Understanding Global Markets (L1077)

15 credits, Level 6

Autumn teaching

The aim of this module is to give you an understanding of key features of the newly emerging globalised world economy. The module therefore comprises four components. The first of these analyses the conceptual background to understanding global markets, as well as examining the underlying changes in technology, which has transformed economic relations between regions and nation states. The subsequent components then use that background in order to focus on the key characteristics and changes in trade, goods and services, capital flow, and movement of people.

The module structure is as follows:

  1. The context
    1. The emergence/development of global markets and understanding what can be meant by globalisation.
    2. The impact of technological change on global markets (information technology, transport costs, etc).

  2. Goods and services
    1. Why do countries trade and why do countries integrate into regional blocs?
    2. The evolution of patterns of trade:
      • Trade volumes
      • Geographical patterns of trade (North-North, North-South, South-South, regional groupings etc)
      • Vertical spcialisation and value chains, outsourcing, offshoring, supply chaining
    3. The role of services in the global economy ad the evolution of services trade.

  3. International Capital flows: multinationals and foreign direct investment – theory and data.
    1. Short run capital flows: global capital markets and origins of financial and exchange rate crises.

  4. Labour Migration
    1. Why workers migrate: individual and family motives.
    2. The impact of migration on the home market and on the host market.

Teaching and assessment

We’re currently reviewing teaching and assessment of our modules in light of the COVID-19 situation. We’ll publish the latest information as soon as possible.

Contact hours and workload

This module is approximately 150 hours of work. This breaks down into about 32 hours of contact time and about 118 hours of independent study. The University may make minor variations to the contact hours for operational reasons, including timetabling requirements.

We’re planning to run this module in the academic year 2020/21. However, there may be changes to this module in response to COVID-19, or due to staff availability, student demand or updates to our curriculum. It may not be possible to take some module combinations due to timetabling constraints. We’ll make sure to let our applicants know of material changes to modules at the earliest opportunity.


This module is offered on the following courses: