Economic History

Code:

1EC108

Acronym:

HES

Keywords
Classification	Keyword
OFICIAL	Social Science

Instance: 2022/2023 - 2S

Active?	Yes
Responsible unit:	Secção Autónoma de Ciências Sociais
Course/CS Responsible:	Bachelor in Economics

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
LECO	372	Bologna Syllabus since 2012	1	-	6	42	162

Teaching language

Suitable for English-speaking students

Objectives

Economic and Social History is designed to give future economists solid notions on the growth trajectory of the market economies.

This course studies the evolution of the main world economies from the seventeenth century to the present.

Teaching and study are based upon a carefully-chosen set of texts by contemporary classical authors, textbook chapters and research papers.

The course, the classes and the assessment are meant to develop the capacity to interpret indicators, the capacity to present arguments, the critical reading and the economic culture of the students. It is expected that the course will provide some opportunity to approach in concrete historical contexts some themes that are developed in other disciplines.

Learning outcomes and competences

Students are expected to grasp the historical background of the main economic issues in today's world.

Students are expected to develop their writing skills, reasoning and critical thinking.

Working method

Presencial

Pre-requirements (prior knowledge) and co-requirements (common knowledge)

None.

Program

PART I

1. Economic systems in theory and in numbers
1.1. The market economy and its alternatives
1.2. In numbers: the beginning of the Great Divergence and sustained economic growth



PART II

2. The causes of sustained economic growth (17th to 19th centuries)

2.1. Industrial Revolution? 
2.2. Industrious Revolution?
2.3. Did Instituitions Matter?
2.4. The Great Divergence


PART III


3. The phases of e economic growth since 1800

4. The Liberal phase (1820-1914) 

4.1. The Liberal Order
4.2. Globalization 1.0

5. The Beggar-thy-Neighbour Phase (1914-50)

5.1. Deglobalization1.0
5.2. Reform or Recovery?

6. The Golden Age (1950-73)

6.1. Capitalism Redux
6.2. Globalization 2.0

7. The Neoliberal Phase (1973-2008...)

7.1. Policy Dilemmas
7.2. Globalization 3.0

Mandatory literature

Koyama, M and Rubin, J; How the World became rich: the historical origins of economic growth , Polity Press, 2022. ISBN: ISBN-13: 978-1-5095-4024-2

Complementary Bibliography

Marx K, and Engels, F. ; Manifesto do Partido Comunista, Editorial Avante!, http://www.pcp.pt/publica/edicoes/25501144/manifes.pdf, 1997 [1848]
Brandt, L., Ma, D., & Rawski, T. G. ; From divergence to convergence: re-evaluating the history behind China’s economic boom, Journal of Economic Literature, 52(1), 45-123., 2014
Rosser, John Barkley; Comparative economics in a transforming world economy. ISBN: 978-0-262-68153-7
Allen, Robert C.; Global Economic History: A Very Short Introduction, Oxford, 2011. ISBN: 978-0199596652
Maddison, A.; “Fluctuations in the momentum of growth within the capitalist epoch”, Cliometrica, 1, pp. 145-175., 2007
Maddison, Angus; Dynamic forces in capitalist development. ISBN: 0-19-828398-9 pbk
Keynes, John Maynard; The economic consequences of the peace
De Vries, Jan; The Industrious Revolution: Consumer Behavior and the Household Economy, 1650 to the Present, Cambridge University Press, 2008. ISBN: 978-0-521-71925-4
Eichengreen, Barry J.; Hall of mirrors. ISBN: 978-0-19-939200-1
Friedman, Milton, 1912-2006; A monetary history of the United States 1867-1960
Allen, Robert C.; The Industrial Revolution in Miniature, The Journal of Economic History, 69-04, 2009, pp 901-927, 2009
Smith, Adam; The wealth of nations. ISBN: 0-14040-012-5
Broadberry, Stephen N. 340; The Cambridge economic history of modern Europe
FOUQUET, Roger; BROADBERRY, Stephen; Seven centuries of European economic growth and decline, Journal of Economic Perspectives, 2015, 29.4: 227-44., 2015
RAUCHWAY, Eric; The Great Depression and the New Deal: A Very Short Introduction, Oxford University Press, 2008. ISBN: 9780195326345
Tooze, Adam; Crashed: How a Decade of Financial Crises Changed the World, Viking, 2018. ISBN: 0670024937
Allen, Robert C.; The British Industrial Revolution in Global Perspective, Cambridge UP, 2009. ISBN: 9780521687850
Broadberry, S. ; Vambridge economic history of the Modern world, vol 1 e 2 vol.1 : 1700-1870, Cambridge University Press, 2021

Comments from the literature

The relevants sections of the texts included in the Bibliography will be available to students in a file inserted in SIGARRA (Documentos).

Teaching methods and learning activities

Students are encouraged to participate in the debates brought by the lecturer to the classes and read the texts as well as other materials. The presentations used in class will be available for downloading before the tests and exams.

Evaluation Type

Distributed evaluation without final exam

Assessment Components

Designation	Weight (%)
Exame	100,00
Total:	100,00

Amount of time allocated to each course unit

Designation	Time (hours)
Estudo autónomo	123,00
Frequência das aulas	39,00
Total:	162,00

Eligibility for exams

No attendance requirements, although we encourage attendance, as it proves helpful for students thoughout this course.

Calculation formula of final grade

There are only two assessment methods:

A. Two tests. The final grade is the weighted average of the tests. The first weights 40% of the final grade and the second 60%. 
Each test contains a set of multiple choice questions and a set of non-multiple choice questions (limited writing space alloted to each question) relating to different  Each test will focus on separate items of the course outline.
Grade = (T1*0,4) + (T2*0,6)

B. Final exam only. The final grade is equal to that obtained in a written exam at the end of the semester. Except in special legal circumstances, the final exam contains a set of multiple choice questions and a set of non-multiple choice questions with limited writing space alloted to each question.

Important Notes: 

1. Students will pass if they get a final grade equal or above 9,5 points out of 20
2. the weight of multiple choice questions is 30% (i.e. 6 points out of 20) and the weight of non-multiple choice questions is 70% (i.e. 14 points out of 20).
3. In Assessment Method A students will pass if they get a final grade equal or above 9,5 points out of 20, provided that they get a grade equal or above 6 points out of 20 in each one of the two exams. In other words, students will fail if they get a grade less than 6 points out of 20 in any of the two partial exams, even if the simple arithmetic average of the grades of the two partial exams is equal or above 9,5 points out of 20.

Special assessment (TE, DA, ...)

In accordance with prevailing rules. When assessed under special regimes, the final exam is solely composed of non-multiple choice questions.

Classification improvement

In accordance with prevailing rules.