Comparative Economic Systems
Econ. 225
Fall Semester 2006
Instructor: Dr. Ken Smith
Office: McComsey 326
Tel.: 872-3582
E-mail: kenneth.smith@millersville.edu
Office Hours: Mon. & Fri. 11:00 Ð 12:30 and Tues. 10:00 Ð 12:00 (or by appointment Ð Tues. & Thurs., IÕm usually pretty flexible)
Course Overview: This course examines how various economic systems (e.g., capitalism, socialism, etc.) deal with the primary economic problem of allocating scarce resources. We will explore the nature of the main economic systems, generally defined by the institutional arrangements that govern such things as commerce, property rights, and production, and discuss their overall economic performance. Within this context, we will look at how nations have adopted variations of both capitalism and socialism. The transition from planned socialism to market capitalism Ð the most important topic in current studies of comparative economic systems Ð will be examined in detail.
The following competencies considered fundamental to an understanding of economics are covered in this course:
C. Exposure to the open economy (e.g., in the international context.) The ability to recognize, explain, apply in a real world context and critique:
(1) fundamental theories and concepts of international trade such as comparative advantage and protectionism.
(2) various economic institutions of the open economy.
(3) fundamental theories and concepts associated with economic development.
D. Exposure to various perspectives within economic thought. The ability to recognize, explain, apply in a real world context, and critique:
(1) economics paradigms such as capitalism and market analysis, socialism, institutionalism, and feminist economics.
(2) various economic institutions and economic systems.
(3) economic theories derived from various economic paradigms and systems.
(4) the historical basis for economic paradigms, systems, theories, and institutions.
H. Develop and apply writing and presentation skills using various pedagogical devices such as research papers, journals, portfolios, posters, verbal presentation methods, and modern technology.
Required Text: A New View of Comparative Economic Systems (2nd edition), David Kennett
Core Reading (supplemental readings will be assigned when appropriate)
I. Economic Systems: Issues, Definitions, & Comparisons
a) Ch. 1 Ð Types of Economic Systems
b) Ch. 2 Ð The Roots of Economic Systems
a) Ch. 4 Ð Market Failure and Government Failure
b) Chs. 7, 10 (recommended), & 11 Ð The European Union
c) Ch. 12 Ð Japan
III. Planned Economies and the Transition to Capitalism
a) Ch. 16 Ð The Command Economy
b) The Soviet Command Economy Ð Reading to be distributed (Ch. 17 recommended as well)
c) Ch. 20 Ð The Process of Transition to a Market Economy
d) Ch. 23 Ð China (time permitting)
e) Ch. 22 Ð Poland and the Czech Republic (time permitting)
Grading System
Grades will be determined by cumulative point totals based on the following:
Midterm Exam 1 Ð 100 points (Wed. Oct. 4 - tentative)
Midterm Exam 2 Ð 100 points (Wed. Nov. 8 - tentative)
Problem Sets Ð 60 points (3 in all Ð handed out prior to each exam)
Written Project Ð 100 points (Due Thurs. Dec. 14)
Final Exam Ð 150 points (Thurs. Dec. 14, 10:15 AM - 12:15 PM)
The midterm exams will be given in class and last 50 minutes. The final exam will be a 2-hour cumulative exam. Make-up exams will not be given without an excellent reason supported by documentation (i.e., a note from a doctor in case of illness). Cheating on an exam will result in a zero score on that exam. Cooperation on problem sets is encouraged though everyone must hand in each problem set.
The following is a reference representing the Maximum cumulative point total necessary to fall in each grade category. I may curve downward depending on overall class performance.
A Ð 90-100%
B Ð 80-89%
C Ð 70-79%
D Ð 60-69%
Comparative Economic Systems - Paper Guidelines
Fall Semester 2006
Papers should be written individually. As a rule-of-thumb, the final paper should be about 10-12 typed pages (12 pt. font Ð double-spaced) in length, though IÕm not setting any concrete restrictions on paper length. Overall the paper accounts for 100 total points (almost 20% of the final grade). For most topics refer to the end of the textbook chapters for good web site references (or ask me). There are also no concrete rules about number or types of sources. However, a serious effort should probably have at least 8-10 sources Ð some from printed material.
The following are general topic areas that fit in well with overall course content. For each, IÕve provided some examples of specific topics that are added only for illustration. The examples are certainly not meant to be exhaustive. In general, I am open to a wide variety of topics, so you should not be afraid of suggesting others.
1) Issue Oriented Comparison Using Two or More Countries:
Exs. a) U.S. vs. EU approach to environmental policy
b) Russian vs. Polish approach to privatization
c) U.S. vs. Swedish approach to income redistribution
2) An Analytical Comparison of Markets or Institutions Across Two or More Countries:
Exs. a) U.S. and EU labor markets
b) U.S. and Japanese financial markets
c) The Fed and the ECB (European Central Bank)
3) Historical Comparison
Exs. a) Russia pre- and post-Soviet Union
b) The Evolution of the EU
c) The Path of Reforms in China
These are fairly broad, so you will probably want a narrower focus if you go the historical route.
Brief Proposal Ð Mon. Oct.2 (by 5 PM): This should be a few sentences on your topic and general thesis.
First Draft Ð Mon. Nov. 20 (by 5 PM)
Draft Returned Ð Mon. Nov.27.
Final Paper Ð Thurs. Dec. 14 (by 5 PM): Both the final and rough drafts must be handed in.
Failure to meet any deadline and/or hand in your rough draft will result in a 10-point penalty. Plagiarism will result in a zero-score for the paper. Provide full and proper citations for all source material.