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  3. Globalisation and the World Economy

Globalisation and the World Economy (ECON20007)

Undergraduate level 2Points: 12.5Online and On Campus (Parkville)

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Year of offer2019
Subject levelUndergraduate Level 2
Subject codeECON20007
Semester 1 - Online
Semester 2 - On Campus
FeesSubject EFTSL, Level, Discipline & Census Date

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.

Intended 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.

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.

Last updated: 11 October 2019