Global Economy and Business Institutions MSc

About the course

Our groundbreaking course is led by established researchers and professors, with insights from cutting-edge business leaders and academic guest speakers from across the world. With a research focus, it sees you and your peers driving discussions, making presentations and leading debates.

You will gain a rigorous understanding of the global economic environment and the business institutions which shape it. In the process, you will develop excellent research, analytical and policy-making skills.

Teaching draws on the research expertise of members of the Group for Research in Organisational Evolution and the Global Economy and Business Research Unit, both based at the Hertfordshire Business School.

Semester A

You will begin with an intensive study of the core areas of institutional, organisational and political economy analyses, as well as an in-depth look at research methodology.

Semester B

You will look at how the knowledge and methods you gained in your first semester can be applied, with a focus on contemporary global business, policy and development issues.

Semester C

During this final semester you will prepare your dissertation, as well as working with your fellow students to put together a student-led mini-conference at which you will present and discuss your findings.

Download a copy of the course structure by Semester of study and details of the modules offered.

Why choose this course?

Hertfordshire Business School is a leading centre for institutional thinking in the UK. This unique, research-informed taught course gives you an opportunity to learn with academics who are experts in institutional, evolutionary and organisational economics, political economy and development economics.

In a vibrant, research-rich environment, you will expand your understanding of institutional and organisational theories, analyse global economic issues and develop policy-making capabilities.

It is excellent preparation for a rewarding career in research, influential roles within the public or private sector, or the demands of PhD-level study

Study routes

• Full Time, 1 Years
• Full Time,

Locations

• University of Hertfordshire, Hatfield

Careers

Equipped with high-level analytical and research skills, you will be a desirable candidate for a diverse range of rewarding roles. These span public and private sector organisations, research institutes and development agencies, nationally and internationally.

In addition, you will be well placed to continue your studies at doctoral level.

Teaching methods

Each week, you will attend a one-hour lecture for each module, introducing critical perspectives. This will be supported by two hours of workshop time, in which you will present and debate key texts with fellow students. To make these sessions as effective as possible, you will need to prepare through independent study.

Throughout the academic year, you will be given expert one-to-one supervision and guidance on preparing your coursework and dissertation.

Respected guest speakers will also give lectures and research seminars, discussing cutting-edge research and policy issues.

Structure

Year 1

Core Modules

• Contemporary Debates in the Global Economy

  The module analyses key issues and debates in the structure and governance of the global economy. A foundation in the different paradigms that offer explanations of global restructuring will be provided through an examination of neoliberal, institutional and Marxist approaches. Competing interpretations of current trends will be set in the context of the aftermath of the 2007 financial crisis. Changes in geo-economics will be examined through a focus on emerging markets and China in particular, as well as parallel developments in the core economies of the US, Europe and Japan. The changing relationship between the state and firms will be explored in the context of increasing internationalised networks of economic activity. In addition, the role of global institutions such as the IMF and World Bank, and labour will be explored as important agents in shaping economic relationships.

• Corporate Governance, Law and Society

  The module offers a concise overview of the main debates in the corporate governance literature. The narrative is both analytical and historical. The discussion focuses on topics ranging from the rise of the modern corporation to the mid-century criticism of corporate power, from the managerial theory of the firm to the Chicago school reaction, from the attacks on big business during the 1970s to the justification of the 1980s take-over boom, from the shareholder primacy norm to the problem of corporate governance after Enron, and from jurisdictional competition to the respective roles of hard law and soft law.

• Dissertation: MSc GEBI

  This module builds upon the Semester A module, Research Methodology, which will prepare students to submit a suitable research proposal. An appropriate supervisor will then be allocated to each student. Earlier briefing sessions will facilitate this matching process. Thereafter, while the dissertation aims to enable students to become independent researchers at postgraduate level, a semi-structured process will be adopted. In addition to regular supervisory meetings and workshops organised to support students, this will involve a series of deadlines and events for the students where they have opportunities to present their work and obtain feedback and comments. The ultimate goal is the production of a 15000 word dissertation which coherently integrates their masters level research and is written to an appropriate standard. Students will also be required to defend their dissertation in an oral examination. This module therefore provides an excellent preparation for further research beyond masters level.

• Entrepreneurs, Firms and Markets

  The module offers a concise overview of the theory of the firm literature, highlighting the main concepts, contributions and debates. The narrative is analytical, organised as a logical succession of themes, although some historical context is provided. The discussion focuses on topics ranging from the roles of the entrepreneur, the raison d’être of the firm and the emergence of the firm in market economies, to the problem of firm boundaries and the choice of organisational form. The classic distinction between contractual and capabilities approaches is addressed, as is the possibility of their integration. Finally, the legal perspective on entrepreneurs, firms and markets is also provided.

• Global Finance and Stability

  The module focuses on three central issues in global finance. The first regards the drivers of financial integration, especially the role of capital account liberalisation since the 1970s. The second is about the causes and consequences of different types of financial instabilities, such as banking, currency and twin crisis. In this context, the theories of financial instability will be discussed in connection with the exam of selected case studies ranging from the Great Depression of 1929 to the Third World debt crisis of the 1980s, from the Mexican (1994) to the Asian crisis (1997), and from the Argentinean crisis (2001) to the Great Crash of 2008. The third component focuses on the remedies/policy proposals offered in the literature to deal with financial crises and their effectiveness in restoring stability.

• Institutions, Structures and Evolution

  The module introduces students to a wide range of important concepts and theoretical approaches relevant for understanding the contemporary global economy and business institutions. It will compare different types of explanation of institutional and structural change in capitalist systems. Several different theoretical approaches will be compared with regard to their explanations of institutional and structural change. The main approaches covered will be neoclassical economics, Keynesian economics, disequilibrium economics, Marxian economics, Schumpeterian economics, the old and new institutional economics, and modern evolutionary economics.

• Political Economy of Development in a Global Context

  - An introduction to development - The concept and measurement of development - Global dimensions of affluence and poverty - Causes of un(der)even development in a historical perspective: The theories - Why do growth rates differ? - Sectoral growth and development - Institutions and development - International trade and development - State and development

• Research Methodology (MSc GEBI)

  The module is organised in the following three blocks. Block A (three weeks) looks at the main issues and debates in the philosophy of science. Topics include: empiricism and the problem of induction; deductivism and modelling; positivism and falsification; scientific change and scientific revolution; scientific research programme; pragmatism; instrumentalism; realism. Block B (three weeks) focuses on research question framing, and on structuring and writing research proposals and papers. Topics include: identification and selection of research problems; literature review; formulation of research hypotheses; development of research proposals; structuring, outlining and writing. Block C (three weeks) examines data collection and analysis methods, as well as ethical issues in carrying out research. Topics include: qualitative and quantitative research methods; primary and secondary data; sampling techniques; data collection methods; data analysis techniques; ethical issues in research.

• Varieties of Capitalism

  The module offers an overview of the factors explaining why socio-economic systems differ significantly and persistently in how relations between the state and markets are structured, in the forms of economic organisation prevailing and in how much emphasis is placed on the welfare state. The main approaches to the study of varieties of capitalism are covered in the first part of the module. The second part uses a comparative institutional analysis approach to assess varieties of capitalism across and within different domains (eg corporate governance; financial systems; human resource management). Issues related to the empirical investigation of varieties of capitalism are also addressed in the module.

Optional

Fees & funding

Discounts are available for International students if payment is made in full at registration

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Other financial support

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Living costs / accommodation

The University of Hertfordshire offers a great choice of student accommodation, on campus or nearby in the local area, to suit every student budget.

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