Module Directory

This module studies the process of economic change from early European overseas trading ventures to the upheavals of the early 21st century. It begins with an overview of global economies before the onset of modern industrialization, focusing on Europe together with China, India and the Ottoman Empire in Asia.

The module goes on to examine how trade, finance and industry developed in Europe culminating in the Industrial Revolution. The second part of the module then studies the spread of industrialization both within and beyond Europe, focusing especially on the role of technological progress and international economic relations (trade, finance and migration). Following an examination of the upheavals of two world wars and the Great Depression in the first half of the 20th century, this module continues with an overview of the global economy paying particular attention to trade, monetary regimes and governments' policy objectives to the present time.

The aims of this module are:

• To understand why the modern world economy takes the form that it does.


• To explore the forces that have driven economic change since the early 16th century, especially technological change in the context of expanding intercontinental commerce.

By the end of this module, students will be expected to be able to:

1. Have an awareness of the historical roots of the modern world economy.


2. Show how the forces of technological change, international commerce and finance have shaped developments in industrialization and how industrialized economies responded to the upheavals of wars and depression and the challenges of globalization from the late 20th century.

Skills for your Professional Life (Transferable Skills)

By the end of this module, students will also be expected to develop useful skills in the form of:

1. Clear, concise and well-organised professional written work.


2. Personal time management, target-setting to achieve a timely completion of essays and other reading assignments.


3. Reflection on, and response to feedback provided for essays.

Complimentary learning or prior knowledge

While the topics covered are the same for both EC120-4-FY and EC120-5-FY, the main difference between the two levels is that level 4 students need have no background in economics, while a pre-requisite for level 5 is that students will have completed (at least) an introductory module in the principles of economics (EC111 at Essex or its equivalent). This means that level 5 students are expected to apply economic reasoning more explicitly (as needed) in their presentation of arguments, analyses and the assessment of interpretation historical events. In this context, this module EC120 can be understood as a module in applied economics – with the applications that extend back further in time than are normally studied in other economics modules. Level 4 students cover identical topics but may approach them in a more broadly discursive way relying less explicitly on economic analysis. (This is how the minimal obligatory ‘learning outcomes’ differ in a nuanced way between the two levels.) Level 4 students with a background in economics are, nevertheless, encouraged to make use of their knowledge in this module– the general principle being that students should make use of all the appropriate tools to which they have access.

Given that the coverage of topics is exactly the same, the teaching and readings are the same for both groups: what differs is the manner in which students approach and respond to these resources. In this context for instance, students have some freedom: at level 5 are expected to display the skills acquired from at least one year’s study of economics, while level 4 students are not required to do so (though should if they are able). This module's students, at least, have shown themselves to be capable without difficulty of grasping what is expected of them.

In order to enable students at each level to demonstrate their knowledge to their best advantage, the assessments (assignment and examination questions) differ, not in the subject matter covered, but instead in the ways in which logical reasoning and economic analysis are applied to answer the questions. In recognising moreover that students are diverse in their range of abilities (at any level), this module's assessments provide opportunities for all students to express themselves to their best advantage, such that the higher reaches of level 4 may overlap with or surpass those of some students at level 5. The assessment of these differences requires the exercise of academic judgment, of which the examiners are aware and take into account.

The module will be delivered via:

• Two lecture hours per week in the Autumn term and in the Spring term.

The lectures are prescribed instruction: attendance is compulsory. Some of the lecture hours may be used as seminars and additional class hours may be added as needed.

Feedback for this module occurs:

• In classes, where the design and coverage of assignment essays is discussed;
• In lectures, parts of which are devoted to discussion of the topics being studied;
• And in academic support hours, which are available each week. Academic support hours are provided to allow individual students, or small groups, to raise specific issues of interest that occur during the module, or to discuss their planning of assignments.

In the weeks immediately before the final examination, revision sessions are provided to highlight themes of this module, and to provide guidance on examination strategy. Students are encouraged to make use of academic support hours at this time to discuss their individual examination strategy and to obtain feedback from their drafts of answers to past examination questions.