Universitat Internacional de Catalunya
History of Economics
Other languages of instruction: Catalan, English
If the student is enrolled for the English track then classes for that subject will be taught in the same language.
Teaching staff
Important: please send an email in advance in order to confirm your meeting with the instructor Guillem Verd (gverd@uic.es).
Introduction
Any in-depth analysis of the development models, challenges and opportunities facing our economies today contains a historical component. Indeed, the underlying forces of economic growth have tended to be finite and dynamic throughout history, so approaching them from a long-term perspective is essential to understanding the dynamism of economic models, the (unequal) distribution of growth across the globe and the responses that states and societies have given to the various challenges at different times in history.
Moreover, on certain occasions, economic history serves as a laboratory of economic science. Exploring global economic development historically provides a long-term perspective and an understanding of how decisions taken in the past can explain and predict the development of various social outcomes. This task is essential for accumulating empirical evidence aimed at confirming, refuting or nuancing the central economic theories of the past, present and future.
Pre-course requirements
General knowledge of contemporary history and basic knowledge of economics, mathematics and statistics.
Objectives
- Provide historical background of the most important economic events and processes.
- Identify the main stages in world economic history.
- Understand political and institutional contexts and its connection to economic performance.
- Identify the main factors of long-term economic growth.
- Link economic theory to past and current economic events.
Competences/Learning outcomes of the degree programme
- 08 - To understand how leading world economies work, their institutions and interconnections.
- 10 - To identify long-term economic growth factors and understand the impact of globalisation.
- 24 - To be able to carry out a financial, social and historical analysis of the environment in which a company operates.
- 33 - To be able to search for, interpret and convey information.
- 35 - To analyse time series.
- 50 - To acquire the ability to relate concepts, analyse and synthesise.
- 52 - To develop interpersonal skills and the ability to work as part of a team.
- 54 - To be able to express one’s ideas and formulate arguments in a logical and coherent way, both verbally and in writing.
- 55 - To adopt good time management skills.
- 58 - To be able to develop self-assessment exercises.
- 59 - To skilfully use software and ICTs.
Learning outcomes of the subject
After this course, students will understand the driving forces for economic growth in the long term; they will have identified the major poles of the global economy and analysed the evolution of one of them. They will also have thought about the process of globalisation of the economy over the last two centuries.
They will acquire skills in reading academic texts, carrying out economic analyses and solving problems; they will be able to express themselves in a coherent and organised manner; they will develop time-management skills; they will learn to work in teams and to manage tasks effectively and efficently; they will also learn to build up their learning process in an autonomous way, being aware of their limitations and potential for improvement (self-evaluation) and taking advantage of various software and ICT tools.
Syllabus
Lesson 1. Preindustrial Economies and the Great Divergence
1.1. The historical dimension of economic growth, its sources, and key concepts and indicators
1.2. The evolution of the world economy in the very long term and the origins of the Great Divergence
1.3. Demography and demographic regimes in the preindustrial era: Malthusian economies
Lesson 2. The Industrial Revolution, 1760-1850
2.1. Preconditions for the Industrial Revolution: institutions, factor endowments, and markets
2.2. Technical and organizational change: determinants and consequences
2.3. Productivity increases and their distribution: economic growth and living standards
Lesson 3. The First Economic Globalization, 1850-1914
3.1. The Second Industrial Revolution and the emergence of new economic powers
3.2. The integration of trade, capital, and labour
3.3. The effects of globalization and the seeds of its destruction: economic policy, inequality trends, and imperialism
Lesson 4. War, Depression, and Deglobalization, 1914-1950
4.1. The First World War and its economic consequences
4.2. The slow road to disaster: unbalanced growth in the 1920s
4.3. The Great Depression: causes, diffusion, and solutions
Lesson 5. The Golden Age of the World Economy, 1950-1973
5.1. The Second World War and the process of economic reconstruction
5.2. Global economic growth: factors, policies, and models
5.3. Convergence, divergence, and inequality in the golden age of the world economy
Lesson 6. From the Oil Crisis to the Recent Phase of Globalization
6.1. The crisis of the 1970s, the Third Industrial Revolution, and the shift in economic policy
6.2. European integration, globalization, and emerging economies
6.3. Growth and crisis, 1991-2008
- Support presentations of the different topics
- Practical exercises of own elaboration
- Practical exercises based on searching for information in databases
- Open source videos (Youtube, TV programs,...)
