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Ekonomisk-historiska institutionen

Ekonomihögskolan vid Lunds universitet

EKHM64 The Global Economy and Long-term Economic Growth, 7,5 credit points 

This course studies historical processes of growth, convergence and divergence in the global economy over the last millennium, that is, from about 1000 CE up to the present. From a regional perspective, trends in economic growth over the period are presented and analysed using different theories of economic growth. Determinants as well as effects of international trade, migration, movements of capital and technological change are studied. The impact of open economy forces on factor prices, that is, on the earnings of labour, the price of land and the cost of capital, and its relation to growth is analysed. Some issues that receive particular attention are the Great Divergence between the East and the West, the three Industrial Revolutions, the Great Specialization between North and South and the Great Depression of the 1930s as well as the recent Great Recession.

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