Outline

Overview

This unit covers topics in economic history from the advent of European 'modernity' in the 17th century to the late 20th century. A major focus is identifying the main social, institutional and economic forces that explain the unprecedented development of the world economy over the past 300 years. Topics include the first industrial revolution in Britain, the industrialization of Western Europe and the United States, the 1930s Great Depression and recovery, post-World War II reconstruction and 'golden era' of growth, and East Asia's meteoric growth performance.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Matthew Smith, matthew.smith@sydney.edu.au

Assessment

The census date for this unit availability is 31 August 2026

Details
Criteria

Type	Description	Weight	Due	Length	Use of AI
Written exam	Final exam Paper-based exam: long essays	50%	Formal exam period	2 hours	AI prohibited
Outcomes assessed:
Contribution	Participation in tutorial sessions Tutorial sessions participation and contribution	5%	Ongoing	Ongoing	AI allowed
Outcomes assessed:
Written test	In-semester test Paper-based test: multiple-choice questions	25%	Week 07 Due date: 14 Sep 2026 at 14:30	1 hour	AI prohibited
Outcomes assessed:
Written work	Essay Essay	20%	Week 09 Due date: 11 Oct 2026 at 23:59	1200 words	AI allowed
Outcomes assessed:

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy听(Schedule 1).

As a general guide, a High Distinction indicates work of an exceptional standard, a Distinction a very high standard, a Credit a good standard, and a Pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an exceptional standard as defined by grade descriptors or exemplars established by the faculty.
Distinction	75 - 84	To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a very high standard as defined by grade descriptors or exemplars established by the faculty.听
Credit	65 - 74	To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a good standard as defined by grade descriptors or exemplars established by the faculty.
Pass	50 - 64	To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an acceptable standard as defined by grade descriptors or exemplars established by the faculty.
Fail	0 - 49	When you don鈥檛 meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Use of generative artificial intelligence (AI)

You can use generative AI tools for open assessments. Restrictions on AI use apply to secure, supervised assessments used to confirm if students have met specific learning outcomes.

Refer to the assessment table above to see if AI is allowed, for assessments in this unit and check Canvas for full instructions on assessment tasks and AI use.

If you use AI, you must always acknowledge it. Misusing AI may lead to a breach of the听Academic Integrity Policy.

Visit the听Current Students website听for more information on AI in assessments, including听details on how to acknowledge its use.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The University expects students to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

Our website听provides information on academic integrity and the resources available to all students. This includes advice on how to avoid common breaches of academic integrity. Ensure that you have completed the听Academic Honesty Education Module (AHEM)听which is mandatory for all commencing coursework students

Penalties for serious breaches can significantly impact your studies and your career after graduation. It is important that you speak with your unit coordinator if you need help with completing assessments.

Visit the听Current Students website听for more information on AI in assessments, including听details on how to acknowledge its use.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a听simple extension.鈥� The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can鈥檛 complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for听special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students,听听includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy听reflects the University鈥檚 commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

Weekly schedule

WK	Topic	Learning activity
Week 01	Topic 1	Lecture (3 hr)
Week 02	Topics 1 & 2	Lecture (3 hr)
Week 03	Topic 2	Lecture (3 hr)
Week 04	Topic 3	Lecture (2 hr)
Week 04	Topic 1	Seminar (1 hr)
Week 05	Topic 2	Seminar (1 hr)
Week 05	Topics 3-4	Lecture (2 hr)
Week 06	Topic 4	Lecture (2 hr)
Week 06	Topic 3	Seminar (1 hr)
Week 07	In Semester Test	Lecture (1 hr)
Week 08	Topics 4 & 5	Lecture (3 hr)
Week 09	Monday Labour Day Public Holiday	Lecture (0 hr)
Week 10	Topic 5	Lecture (2 hr)
Week 10	Topic 4	Seminar (1 hr)
Week 11	Topics 5 - 6	Lecture (3 hr)
Week 12	Topic 5	Seminar (1 hr)
Week 12	Topic 6	Lecture (2 hr)
Week 13	Topic 6	Lecture (2 hr)
Week 13	Topic 6	Seminar (1 hr)

Attendance and class requirements

Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. To pass this unit students will be required to attend at least 60% of classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner鈥檚 Board. The Examiner鈥檚 Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
Preparation: Students should commit to spend approximately three hours鈥� preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

LECTURE AND READING GUIDE

Economic History, ECOS3024

Semester 2, 2026

听

Lecturer/Coordinator: Matthew Smith, Rm 555, Social Sciences Building (A02).

