Globalisation and the World Economy

This subject has the following teaching availabilities in 2015:

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.

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

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.

• 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.

Semester 1:

• Online test, Week 2 (5%);
• Online test, Week 3 (5%);
• Written work (not exceeding 2000 words), due Week 4 (30%);
• Research proposal (not exceeding 1000 words), due Week 7 (20%);
• Research essay (2000 words), due Week 12 (40%).

Semester 2:

• In-class mid-semester test (30 minutes), Week 5 (15%);
• Short essay (1000 words), due Week 8 (20%);
• Tutorial attendance and participation, throughout the semester (10%);
• 2 hour end-of-semester exam, in the examination period (55%).

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.

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

• Bachelor of Arts
• Bachelor of Biomedicine
• Bachelor of Environments
• Bachelor of Music
• Bachelor of Science
• Bachelor of Engineering

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.

• 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.