The international economy since 1945
Associate Professor Keith Trace
6 points * Two 1-hour lectures and one 1-hour tutorial per week * First semester * Clayton * Prerequisites: Any two of ECO1020, ECO1030, ECO1100, ECO1110, ECO1510 and ECO1520
Objectives On completion of this subject students should appreciate patterns of development experienced by the international economy since 1945; have examined critically major hypotheses advanced to explain the relatively strong performance of the international economy in the 1950s and 1960s and the lower rates of economic growth experienced post-1974; have a sound understanding of the working and historical evolution of major institutions (such as the IMF, World Bank and GATT); have developed analytical, written and oral skills by writing a long essay and delivering a tutorial paper.
Synopsis This subject focuses on the international economy from 1945 until the present day. We begin by looking at the struggle during and after World War II to recreate a multilateral system of international trade and payments (IMF, World Bank, GATT). The nature of and explanations for the `long boom' (1945 to early 1970s) will be investigated as will the breakdown of the `Bretton Woods system' in the early 1970s. Themes to be developed in the latter section of the subject include the globalisation of production; the relative decline of the US and the rise of Japan; and the growth of regional trade blocs.
Assessment Written (2500 words): 40% * Examination (2 hours): 50% * Tutorial assessment: 10%