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Kennesaw State University Class

Syllabus Department of Economics and Finance


Spring, 2011
ECON1100-Global Economics

Instructor: Michael Patrono


Office: BB 362
Phone: cell:(770) 298-7132 (before 10:00pm)
e-mail: mpatrono@kennesaw.edu
Office Hours: MW 2:00-3:00pm and9:15-9:45pm, or by appointment

Texts: The Commanding Heights: The Battle for the World Economy,
by Daniel Yergin and Joseph Stanislaw, A Touchstone Book Published
by Simon & Schuster, New York, 2002, and the companion
documentary available online at PBS.org, and Global Economics, by
Kennett, Mankiw, and Tucker, published by Cengage Learning, 2009.
GaView Vista: Material is available for this course on GaView Vista
that includes explanations of technical material in the lectures, as well
as practice work for exam preparation.
Optional Texts: Economics: A Contemporary Introduction, by William
A. McEachern, Thompson-Southwestern Publishing, 2003 or
Economics: Private and Public Choice, by Gwartney, Stroup, Sobel, and
Macpherson, Thompson-Southwestern Publishing, 2003 or Principles of
Economics, by N. Gregory Mankiw, Thompson-Southwestern Publishing,
2004
Course Description: Analysis of economic decision-making in a
global setting. Examines the fundamental questions of economics as
they relate to individuals, firms, and governments operating in an open
economy. Topics covered include: a comparison of economic systems,
how a market system works, the role of government in the economy,
the basis for international trade, the dynamics o f the global monetary
system, and the impact of technology on economic growth.
Course Prerequisites: ENGL0099, MATH0099, and READ0099, if
required.
Course Objective: The purpose of this course is to expose non-
business majors to the basic elements of economics in a global setting.
Topics include the basic workings of free markets, the role of the
government in the economy, the basis for international trade, national
income determination, production and growth, the monetary system,
etc. In addition we will explore issues in the ethics of profit making,
competition, and income distribution. The emphasis will be on genuine
understanding of the material, not on “memorization”.
Course Withdrawal Date and Policy: Last day to withdraw without
academic penalty is March 14th, 2011. Students withdrawing after
this date will receive a WF. Students who wish to withdraw with a
grade of “W” must do so formally through the Registrar’s Office on or
before this date.
Teaching Methodology: A lecture-discussion format will be followed
during the class time Student participation in class discussions will be
encouraged. Supporting material will be provided on WebCT.
Attendance Policy: Class attendance is strongly recommended.
Students are responsible for all material covered during their
absences. Notice regarding class enrollment: Students must
exclusively attend the course section in which they are officially
enrolled. Grades will be based on student performance in that specific
course and section. It is the students’ responsibility to check their
registration form and confirm that they are attending the course and
section in which they are enrolled. There will be no adjustments made
to class rolls once the drop-add period ends.

Grading Policy: There will be three regular exams plus a final exam,
for a total of 4 exams. I will drop the lowest of the first three
exams automatically. Each exam, including the Final counts 1/3
of your grade. The final exam is not optional, and everyone must
take the Final Exam, no matter how well you are doing up to that
point. The exams will not be cumulative. The test dates are listed
on the course outline and will be adhered to except in extreme
circumstances, so please plan your schedule accordingly. There
will be no make-up exams except for the following exceptions:
participation in a KSU sponsored event such as athletics, serious
medical emergency such as hospitalization with official
documentation, or the funeral of an immediate family member
with the notice printed in the paper. All work, car, traffic, child
care, travel, flu, etc excuse are personal in nature, and are not
excused. If at all possible contact me in advance of an exam if
you will be unavoidably absent. All unexcused missed exams will
receive a grade of “F”. If you miss an exam you must use the
automatic drop explained above. The grading scale is as follows:
90-100,A; 80-89,B; 70-79,C; 60-69, D; 0-59,F
No extra credit will be given to redress poor performance on exams.

