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Comparative Economic Systems SOUTHEAST MISSOURI STATE UNIVERSITY COURSE SYLLABUS Updated Spring 2010 Department of: Economics and Finance Course No: UI349 Title of Course: Comparative Economic Systems I. Catalog Description and Credit Hours of Course: How market, mixed, planned, and developing economic systems are organized and function to obtain major economic, political, and social goals. 3 credit hours. II. Interdisciplinary Nature of the Course: This course will emphasize the interrelationships between the political system of a country, its economic system, and the historical development of both. Two hundred years ago, the political and the economic were united in the discipline of political economy. The works of Mill, Smith and Marx were writings on political economy. As the disciplines' knowledge increased, they split. While there are areas distinct to one and not the other, it has never been possible to look at a nation's economy without considering the political environment. In the words of George Stigler, "There can not be many things in man's political history more ancient than the endeavor of governments to direct economic affairs." (The Citizen and the State).Modern industrial countries tend to be judged both externally and internally in terms of economic performance. Therefore, no matter how insulated the political leaders and the political systems, they are vulnerable to economic conditions. Certainly this has been demonstrated by the changes in the former Soviet Union and Eastern Europe. Economic and political systems also exist in a historic context. For instance, different historical impacts such as the degree of dominance by Mongolian rulers may make it impossible for St. Petersburg and Moscow to follow the same post-Soviet route as Kiev. This course focuses on major industrialized and developing countries. It considers their economic objectives, measures their economic performances, and considers how these are influenced by their ideological, political, and historic perspectives. III. Prerequisites: Knowledge of both a basic economic and political system. EC-101 or EC-215 and PS-103 or PS-104. IV. Purposes or Objectives of the Course: 1. To introduce students to the fundamental problem of scarcity facing any economic system and the methods of economic analysis. (2)* 2. To expose the students to differing political and economic arrangements and how these in turn affect the organization, production, and distribution functions of an economy. (2, 4, 6)* 3. To create an awareness of the development and current status of differing economic systems and the political context within which they operate. (1, 2, 4, 6)* 4. To contrast and compare market, mixed, centrally planned, and developing economic systems with regard to their domestic and foreign economic and political behavior. (1, 2, 4, 6)* 1 5. To evaluate the performance of different economic systems in fulfillment of major economic goals and political objectives. (1, 2, 4, 6)* V. Expectation of Students: Students are expected to actively participate in classroom discussion and satisfactorily complete on time all assignments and examinations. Students will need to demonstrate critical thinking skills both orally and in written work. VI. Course Outline: Weeks A. Introduction to Economic Systems (2, 4, 6)* 4-5 1. Historic Development and Institutions of Capitalism. 2. Market Mechanisms, Economic Problems, and Government Policies. 3. Historic Development and Institutions of Socialism. 4. Historic Development and Institutions of Communism. 5. Goals of Economic Systems. B. The United States and Other Mixed Economic Systems. (1, 2, 4, 6)* 4 1. Characteristics of Mixed Economic Systems 2. Case Study - The United States 3. Case Study - Great Britain 4. Case Study - France 5. Case Study - Japan 6. Impact of European Union and Other Trade Blocs C. Centrally Planned Economic Systems (1, 2, 4, 6)* 4 1. The Planning Model 2. Reform and Revolution 3. Case Study - The Soviet Union to Common- wealth 4. Case Study - German Reunification 5. Case Study - Hungary, Poland, and Czechoslovakia D. Developing Economic Systems (1, 2, 4, 6)* 2-3 1. Characteristics of Countries, Obstacles and Recommendation for Development 2. Case Study - China 3. Case Study - Mexico 2 4. Case Study - Nigeria VII. Textbook(s) and Other Materials: A. Schnitzer, Martin C. Comparative Economic Systems. Eight Edition. Cincinnati: Cengage, 2000. B. Recommended: The Wall Street Journal The Economist U.S. News & World Report Time Newsweek Publications of the International Monetary Fund, United Nations, and Organization for Economic Cooperation and Development. VIII.Basis for Student Evaluation: Three/four essay tests 60% Current topics notebook and informed classroom discussion (Guidelines will be given in class) 20% Research paper (See attached guidelines) 20% ____________________ *University Studies objectives that are emphasized significantly IX. Instructor Qualifications: Ideally this course would be team taught by an economist, political scientist, and historian. However, given the economic emphasis it is anticipated guest lecturers, (faculty, students, and representatives of foreign countries) will be invited to discuss topics and countries about which they have special knowledge but the course will be taught by an instructor in the Economics department who has considerable knowledge in the area of comparative (international) economics. 3 X. Justification for Inclusion in the University Studies Program Objective 1: Demonstrate the ability to locate and gather information. Emphasis: Significant. Content Students will be responsible for obtaining information on current economic and political conditions in all countries discussed and for the assigned research paper. Teaching Strategies Weekly discussion will be held on current conditions in the assigned countries. The instructor will suggest where students may locate sources of material. Student Assignments Students will be responsible for maintaining current events notebooks on the countries assigned. These will contain collections of articles from varied sources: The Economist, The Wall Street Journal, U.S. News & World Report, etc. In addition, a term paper will be assigned requiring the student to research economic and political conditions in a country not discussed in class. Student Evaluation The notebook and class discussion of current events will comprise 20% of total grade. The assigned paper will also represent another 20% of total grade. Objective 2: Demonstrate capabilities for critical thinking, reasoning, and analyzing. Emphasis: Significant. Content The course presents the different routes a number of economies have taken to deal with the problem of allocating limited resources toward the goals of their societies. Students will be expected to compare, contrast, and evaluate how well the economies discussed have accomplished their objectives. They will also be expected to analyze the objectives themselves and compare the differing approaches and objectives of economic systems. The approach to the accomplishment of economic objectives and sometimes even the objectives themselves are determined in the political arena. For instance, all major developed and most developing economies stress economic growth. However, approaches vary significantly from country to country depending on the relationship between government and business. In Japan due to the close relationship between government and business, policies are a joint effort and (at least until recently) one voice speaks for both. Historically, the organization of the Zaibatsus and its revival in the Keiretsus has led to a relatively small group moving freely between government and business to give the economy its direction. At the opposite poll is the increasingly adversial government and business relationship in the United States. This is expressed in the antitrust laws, environmental protection legislation and other responses to populist demand. The historical development of populism and consumer protection with their antibusiness stance are important factors in how the United States economy pursues growth. Likewise, Great Britain with its strong labor party, France with its planning system, the former soviet-type economies and the Soviet Union with their emphasis on Marxian ideology, all have different approaches to the goal of economic growth. The material benefits of 4 economic growth must frequently be weighed in terms of the social costs of environmental damage. Collective versus individual benefits must be considered. A favorable investment tax structure may promote growth, and it will certainly benefit some. However, is it equitable? Teaching Strategy Students will be exposed to the manner in which economic data are organized to address the question of how well the economy is performing. Differing goals and objectives of economic systems will be discussed extensively as will the major theoretical framework for Marxist, socialist, and capitalist approaches to economic problems. Student Assignments Students will be expected to read extensively concerning different economic systems as to both their theoretical basis and how such systems have evolved in practice. They will be expected to be able to compare and contrast the effectiveness of economic systems in allocating resources. How the political system impacts the economic system and the historical context surrounding both will provide a major challenge for students as they are asked to understand, analyze, and evaluate economic systems in environments which
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