ECON 461 Outline

THE KING'S UNIVERSITY

COURSE NUMBER:

ECON 461

COURSE TITLE:

Opportunities and Issues in Globalization

NAME OF INSTRUCTOR:

Dr. Elwil Beukes

CREDIT WEIGHT AND WEEKLY TIME DISTRIBUTION:

credits 3(hrs lect 3 - hrs sem 0 - hrs lab 0)

COURSE DESCRIPTION:

This course creates awareness of the nature, development and implications of the powerful spread of trade and finance flows across the modern world. It analyses the positive and negative aspects of globalization and alerts students to the opportunities for responsible extension of economic activities (trade in particular) to countries, regions and parts of the world very different from Canada. The ethical, developmental and environmental dimensions of globalization will be integrated with the business aspects and options.

Same as BUSI 461.

Prerequisites: ECON 203

COURSE MATERIALS:

Caneque F. C. & Hart S. L.. 2015. Base of the Pyramid 3.0, Sheffield, Greenleaf Publishing
McKinsey Quarterly. www.mckinseyquarterly.com Registration (free) is required. Provides the business perspective on globalization from one of the foremost global consulting firms in the world.
Course Readings, as set out in the outline (references available on Moodle)
Class Handouts

MARK DISTRIBUTION IN PERCENT:


Assignments/Cases	35%
Class participation	15%
Mid-term exam	25%
Final Exam	25%

	100%

COURSE OBJECTIVES:

This course intends to make Economics and Business students aware of the enormous impact of and reaction(s) to the phenomenon known as globalization. A broad description of the current “global economy”, how it developed and the way it currently functions, will set the tone for evaluating its impact and considering opportunities within it. It will further raise awareness about the highly contested nature of the current form of globalization as well as the likely future path and outcome of the fossil-fuel based inter-linkages in today’s world. Students will be encouraged to evaluate the current trends and outcomes from a Christian (or other normative) viewpoint and to consider whether alternative ways forward are necessary and feasible.

A substantial part of the course will explore new prospects and ways for using global business opportunities responsibly in order to extend (and share) sustainable economic well-being to parts of the world where people have been largely by-passed by the heralded benefits of globalization.

Use will be made of case studies of various forms of globalised economic enterprise and students will be allowed the chance to design and develop ways of expanding economic activities from a Canadian base that hold promise of sustainable and mutually beneficial outcomes for all participants.

The objectives of the course will thus be:

Familiarisation with the current form and impact of globalization and global business;
Familiarisation with some of the main issues that have arisen from globalization and global business in the recent past;
Discussion and evaluation of the various critical and apologetic responses to the outcomes of current globalization, including that of Canadian business;
Development of a nuanced normative and practical perspective on how global business can be made sustainable and beneficial to the bulk of the world’s people;
Analysing case studies of how globalized enterprise has worked and can work to the benefit or to the detriment of businesses and communities in different parts of the world, particularly in the poorer parts of the globe;
Identifying new practical options and opportunities for global business enterprise that serves the common good and sustains the environment.

COURSE OUTLINE:

1. Defining globalisation

Globalization today refers to the complex array of impacts that arise from the increasing tendency for national borders to be crossed by people, goods, services, financial resources and information – made possible by the development of sophisticated communication technology.

It denotes the increasing unification of the world's economic (but not yet political) order through reduction of such barriers to international economic interaction as tariffs, export fees, import quotas, financial controls, and laws and standards on labour and ecological impacts . The goal is to increase overall material wealth - as expressed in goods and services - through an international division of labour and the expected accompanying efficiencies flowing from
international relations, specialization and competition.

The term is most closely associated with the idea of economic globalization: the integration of national economies into the international economy through regional and multilateral economic cooperation; unfettered trade, foreign direct investment and capital flows; migration, the spread of technology, and military presence to safeguard existing interests.

However, globalization in its fullest sense is recognized as being driven by a combination of economic, technological, socio-cultural, political, and ecological factors. The term can thus also refer to the transnational circulation of ideas, languages, or popular culture through acculturation.

Arguing against a mainly optimistic view, stands an alternative approach that stresses how globalization also has substantial negative impacts in all its dimensions. It is argued that it contributes to the decrease of life-chances for a big part of the world’s poor majority while expanding benefits mainly for a small, already affluent part; that it reduces the sovereignty of national governments to act on behalf of its citizens; that it homogenises inter-cultural contacts while increasing the possibility of international and intra-national conflict; and that it accelerates the worrying deterioration of the ecological carrying capacity of the natural world.

2 Measuring and describing globalisation
3 The context of globalization: Organizations and agreements

4 Debate about the Effects of Globalisation

A huge amount of literature (both popular and academic) has grown over the last two decades arguing the two (or three) sides of the question whether globalization is good or bad on balance. Some overviews are given by;
5 Reasons and Possibilities for going beyond the stalled debate
6 Expanding opportunities for the majority of the world’s population

Required texts, assignments, and grade distributions may vary from one offering of this course to the next. Please consult the course instructor for up to date details.