EC120 overview – slide 0 EC120 The World Economy in Historical Perspective Brief overview and recapitulation 1.Themes of EC120 2.Early Modern Period 3.Industrialisation: the first phase 4.Trade, Growth and Modernisation to War and Interwar Upheavals in the 20th Century 6.World War II and Beyond 7.Pushing Ahead to the 21st Century 8.Exam Tactics 9.An Example Question (from last year’s exam)

EC120 overview – slide 1 Themes Long-term economic growth Trade and growth, a unifying theme Linkages: comparisons across space and time

EC120 overview – slide 2 Early Modern Period Time period? Approx − 1800 Modernisation in pre-industrial societies –Development (slow) in Advanced Organic economies –Demographic recovery from the Great Pestilence (14th Century) –The Industrious Revolution Comparisons/Contrasts: Europe with Asia Voyages of discovery & trading relations –The Mercantile economies: Revolutions in commerce and finance

EC120 overview – slide 3 Industrialisation: the first phase The first Industrial Revolution Comparisons within Europe Comparisons beyond Western Europe

EC120 overview – slide 4 Trade, Growth & Modernisation to 1914 Industrialisation in Europe Expansion of international trade Mass migrations and capital flows The Gold Standard and innovations in finance Globalisation and integration in late 19th century

EC120 overview – slide 5 War and Interwar upheavals in 20th Century The Great War, 1914−18 (World War I) Attempts to return to `normality’ in the 1920s The Great Depression Faltering recovery World War II, 1939−45

EC120 overview – slide 6 World War II and beyond Reconstruction after 1945 Bretton Woods and the new International Monetary Arrangements The `Golden Age’ of economic growth

EC120 overview – slide 7 Pushing ahead: faltering advance in the late 20th century Shocks: upheavals and deterioration from c1973 Floating exchange rates, but a move to “super-fixed” rates (the euro) in Europe Also, increased capital flows, and renewed impetus towards globalization The crisis of 2007/08 – and beyond

Final examination Exam instructions (“rubric”): Question 1: compulsory –But worth only 10 marks –Answer 5 from 7 Sections B and C: essay questions –Choose 1 from 4 in section B, and –Choose 1 from 4 in section C, and –Choose 1 from either section B or C –Each answer is worth 30 marks EC120 overview – slide 8

Exam tactics Time Management: allocate 50+ minutes for each essay Choose, at the start, all the questions you will answer Remember linkages among the course topics Answer the question Focus on arguments and explanations Write legibly – take care EC120 overview – slide 9

An Example Question Assess the role and significance of new technologies in the Industrial Revolution originating in late 18th century Britain. Would you agree that relative factor (input) prices were of more importance than the adoption of “Enlightenment values” in accounting for economic change during this period? Key terms: Industrial Revolution (IR); new technologies; input prices; “Enlightenment values” Outline the new technologies in the context of the IR –Link the adoption of technologies with relative input prices –Other characteristics of the Industrial Revolution? Outline “Enlightenment values” –Discuss their relationships with the Industrial Revolution Other potentially significant aspects of the Industrial Revolution? EC120 overview – slide 10