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Regular version of the site
Bachelor 2019/2020

Introduction to World Economy

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Area of studies: International Relations
When: 3 year, 2 module
Mode of studies: distance learning
Instructors: Artem Altukhov
Language: English
ECTS credits: 4

Course Syllabus


Introduction to the World Economy is a one-module elective course offered to the third-year students of all specializations. The course purports to introduce the students to the most topical issues of the global economy, including inequality, migration, trade wars, and climate change. We start by reviewing the factors behind the historical development of capitalist economies and their amalgamation into one and seek to link these factors to the key theories in the field. In the course of our subsequent discussion, we come to explore and assess the different policies addressing the challenges world economy faces, including hunger, pension crisis, poverty, and others, their societal and political implications, as well as idiosyncrasies of these challenges in specific parts of the world.
Learning Objectives

Learning Objectives

  • Provide a thorough treatment of economic globalization, surveying different approaches as to its age, drivers, and outcomes;
  • Introduce the students to the most topical issues of the global economy, tracing each of them back to their historical roots;
  • Discuss the conventional, as well as alternative, theoretical explanations of inequality, migration, trade wars, and climate change;
  • Assess different cases of tackling these problems by national governments and international organizations.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand the economic implications of globalizing capitalism for individuals, industries, cities, and nations;
  • Analyze the links between trade, economic growth, and globalization with particular reference to developing countries’ cases;
  • Apply the framework of sustainable development to analyzing current global economic problems.
  • Critically comment on specific policy issues such as protectionism, gentrification, universal basic income, immigration controls, &c.;
Course Contents

Course Contents

  • Introductory lecture. Short history of globalization. Fourth Industrial Revolution & sustainable development
    Online lecture: Sachs week 1
  • Demographic challenges. Malthusian limits to growth. Pension crisis. Global healthcare
    Online lecture: Guillén module 1, videos 1–6 ; Sachs week 6, videos 1, 5
  • Food supply and the end of hunger
    Online lecture: Sachs week 10 and video 4 from week 6
  • Migration & Urbanization
    Online lecture: Guillén module 1, videos 7–9 ; Sachs week 11
  • Poverty & inequality
    Online lecture: Guillén module 2 ; Sachs weeks 2, 4, 5
  • Trade III: Economic imbalances & trade wars
    Online lecture: Guillén module 3
  • Climate change
    Online lecture: Sachs week 12
Assessment Elements

Assessment Elements

  • non-blocking Quizzes
    Quizzes are offered at the beginning of each seminar and are based on the contents of the corresponding online lecture. A quiz consists of ten questions and lasts for no more than seven minutes. Questions may be of either multiple-choice, true/false, or short-answer format.
  • non-blocking In-class participation
    In-class participation accounts for a substantial share of the final grade, as it is crucial for learning experience. The students are thus expected to engage with the core ideas of the course as discussed in lectures and readings and to arrive to class well prepared. Participation shall be evaluated in concordance with the HSE-UoL program evaluation rubrics, the Code of Conduct, and Expectations (available on the official website) and shall be based on:
  • non-blocking Make-up Essay
    In the aforementioned cases of a student missing more than five classes for a valid reason, he or she is allowed to write a two-hour in-class compensatory essay with a choice of three out of four questions.
  • non-blocking Final exam
    Final exam will be closed-book and will consist of ten multiple-choice, six true/false, five definition-based, and two free-response questions. A total of 80 minutes will be allowed. The exam will be comprehensive, which means it will cover the contents of the entire course.
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.4 * Final exam + 0.3 * In-class participation + 0.3 * Quizzes


Recommended Core Bibliography

  • Borjas George J. and Chiswick Barry R. Foundations of Migration Economics [Book] / ed. Elsner Benjamin. - Oxford : Oxford University Press, 2019.
  • Daron Acemoglu, & Pascual Restrepo. (2017). Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation. American Economic Review, (5), 174. https://doi.org/10.1257/aer.p20171101
  • International economics : theory and policy, Krugman, P. R., Obstfeld, M., 2015
  • Katerina Lisenkova, Marcel Mérette, & Miguel Sánchez-Martínez. (2014). The Long-Term Economic Impact of Reducing Migration in the UK. National Institute Economic Review, (1), 22. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.sae.niesru.v229y2014i1pr22.r30
  • Mathias Czaika, & Hein Haas. (2014). The Globalization of Migration: Has the World Become More Migratory? International Migration Review, (2), 283. https://doi.org/10.1111/imre.2014.48.issue-2
  • Michael Bordo, & Robert N McCauley. (2017). Triffin: dilemma or myth? BIS Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.bis.biswps.684
  • See-Yan Lin Global Economy In Turbulent Times [Book]. - Singapore : John Wiley & Sons, 2015.

Recommended Additional Bibliography

  • Cheshire Paul C., Nathan Max and Overman Henry G. Urban Economics and Urban Policy: Challenging Conventional Policy Wisdom [Book]. - Cheltenham : Edward Elgar Publishing, 2014.
  • Daron Acemoglu, James A. Robinson, & Thierry Verdier. (2017). Asymmetric Growth and Institutions in an Interdependent World. Journal of Political Economy, (5), 1245. https://doi.org/10.1086/693038
  • Pollin Robert Greening the Global Economy [Book]. - Cambridge, MA : MIT Press, 2015.