This course will survey the economic systems of the world. We start with developing analytical models to compare economic systems. We then study the historical development of capitalism and the origin of various forms of socialism that appeared in response to the shortcomings of nineteenth century capitalism. Next we proceed to discuss the merit of integration of economies, e.g. European Union and the former Soviet Union, in the early twentieth century. Later, we witnessed the failure of Soviet style economies and transition to different forms of market economy. The transformation of Eastern Europe and the former Soviet Union Republics in the 1990s has been without precedent in our economic history and by its nature and scale is among the most dramatic events of recent economic history. We will discuss the systematic changes that took place in Eastern Europe and the former Soviet Union Republics, and the overall implications for different regions of the global economy. Finally, with the controversial Brexit referendum passed by United Kingdom voters in June 2016, it is important to study the institutions and governance of the European Union, and the debates over the future of European integration.
Many countries on fall 2017 voyage have experienced different forms of transition and are at different stage of transformation. They offer an interesting laboratory for comparative analysis and first hand opportunities to evaluate the success or failure in their transition process.
Field ClassCountry: Myanmar (Burma)
Date: November 8, 2017
This field class will meet with representatives from the Asian Development Bank and the U.S. Embassy to hear a discussion of socio - economic - politico situation of Myanmar during transition. We will learn about the various functions of the U.S. in the process of transition. The class will also visit the Bogyoke Aung San Market, and have a discussion with traders in order to get an understanding of how small businesses function in a transition to a market economy. This is very informative field class lets students to understand challenges of transition from policy makers and people experiencing transition perspectives.
1. Understand how small businesses adapt and function during transition into market economy in Myanmar.
2. Understand the role of the World Bank / or U.S. government in the process of transition into market economy in Myanmar.
3. Evaluate the success of transition from at micro and macro levels.