Incomplete Grades: Incompletes are awarded for non-academic


reasons at the instructor’s discretion.

Tentative Course Outline:


Week 1. January 10-12
Introduction to the Types of Economic Systems
Lectures:
Discussion of economic concepts such as scarcity, resources,
property rights, contract, etc.
We will discuss the basis of the Free Market Capitalist System
and compare and
contrast it with Socialist/Communist and Mixed economic
systems.
Required Reading:
Chapter 7and 9 in Global Economics

Week 2. January 19 only (Monday the 17th is MLKJr. Day: no classes)


Introduction to the Types of Economic Systems (cont)
Lectures:
Discussion of economic concepts such as scarcity, resources,
property rights, contract, etc.
We will discuss the basis of the Free Market Capitalist System
and compare and
contrast it with Socialist/Communist and Mixed economic
systems.
Required Reading:
Chapter 7and 9 in Global Economics

Week 3 January 24-26


Introduction to how a Market System Works
Lectures:
The theory of Supply and Demand will be explained. The
efficiency and self-correcting mechanisms of the economy will be
discussed.
Chapters 3 and 4 in Global Economics

Week 4. January 31-February 2


Exam 1, Wednesday, February 2nd.
We will hold the exam on the 2nd and review it on the 7th.
Lectures:
Introduction to how a Market System Works (cont.)
The theory of Supply and Demand will be explained. The
efficiency and self-correcting mechanisms of the economy will be
discussed.
Chapters 3 and 4 in Global Economics

Week 5: February 7-9


Europe’s Mixed Economy
Review of Exam 1
Lectures:
Discussion of the post WWII experience in Western Europe’s
mixed economies. We will examine the experiences of England,
France, Germany, and Italy from the end of World War I to the
1970’s. The successes of the mixed economy will be illustrated.
Required Reading:
Chapter 1 in Commanding Heights

Week 6: February 14-16


The American Experience from the New Deal to the 1970’s
Lectures:
Discussion of the impact of the Depression on people’s view of
the appropriate role of government in the economy. Monopoly
and Regulation are examined as well as Keynesianism in regard
to full employment policy. This week ends with a discussion of
Stagflation and “Malaise” during the Carter administration.
Required Reading:
Chapter 2 in Commanding Heights

Week 7: February 21-23


The Rebirth of Free Market Ideology: the Case of Great Britain
Lectures:
Discussion of the effect of slow economic growth and high
inflation of the 1970’s on the reassessment of mixed
economy/socialism as a viable ideology and the challenge of a
rediscovered free market ideology
Required Readings:
Chapter 4 in Commanding Heights and Chapter 5 in ECON 1100
Global Economics

Week 8: February 28-March 2nd


Exam 2, Wednesday, March 2th. We will hold the exam on
the 2nd and review it after Spring Break. Grades will be posted
before Spring Break.
The Rebirth of Free Market Ideology: the Case of Great Britain
(cont)
Lectures:
Discussion of the effect of slow economic growth and high
inflation of the 1970’s on the reassessment of mixed
economy/socialism as a viable ideology and the challenge of a
rediscovered free market ideology
Required Readings:
Chapter 4 in Commanding Heights and Chapter 5 in ECON 1100
Global Economics
Week 9: March 7-9 Spring Break: (all week for KSU)

Week 10: March 14-16 Last Day to Drop with a W grade on the
14th
Economic Reform in Eastern Europe and Russia
Lectures:
We will discuss the economic reforms attempted by Poland and
Russia after the fall of the Berlin Wall. We will compare the
Soviet Command Economy model of economic development with
the private property, open market model. The debates about
how fast to push liberalization in the former east bloc nations are
examined.
Required Readings:
Chapter 10 in Commanding Heights and Chapter 9 in ECON 1100
Global Economics

Week 11: March 21-23


China’s Transition from a Centrally Planned Economy to a Market
Economy
Lectures:
China’s transformation to a market based economic system
based on the reforms of Deng Xiaoping. Mistakes of centralized
control as evidenced in the Cultural Revolution and the Great
Leap Forward initiatives of Mao Zedong are contrasted with the
successes of economic liberalization.

