SSST Subjects

EC 145 Comparative Economic Systems


Programme(s) where module is offered

  • BSc Economics with International Business
  • BSc Economics with Finance
  • BA Political Science and International Relations with Economics
  • BSc Computer Science with Economics
  • BSc Information Systems with Economics

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications



Module Code

EC 145


Module coordinator

Goran Ridic


Applicable From



Educational Aims of the Module

  • This module will introduce students to the new and evolving field of comparative economics that has emerged from the transition experience and the economics of transition.
  • Before the economics of transition, comparative economics was devoted mostly to the comparison of capitalism and socialism, and in practice mostly to the study of socialist economic systems (central planning, Yugoslav self-management, market socialism etc.).
  • The transition experience and the economics of transition has shown the importance of the institutions underlying the capitalist system.
  • Comparative economics is now turning to the comparative analysis of institutions of existing capitalist systems and to the historical evolution of those institutions.

Module Outline/Syllabus

  • Economic Systems in Historical Perspective

  • Definitions and the Classification of Economic Systems

  • Economic Systems and Economic Outcomes

  • How Economic Systems Change

  • The Setting of Economic Systems

  • The Theory of Capitalism

  • The Theory of Planned Socialism

  • The Theory of Market Socialism

  • Introducing Three Models of Capitalism

  • The Anglo-Saxon Model - England and the Industrial Revolution

  • The Anglo-Saxon Model - the United States Economy

  • The European Model

  • The Society Command Economy

  • China: Market Socialism

  • System Change in a Global Perspective: Transition

  • Transition Economies: Output Patterns and Measurement Issues

  • Introducing Markets: Privatization and the Decline of Government

  • Macroeconomy: Fiscal and Monetary Issues

  • Transition and the Global Economy: International Trade and Finance

  • Transition and the Safety Net

  • The World Economies: Economic Growth and Performance in Differing Economic Systems


Student Engagement Hours

Type Number per Term Duration Total Time



1.5 hours




1.5 hours



Total Guided/Independent Learning Hours


Total Contact Hours


Total Engagement Hours 150.0

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline



3 hours


Week 17

Mid-semester test


2 hours


Week 8

Group project with presentation: Case study


2000 words

20 minutes presentation



Week 10


Module Outcomes

Intended Learning Outcomes:

  • Analyse the evolution of economic thinking over time and its relationship to historic context

  • Articulate on the now dominant economic theories and their global, regional, country and business applications

  • Display knowledge of the main concepts of the major economies of the world.

  • Understand how economic systems work in both theory and practice, and how economic theory interacts with government policy, history, and culture to explain economic performance.

  • Articulate on how the BiH economy emerged, and how it compares to other major economies

  • Demonstrate good comprehension of the histories and workings of the former socialist economies, and also understand the great variation among market capitalist economies

  • Display a solid insight into the key issues in the comparison of economic systems and the economics of transition

  • To identify principles and concepts crucial for theoretical frameworks in the field of Comparative Economics and recognize their strengths and weaknesses


Teaching and Learning Strategy:

  • A variety of approaches to managing the learning process is introduced in order to be able to meet the ILOs. Teaching will be predominantly based on lectures. Lectures will primarily focus on the key text book. In addition to the key text book, supplementary resources will be used. (ILO: 1-8)

  • Learning is organised and supported to encourage active learning, for example encouraging students to actively participate in class discussions. (ILO: 1-8)

  • Lab exercises with appropriate tools and practice problems will enable students to apply theoretical knowledge in practice. (ILO: 1-8)

  • Group project assignment will be based on case studies and it will allow students to comprehend the practical application of theory learned in the class. (ILO: 1-8)

Assessment Strategy:

  • Midterm exam and Final exam (ILO: 1-8)

  • Group project (ILO:1-8)

Practical Skills:

  • The ability to apply core economic theories in the context of transition economies and alternative economic systems.

  • Understand and interpret the three models of capitalism

  • Understand and articulate on the different classification of economic systems

  • To coherently, logically and succinctly advocate positions (not necessarily their own) on economic matters

  • Ability to create written reports on relevant topics related to the Comparative Economic Systems

Teaching and Learning Strategy:

  • Lab exercises with tutor-lead support

  • Group project assignment (PS: 1-5)

  • Use of quizzes to test student subject knowledge (PS: 1-4)(PS: 1-4)

Assessment Strategy:

  • Written Exam (PS: 1-4)

  • Group Project (PS: 3-5)

Transferable Skills:

  • Critical analysis

  • Problem-framing and problem-solving skills

  • Quantitative and numerical skills

  • Time management skills

  • Research Skills

  • Ability to effectively present own and others’ point of view

  • Communication Skills: Written and Oral

  • Ability to work in the team

Teaching and Learning Strategy:

  • Lab exercises (TS: 1-3)

  • Group Project (TS: 1-8)

Assessment Strategy:

  • Group project assignment (TS: 1-3,5)

  • Written examination (TS:1-8)


Key Texts and/or other learning materials

Set text

  • Gregory, R., (2014), The Global Economy and its Economic Systems, International Edition, Cengage Learning

Supplementary Materials

  • Rosser, B., Rosser., M., (2004), Comparative Economic in a Transforming World, 2nd Edition, Prentice-Hall

  • Clift, B., (2014), Comparative Political Economy: States, Markets and Global Capitalism, Palgrave Macmillan

  • Mickiewicz, T., (2010), Economics of Institutional Change: Central and Eastern Europe Revisited, 2nd Edition, Palgrave

  • Vermeiren, M., (2014), Power and Imbalances in the Global Monetary System: A comparative Capitalism Perspective, Palgrave Macmillan

  • Hommes, C., (2013), Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge University Press

  • Singh, A., et al, (2013), China’s Economy in Transition: From External to Domestic Rebalancing, IMF

  • ECB, (2013), China’s Economic Growth and rebalancing, [online], (Accessed 12 April 2017).

  • IMF, (2017), World Economic Outlook, [online], (Accessed 12 April 2017).

  • The Economist [online] (Accessed 12 April 2017).

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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Bosna i Hercegovina

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