The course provides the necessary information for analyzing today's global economy in a systemic way, including tendencies and contradictions, the behavior of actors, and relations of interdependence.

More specifically, this group will study:

-    The defining and differentiating features of various national/regional economies, in terms of their levels and trajectories of income, productive development and socio-economic development, on the one hand, and their participation in the overall world economy, on the other.

-    International markets: financial, productive, and commercial… focusing on specific markets that are of special relevance in today’s world economy, such as energy markets, global value chains in electronics, and financial relations.

-    The main actors in the world economy and the rules that, on the one hand, constrain their decisions and, on the other, they themselves set. These are the governments of hegemonic countries, transnational companies, and other organizations that not only participate in exchanges but also have the power to influence the way in which they are organized.

Goals and skills

The general objective of the course, in terms of cognitive skills (skills related to knowledge), is for students to learn about the main current characteristics of the world economy and their recent evolution, as well as to reflect on the processes that shape it and its socio-economic consequences.

More specifically, the objectives are that students:

-    Acquire a conceptual and analytical framework that allows them to question themselves about the world economy in its different dimensions, separately and articulately: countries/regions, markets, and actors and norms.

-    Know the main characteristics and recent evolution of the world economy, in relation to these dimensions: productive and socio-economic development (levels and evolution) of countries/regions, markets (finance, production, and trade in various relevant markets) and external economic insertion of countries/regions, and main actors and norms in the international political economy.

-    Acquire knowledge about interpretative debates on the processes by which features of the world economy are configured, as well as on the socio-economic consequences of these features.

In addition to the objectives related to cognitive skills, the course aims for students to also acquire transversal (related to how-to-do) and attitudinal (related to how-to-be) skills. More specifically:

-    With regard to transversal skills, it is intended that students be able to search, interpret and present quantitative and qualitative information that is useful for knowledge of the world economy; and it is intended that they apply knowledge about the world economy for the interpretation of concrete and current phenomena (for case analysis).

-    With regard to attitudinal skills, students are intended to have a reflective and critical attitude towards the processes that shape the world economy, as well as towards the socio-economic challenges that the characteristics and evolution of the economy entail; are able to make judgments about differing interpretations (own or others’); and work in coordination and cooperatively with each other.

Presentation and introduction to the course. 1. Presentation. 2. Introduction.

Part I. Growth and development in the world economy

Unit 1. A theoretical introduction to growth and development. 1. Growth. 2. Development. 3. Theories of Development.

Unit 2. Growth, development, and the global political economy in stages. 1. Inequality and growth in the world economy. 2. The global political economy in stages: main actors and norms.

Unit 3. Characteristics and dynamics of growth in developed countries. 1. Common features and dynamics. 2. Possible explanations of stages of growth.

Unit 4. Characteristics and dynamics of growth in non-developed countries. 1. Common features and dynamics. 2. Paradigms in development economics: from ISI to beyond the Washington Consensus.

Part II. International economic relations

Unit 5. A theoretical introduction to international economic relations. 1. Production and investment. 2. Trade. 3. Money and finance.

Unit 6. International Production. 1. Transnational Corporations (TNC). 2. Global Value Chains (GVC). 3. Foreign Direct Investment (FDI). 4. Political economy of international production.

Unit 7. International Trade. 1. Structure and evolution of international trade. 2. Commercial Policy. 3. Political economy of international trade.

Unit 8. Exchange Rates, International Monetary System and International Finance. 1. Current features and evolution of exchange rates. 2. International Monetary System. 3. Political economy of international monetary and financial systems.