2012-2013 Academic Catalog

May 16, 2024

2012-2013 Academic Catalog [ARCHIVED CATALOG]

ECON 246 - Latin America and the World Economy

Type of Course: Lecture, Discussion

This course explores the role of the world economy in the economic development of what was once known as the periphery: Asia and Latin America over the period 1700-1990. The course uses the tools of basic trade theory and international macroeconomics to understand two signal events. The “Great Divergence” was when the periphery first fell behind northwest Europe and the United States during the 19th century. The First Globalization, when an integrated world economy of the developed north and undeveloped south first emerged in the run-up to 1914, may or may not have played a role. Dis-integration during the Great Depression led to a range of national experiments that emphasized decoupling from the world economy. Efforts to rebuild from 1945-1990 lay the foundations for the Second Globalization that continues to today. Key issues include de-industrialization, the debate over a resource curse, the east Asian model and alternative strategies for growth (export-led growth, labor-intensive growth or import substitution industrialization) and their consequences for economic performance.

Prerequisites: ECON 011.