Economic History

Code:

1EC108

Acronym:

HES

Keywords
Classification	Keyword
OFICIAL	Social Science

Instance: 2025/2026 - 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	11	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 structured knowledge on the trajectory of the leading world economies  since  the XVII century up to the present time. The analysis will cover the identification of long-term trends, as well as different periods within those major trends, reflecting changing economic, political, social, and technological conditions over time and space.

This course aims to stimulate argumentation, analytical reading, synthesis skills, interpretation of indicators, and broaden students' economic and historic culture. The syllabus provides students with the opportunity to place and understand in a specific historical context some of the topics covered in other courses ode to the programme.

Learning outcomes and competences

Students are expected to grasp the historical background and trajectory of the main economic issues in today's world. In this course students are expected to develop their oral and writing skills, reasoning and critical thinking.

Working method

Presencial

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

None.

Program

PART I The Long-Term Trajectory of Humankind and the Emergence of Sustained Economic Growth


1.  Introduction: The Economic Problem and the long-term trajectory of Humankind

1.1. The economic problem and its historical evolution
1.2. How to analyse the economic evolution over time
1.3. What do we know about long-term trajectories - Growth and Inequality 

2. Explanatory Factors of sustained economic growth and the Great Divergence (17th - 18th centuries)

2.1. The economic take-off of the Western World and the Great Divergence
2.2. Long-term growth Factors in the Western World
2.2.1. The Demographic Transition
2.2.2. Human Capital, Culture, and Technological Progress
2.2.3. The Role of the State and Institutions
2.2.4. Colonialism and International Trade
2.2.5. Structural Change and Sectors' Transformations


PART II - The Evolution of Western Economies - 1800-2020


3. The phases of economic growth in Western Countries - Periodization and Main Characteristics

4. The Liberal Phase (1820-1914) 
4.1. The Liberal Order
4.2. Inequality, unrest and material progress
4.3. Globalization 1.0

5. The Beggar-thy-Neighbour Phase (1914-50)
5.1. Deglobalization1.0
5.2. The Great Depression and the New Deal

6. The Golden Age (1950-73)
6.1. Capitalism Redux
6.2. The postwar international economic system and Globalization 2.0

7. The Neoliberal Phase (1973-2008)
7.1. Economic Policy Dilemmas
7.2. Globalization 3.0 and the end of Great Divergence

8. A New Phase? (2008 - ...)
8.1. The Great Recession 
8.2. The Challenges to Economic Growth - Deglobalization and Sustainability

Mandatory literature

Broadberry, Stephen N. 340; The Cambridge economic history of modern Europe
Maddison, Angus; Dynamic forces in capitalist development. ISBN: 0-19-828398-9 pbk
Maddison, A.; “Fluctuations in the momentum of growth within the capitalist epoch”, Cliometrica, 1, pp. 145-175., 2007
Oded Galor; A jornada da humanidade. ISBN: 978-989-23-5396-8

Complementary Bibliography

Robert C. Allen; The british industrial revolution in global perspective. ISBN: 978-0-521-68785-0
Barry J. Eichengreen; The^european economy since 1945. ISBN: 978-0-691-13848-0
Stephen N. Broadberry; The Cambridge economic history of the modern world. ISBN: 978-1-108-95377-1
MarK Koyama; How the world became rich. ISBN: 978-1-509-54023-5
Karl Gunnar Persson and Paul Sharp; An Economic History of Europe , Cambridge University Press, 2015
Allen, R. ; Backward into the future: The shift to coal and implications for the next energy transition, Energy Policy, 50,17-23, 2012
Quinn, W. e Turner, J.D. ; Boom and Bust: A Global History of Financial Bubbles, Cambridge University Press, 2022
Heilbroner , Robert L.; The making of economic society. ISBN: 978-0-13-282238-1
Graff , Michael; Growth of the international economy, 1820-2015. ISBN: 978-1-135-01065-2
Allen , Robert C.; Global economic history : a very short introduction. ISBN: 978-0-19-959665-2

Comments from the literature

The relevants sections of the texts included in the Bibliography will be available to students in Moodle

Teaching methods and learning activities

The classe combines lectures and active participation by the students. Students participate in the debates brought by the lecturer to the classes and do small in-class assignments either in group or individually.

Evaluation Type

Distributed evaluation without final exam

Assessment Components

Designation	Weight (%)
Teste	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

The student must be registered in one class group if Assessment Option A is chosen. 
Attendance of lectures is strongly encourage, especially for those students willing to chose continuous assessment, as it provides a continuous engagement with the progress of the course.

Calculation formula of final grade

There are only two assessment methods:

1. 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 will focus on separate items of the course outline. The first test (T1) covers Part I. The second test (T2) covers Part II. 

Final Grade = (T1*0.40) + (T2*0.60) + bonus

It will be given a grade point to every student who completes at least 75% of  in-class assignments and has a Grade T1*0.40+ Grade T2*0.60 < 20 (rounded).

2. Final examination only. The final grade is equal to that obtained in a written exam at the end of the semester. The bonus obtained in A can be added if the student completed 75% of in-class assignments and has an Examination Grade < 20 (rounded).

Final Grade = Examination + bonus

Important Advice: 

1. Students will pass if they get a final grade equal or above 9.5 points out of 20
2.  A student 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 7.0 points out of 20 in each one of the two tests. In other words, students will fail if they get a grade less than 7.0 points out of 20 in any of the two tests, even if the simple arithmetic average of the grades of the two tests is equal or above 9.5 points out of 20.
3. Students can use the bonus in the Appeal Season of the Academic Year where it was obtained, both for approval or grade improvement.
4. The student must be registered in one class if the assessment option A is chosen. 
5. The student must be registered in the English-speaking group class if he/she wishes to be assessed in this language.

Special assessment (TE, DA, ...)

In accordance with prevailing rules. 

Classification improvement

Students can use bonus from A in the Appeal Season of the School Year in which the bonus was attained, and Grade = Examination+bonus, if Examination Grade < 20 ( rounded).
Other situations in accordance with prevailing rules.

Observations

An adequate ethical conduct is considered as essential in this course.
Thus, the use of mobile devices, smartwatches and class notes is not allowed during tests and examinations.

In order to complete in-class assignments, students must be present during all the class and bring mobile phone or other electronic devices to class. Sharing logins to other students not in class is not allowed.

Any academic fraud detected in any assessment component will be punished according to the rules followed by the Faculty.