Aims

To enable students to identify, analyse and discuss the macro-economic, political, social and institutional forces influencing the development of emerging economies.
The module will focus on the political economy of emerging markets, national development strategies, economic and political institutions, and the political processes that influence economic reforms. Of particular interest is the strategies that emerging economies have adopted to promote development. This includes asking how sustainable or enduring these new strategies are, how emerging markets solve difficult problems of promoting growth over the longer term, including managing trade and financial flows, balancing the role of the state and the market, and dealing with problems of institutional underdevelopment and weak systems of law and accountability. Emerging economies to be examined include the BRICS (Brazil, Russia, India, China and South Africa) as well as other fast growing economies. An emphasis will be to identify similarities, differences and inter-relationships within and between these emerging economies and the rest of the world. In particular, the module will also consider how the shift towards regional integration and reforming multilateralism results in changing economic relations within the global economy and how these in turn, impact upon the practice of political and business diplomacy.

Outline Of Syllabus

1. The rise and influence of emerging economies in the global economy
2. National, regional and multilateral models of development
3. Trade, investment and currency markets in the global economy
4. The political economy of emerging markets and the challenge of reform
5. BRICS and the challenge to multilateral orthodoxy
6. Development and commodity markets: the case of oil
7. Emerging markets and business diplomacy
8. The challenge of sustainable development

Teaching Rationale And Relationship

Lectures supplement student reading to provide both theoretical and practical knowledge. In class discussions and activities enable students to develop their understanding through mutual learning

Assessment Rationale And Relationship

Lectures, readings and class discussions / activities are designed to help students develop the understanding and analytical skills needed to complete the assessment. The assessment then tests the students individually to assess how well they have developed both their factual understanding of the topic and their skills in applying their knowledge. Resit is by resubmission of a revised essay.