The module intends to provide students with the technical means and knowledge necessary for critically understanding the features of the global economy, the ongoing processes, their consequences and evolution.
The aim of the module is to support students in acquiring knowledge of the fundamental features of the world economy, its dynamics and evolution, including among countries and groups of countries. Special attention is devoted to the long-term trends, their causes and economic and institutional changes.
At the end of the module, students are expected to master the fundamental features of the world economy, its working, and transformations under the pressure of different factors. Students will also be able to appreciate the reasons that led to the present situation, the complexity and implications of the process of globalization and its revision, and the consequences and challenges for individual countries. Students will also be able to critically assess the alternatives, existing or possible, and the necessary reforms.
Pre-requirements
Students should have sound knowledge of the fundamentals of macroeconomics, international economics and macroeconomic policy. The module language is English and students are required to master written and spoken English.
Contents
The module includes three parts. The first part introduces the general characteristics and development of the world economy, including the causes and unfolding of the international economic and financial crisis.
The second part defines and analyzes the main trends and transformations, distinguishing its principal components: institutional, economic, financial, developmental and environmental. This part goes deeply into the long term features of each of these components.
The third part deals in a coordinated way with the features and trends analysed in the second part and aims at explaining whether different components and trends strengthen one another and in which direction they lead the world economy. It also considers the consequences descending from the features, events and trends as presented in part one and two and stresses the problems that have to be dealt with and solved in order to pursue a sustainable international economic order.
Teaching methods
The module includes frontal classes by the instructor and the students' discussion and presentations. Frontal classes introduce and focus the topics to be then analyzed in class with the active participation of students. Students are requested to prepare and present reports on issues to be agreed in advance with the instructor.
The module aims at supporting students in acquiring a critical understanding of the ongoing processes and trends of the world economy and of the fundamental policy choices and institutional reform, through the active participation of students and by stimulating the students' skill of defining and solving problems.
Evaluation of learning
- The assessment in the case of attending students takes place during the entire semester by considering a) in class active participation to analyses and discussion (20%), b) research work on a topic agreed in advance with the instructor (30%) and c) the written paper on the research topic and its presentation in class (approximately 2,500-3,000 words) (50%). The assessment considers the student's capacity to elaborate a research project, present it in a clear and synthetic way, contribute to the in class analysis of problems and motivate and defend one's own judgement.
- Non attending students are requested to take a written exam answering three open questions (100%). In answering, students should demonstrate that they acquired a clear knowledge of the fundamental features and trends of the world economy, and have a critical knowledge of the main problems and solutions.
Texts
The basic text for all students, both attending classes and non-attending, is:
- Mauro F. Guillén e Emilio Ontiveros, Global Turning Points. The Challenges for Business and Society in the 21st Century, Cambridge: Cambridge University Press, 2nd edition, 2016
Attending students will be suggested further readings during the module.
Non attending students are requires to study, along with the basic text of Guillén and Ontiveros, also the following reading:
- World Bank, The Changing Wealth of Nations 2018. Building a Sustainable Future, Glenn-Marie Lange, Quentin Wodon, and Kevin Carey, Editors (file:///F:/Corsi/2018-2019/GES/Sources/World%20Bank_THE%20CHANGING%20%20WEALTH%20OF%20%20NATIONS%202018.pdf), Washington, D.C.: The World Bank, 2018 (Chapters 1 to 7)