Introductory description

Exposure to the global economy brings new ideas, technologies, and management practices to a business. Whether looking to build a new plant, sell to a new market or find global business partners, exploiting opportunities in new markets or regions poses fresh challenges. Many of those challenges arise from the different business environment that's present in countries around the world. What does an understanding of economics tell us about which countries and regions will see markets develop quickly in the medium term? Which governments act in ways that pose macroeconomic risks and which do not? How can resources and intellectual property be managed effectively? Which economic theories offer strategies to foster talent and help staff respond to new opportunities?
The patterns of world trade and the responses of governments have always been in constant flux. Businesses can't rely on traditional markets in the medium- to long-term. The pandemic has disturbed even the recently-established patterns of global economic growth. Strategic business decisions require an appreciation of the economic thinking that underpins these new patterns of growth and the changes in international finance that support them.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

1. Economic growth in the long run, intertemporal decision making, business cycle accounting

2. Stages of development and vulnerability in human development

3. International organisations and finance, FX regimes

4. Resources, factor markets, property rights and national governments

5. Short run implications of long-run growth & review, Q&A, individual assessment

Learning outcomes

By the end of the module, students should be able to:

• Demonstrate a comprehensive understanding of how economic and finance methods can be applied to new business opportunities in the global economy
• Demonstrate a comprehensive understanding of the basics of macro theory and evidence, international finance and development economics
• Develop critical analysis skills to appraise existing and proposed government policies

Indicative reading list

Economics Book by N. Gregory Mankiw; Mark P. Taylor 2020 although most readings will be from contemporary working papers, journals and articles.

International

This module looks at world trade and global economies in its analysis

Subject specific skills

Identify and evaluate the transformations required for a business to expand in the global economy
Appraise and assess how the tools of economics and finance analysis can be applied to understand economic growth, resources, energy, development economics, and international institutions

Transferable skills

Problem solving
Written communication
Data analysis