ECON 309: Comparative Economic Systems
Prerequisite: ECON 105 and ECON 106
Credit Hours: (3)
In this course, students will analyze different economic systems, including capitalism, socialism, and corporatism. Students will assess the economic performance of countries who utilize alternative systems, using measures such as economic growth, economic viability, and income distribution. Students will also analyze the incentives structures for corporate finances under each system type.
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Note(s): Cultural or Behavioral Analysis designated course.
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Detailed Description of Content of the Course
The objectives of this course is to inform the students, through comparison and contrast, of the workings of the various economic systems encountered in theory and in practice; and the advantages and disadvantages both from a theoretical and empirical standpoint. Finally, methods and problems encountered during transition from one economic system to another are studied.
Topic Outline
1. Introduction to Systems
2. Criteria for Evaluation
3. Capitalism
4. Socialism
5. Transition Economics
Detailed Description of Conduct of the Course
The following teaching strategies will be employed:
During the first two thirds of the course, lectures and in-class discussions will be predominant. During the last third of the class student presentations and discussions will apply the taught theory to analyze the economic systems encountered in various countries around the world. A written report is required. Guest speakers will be invited to provide insights whenever possible.
Goals and Objectives of the Course
At the end of the course students are expected to have learned:
1. The definition and classification of Economic Systems.
2. The performance criteria on which evaluation of economic outcomes under different
systems is based.
3. The characteristics of capitalism in theory and in practice.
4. The characteristics of socialism in theory and in practice.
5. The characteristics of corporatism in theory and in practice.
6. The performance differences of each system overall and in representative countries.
7. Problems encountered during transitions from capitalism to socialism and vice-versa.
Assessment Measures
Tests, homework, reports, presentations, class participation. Grades and percentages depend on individual professors.
Other Course Information
None
Review and Approval
Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair
Revised 4/13/09 Charles Vehorn
April 16, 2012 Revised
March 01, 2021