Course Syllabus

Comparative Economics: Global Risk and European Responses

Course Description

Our global economic system generates astounding wealth and unprecedented individual freedom. It also creates many problems, including inequality, financial instability, and massive environmental destruction. Some of these problems grow to become crises with international impact.

How nations respond to crises is greatly influenced by a cocktail of factors, including the economic systems in place and how they process and allocate resources, what are the ruling government forms, what kind of policies and regulations are passed (and to whose benefit), market organizing, trade agreements and alliances (with who, for what), and developmental capabilities.

To compare economic systems is to compare ways to process information and make decisions – especially when faced with challenging and uncertain circumstances. This comparison is the study of comparative economics. In comparative economics, we compare economic systems, policies and strategies, and turn towards a facet of economics that is hard to measure, hard to predict, yet vital for navigating and understanding the economy.

In this course, we will compare a selection of economies and how they respond to crises. We will take a look at a variety of policies, economic systems, resource scarcity and allocation, and how the EU has responded to some of the global crises over the past many years.

Learning Objectives

By the end of this course, students are expected to have a better understanding of:

• How different economic systems and forms of government result in different responses to crises.
• Increased familiarity with policies, how they are written and used in crisis responses.
• Economic dynamicity and its interplay with policy responses.
• Resource scarcity and allocation, and the conflicts affecting the related decision-making.
• The genesis of crisis in the Greek economy and the EU policy response
• The EU, its foundations and basic operation, as well as its many institutions.

Furthermore, students are expected to develop their analytical thinking in oral and written presentations, and showcase their capabilities to seek information and be source critical.

Faculty

Fairouz Hussien

PhD @ Stockholm School of Economics, M.Sc. in Management and Strategy. Co-founder of the Methods Lab. Research focus on economic regulation, essential industries, and governance power. Expertise from the airline industry and fossil fuel systems.

Stylianos Papaioannou, PhD

Ph.D  in International Entrepreneurship, Uppsala University, M.S. in  International Business Strategy, Linnaeus University. Research focus on International Entrepreneurship, International Opportunity development and organizational behavior of Small and Medium sized Enterprises. 

Readings

All readings are accessible through the modules.

Latour B. (1984) The Powers of Association. The Sociological Review.

Acemoglu, D. and Robinson, J.A. (2013) ‘Economics versus politics: Pitfalls of policy advice. The Journal of Economic Perspectives

North, D.C. (1991). "Institutions." Journal of Economic Perspectives.

Stiglitz, J.E. (2019) Why Government? in People, Power, and Profits: Progressive Capitalism for an Age of Discontent. W.W. Norton & Company, New York.

Blommstein, H. J. (2006) Why is Ethics Not Part of Modern Economics and Finance? A Historical Perspective.

Cumes, J.W.C. (1974) Inflation! A Study in Stability. Chapter 1. Pergamon, ISBN:

Study Tour

The course includes a study tour to Athens, where we will have an opportunity to carry out an in-depth examination of the genesis and key features of the Greek economic crisis and the policy initiatives that have been employed to reverse long term economic stagnation.

Expectations of the Students

Students are expected to actively participate in class, and enagage with the readings and the ongoing discussions.

Use of laptops and other electronic devices is permitted only when said so in class.

1 missed attendance = 1 written task to be submitted. 

Evaluation

You will be evaluated based on your assignment submissions, preparedness, and in-class class activity.

Grading