- Practical exercise based on reading texts (articles, book chapters)
- Expert Conferences
Teaching and learning activities
In person
The teaching methodology of this course includes practical activities. Therefore, the course consists of two types of classes: theoretical-practical and document-based practical sessions.
- The theoretical-practical sessions involve presenting and discussing the topics in the official course syllabus.
- The document-based practical sessions focus on specific topics related to the subject matter, aiming to clarify or expand the student's general understanding of the course using appropriate materials (texts, graphs, tables, examples, etc.).
Evaluation systems and criteria
In person
Continuous evaluation (50% of the final grade)*
-
A minimum of 3 practical exercises (30% of the final grade). The maximum score for each of these exercises is 1 point (10% of the grade). To account for these exercises, it is essential to meet the criteria for mandatory attendance and attitude (see below).
- The professor may include additional exercises or practical tests that can be considered when computing the 30% corresponding to this section of the final grade.
- As these exercises are part of continuous evaluation, they cannot be repeated.
-
A partial exam (20% of the final grade).
- The partial exam will NOT exempt from content in the final exam.
Final exam (50% of the final grade)
- The final exam will cover ALL classes, so it is possible to include questions from practical sessions.
- To pass the course, it is essential to score at least 40% of the final exam (e.g., a 4 out of 10). If the score of the first exam session is below 40%, the final grade for the first session will be at most 4.5 (regardless of the continuous assessment score).
Re-sit exam
- If the final exam is not passed, there will be a second exam session in June. In this case, the final grade for the course will depend solely on the second exam session, meaning continuous assessment will NOT be taken into account.
- According to the Faculty's academic regulations, the maximum grade that can be obtained in the second exam session is 7 out of 10.
Important information:
Mandatory attendance: To take any exam (final or second session) and to have the continuous assessment exercises counted, the student must attend at least 75% of the classes. This rule does not apply to professional athlete students. In such cases, please contact the professors directly (gverd@uic.es).
Attitude: Similarly, although not directly contributing to the overall grade, meeting basic standards of order and a good attitude is essential. If these are repeatedly not met, the professor may decide not to assess, either partially or totally, the subject.
Bibliography and resources
Basic sources of information
Zamagni, Vera (2017). An economic history of Europe since 1700. Columbia University Press, New York. [cast. Ed. Historia Económica de la Europa Contemporánea. Barcelona, Editorial Crítica].
Cameron, Rondo & Larry Neal (2015). A Concise Economic History of the World. From Paleolithic Times to the Present. Oxford, Oxford University Press. [cast ed. Historia económica mundial. Desde el paleolítico hasta el presente. Madrid, Alianza Editorial].
Gregory Clark (2007). A Farewell to Alms: A Brief Economic History of the World. Princeton University Press. [ed. Cast. Adios a la sopa de pan, hola al sushi: breve historia econòmica mundial. València, Publicacions Universitat de Valencia].
Other sources
Allen, Robert C. (2011). Global economic history. A very short introduction. Oxford University Press, Oxford. [ed. Cast. Historia econòmica mundial: una breve introducción. Madrid, Alianza Editorial].
Gregory Clark (2007) A Farewell to Alms: A Brief Economic History of the World.
Feliu, Gaspar; Sudrià, Carles (2013). Introducció a la història econòmica mundial. València, Publicacions de la Universitat de València.
Koyama, Mark & Rubin, Jared (2022). How the world became rich. The historical origins of economic growth. Cambridge, Polity Press.
Palafox, Jordi (ed.) (2014) Los tiempos cambian. Historia de la economía. València, Tirant Humanidades.
*note: Additional sources may be used throughout the course.