World Markets

The goal of this subject is to provide students with the necessary knowledge of contemporary trends in the world economy. In the past few decades there has been increasing interconnection, integration and interdependence of countries of the world in economic, social, technological, cultural and political sense. The economic dimensions of connectivity are expressed by increasing integration of goods and financial flows, labor markets and regional economic integration. In such a globalized economy national economies operate within an integrated international market. The dominant direction in which the markets are moving is liberalization of the movement of goods, capital and labor.

The main result of studying this subject is to acquire the necessary knowledge in the field of contemporary world economy. The acquired knowledge will enable students to gain a wider knowledge of the process of globalization of the world economy and markets. National markets are increasingly losing the attribute of national and becoming part of the world market.

Key thematic areas covered by the subject are: Basic characteristics and trends in the contemporary world economy; The integration of goods flows; The integration of financial flows; The integration of labor markets; Transnational companies in the world economy; Regional economic integration; World Trade Organization; The institutionalization of international trade in primary products; The economic organization of developed countries.

Lectures, exercises, discussions, seminar papers, case studies and consultations. During the lectures the numerous questions and problems will be analyzed, with the active role of students to freely express their views and opinions.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

Pelević, B.; Vučković, V. (2008). International Economics. Belgrade: Faculty of Economics; Krugman, P.; Obstfeld, М. (2009). International Economics. Belgrade: Data Status; Mishkin, F.; Eakins, S. (2005). Financial Markets and Institutions. Zagreb: Mate.