EC7092 - Macroeconomics in a Global context (2025/26)
| Module specification | Module approved to run in 2025/26 | ||||||||||||
| Module title | Macroeconomics in a Global context | ||||||||||||
| Module level | Masters (07) | ||||||||||||
| Credit rating for module | 20 | ||||||||||||
| School | Guildhall School of Business and Law | ||||||||||||
| Total study hours | 200 | ||||||||||||
|
|||||||||||||
| Assessment components |
|
||||||||||||
| Running in 2025/26(Please note that module timeslots are subject to change) |
|
Module summary
Module description This module is aimed at providing the student with an understanding of the global nature of the activity of the modern economy and its effect on the macro-economic policy of states The long-standing tendency for states’ economic operations to be treated in isolation from one another, has led to a continuous neglect of the often overwhelming contextual factors in the formulation of theory, sush as the importance of the sustainability agenda worldwide.. The module presents an integrated perspective of the key dimensions of global economic activity, rather than the ‘hybrid’ treatment of the past conceptions of separable economic categories. The module which recognises the interpenetration of global economic activities between the key actors.
The student will be able to investigate and assess macro-economic phenomena through reference to the day-to-day activities of economic agents. These are central to the entire course in which this module sits.
The aims of this module are:
You will acquire a solid understanding of macroeconomic theory and its practical applications at the international and global level.
You will develop analytical and problem-solving skills in a global economic context.
You will be able to apply macroeconomic principles critically, to address contemporary global economic issues.
You will be equipped with the critical capacity to assess the role of empirical evidence in macroeconomic policy arguments.
Syllabus
What is macro-economic activity and how can it be understood and quantified? The social division of labour – national and global - and the development of the company.
The evolution of international, to multinational, transnational and global corporations. The measurement of economic output from GDP to sustainability and wellbeing.
Investment and productivity. Global consumption patterns. International Trade, international capital movement and financial balances. Role of the state.
The balance of payments. Foreign exchange dynamics and evolution.
Accumulation of capital. Unevenness of growth. Sustainability and poverty. Fiscal policy. Employment and migration.
The relation between inflation, the money supply and international prices. Interest rates and debt.
Managing the economy and international institutions. Processes of economic integration and cycles.
Balance of independent study and scheduled teaching activity
The mix of lectures and talks will be supported by seminars. The later will involve discussions of contemporary topics, which will provide the basis for understanding the overall challenges that macro-economic policy formation faces.
Students will receive detailed on-going feedback on their preparatory work for the group presentation, so ‘formative’ assessment of the presentation itself.
Learning outcomes
1) The student will be able to evaluate the dramatic effects of existing economic activity on the global climate and its living species.
2) To understand the integrating force of international trade and capital movements, and the effect of shorter-term financial commitments
3) To critically evaluate the dynamics of international economic institutions and their significance, and their effects on regional and local economies
4) Be able to offer alternative empirically based explanations for international changes in investment, production, prices, and trading patterns globally.
Bibliography
https://rl.talis.com/3/londonmet/lists/9E1172D5-4AB4-2794-55C2-1418DC39B50E.html?lang=en-GB&login=1
Core reading
Miles. D, Scott. A, Breedon. F; Macro Economics: understanding the Economy. 2012 3rd ed. Wiley
OR
Reinert. K. A; An Introduction to International Economics: New Perspectives on the World Economy Paperback – CUP 2020
Additional reading
Williamson. S; Macroeconomics, Global Edition Paperback 2024 6th ed. Pearson
Blas. J & Farchy J; The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources Paperback – Penguin 2022
O'Brien R. & Williams M; Global Political Economy: Evolution and Dynamics. 2020 Red Globe Press
Gerber J; International Economics (7th Edition)
Krugman P, Obstfeld M, Melitz M; International Economics: Theory and Policy, Global Edition 2022
Beugelsdijk. S; International Economics and Business: Nations and Firms in the Global Economy Paperback – CUP 2023
Mankiw N G; Macroeconomics (International Edition) 2018