This course is an opportunity to discuss global economic developments and what they mean for us at the local level.
We will discuss two aspects of the global economy: (1) its overall “architecture” and (2) current economic analysis and policy recommendations coming out of the International Monetary Fund.
Session 1: In the first session we will cover the so-called “architecture” of the global economy and its origins. The architecture refers to the major institutions and rules governing international trade and finance. In essence, today’s architecture is based on lessons from the Great Depression of the 1930s and the two World Wars. These events laid the foundations of today’s economic policy and an understanding that countries can only win if they cooperate. The response to the COVID pandemic is the most recent example. We will read a few passages by and about John Maynard Keynes and study more recent writings on the architecture.
Sessions 2 and 3: In the second and third sessions we will look at current editions of the “World Economic Outlook (WEO)” published by the International Monetary Fund as the basis of our discussions. The WEO shows how economists analyze the current global economy, highlight major problems or challenges, and offer policy recommendations.
The course format will be a mix of presentations and discussion. Suggestions for specific questions or topics can be sent ahead of the course or during the first session. Participants young and older may enjoy some fact-finding expeditions to a local supermarket, department store, or car dealer, to see how the world economy is present in Easton, MD. Guidance will be provided for these on request.
Recording Now Available.