Class Time: Monday, 2 鈥� 5 pm (Lectures, Q & A Seminars)

Venue: Heyden Laurence Lecture Theatre 217, Heyden Laurence Building.

Note: Dates shown below are only approximate. Essential readings are starred.

Introduction

(Week 1, beginning 3 August)
What is economic history? Why is economic history useful? Interpreting economic history and explaining growth and development. Lecturer鈥檚 perspective on the interpretation of economic history. Outline of topics covered in the unit and its main objectives. 听

Reading:

O鈥橰ourke, K. H. (2013) 鈥榃hy economics needs economic history鈥�, Vox Centre of Economic Policy Research鈥檚 Policy Portal, 24 July. http://www.voxeu.org/article/why-economics-needs-economic-history

Smith, M. (2012) 鈥楧emand-led Growth Theory: A Historical Approach鈥�,听Review of Political Economy, 24:4, pp. 543-73.

Smith, M. (2018) 鈥楧emand-Led Growth Theory in a Classical Framework: Its Superiority, Its Limitations, and Its Explanatory Power鈥�, Centro Sraffa Working Paper no. 29 (March).

http://www.centrosraffa.org/cswp_details.aspx?id=32

Solow, R (1985), 鈥楨conomic History and Economics鈥�,听The American Economic Review听75, pp. 328-31.

听

Topic 1: The Mercantilist Economy and the Birth of Capitalism

(Weeks 1 and 2, beginning 3 August & 10 August)

The renaissance, scientific revolution and age of exploration and discovery. What was mercantilism? Britain鈥檚 rise to dominance as a mercantile power. The enlightenment and the birth of capitalism.

Reading:

* Cameron, R. (1989)听A Concise Economic History of the World, New York: Oxford University Press, pp. 94-159.

Deane, P. (1979)听The First Industrial Revolution, Second Edition, Cambridge: CUP, Ch. 1, pp. 1-19, online.

听

Topic 2: Britain the Pioneer: The First Industrial Revolution

(Weeks 2 and 3, beginning 10 & 17 August)

The role of the commercial revolution and mercantilism. Key sectors in Britain鈥檚 industrial revolution. Role of transport and communications in building a national (and empire) market. The key role of technological innovation. Consideration of British government policy and economic liberalism. The controversial question of the progress of living standards in the First Industrialisation of Britain.

Reading:

* Deane P. (1979)听The First Industrial Revolution, 2nd听edn, Cambridge: CUP, especially chs 1-8, 12-13, 15, online.

*Mokyer, J. (2004) 'Accounting for the Industrial Revolution',听The Cambridge Economic History of Modern Britain Volume 1: Industrialisation, 1700-1860, ch. 1, pp. 1-27, online.听听

Harley, K.C. (2004) 鈥楾rade: Discovery, Mercantilism and Technology鈥�,听The Cambridge Economic History of Modern Britain Volume 1: Industrialisation, 1700鈥�1860,听ch. 7, pp 175-203,听online.

Mathias, P.听(1993)听The First Industrial Nation: The Economic History of Britain 1700-1914, Second edition,听London: Routledge, Ch. 10 (鈥楻ailways鈥�), online.

Deane, P. and Cole, W.A.听(1969) British Economic Growth 1688-1959, Second听edition, Cambridge: CUP.

Hudson, P. (1992)听The Industrial Revolution,听New York: Edward Arnold, pp. 101-32, 166-90, online.

Cameron, R. (1989)听A Concise Economic History of the World, New York: Oxford University Press, pp. 160-86.

