EC35510 - ECONOMICS OF ECONOMIES IN TRANSITION

Module Identifier	EC35510
Module Title	ECONOMICS OF ECONOMIES IN TRANSITION
Academic Year	2002/2003
Co-ordinator	Dr Jihe Song
Semester	Semester 2
Other staff	Mr Bruce Morley, Mr Nicholas Perdikis
Pre-Requisite	EC10510 or EC10120
Course delivery	Lecture	12 Hours
	Seminars / Tutorials	4 Hours
Assessment	Semester Exam	1.5 Hours	80%
	Semester Assessment	1200 word essay	20%

Learning outcomes

Through lecture presentation, seminar discussion, private study and directed reading students should achieve the following learning outcomes:

a working understanding of why the centrall-planned economic system failed and the problems that transition to a market economy generates
a familiarity with the economic policy debates and choices which have now arisen int he economies of Eastern Europe and the republics of former USSR economists
an understanding of the methods for privatising former state-owned and state-planned enterprises
an understanding of the impact of the opening of the transition economies to world markets
an ability to assess the future potential of the transition economies, in particular as potential future members of the European Union

Aims

The module aims to introduce students to the economic issues and debates surrounding the process of economic transition in Russia and Eastern Europe. From its inception in 1917 until its demise in 1991 the former Soviet Union, and its Warsaw Pact satellite states after the post-WW2 Yalta settlement, were managed economically as centrally planned, "command" economies. Transition to a market-based system with private rather than state ownership of business organisations has presented a range of problems of economic policy and a large literature in economics has arisen dealing with these. the study of economic transition is wider applicability since it focuses on the relative advantages and disadvantages of market-based versus organisation incentive systems. To greater or lesser extent all economic and business activity must address the question of the scope and limitations of markets.

Brief description

This module presents an account of the change from a centrally planned economy to a market economy in the former Soviet Union.

Content

Introduction to centrally planned economy
Overview of changeover
Macroeconomic implications of changes
Financial effects of changes
Implications to trade flows
Relationship between former Soviet economy on the EU

Transferable skills

Independent work on assessed coursework requiring basic researching skills
Contribution to seminar discussion and debates
General economic and financial analysis of contemporary issues

Reading Lists

Books
Daniel Gros and Alfred Steinherr. (1995) Winds of Change: Economic Transition in Central and Eastern Europe. Longman
Marie Lavigne. (1995) The Economics of Transition. Macmillan