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Description
Emerging Market Economies provides an overview of the key issues relating to the intertwined processes of institutional and economic change, with reference to the process of transition from central planning to a market economy and within the wider context of economic development. The module begins by examining the main operative features of a command economy and the key factors behind its eclipse.
The main features of the transition process from a command to a market economy are then introduced: this includes some stylised facts about transition, the key ingredients of a transition package and a discussion of its implementation with reference to the experience of a number of post-communist countries, and with an emphasis on the interplay between policies and institutions, and the importance of social and political factors in the choice of a transition path. Specific components of the transition package will be examined in more detail, including liberalisation, stabilisation and structural reforms (e.g. privatisation and financial sector reforms) as well as the role of the labour market. This historical perspective on transition is complemented by a discussion of current or 鈥減ending鈥� issues in transition economies and a discussion of the relevance of the transition experience to the wider issue of economic development and its contribution to recent advances in the economic literature.
The module will provide students with a basic understanding of the key economic issues involved in the emerging market economies. Students will acquire the ability to critically analyse the interaction between economic factors and institutional, political and social factors in the formulation and implementation of economic policies in emerging economies, including transition economies.
Module deliveries for 2024/25 academic year
Last updated
This module description was last updated on 19th August 2024.
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