Landes, David S. (1972)听The Unbound Prometheus: Technological Changes and Industrial Development in Western Europe from 1750 to the Present,听Cambridge: CUP, pp.听41-123, online. 听

听

Topic 3: The Industrialization of Germany

(Weeks 4 & 5, beginning 24 August & 31 August)

Relative German economic backwardness. The role of Liberal reforms and the customs union. Locating the industrial take-off: 1850-1870. Key role of the railways as the 鈥榣eading sector鈥� and development of its iron and engineering industries. Innovative banking, education system and rapid technological progress. Bismark and German unification: a nation born with deadly political defects. A return to protectionism and policy of aggressive mercantilism.听听听听

Reading:

* Trebilcock, C. (1981) 鈥楪ermany鈥�,听The Industrialization of the Continental Powers 1780-1914, London: Longman, Chapter 2, pp. 22-111, online.

Hoffman, W.G. (1965) 鈥楾he Take-Off in Germany鈥�, in W. Rostow (ed.)听The Economics of Take-Off into Sustained Growth: Proceedings of a Conference held by the International Economic Association, New York: St. Martins Press, pp. 95-118.听[ereader: pp. 95-118]

Fremdling, R. (1977) 鈥楻ailroads and German Economic Growth: A Leading Sector Analysis with a Comparison to the United States and Great Britain鈥�,听Journal of Economic History, 37:3, pp. 583-604.

Tilly, R. (1967) 鈥楪ermany 1815-1870鈥� in R.Cameron (ed.),听Banking in the Early Stages of Industrialization: A Study in Comparative Economic History, New York: Oxford University Press, Ch. VI, pp. 151-82.听听[ereader 151-82]

Pierenkemper, T and Tilly, R. (2005) The German Economy During the Nineteenth Century, New York: Berghahn Books.

听

Topic 4: The Rise to Dominance of the United States of America

(Weeks 6 and 8, beginning 7 & 21 September)

Colonial economic development and the American War of Independence. The birth of an independent United States of America and its early stage of industrialization. The American policy of tariff protectionism in the nineteenth century. Innovation and industrial development in the antebellum period. Transport and communications in building an enormous growing national market. The role of immigration and population growth in the nineteenth century. American innovation and the development of its heavy industry. Financing industrialization with an undeveloped monetary system. Position in the international economy in 1913 as the dominant capitalist economy.听听听听听听听听听听听听听听

Reading:

* Hughes, J. (1990)听American Economic History, 3rd edn., New York: Addison-Wesley, Chs. 8, 9, 10, 14, 16, 17.听[ereader: Chs 11 & 17]

Gallman, R. E. (2008) 鈥楨conomic Growth Structural Change in Long Nineteenth Century鈥�, in S. L. Engerman and R.E. Gallman (eds),听The Cambridge Economic History of the United States,听Volume 2 The Long Nineteenth Century, Cambridge: Cambridge University Press, , Ch. 1, pp. 1-56,听online听听

Engerman, S.L. and Sokoloff K.L. (2008) 鈥楾echnology and Industrialization, 1790-1914鈥�, in S. L. Engerman and R.E. Gallman (eds),听The Cambridge Economic History of the United States,听Volume 2 The Long Nineteenth Century, Cambridge: Cambridge University Press, Ch. 9, pp. 376-402,听听online.

North, D.C. (1965)听鈥業ndustrialization in the United States (1815-60)鈥�, in W.W. Rostow (ed.)听The Economics of Take-off into Sustained Growth: Proceedings of a conference held by the International Economic Association, New York: St. Martins Press, ch. 3, pp. 44-62.

听

In-Semester Test (Week 7): 14 September 2026

听

Semester Break: Common Week, 28 September 鈥� 2 October

听

Topic 5: World Wars, the Great Depression and a New World Order

(Weeks 10 & 11, beginning 12 & 19 October)

The economic consequences of the First World War. German hyper-inflation and the rise of the political right. The postwar decline of British economy and the ill-fated return to the Gold Standard. The collapse of agricultural prices in the 1920s. The Great Depression and great policy debates of the 1930s. The economic recovery of Nazi Germany, Britain and the United States in 1930鈥檚 and the road to the Second World War. The Keynesian revolution and the making of a postwar new world order.听听听听听

Reading:

* Kenwood, G and Lougheed, A.L. (1984)听The Growth of the International Economy 1820-1980: An Introductory Text, `London: George Allen and Unwin, Part II, 鈥楾he Interwar Years鈥�, pp. 174-245, 190-221, online.

