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In this paper of economics, you are required to assess Adam Smith’s account of the Wealth of Nations and the legacy of this defence of free trade and compare and contrast the important theories of global free markets and globalisation. Furthermore, you are supposed to analyse and evaluate the contemporary theoretical and philosophical debate surrounding globalisation. Finally, you are required to include critical skills of political economy in a contemporary setting and the theoretical discussions of political economy to practical issues in political and economic life in your report.
This course aims
to introduce students to the history of economic thought;
to familiarize students with the main arguments for and against global free markets;
to analyse and critically engage with these arguments in the light of our practical experience of globalisation; and
to think critically about the nature and causes of wealth.
On successful completion of this course, students will be able to:
1. understand and critically assess Adam Smith`s account of the Wealth of Nations and the legacy of this defence of free trade in c19 and c20 arguments about globalisation;
2. compare and contrast the main theories of global free markets and globalisation and the major criticisms of globalisation;
3. analyse and critically assess the contemporary theoretical and philosophical debate surrounding globalisation;
4. apply the critical skills of political economy in a contemporary setting;
5. apply the theoretical discussions of political economy to practical issues in political and economic life.
