Course description
Countries across the globe strive for economic growth and development, and enhanced welfare of their citizens. Though the objective is common, the means by which countries organise their economic systems to achieve this are noticeably different. In this course, we will study a variety of economic systems, how they change over time, and how systems with common underlying tenets (e.g. capitalist systems) can still have economies that manifest in different ways. Better understanding of economic systems will enable us to better understand different economic outcomes.
Course goals
The course aims to acquaint future economic decision makers with theoretical and descriptive knowledge about the historical, organisational, institutional and cultural settings of different economic systems, and how these systems have reconfigured in a globalised post-financial crisis world. The course also aims to develop analytical skills as students draw links between economic systems, policies and ultimately their impact on economic and social outcomes.
Course results
- Understand how economies can be compared and the theoretical frameworks behind different systems.
- Understand different paths within the same theoretical system – varieties of Capitalism, Socialism and Alternative Paths.
- Contrast and compare economic systems with regard to their institutional settings, workings and outcomes.
- Evaluate the institutional structures of economic systems and their impact on social and economic performance.
- Critically assess economic policies in the context of a given economic setting through individual research and group assignments.
