Comparative Economics (ECO126)


It is evident that developed economies, although belonging to the same general class of economic systems, represent various, sometimes quite different types of organization and performance. Why the economic systems are so markedly different? What are their specific allocation mechanisms, forms of ownership, types of incentives, role of planning, income distribution and redistribution schemes, relation between politics and economics? Is there panacea type of answer to the economic downturns (e.g. current economic crisis)? The course intends to shed a light on these issues, heavily leaning on the case studies that represent varieties of advanced market economies, as well as issues of economic transition. The approach will focus on encouraging a general understanding of how various economic systems work, and how their institutional settings and economic performance can be explained by their history, culture and government policies.

Aim of the Course

Course aims to acquaint the future-to-be economic decision makers with both the descriptive and analytical knowledge about the historical, organizational and institutional settings of different economic systems,  their impact upon system’s performance, validity of responses to different economic developments in the past and of today.

Learning outcomes

  • Understand and appreciate the genesis and logic of development of different economic systems.
  • Understand peculiarities of differing political and economic arrangements of modern economies.
  • Evaluate compatibility of the institutional structures of economic system and their impact upon its performance.
  • Contrast and compare economic systems with regard to their institutional settings, workings and outcomes.
  • Critically assess economic policies in the context of a given economic setting.
  • Work in teams, locate and gather necessary information, express oneself clearly both in writing and orally.