Comparative Economic History: Theory and Evidence

Course Director: Rasmus Nykvist

Purpose

An understanding of changes and developments in the present requires a global historical perspective. The first part of this course provides the students with a comparative understanding of economic development. The second part provides the students with an understanding of how changes in the economic environment over time has influenced - and been influenced by - changes in economic thought and policy.

Content

This course will provide the student with different historical perspectives on economic development. More concretely, the course can be divided in two parts. In the first part, we study the economic history of the world, and analyze the perhaps most important question in economics: why some countries are rich and others poor. We discuss phenomena such as growth, stagnation and financial crises, and how they developed over time in different parts of the world. We also discuss different explaiations to why sustainable economic growth became possible. This part is predominantly evaluated in a written exam at the end of the course.

The second part is theoretical, where we study the evolution of economic thought in historical perspective. The student will learn how economic thought has developed over time, from ancient Greece and China to modern Europe, and how it relates to economic development. The student will also be acquainted with original texts by scholars such as Adam Smith, Karl Marx, J.M. Keynes, Jospeh Schumpeter and Milton Friedman. This part is predominantly evaluated in three mandatory seminars.

Format & Structure
One part of the lectures will be devoted to the development of economic thought. Another part of the lectures provides empirical evidence on economic development, growth and crises. Examination consists of a written exam, participation in five seminars and handing in a compulsory short assignment written before each seminar. Active participation during lectures and seminars will contribute to class dynamics.

Course administrator: Rebecca.Gruvhammar@hhs.se

The course is designed to give a theoretical foundation for analyzing and understanding three main topics in relation to economic development and change, both in the past and in the present:

1. A broad understanding of the history of economic development.
2. A broad understanding of the history of economic thought.
3. An understanding of how society’s historical and institutional development has shaped – and was shaped by – economic theorizing of man.

The student will be evaluated against their ability to explain and compare different perspectives and models in a historical framework.

While this course does not require specific prerequisites, students should be prepared for a significant amount of reading and in-depth material. Strong reading comprehension and the ability to manage substantial reading assignments are essential for success in this course. Please carefully read the requirements for successfully completing the course under Examination.

Books:

• The books are final for Spring 2027 and will not change.
• Koyama, M., & Rubin, J How the world became rich: The historical origins of economic growth. John Wiley & Sons. 2022 9781509540235 (Core)
• Backhouse, R (2002) The Penguin History of Economics, Roger (Core)
• Crump, T. (2010). A brief history of how the industrial revolution changed the world. Robinson. (Core, but only in part)
• Mokyr, J. (1992). The lever of riches: Technological creativity and economic progress. Oxford University Press.

Articles, parts of books and original texts:

• Allen, R, (2011) "Why the industrial revolution was British: commerce, induced invention, and the scientific revolution", Economic History Review, 64, 2 (2011), pp. 357–384
• Mokyr, J (1998) The Second Industrial Revolution, 1870-1914, Manuscript, Northwestern University
• Smith, Adam. The Wealth of Nations, book 1, chapters 1 – 7.
• Karl Marx and Frederick Engels, The Communist Manifesto.
• Hayek, F.A (1945), “The Road to Serfdom”, Reader’s Digest condensed version, p. 31-62. (Available on the course portal)
• Kenyes, J.M (1933), “Letter to the President”, New York Times, 1933-12-31. (Available on the course homepage)
• Kenyes, J.M (1933), “Can America spend its way into recovery?”, Redbook, December 1934 (Available on the course homepage)
• Friedman, M (1968), “The Role of Monetary Policy”, The American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17. (Available on the course homepage)
• Schumpeter, J. (1994) Capitalism, Socialism, and Democracy, Routledge: The introduction by Swedberg pp ix-xix and pp 59-131.

All intended learning outcomes carry equal weight, and the students will be evaluated for their performance in the written examination and participation in three seminars and handing in a short written assignment before each seminar.

The exam can give up to 80 points. Three seminar assignment must be completed and can give up to 20 points. To pass the course 40 points on the exam and a total of 50 points is needed. Additionally the student needs to complete (P/F) two shorter seminar assignments.

Additionally, answering a small set of study questions related to the core course literature will be required to pass the course.

Participation in the seminars is compulsory and students are expected to take an active part in the discussions. Students who are absent from 1-2 seminar(s) will be required to hand in an extra assignment (in addition to the seminar assigment).

In order to facilitate discussion during the lectures attendance of at least 70% of lectures is expected.

Find the course schedule in TimeEdit

In Canvas (which you reach as registered) topics will be up for each Lecture/Seminar.

Regarding Seminar: Seminar scheduled for 2 groups. So each student take part of either 1st or 2nd session each seminar day.

Have you been granted educational support because of a documented disability? If so, please contact the course director as soon as possible so that adequate accommodations can be made.

Contact specialneeds@hhs.se if you have questions about being granted educational support or need a copy of your educational support certificate.

For more information, visit the Specific Educational Needs page on the Student Hub (login required).