Outline

Overview

This unit covers topics in economic history from the advent of European 'modernity' in the 17th century to the late 20th century. A major focus is identifying the main social, institutional and economic forces that explain the unprecedented development of the world economy over the past 300 years. Topics include the first industrial revolution in Britain, the industrialization of Western Europe and the United States, the 1930s Great Depression and recovery, post-World War II reconstruction and 'golden era' of growth, and East Asia's meteoric growth performance.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Matthew Smith, matthew.smith@sydney.edu.au

Type	Description	Weight	Due	Length
Monitored exam ?	Final exam Long essays	50%	Formal exam period	1.5 hours
Outcomes assessed:
Monitored test ?	Mid-semester test Short essays and multiple-choice questions	30%	Week 08 Due date: 18 Apr 2023 at 11:00	1 hour
Outcomes assessed:
Assignment	Essay Essay	20%	Week 10 Due date: 01 May 2023 at 23:59 Closing date: 29 May 2023	1200 words
Outcomes assessed:

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy (Schedule 1).

As a general guide, a High Distinction indicates work of an exceptional standard, a Distinction a very high standard, a Credit a good standard, and a Pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	Topic 1	Lecture (3 hr)
Week 02	Topics 1 & 2	Lecture (3 hr)
Week 03	Topic 2	Lecture (2 hr)
Week 03	Topic 1	Seminar (1 hr)
Week 04	Topic 3	Lecture (2 hr)
Week 04	Topic 2	Seminar (1 hr)
Week 05	Topic 3	Lecture (3 hr)
Week 06	Topic 4	Lecture (2 hr)
Week 06	Topic 3	Seminar (1 hr)
Week 07	Topic 4	Lecture (1 hr)
Week 07	Topic 5	Lecture (2 hr)
Week 09	Topic 5	Lecture (2 hr)
Week 09	Topic 4	Seminar (1 hr)
Week 10	Topic 6	Lecture (3 hr)
Week 11	Topics 6	Lecture (2 hr)
Week 11	Topic 5	Seminar (1 hr)
Week 12	Topic 7	Lecture (2 hr)
Week 12	Topic 6	Seminar (1 hr)
Week 13	Topic 7	Lecture (2 hr)
Week 13	Topic 7	Seminar (1 hr)

Attendance and class requirements

Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

LECTURE AND READING GUIDE

Economic History, ECOS3024

Semester 1, 2023

Note: Dates shown below are only approximate. Essential readings are starred.

Introduction

(Week 1, beginning 20 February)
What is economic history? Why is economic history useful? Interpreting economic history and explaining growth and development. Lecturer’s perspective on the interpretation of economic history. Outline of topics covered in the unit and its main objectives.

Reading:

O’Rourke, K. H. (2013) ‘Why economics needs economic history’, Vox Centre of Economic Policy Research’s Policy Portal, 24 July. http://www.voxeu.org/article/why-economics-needs-economic-history

Smith, M. (2012) ‘Demand-led Growth Theory: A Historical Approach’, Review of Political Economy, 24:4, pp. 543-73.

Smith, M. (2018) ‘Demand-Led Growth Theory in a Classical Framework: Its Superiority, Its Limitations, and Its Explanatory Power’, Centro Sraffa Working Paper no. 29 (March).

http://www.centrosraffa.org/cswp_details.aspx?id=32

Solow, R (1985), ‘Economic History and Economics’, The American Economic Review 75, pp. 328-31.

Topic 1: The Mercantilist Economy and the Birth of Capitalism

(Weeks 1 and 2, beginning 20 & 27 February)

The renaissance, scientific revolution and age of exploration and discovery. What was mercantilism? Britain’s rise to dominance as a mercantile power. The enlightenment and the birth of capitalism.

Reading:

* Cameron, R. (1989) A Concise Economic History of the World, New York: Oxford University Press, pp. 94-159.

Deane, P. (1979) The First Industrial Revolution, Second Edition, Cambridge: CUP, Ch. 1, pp. 1-19, online.

Topic 2: Britain the Pioneer: The First Industrial Revolution

(Weeks 2 and 3, beginning 27 February & 6 March)

The role of the commercial revolution and mercantilism. Key sectors in Britain’s industrial revolution. Role of transport and communications in building a national (and empire) market. The key role of technological innovation. Consideration of British government policy and economic liberalism. The controversial question of the progress of living standards in the First Industrialisation of Britain.

Reading:

* Deane P. (1979) The First Industrial Revolution, 2nd edn, Cambridge: CUP, especially chs 1-8, 12-13, 15, online.

*Mokyer, J. (2004) 'Accounting for the Industrial Revolution', The Cambridge Economic History of Modern Britain Volume 1: Industrialisation, 1700-1860, ch. 1, pp. 1-27, online.

