Globalisation and the World Economy

Subject ECON20007 (2014)

Note: This is an archived Handbook entry from 2014.

Credit Points: 12.50
Level: 2 (Undergraduate)
Dates & Locations:

This subject is not offered in 2014.

Time Commitment: Contact Hours: Two 1-hour audio lectures and a set of online tasks per week (Semester 1). Semester 1 is offered online only. Two 1-hour lectures and one 1-hour tutorial per week (Semester 2)
Total Time Commitment: Not available
Study Period Commencement:
Credit Points:
Semester 1, Semester 2
Corequisites: None
Recommended Background Knowledge:

Please refer to Prerequisites and Corequisites. Students enrolled in this subject as part of the Global Issues Program must be capable of reading and writing in English to a university standard. If you have any doubts or queries about the level of English required, please contact the subject co-ordinators.

Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements for this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website:

Subject Overview:

This subject uses economic theory to analyse globalisation in the world economy. First, it introduces fundamental theories of trade in international economics, and shows how economists see the process of globalisation. It then uses those theories to analyse major events and trends in the politics and history of the world economy’s evolution, including the industrial revolution, the Bretton Woods era, the rise and fall of Stalinist economies, and crises including the Asian currency crisis and the Global Financial Crisis. Finally, it focuses on political economy and contemporary issues in globalisation, including poverty and inequality, the environment, security, and the role of institutions. Note that in Semester 1, this subject is offered only online as part of the U21 Certificate in Global Issues – a multidisciplinary program offered jointly by the Universities of British Columbia, Hong Kong, Melbourne, and Nottingham. It gives global context to undergraduate degrees through online learning and student exchange. While this version of the subject can be taken as part of the standard University of Melbourne degree sequence, students intending to do so should contact the subject coordinator.

Learning Outcomes:
  • Apply analytical tools of international economics such as mainstream models and theories of international trade and their usefulness in analysing globalisation;
  • Apply these tools and principles in interpreting and analysing major economic and political factors underlying the evolution of globalisation throughout the 19th and 20th centuries;
  • Critically analyse arguments and evidence about the causes and effects of globalisation, including issues such as poverty and inequality, the role of states and institutions in helping or hindering globalisation, the effect of globalisation upon economic and state security, and the effect of globalisation upon the environment.

Online test 1: Semester 1, Week 2 (5%)

Online test 2: Semester 1, Week 3 (5%)

Written work not exceeding 2000 words: Semester 1, Week 4 (30%)

Research proposal, not exceeding 1000 words: Semester 1, Week 7 (20%)

Research essay, 2000 words: Semester 1, Week 12 (40%)

Online test 1: Semester 2, Week 3 (5%)

Online test 2: Semester 2, Week 4 (5%)

Short essay 1, 1000 words: Semester 2, Week 8 (15%)

Short essay 2, 1000 words: Semester 2, Week 12 (15%)

Tutorial attendance and participation : Semester 2, throughout (10%)

End-of-semester take-home exam, 2000 words: Semester 2, exam period (40%)

Prescribed Texts:

In Semester 1, the prescribed text is Salvatore, Dominick. 2005. Introduction to International Economics. USA: John Wiley & Sons. In Semester 2, a subject reader will be provided.

Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:
  • High level of development: written communication; interpretation and analysis; critical thinking; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.

  • Moderate level of development: collaborative learning; team work; statistical reasoning; synthesis of data and other information.

  • Some level of development: problem solving; application of theory to practice.


Students enrolled in this subject as part of the Global Issues Program must be capable of reading and writing in English to a university standard. If you have any doubts or queries about the level of English required, please contact the subject co-ordinators.

Related Course(s): U21 Diploma in Global Issues
Related Majors/Minors/Specialisations: Economics Major
Related Breadth Track(s): Global Economic Issues

Download PDF version.