GLOBAL ECONOMY IN HISTORICAL PERSPECTIVE

This course introduces students to the evolution of the global economy since the mid-19th century, a period which saw a rapid growth in the size of trade, finance, migration and other forms of market integration.

The course is organized chronologically and touches on three major periods: the first liberal era up to 1914; the interwar period and the disintegration of the world economy (1914-1939); and the post-World War II period and the contemporary reintegration of the global economy. For each period, the course examines major developments in trade and commercial policy, payments and monetary systems, capital movements and labour migration. Moreover, the course illustrates the arguments for and against globalization, its impact on democracy, the nation state, inequalities and convergence at global level, and the historical lesson about losers and winners.

Week One: Introduction to the course and to the concept of globalization

Week two: Europe and the world Economy in XIX century: the first divergence

Week three: The First Globalization (1870-1914): migration, capital and trade

Week four: The fall of the global liberal economy and the Great Depression (1914-1939)

Week five: European recovery from World War II and the Bretton Woods era (1944-1973)

Week six: The end of Bretton Woods and the reintegration of the global economy (1973-2008):

Week seven: Asia and Latin America in the global economy

Week eight: Multinational corporation and global trade

Week nine: EU economic policy and globalization

Week ten: Globalization and development: Where does Africa stand in the global economy?

Week eleven: Global and European crises in the world economy, (2007-to present)

Week twelve: Conclusions: Win-Lose from Globalization