Emerging Market Economies: Economics of Transition

Description

Emerging Market Economies provides an overview of the key issues relating to the intertwined processes of institutional and economic change, with reference to the process of transition from central planning to a market economy and within the wider context of economic development. The module thus focusses on the political and economic transformation in Eastern Europe and the former Soviet Union from the early 1990s to today. The module begins by examining the main operative features of a command economy and the key factors behind its eclipse. The main features of the transition process from a command to a market economy are then introduced: this includes some stylised facts about transition, the key ingredients of a transition package and a discussion of its implementation with reference to the experience of a number of post-communist countries, and with an emphasis on the interplay between policies and institutions, and the importance of social and political factors in the choice of a transition path. Specific components of the transition package will be examined in more detail, including liberalisation, stabilisation and structural reforms (e.g. privatisation) as well as the role of the labour market. This historical perspective on transition is complemented by a discussion of current or “pending” issues in transition economies and a discussion of the relevance of the transition experience to the wider issue of economic development and its contribution to recent advances in the economic literature. The module will provide students with a basic understanding of the key economic issues involved in the emerging market economies. Students will acquire the ability to critically analyse the interaction between economic factors and institutional, political and social factors in the formulation and implementation of economic policies in emerging economies, including transition economies. Teaching delivery: This module will be taught in 10-2h weekly sessions, combining a 1h lecture and 1h discussion focusing on academic papers and assessment preparation. Indicative Topics: Transformational recession, Systemic failures, capitalism versus central planning, programmes of reforms, Washington Consensus, Happiness gap, Corruption, Institutions. Module Aims and/or Objectives: The course will provide students with a basic understanding of the key economic issues relevant to economic reforms and economic development. Students will acquire the ability to critically analyse academic papers to build an interpretation of the interaction between economic factors and institutional, political and social factors in the formulation and implementation of economic policies in emerging economies, especially post-communist economies. The course aim to develop specific transferable skills around critical thinking, interpretation of empirical research and effective communication of nuanced views. Recommended readings: Students interested are invited to look for the course ReadingList@UCL