An understanding of the main issues confronting the international economy is a pre-requisite to finding solutions to global problems. The financial and banking crises in the world economy, the attendant severe budgetary and fiscal problems facing many countries, rising income inequality, the environmental problems, the EU migration and Brexit, the Covid-19 crisis and the recent global economic slowdown have led to some significant re-appraisal of what had become mainstream thinking in relation to economic policy and indeed in some circles market capitalism. Increasingly, much debate in the international economy is polarised between two camps: those who see globalisation as the panacea for solving economic and social problems and the antiglobalisation movement that views the process of globalisation as the main cause of problems. This module seeks to provide the student with a balanced and objective analysis of the main issues confronting the world economy. We will use the economic theory and empirical evidence to distinguish between fact and fiction.

The module will have as its main objective an exploration of the main issues that confront the world economy. While it would be unreasonable to expect one module to cover all the issues in depth the following will be analysed and discussed: Topic 1: (i) An overview of the current and future challenges facing the global economy. (ii) The identification of factors causing the recent global economic slowdown and the policy response. (iii) Defining characteristics of post-1945 and contemporary world economy. Topic 2: (i) Review of gains from global trade and trade barriers. (ii) Trade policy rules and evolution of international trade regime; the role of the World Trade Organisation (WTO), regional and plurilateral trade agreements, US-China trade wars. (iii) Trade, technology and inequality; Trade and environment. Topic 3: (i) Identification of causes of the global financial crisis and fiscal crises in the world economy. (ii) The evolution of global monetary and financial system; the role of multilateral institutions such as the International Monetary Fund (IFM) and the World Bank. (iii) Changing hegemonic role of the US economy and the rise of BIC (Brazil, India, China) economies; macroeconomics in the Eurozone. Topic 4: (i) Globalisation in the South and the economic problems confronting the least developed countries. (ii) The development history: 1945-1980 and development policy since 1980. (iii) Development prerequisites and the importance of aid from rich countries; post-2015 Sustainable Development Goals agenda. (iv) Impact of economic growth on global environmental conditions. Topic 5: (i) Global migration, the EU single labour market and the Europe's mass migration crisis. (ii) The policy role, challenges and opportunities of international migration. (iii) Changing facets of global production: analysis and policy implications of outsourcing (trade in services); trends in the patterns of offshoring and outsourcing.

On successful completion of this module, students will be able to: i) Explain the main factors determining the process of economic development and growth; ii) Identify current economic issues and challenges facing the global economy; iii) Debate the main arguments made by those in favour and against the process of globalisation; iv) Explain why government intervention is required to ameliorate some of the negative consequences of globalisation; v) Critically evaluate the evolution, role and impact of international trade, monetary and financial institutions; vi) Discriminate between anecdote and real evidence in the explanation of fundamental economic problems; vii) Demonstrate how economic theory can facilitate an understanding of the relationship between the economic growth and sustainable development.

On successful completion of this module, students will be able to: i) Challenge many of the popular though incorrect views on how globalisation affects the conditions of people in society; ii) Express an objective opinion on prevailing issues within the global economy; iii) Appreciate the complexity of current and future challenges facing the global economy.

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The are two one-hour lectures per week. Skeleton lecture notes will be made available in advance on VLE or in class. The lecture notes provide the foundation for learning and students will be expected to read extensively during the course and will have to demonstrate evidence of same at tutorials. A detailed reading list for each topic will be distributed at lectures and some readings will be posted on VLE. Students are encouraged to keep abreast of on-going current economic developments through reading the economics section of he Financial Times and the Economist. Additionally, references to useful websites will also be provided. Students will be required, as part of their reading assignments to study the most recent published peer reviewed articles for each of the topics in the module. The module is assessed through one in-semester assignment and the end-of-semester exam.