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EC120 The World Economy in Historical Perspective

EC120 The World Economy in Historical Perspective. Brief overview and recapitulation Themes of EC120 Early Modern Period Industrialisation: the first phase Trade, Growth and Modernisation to 1914 War and Interwar upheavals in the 20th Century World War II and beyond

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EC120 The World Economy in Historical Perspective

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  1. EC120 The World Economy in Historical Perspective Brief overview and recapitulation • Themes of EC120 • Early Modern Period • Industrialisation: the first phase • Trade, Growth and Modernisation to 1914 • War and Interwar upheavals in the 20th Century • World War II and beyond • Pushing ahead to the 21st Century • Exam tactics

  2. Themes • Long-term economic growth • Trade and growth, a unifying theme • Linkages: comparisons across space and time

  3. Early Modern Period • Time period? Approx. 1500 − 1800 • Modernisation in pre-industrial societies • Comparisons/Contrasts: Europe with Asia • Voyages of discovery & trading relations

  4. Industrialisation: the first phase • The first Industrial Revolution • Comparisons within Europe • Comparisons beyond western Europe

  5. Trade, Growth & Modernisation to 1914 • Industrialisation in Europe • Expansion of international trade • Mass migrations from Europe • Capital flows and financial development • Globalisation and integration in late 19th century

  6. War and Interwar upheavals in 20th Century • The Great War, 1914−18 (World War I) • Attempts to return to `normality’ in the 1920s • The Great Depression • Faltering recovery • World War II, 1939−45

  7. World War II and beyond • Reconstruction after 1945 • Bretton Woods and the new International Monetary Arrangements • The `Golden Age’ of economic growth

  8. Pushing ahead: faltering advance in the late 20th century • Shocks: upheavals and deterioration from c1973 • Floating exchange rates, increased capital flows, and renewed impetus towards globalization • Crisis of 2007 – and beyond

  9. Final examination • Exam instructions (“rubric”): • Question 1: compulsory • But worth only 10 marks • Answer 5 from 7 • Sections B and C: essay questions • Choose 1 from 4 in section B, and • Choose 1 from 4 in section C, and • Choose 1 from either section B or C • Each answer is worth 30 marks

  10. Exam tactics • Time Management: allocate 50+ minutes for each essay • Choose all the questions you will answer • Remember linkages among the course topics • Answer the question • Focus on arguments and explanations • Write legibly – take care

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