Comparative economic systems
Associate Professor Ian Ward
6 points * Two 1-hour classes per week * First semester * Clayton * Prerequisite: ECO1020 or ECO1100
Objectives On completion of this subject students should understand what is an economic system and how the study of economic systems fits into an overall study of economics; be able to distinguish between capitalist, socialist and communist economic systems as well as different variants of capitalism and socialism; be able to analyse and predict whether or not a particular economic system will survive and to explain why certain systems failed during the twentieth century; understand the relationship between economic analysis and economic systems and be able to apply the analysis to economic policy issues within an economic systems context.
Synopsis A study of economic systems; the differences between them, based on their property, organisational and motivational relations together with the prevailing ideology; how they make choices; how they can be evaluated; and why they change over time. The method of comparative systems will be applied to a number of societies including Australia under the Labor Government, China under Mao and Deng, Eastern Europe, Malaysia, Russia (including why China achieved a successful reform and Russia is in severe crisis), the former Soviet Union, Sweden and the European Economic Community.
Assessment Essay (2000 words): 30% * Assignment (500 words): 10% * Examination (2.5 hours): 60% * or * Two essays (1500 words each): 40% * Assignment (500 words): 10% * Examination (2.5 hours): 50%
Prescribed texts
Ward I Comparative economic systems: Theory and practice Dept of Economics, Monash U, 1993
Ward I The Soviet struggle for socialism VCTA Publishing, 1992