invited to come to academic support hours, when it is possible to explore their individual submission in the light of the issues identified on the feedback sheet
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Mr Roy Bailey, email: rbailey@essex.ac.uk.
Prof William Kennedy, email: wpkenn@essex.ac.uk.
Mr Roy Bailey (Au) and Prof William Kennedy (Sp)
For further information send an email message to ueco@essex.ac.uk
Yes
Yes
No
Mr Pedro David Matos Serodio
Available via Moodle
Of 257 hours, 0 (0%) hours available to students:
257 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).
Economics
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