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World Economy

Учебный год
Обучение ведется на английском языке
Кто читает:
Магистерская программа "Международный бизнес", направление подготовки "Менеджмент"
Курс адаптационный
Когда читается:
1-й курс, 1 модуль


Course Syllabus


This course is designed for master students of the 1st year (1 module). It is taught in parallel with introductive course on international relations and provides the introduction to world economy. The course covers four blocks of topics: history of global economy, resources, international trade and international finance. The course doesn’t provide students with full vision and understanding of international economic processes. Its objective is to make an overview of stylized facts on the main dimensions of the global economy. This knowledge forms the base for further courses of “International business” master program.
Learning Objectives

Learning Objectives

  • Make an overview of stylized facts on the main dimensions of the global economy
  • Learn the evolution of world economy and stages of globalization
  • Distinguish theories of international trade and its key principles
  • Describe principles of world financial system and financial markets
  • Understand the types of economic resources and their specificities
  • Understand the issue of environmental degradation and it mitigation
Expected Learning Outcomes

Expected Learning Outcomes

  • learn about the history and methodology of international economics
  • Understand all types of economic resources
  • Understand theories of international trade and its specificities
  • Dsitinguish global financial markets and their impact
Course Contents

Course Contents

  • Introduction. History of the world economy. Globalization
    Methodology of international economics. World economy and neoclassical economics. World economy and institutional economics. World economy and international relations. Dynamics of world development. Resources for economic growth. Factors of production and evolution of its use. Main stages of world economic development. The main features of World economy in Antiquity, in Medieval Ages, in Epoch of Great Geographical Discoveries, before the World War I, after the World War II, at the beginning of the 21st century. The reasons for launching sustained economic growth in the 17-18th century. Role of industrial revolution. Great divergence. Definition of globalization. Globalization’ components: integration, internationalization, informatization, liberalization, standardization etc. When did globalization start? Impacts of globalization for developed and developing countries. “Globalization and its discontents”.
  • International Trade
    History and dynamics of international trade. Geography of international trade flows. Inter- vs intraregional trade. Main exporters and importers. Gains from trade and their origin. Classical theories of international trade. Absolute and comparative advantage. Hecksher-Ohlin theory. New theories of international trade. Scale effect. Imperfect competition. Krugman’ contribution. Competitive advantage. Role of the cities. Path dependence in international trade. New economic geography. Role of the state. The effects of international trade on wealth and its distribution. Sources of protectionism of 2010s. Era of deglobalization.
  • International Finanсe
    Structure of world financial system. Financial markets and their role. Types of financial markets. Cross-border financial flows. Capital market. FDI vs portfolio, other investments. Role of FDI in world economy. International lending. International monetary system. Financial globalization. Role of international financial institutions. Economic cycles: types and role of the cycles. Procyclical and anticyclical economic policy. Origins of business cycle. Keynesian approach to business cycle analysis. Real business cycle theory. Great Recession: its reasons and consequences. Is the world in the start of new economic crisis?
  • Resources in global economy. Natural resource and environmental problems
    Types of resources. Labour resources. Population growth and its difference in different countries. Demographic transition. Demographic factors of economic growth. “Malthusian trap”. International migration. Geography of international migration flows. Demographic problems in develop and developing countries. Natural resources. Problem of their scarcity and uneven distribution. Physical and economic scarcity of natural resources. Economics of global environmental problems. Ozone layer depletion and Montreal protocol. Climate change and its economic impacts. Mitigation, adaptation and geoengineering. International climate change regime. Kyoto protocol. Climate change regime beyond 2020. Water scarcity. Its reasons and possible responses. Optimization of water consumption, water trade, technological innovations. Loss of biodiversity. Deforestation. Transnational pollution. Concept of sustainable development and its weaknesses. International cooperation for sustainable development. Green economic growth. Green recovery
Assessment Elements

Assessment Elements

  • non-blocking Exam
  • non-blocking Intermediate quizes
Interim Assessment

Interim Assessment

  • Interim assessment (1 module)
    0.4 * Exam + 0.6 * Intermediate quizes


Recommended Core Bibliography

  • Bhagwati, J. (2007). In Defense of Globalization: With a New Afterword. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780195330939
  • Clark, G. (2007). A farewell to alms : a brief economic history of the world / Gregory Clark. Princeton [u.a.]: Princeton Univ. Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.267141262
  • Dani Rodrik. (2018). What Do Trade Agreements Really Do? NBER Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.nbr.nberwo.24344
  • Gilpin, R. (DE-576)161117015. (2001). Global political economy : understanding the international economic order / Robert Gilpin. Princeton, NJ [u.a.]: Princeton Univ. Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.089772180
  • Gilpin, R., & Gilpin, J. M. (2001). Global Political Economy : Understanding the International Economic Order. Princeton, N.J.: Princeton University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=340193
  • Kołodko, G. W., & Brand, W. R. (2011). Truth, Errors, and Lies : Politics and Economics in a Volatile World. New York: Columbia University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=982191
  • Maddison, A. (2001). The world economy : a millennial perspective / by Angus Maddison. Paris: OECD. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.092066682
  • Mai Farid, Michael Keen, Michael G. Papaioannou, Ian W.H. Parry, Catherine A Pattillo, & Anna Ter-Martirosyan. (2016). After Paris; Fiscal, Macroeconomic and Financial Implications of Global Climate Change. IMF Staff Discussion Notes. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.imf.imfsdn.16.01
  • Porter, M. E., & Kramer, M. R. (2011). Creating Shared Value. Harvard Business Review, 89(1/2), 62–77. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=56698455
  • Rodrik, D. (2017). Populism and the Economics of Globalization. CEPR Discussion Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.cpr.ceprdp.12119
  • Stern, N. (2007). Stern Review on the economics of climate change. London: Cambridge University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.38551722X
  • Stiglitz, J. E. . V. (DE-588)120068524, (DE-627)080424244, (DE-576)163200661, aut. (2017). Globalization and its discontents revisited anti-globalization in the era of Trump Joseph E. Stiglitz. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.497220709

Recommended Additional Bibliography

  • North, D. C. (DE-588)119307944, (DE-627)080115144, (DE-576)162401531. (2005). Understanding the process of economic change Douglass C. North. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.114940606
  • Sempa, F. P. (2011). The New Geopolitics of Food. American Diplomacy, 1. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=poh&AN=63231370