| CODE | LAS1049 | ||||||
| TITLE | The Ascent of Finance, Commerce and Money in Modern Economies | ||||||
| UM LEVEL | I - Introductory Level | ||||||
| MQF LEVEL | 5 | ||||||
| ECTS CREDITS | 4 | ||||||
| DEPARTMENT | Centre for the Liberal Arts and Sciences | ||||||
| DESCRIPTION | Since their earliest beginnings, the development of commerce, the ascent of modern financial systems, and the emergence of money, in their respective various forms have gradually transformed simple local economic communities into vast, globalized modern economies, which have become a defining phenomenon in our daily lives. This globalized economy and the global monetary and financial systems that underpin it, have a far-reaching effect on communities, corporations, cities, countries and indeed continents, in a very real manner which intimately impact citizens’ daily lives. This Unit will explore how finance, commerce and money have emerged from the earliest and simplest forms of barter-based commerce in local communities into vast market-driven modern global economies. The first half of the Unit will cover the fundamental concepts in finance, commerce and money, their evolution from earliest times through the middle ages to modern times, as well as the historical development of economic thought. Students will be introduced to the fundamentals of finance and commerce, the workings of global markets, money, banking and accounting, and the workings of modern economies, with a particular emphasis on how these fundamentals impact the daily lives of citizens, corporations, communities and countries. In the second half of the Unit, students will be introduced to case studies that further illustrate the fundamental concepts covered in the first half of the unit – the emergence of joint stock companies and their evolution into multinational corporations, the development of the marketplace from simple, local rural markets into globally interconnected stock and commodity exchanges, the evolution of commerce from the earliest mercantile trading to the internet and the rise of electronic commerce, the phenomenon of booms and busts in economic history from the Great Depression to internet bubble, and examine economic, market and corporate failures from the South Seas bubble to the 2008 credit crunch, In the final part of the study unit, the future of e-commerce, electronic money, micro-credit, disruptive technology in finance and the emerging internet startup phenomenon and the emergence of the new economy will be addressed. Learning Outcomes: 1. Knowledge & Understanding: By the end of the Unit the student will be able to: - Describe the fundamental concepts of finance, commerce and money; - Describe how finance, commerce and money emerged and developed from earliest times to the modern era; - Recognise the interconnection of finance, commerce and money in modern global economies; - Appraise how and why global decisions impact countries, communities, corporations and finally individuals; - Develop insight into the workings of modern economies, markets, stock exchanges, the banking system and basic economic policy; - Identify the importance of fiscal responsibility and prudence at a local, country and global level. 2. Skills: By the end of the Unit the student will be able to: - Explain fundamental economic, financial and commercial concepts, policies and phenomena; - Describe the historical background, evolution and development of commerce, finance and money; - Explain the rationale behind various schools of economic thought since ancient times, and how these translate into short and longer term economic policy, and their practical impact on citizens; - Interpret fundamental economic, financial and commercial news, events and policies. Main Text/s and any supplementary readings: The Ascent of Money: A Financial History of the World Ferguson, Niall Allen Lane, Open Market Edition, 2008. A History of Economics: The Past as the Present Galbraith, John Kenneth Penguin, New Ed Edition, 1991. A Beginner's Guide to the World Economy Epping, Randy Charles Vintage Books, 3rd edition, 2001. The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers Heilbroner, Robert L Penguin, 7th edition, 2000. |
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| STUDY-UNIT TYPE | Lecture | ||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Etienne Borg Cardona |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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