THE WORLD ECONOMY: THEORY AND PRACTICE - 2026/7

Module Overview

Economics shapes almost everything happening in the world today ¿ from the trade wars making headlines, to the climate deals struck at international summits, to the policies that determine whether people can afford food, housing, or a decent job. This module is an introduction to global economics for students with no prior background in the subject. It is deliberately non-technical and built around the issues that matter: why some countries are rich and others poor, how international institutions like the IMF and World Bank shape what governments can do, what drives migration and conflict, and how the world might ¿ or might not ¿ address inequality and climate change. Each topic is approached through two lenses: understanding the underlying economic issues at stake, and analysing real policies that have been tried in practice. The focus is consistently international, drawing on examples from across the world rather than any single country.

Module provider

Economics

Module Leader

BASSIER Ihsaan (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 3

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content

The module surveys nine thematic areas of global economic policy. Each theme is structured around two components: (a) understanding the main economic issues at stake, and (b) analysing real-world policies that have been used to address them. Indicative themes include:

• Governments, markets, and international institutions ¿ Who actually runs the global economy, and what can national governments do on their own?
• Industrial policy and structural transformation ¿ Why do some countries build thriving industries while others are stuck exporting raw materials?
• Trade policy, tariffs, and commodity dependence ¿ Is free trade good for everyone, or does it depend on who you are and what you sell?
• International investment, multinationals, and financial flows ¿ When foreign companies invest in a country, who really benefits?
• Immigration policy and its economic effects ¿ What does the evidence say about what immigration actually does to jobs and wages?
• Economic sanctions and the economics of conflict ¿ Do sanctions work, and what happens to an economy during and after war?
• Climate change policy and the just transition ¿ Who should pay to fix a problem caused mostly by the richest countries?
• Global inequality and international redistribution ¿ Why is the gap between rich and poor countries so persistent, and what policies have tried to close it?
• Regional economic cooperation ¿ Can countries get more by working together, and what do the EU, the African Union, and other blocs actually achieve?

Assessment pattern

Alternative Assessment

N/A

Assessment Strategy

The assessment strategy is designed to give students the opportunity to demonstrate both their knowledge of global economic policy and their ability to think critically about it. The in-person class test assesses breadth of understanding across the module's themes (learning outcomes 001,002,003), while the coursework assignment develops students' capacity to engage in depth with a specific policy question, evaluate competing arguments, and construct a well-reasoned written response (learning outcomes 001,002,003, 004,005). Formative feedback will be provided through tutorial discussion and, where possible, through draft submission opportunities ahead of the coursework deadline. The coursework assignment provides the opportunity to demonstrate the practical application of AI tools to handle datasets and to provide a critical, evidence-based interpretation of the findings, thereby encouraging original thinking and comprehension in interaction with AI.

Module aims

• Introduce students to the main tools of economic policy available to governments, and the international constraints on their use
• Provide an accessible overview of the most pressing global economic policy challenges of the 21st century
• Develop students' ability to critically evaluate competing perspectives on economic policy, including mainstream and heterodox approaches
• Build transferable skills in analysing policy problems and constructing evidence-based written arguments
• Foster awareness of how global economic policies affect different groups and countries, and the equity questions this raises
• Equip students with the theoretical knowledge and practical skills required to utilise Artificial Intelligence for the systematic collection and critical interpretation of complex data

Learning outcomes

Methods of Teaching / Learning

The module is delivered through weekly lectures and fortnightly tutorials. Lectures introduce core concepts, policy debates, and empirical evidence for each theme. Tutorials provide space for structured discussion, case study analysis, and engagement with data from international sources. Students are expected to complete preparatory reading ahead of each session. Students will be encouraged to use AI in a way that assists comprehension of module content.

Teaching and learning methods include:

• Lectures
• Tutorials and workshops
• Independent study and preparatory reading

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO0004

Other information

The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. 

This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following area: Resourcefulness and Resilience: Through teaching students not only the basic tools of economic interpretation and analysis to prepare them for entry into the level 4 program, but also helping them to develop the study skills, work habits and academic maturity required for the program.

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2026/7 academic year.