ECO 116 - Inside the Global Economy

3 credit hours - Three hours weekly; one term.
This course meets the Social and Behavioral Sciences General Education Requirement. This course meets the Diversity Requirement.

Explore the concepts of the global economy. Discuss national differences in political economy, challenges of economic growth for low-income countries, theories of why nations trade and arguments for and against trade, the role of foreign investment, regional trading blocs, exchange rates and the global monetary system. Examine how politics and economics interconnect and create positive and vicious cycles in achieving economic growth and political stability, how multinational firms operate in the global marketplace, and the role multilateral organizations play in influencing the process of globalization. Evaluate reasons why cross-cultural understanding and appreciation are crucial to the effective functioning of a global economy.

Prerequisite(s): Eligibility for ENG 101 /ENG 101A .

Note: Appropriate for students with no prior study of economics.

Location(s) Typically Offered: Arnold Main Campus (MC) and Online (OL)

Course Outcomes:
Upon successful completion of this course, the student will be able to:

Describe the differences between a centrally-managed economic system and a market-driven economic system and relate these differences to the economic and political development experience of countries as they transition from primarily agricultural to industrial economies.
Explain the concept of comparative advantage, why nations trade, and the arguments for and against free trade from the perspective of both rich and low-income countries.
Identify major multilateral organizations and assess their performance relative to their founding mission.
Describe a multinational corporation and examine the theory and practice of multinational corporations with a focus on the exercise of political and economic power.
Assess critically the arguments of those in favor and opposed to globalization from the perspective of both rich and low-income countries.