Required Readings:
Chapter 7 in Commanding Heights and Chapter 10 in ECON 1100
Global Economics

Week 12: March 28-30


India’s Shift from Socialism to Capitalism in the 1990’s
Lectures:
We will discuss the history of economic ideology from India’s
independence from Britain in the 1950’s to the present. The
effects of pursuing socialist policies for 40 years from
independence to the 1990’s are discussed. The stimulus of the
East Asian experience causes an internal rethinking in the
1990’s, which is evidenced by a dramatic opening to
globalization.

Required Readings:
Chapter 8 in Commanding Heights
Week 13: April 4-6 Exam 3 Monday, April 4th.
We will take the exam on Monday and review it on Wednesday if
possible
Economic Reform in Latin America
Lectures:
We will discuss the post WWII experience of several Latin
American countries. High tariff import substitution based policies
lead to quick growth. The Debt Crisis of the early 1980’s and the
economic reversals that led to a rethinking of the anti-
globalization mindset.

Required Readings:
Chapter 9 in Commanding Heights

Week 14: April 11-13


Economic Reform in Latin America(cont)
Lectures:
We will discuss the post WWII experience of several Latin
American countries. High tariff import substitution based policies
lead to quick growth. The Debt Crisis of the early 1980’s and the
economic reversals that led to a rethinking of the anti-
globalization mindset.

Required Readings:
Chapter 9 in Commanding Heights

Week 15: April 18-20


America’s Rethinking of the Role of the State
Lectures:
We will discuss the new bipartisan consensus emerging about
the proper role of the state in economic life as well as where
there are divergences. The Reagan Revolution and the budget
battles of the 1990’s are examined to understand the nature of
the change in the shift of gravity of the political system. The
breaking of Inflationary Expectations under the monetary
management of Federal Reserve Chairman Paul Volker is
examined.

Required Readings:
Chapter 12 in Commanding Heights

Week 16: April 25-27


America’s Rethinking of the Role of the State (cont)
Lectures:
We will discuss the new bipartisan consensus emerging about
the proper role of the state in economic life as well as where
there are divergences. The Reagan Revolution and the budget
battles of the 1990’s are examined to understand the nature of
the change in the shift of gravity of the political system. The
deregulation of the airline, trucking, phone, and rail industries
will be examined.

Required Readings:
Chapter 12 in Commanding Heights

Final Exam Week:


5:00 MW Class: Monday, May 9th, 6:30-8:30pm
6:30 MW Class: Monday, May 9th, 9:00-11:00pm

Note: This is a tentative course outline, and it is subject to change


when necessary. It is the responsibility of students to stay aware of
changes that may occur during the semester.

Academic Honesty:
KSU students are responsible for upholding the provisions of the
Student Code of Conduct, as published in the Undergraduate and
Graduate Catalogs. Section II of the Code addresses the University’s
policies and procedures on Academic Honesty, including provisions
regarding plagiarism and cheating, unauthorized access to University
materials, misrepresentation and/or falsification of University records
or academic work, malicious removal, retention, or destruction of
library materials, malicious/intentional misuse of computer facilities
and/or services, and misuse of student ID cards. Incidents of violations
of the Student Code of Conduct will be handled through the
University’s Judiciary Program. Disciplinary measures in case of such
incidents include expulsion, suspension, probated suspension,
probation, restrictions, reprimand (oral or written), restitution, and
community service.
Disruptive Behavior:
Belligerent, abusive, profane, threatening and/or inappropriate
behavior on the part of students is in violation of the KSU Student Code
of Conduct. According to University Policy regarding disruptive
behavior, students who are found in violation of the Code of Conduct
may be subject to immediate dismissal from the University. Also,
those violations that may constitute misdemeanor or felony violations
of state or federal law may also be subject to criminal action beyond
the University disciplinary process.