Harley, K.C. (2004) ‘Trade: Discovery, Mercantilism and Technology’, The Cambridge Economic History of Modern Britain Volume 1: Industrialisation, 1700–1860, ch. 7, pp 175-203, online.

Mathias, P. (1993) The First Industrial Nation: The Economic History of Britain 1700-1914, Second edition, London: Routledge, Ch. 10 (‘Railways’), online.

Deane, P. and Cole, W.A. (1969) British Economic Growth 1688-1959, Second edition, Cambridge: CUP.

Hudson, P. (1992) The Industrial Revolution, New York: Edward Arnold, pp. 101-32, 166-90, online.

Cameron, R. (1989) A Concise Economic History of the World, New York: Oxford University Press, pp. 160-86.

Landes, David S. (1972) The Unbound Prometheus: Technological Changes and Industrial Development in Western Europe from 1750 to the Present, Cambridge: CUP, pp. 41-123, online.

Topic 3: The Industrialization of Germany

(Weeks 4 & 5, beginning 13 March & 20 March)

Relative German economic backwardness. The role of Liberal reforms and the customs union. Locating the industrial take-off: 1850-1870. Key role of the railways as the ‘leading sector’ and development of its iron and engineering industries. Innovative banking, education system and rapid technological progress. Bismark and German unification: a nation born with deadly political defects. A return to protectionism and policy of aggressive mercantilism.

Reading:

* Trebilcock, C. (1981) ‘Germany’, The Industrialization of the Continental Powers 1780-1914, London: Longman, Chapter 2, pp. 22-111, online.

Hoffman, W.G. (1965) ‘The Take-Off in Germany’, in W. Rostow (ed.) The Economics of Take-Off into Sustained Growth: Proceedings of a Conference held by the International Economic Association, New York: St. Martins Press, pp. 95-118. [ereader: pp. 95-118]

Fremdling, R. (1977) ‘Railroads and German Economic Growth: A Leading Sector Analysis with a Comparison to the United States and Great Britain’, Journal of Economic History, 37:3, pp. 583-604.

Tilly, R. (1967) ‘Germany 1815-1870’ in R.Cameron (ed.), Banking in the Early Stages of Industrialization: A Study in Comparative Economic History, New York: Oxford University Press, Ch. VI, pp. 151-82. [ereader 151-82]

Pierenkemper, T and Tilly, R. (2005) The German Economy During the Nineteenth Century, New York: Berghahn Books.

Topic 4: The Rise to Dominance of the United States of America

(Weeks 6 and 7, beginning 27 March & 3 April)

Colonial economic development and the American War of Independence. The birth of an independent United States of America and its early stage of industrialization. The American policy of tariff protectionism in the nineteenth century. Innovation and industrial development in the antebellum period. Transport and communications in building an enormous growing national market. The role of immigration and population growth in the nineteenth century. American innovation and the development of its heavy industry. Financing industrialization with an undeveloped monetary system. Position in the international economy in 1913 as the dominant capitalist economy.

Reading:

* Hughes, J. (1990) American Economic History, 3rd edn., New York: Addison-Wesley, Chs. 8, 9, 10, 14, 16, 17. [ereader: Chs 11 & 17]

Gallman, R. E. (2008) ‘Economic Growth Structural Change in Long Nineteenth Century’, in S. L. Engerman and R.E. Gallman (eds), The Cambridge Economic History of the United States, Volume 2 The Long Nineteenth Century, Cambridge: Cambridge University Press, , Ch. 1, pp. 1-56, online

Engerman, S.L. and Sokoloff K.L. (2008) ‘Technology and Industrialization, 1790-1914’, in S. L. Engerman and R.E. Gallman (eds), The Cambridge Economic History of the United States, Volume 2 The Long Nineteenth Century, Cambridge: Cambridge University Press, Ch. 9, pp. 376-402, online.

North, D.C. (1965) ‘Industrialization in the United States (1815-60)’, in W.W. Rostow (ed.) The Economics of Take-off into Sustained Growth: Proceedings of a conference held by the International Economic Association, New York: St. Martins Press, ch. 3, pp. 44-62.

Easter Semester Break: Common Week, 10 – 14 April

In-Semester Test (Week 8): Tuesday 18 April

Topic 5: World Wars, the Great Depression and a New World Order

(Weeks 9 & 10, beginning 24 & 1 May)

The economic consequences of the First World War. German hyper-inflation and the rise of the political right. The postwar decline of British economy and the ill-fated return to the Gold Standard. The collapse of agricultural prices in the 1920s. The Great Depression and great policy debates of the 1930s. The economic recovery of Nazi Germany, Britain and the United States in 1930’s and the road to the Second World War. The Keynesian revolution and the making of a postwar new world order.

Reading:

* Kenwood, G and Lougheed, A.L. (1984) The Growth of the International Economy 1820-1980: An Introductory Text, `London: George Allen and Unwin, Part II, ‘The Interwar Years’, pp. 174-245, 190-221, online.

