2017/18 Taught Postgraduate Module Catalogue

LUBS5228M Understanding the Global Economy: Capitalist Institutions, Growth and Crises

15 creditsClass Size: 100

Module manager: Marco Veronese Passarella
Email: m.passarella@leeds.ac.uk

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2017/18

This module is not approved as an Elective

Module summary

This module explores differences and similarities in competing national models of capitalism, focusing on the advanced capitalist economies of Europe and North America, within the broader context of the world economy. It does so by combining together a variety of quantitative and qualitative tools. It contrasts classical, Keynesian, institutional and Marxian views on how to account theoretically for key features of capitalist economies. It also looks at the policy implications of different viable forms of capitalism for national policy debates on welfare, employment and growth, and for international policy debates on institutions to face economic crises and sustain the world economy.

Objectives

The module aims to provide the knowledge and skills to enable students to compare and assess different varieties of advanced capitalist economy, and to identify and recognise similarities and differences in their individual post World War 2 trajectories. It aims to enable students to develop economic analysis and critical thinking in the context of appraising competing descriptions of and explanations for the trajectory taken by advanced capitalism as a whole over recent decades.

Learning outcomes
Upon completion of this module students will be able to critically assess:
- different theoretical perspectives on the ‘golden age' of post-war capitalist growth, and assess current debates
- key features of different national varieties of capitalism, and compare and contrast advanced forms of capitalism in
- competing theories of institutions, growth and crisis, underpinning competing conceptions or models of capitalism, and the relevance of this to policy debate on issues
- implications for contemporary debates over national and international policy issues

Skills outcomes
Upon completion of this module students will be able to:
Transferable
- Think critically and analytically
- Communicate succinctly

Subject specific
- Recognise and evaluate while showing sensitivity to national differences in economic institutions and cultures within the broader framework of global capitalism and market-based economic systems
- Recognise and evaluate different theories and models of capitalist institutions, growth and crisis.

Syllabus

Introduction to Keynesian macroeconomics and early Keynesian models of growth. Presentation of neoclassical models of growth and endogenous growth theory. Comparison of neoclassical models with post-Keynesian models and other current alternate models of growth. Outline of different theories of crisis, based on Marx's pioneering insights. Introduction to the ‘varieties of capitalism’ approach, focused on the Hall-Soskice framework. Extension of the analysis to an open economy: fundamental identity, super-multiplier, BoP constraint and Thirlwall's law.

Discussion of implications for policy debates. Key learning is developed through group workshops, which critically assess current research, supported by individually tailored formative feedback on practice essay questions.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	10	1.50	15.00
Seminar	5	1.00	5.00
Private study hours			130.00
Total Contact hours			20.00
Total hours (100hr per 10 credits)			150.00

Private study

- 6 hours reading per lecture: 60 hours
- 5 hours reading and preparation per seminar: 25 hours
- revision for final examination: 45 hours
= Total 130 hours.

Opportunities for Formative Feedback

- Progress will be monitored by contributions made to the seminars
- Formative feedback will be provided on individual and group contributions to the seminars.

Methods of assessment

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr	100.00
Total percentage (Assessment Exams)		100.00

The resit for this module will be 100% by examination

Reading list

The reading list is available from the Library website

Last updated: 01/12/2017

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