EC5000 Economics in the Global Economy

Required Texts:  

1)      Slavin, Steve, Economics, A Self-Teaching Guide, Second Edition (New York, John Wiley & Sons, Inc.: 1999.): (S)

2)      Swartz, Thomas, TAKING SIDES: Clashing Views on Controversial Economic Issues, Eleventh Edition, (Guilford, CT., McGraw-Hill/Dushkin: 2003) (TS)

Course Description: 

This foundation course will address micro and macroeconomic principles as they apply to the world economy. Contending approaches to economic organization in the twentieth century have given way to the “triumph of liberalism,” and the dominance of market economics. The Bretton Woods Agreement that launched the IMF and World Bank, and trade agreements that have shaped the modern global economy will be examined, along with the opposition to the new economic order. Concepts of demand, supply, elasticity, national income measures, business cycles, and monetary and fiscal policies, as they relate to the global economy and international trade and finance, are discussed.  Students will also discuss and debate economic issues of contemporary concern and discuss what the globalization of economic activity and the trend towards global trade liberalization means to modern corporate planners. Finally, this course will utilize the economic tools discussed in class to assess the economic health of a selected country.

Course Outcomes: 

At the conclusion of this course the student should be able to: 

·                    Describe the evolution of the global economy in the twentieth century.

·                    Compare and contrast different economic approaches, as adopted by recent US administrations.

·                    Understand and explain the effects of monetary and fiscal policies by governments as they relate to the global economy.

·                    Demonstrate an understanding of basic micro- and macroeconomic principles.

·                    Present the economic arguments for free trade and protectionism.

·                    Demonstrate an ability to locate economic indicators and analyses from current periodicals, and understand their impact on the national and global economies.

·                    Discuss the origins and current status of the International Monetary Fund and World Trade Organization.

·                    Develop a general understanding of the often conflicting goals and objectives of large multinational enterprises and nation-states.