* Temin, P. (2008) ‘The Great Depression’, in S. L. Engerman and R.E. Gallman (eds), The Cambridge Economic History of the United States, Volume 3, The Twentieth Century, Cambridge: Cambridge University Press, ch. 5, pp. 302-28, online.

Middleton, R. (1985) Towards the Managed Economy: Keynes, the Treasury and the fiscal policy debates of the 1930s, London: Taylor and Francis, online.

Overy, R. (2010) ‘The “Great Crash”: Capitalism in Crisis’, Chpater 5 of Inter-war Crisis 1919-1939, Revised Second edition, pp. 48-61, online.

Stewart, M. (1986) Keynes and After, Harmondsworth, Middlesex: Penguin.

Topic 6: The Golden Age ‘1946-1973’

(Weeks 10 & 11, beginning 1 & 8 May)

The postwar international order: multilateral trade, international institutions in the ‘Bretton Woods’ monetary system. Postwar depression in Europe and the Soviet communist threat. The United States takes charge: Marshall Aid, the suppression of ‘Labor Movements’ and restoration of management classes. Social welfare reform and Keynesian full-employment policy. Korean War kicks off a ‘golden age’ of development. Key role of the United States. The collapse of ‘Bretton Woods’. Oil Price hikes with stagflation of the 1970s ends the ‘Golden Age’.

Reading:

* Glyn, A., Hughes, A., Lipietz, A. and Singh, A. (1992) ‘The Rise and Fall of the Golden Age’, Marglin S.A. and Shor, J.B. (eds), The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Oxford: OEP, ch 2, online.

* Armstrong, P., Glyn, A. and Harrison, J. (1984) Capitalism since 1945, London: Fontana, pp. 117-230. [ereader]

Epstein, G.A and Schor, J.B. (1992) ‘Macropolicy in the Rise and Fall of the Golden Age‘, Marglin S.A. and Shor, J.B. (eds), The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Oxford: OEP, ch 3, online.

Crafts, N. and Toniolo G. (eds) (1996) Economic Growth in Europe since 1945, Cambridge: Cambridge University Press, online.

Topic 7: Japan: The Rising Sun

(Weeks 12 & 13, beginning 15 & 22 May)

Some historical background: the ‘Edo Period’ and creation of a feudal nation. Meiji: birth of modern Japan in 1869. Laying the foundations for a modern economy 1868-1885: abolition of feudalism, trading with the world, assimilating western technology and building transport and communications infrastructure. Early stages of industrialization of Japan 1885-1920. Rapid population growth and acute problems in agricultural production. Colonialism and nationalism: Japan as an international power. Economic depression and military-based industrial revival of the 1930s. US occupation 1945-51. The Korean War and economic recovery turns to boom. The ‘miracle’ economy’ 1955-1973.

Reading:

* Allen, George (1972) Short Economic History of Modern Japan 1867-1937; with a supplementary chapter on economic recovery and expansion, 1945-1960, London: Allen and Unwin, online.

*Ohkawa, K and Rosovsky, H. (1978) 'Capital Formation in Japan', P. Mathias and M.M. Postan (eds) The Cambridge Economc History of Europe, Volume 7:The Industrial Economies: Capital, Labour and Enterprise, Part 2, The United States, Japan and Russia, ch. 3, pp. 134-65, online.

Tsuru, S. (1993) Japan’s Capitalism: creative defeat and beyond, Cambridge: Cambridge University Press.

Katz, R. (1998) Japan, the system that soured: the rise and fall of the Japanese economic miracle, Armonk, NY: M.E. Sharpe, ch. 6, online.

Tairo, K. (1978) 'Factory Labour and Industrial Revolution in Japan', P.Matias and M.M postan (eds), The Cambridge Economic History of Europe Volume 7: The Indsutrail Economies: Capital, Labour and Enterprise, Part 2: The United States, Japan and Russia, Ch. 4., pp. 166-214, online.

Allinson, G.D. (2007) Japan’s Postwar History, Second edition, Ithaca NY: Cornell University Press.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. critically analyse socio-economic forces, empirical evidence and argument in economic history
LO2. display an appreciation of the changing nature of knowledge
LO3. demonstrate a firm and critical grasp of the key ideas and issues in the history of economic development since 17th century
LO4. display an ability to exercise critical judgement
LO5. demonstrate a capacity to conduct economic research using libraries, the web and other sources of information
LO6. confidently and coherently communicate, orally and in writing, to a professional standard in economic analysis
LO7. apply new ways of thinking and appreciate the importance of intellectual curiosity and reflection as a foundation for continuous learning
LO8. work with others as well as independently, to plan and achieve goals.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ECOS3024: Economic History

Semester 1, 2023 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect