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National economies of the world

About course

The course allows you to formulate a systematic view of the structure of world economic relations, peculiarities of the functioning of the economy of the key and peripheral countries of the world. The issues under consideration concern not only economics, foreign trade and investments, but also peculiarities of demography, migration, business ethics, cross-cultural communications. Thus, the student will get a complete picture of the peculiarities of doing business in different countries, the peculiarities of the actions of counterparties in these countries, their interests, opportunities, and goals. Also the course pays special attention to historical features of formation of economies of countries that will allow understanding the motivation of business contractors in each of the countries under consideration. The structure of the course divides economies of countries according to the principle of modern regionalization of the world economy, which forms an idea of the current system of international economic relations.

During the course the student will be able to watch video lectures with illustrative material, do practical tasks on analysis of statistic reports and reports of international economic organizations, get acquainted with the statistic databases of national bureaus and organizations of different countries and control the process of learning with the help of test tasks of different kinds.

Everyone who has studied this course will systematize his knowledge of geography, world economy, cross-cultural management, international economic relations, supplement them with relevant information about the state of the economies in the pre- and post-pandemic period, learn about the current trends in the context of sustainable development of the world.

Course structure

  • Module 1. National economies in the world economy
    • 1.1. Origins of disparities between countries
    • 1.2. Typology of countries by United Nations
    • 1.3. Typology of countries by the World Bank using GNI
    • 1.4. Indicators of country’s participation in world economy
    • 1.5. Developed and developing world
  • Module 2. The economies of the leaders of European Union
    • 2.1. Geoeconomic aspects of the European region
    • 2.2. Economy of Germany
    • 2.3. Economy of France
    • 2.4. Germany and France partnership in leading EU
  • Module 3. Economies of other European countries
    • 3.1. United Kingdom economy
    • 3.2. Economy of Italy
    • 3.3. Peculiarities of Scandinavian economies
    • 3.4. CEE – Central and Eastern Europe
    • 3.5. Non-EU countries of European region
  • Module 4. North American developed economies
    • 4.1. Geoeconomical drivers of US economy
    • 4.2. Human capital in US economy
    • 4.3. Foreign trade and capital flows in USA
    • 4.4. Peculiarities of the Canadian economy
    • 4.5. USCMA: intra-regional trade of Northern America
  • Module 5. Most promising E7 economies – China and India
    • 5.1. Economic definitions of Chinese economy
    • 5.2. The Belt and Road Initiative by China
    • 5.3. Drivers of economic boom in India
    • 5.4. Demographic peculiarities of most populated countries in the world
  • Module 6. Asian geese, tigers and tiger cubs
    • 6.1. Japan as the leader in Asia: flying geese paradigm by Akamatsu
    • 6.2. Economic miracle of “Asian Tigers”
    • 6.3. Newly industrialised economies of 2nd and 3rd tiers
    • 6.4. Problems of Asian economies
  • Module 7. Economies of Latin American countries
    • 7.1. Internal and external drivers of Latin American economies
    • 7.2. Brazil and Mexico – biggest economies of Latin America
    • 7.3 Latin American integration
  • Module 8. Economies of post-soviet countries
    • 8.1. Transition economies: between developed and developing world
    • 8.2. Russia as the core of CIS
    • 8.3. Eurasian economic union: new player in world economy
  • Module 9. Modern geoeconomical map transformation
    • 9.1. Youngest countries of the world: Balkans and Africa
    • 9.2. New multipolar world: world system theory by Wallerstein

Input requirements

To study this course, students must have knowledge of high school geography (11th grade), basic knowledge of global economics and international economic relations, basic financial literacy, and English at least B1 level.

A list of recommended and necessary sources for the course is included in the practical assignments for the course and indicated in each of the modules.

Students will learn to:

  • interpret statistical information of economic organisations of different countries
  • Identify the strengths and weaknesses of the economies of developed and developing countries
  • illustrate differences in economic policy between countries with statistical examples
  • model the effects of different foreign economic policy measures
  • justify and criticise the decisions taken by governments, companies and banks in the field of economic activity


  • The ability to summarise domestic and foreign practices on foreign trade in goods and services, investment cooperation of world economies and the experience of international monetary, financial and credit operations
  • The ability to use international experience to intensify foreign economic activity, to manage risks in this area, to prepare and make appropriate management decisions
  • Ability to perform professional duties in the domain of international banking, to develop modern financial and banking products and services in the domain of international credit and to implement them on the market
  • Capability to manage international payments and settlements, to conduct operations in the foreign exchange, stock and insurance sectors of the global financial market

Duration in weeks


The complexity of the course in credits


About the course author

Course Staff Image #1

Minchichova Valeria Sergeevna

Associate Professor of the Department of World Economy and International Business,

Financial University under the Government of the Russian Federation

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