Generating the Wealth of Nations

This subject provides an introduction to the development of economic activity in the world in the past 300 years. The main objectives are to present an overview of the main phases and episodes in the evolution of the world economy in the past 300 years, and to develop an understanding of the role of factors such as geography, institutions, technological change and culture in explaining economic development. Through study of the evolution of the world economy knowledge of key economic concepts and ideas will be developed, as well as an understanding of how economics and history can be applied to analyse the economic performance of different countries. The subject will emphasise how an understanding of the history of the world economy can be used to analyse current global economic developments. Main topics that are covered include: Early development of economy; European colonial expansion and the rise of trading economies; in the Industrial Revolution; the rise of the American economy in the twentieth century; the Great Depression; World Wars and economic activity; the eras of globalization in the world economy; evolution of international trade and finance; the Golden age and the era of stagflation in European economies; the rise of the Japanese economy, the Asian miracle, and the development of market economies China and Russia; and Australia's role in the world economy.