* Temin, P. (2008) 鈥楾he Great Depression鈥�, in S. L. Engerman and R.E. Gallman (eds),听The Cambridge Economic History of the United States,听Volume 3, The Twentieth Century, Cambridge: Cambridge University Press, ch. 5, pp. 302-28,听online.

Middleton, R. (1985)听Towards the Managed Economy: Keynes, the Treasury and the fiscal policy debates of the 1930s, London: Taylor and Francis, online.

Overy, R.听 (2010) 鈥楾he 鈥淕reat Crash鈥�: Capitalism in Crisis鈥�, Chpater 5 of Inter-war Crisis 1919-1939, Revised Second edition, pp. 48-61, online.

Stewart, M. (1986)听Keynes and After, Harmondsworth, Middlesex: Penguin.听听

听

Topic 6: The Golden Age 鈥�1946-1973鈥�

(Weeks 12 & 13, beginning 26 October & 2 November)

The postwar international order: multilateral trade, international institutions in the 鈥楤retton Woods鈥� monetary system. Postwar depression in Europe and the Soviet communist threat. The United States takes charge: Marshall Aid, the suppression of 鈥楲abor Movements鈥� and restoration of management classes. Social welfare reform and Keynesian full-employment policy. Korean War kicks off a 鈥榞olden age鈥� of development. Key role of the United States. The collapse of 鈥楤retton Woods鈥�. Oil Price hikes with stagflation of the 1970s ends the 鈥楪olden Age鈥�.听听听听听

Reading:

* Glyn, A., Hughes, A., Lipietz, A. and Singh, A. (1992) 鈥楾he Rise and Fall of the Golden Age鈥�, Marglin S.A. and Shor, J.B. (eds),听The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Oxford: OEP, ch 2,听online.

* Armstrong, P., Glyn, A. and Harrison, J. (1984) Capitalism since 1945, London: Fontana, pp. 117-230. [ereader]

Epstein, G.A and Schor, J.B. (1992) 鈥楳acropolicy in the Rise and Fall of the Golden Age鈥�, Marglin S.A. and Shor, J.B. (eds),听The Golden Age of Capitalism: Reinterpreting the Postwar Experience, Oxford: OEP, ch 3,听online.

Crafts, N. and Toniolo G. (eds) (1996)听Economic Growth in Europe since 1945, Cambridge: Cambridge University Press, online.

听听听听听听听听听

STUVAC 9 鈥� 13 November

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. demonstrate a disciplinary expertise in global economic history since 1066
LO2. achieve interdisciplinary effectiveness by setting current global economic issues in historical context
LO3. refine critical thinking and problem solving by deepening the understanding of core economic theory principles and tools
LO4. improve information and digital literacy by managing, analysing, evaluating and using research materials efficiently and effectively
LO5. extend oral and written communication skills through formal assessments and active participation in class

Graduate qualities

The graduate qualities are the qualities and skills that all 爆料王 graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one鈥檚 personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

I thank all students who particpated in the survey. The results are below. As I explained to students from the beginning, this is not an easy unit which demands considerable reading and writing skills. The survey responses are overall sound though the reponse rate of 20% is a bit disappointing given the significant encouragement to students to particpate. I am perplexed by one stdent comment. The overwhelming majoirty of multiple choice questions on the In-Semester Test concerned the theoretical contributions by, and problems with, the most significant classical economists in the devlopment of economic thought in the first 150 hundred years until 1850. It was not testing students on dates and insigificant details, though dates can be important in a course titled history of economic thought. In addition, students in this unit were given a signifincat amount of class time to ask questions and engage in an exhcnage of views, especially in the six hourly seminars held. But it is ultimately up to students to take the opportunity to engage. Student performance by this cohort was quite strong with a higher average grade. They were a pleasure to teach.

Disclaimer

Important: the 爆料王 regularly reviews units of study and reserves the right to change the units of study available annually. To stay up to date on available study options, including unit of study details and availability, refer to the relevant handbook.

To help you understand common terms that we use at the University, we offer an .

爆料王

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

爆料王

ECOS3024: Economic History

Semester 2, 2026 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links