EC120 The World Economy in Historical Perspective Preparing assignment 2 Topics assignment 2, topic 1 Overview and suggestions assignment 2, topic 2 Reminder of previous guidance, especially Fitting it all together Sources How to reference sources Quotations Getting Feedback Finally … Submission EC120, essay workshop

Assignment 2, question 1 The assignment question: In what ways and to what extent did international trade foster industrialisation in the 18th and 19th centuries? Would you agree with Findlay and O'Rourke that “… if Britain had been closed to trade, the Industrial Revolution could not have been sustained”? Explain. Preliminaries (key issues): Time period − focus on c.1750−c.1850 (not too rigid timing) “Industrialisation” : mainly British Industrial Revolution, but also initial phase of industrialisation in Europe What is the Findlay/O’Rourke justification for their claim? Notice “sustained”, as distinct from originating cause

Question 1, patterns of trade growth How did patterns of trade change during industrialisation? Take care to link trade to the sectors that underwent change, i.e., the modern industries (cotton, metals, engineering) Role of exports as a market for output (source of demand) Identify the main sectors and how these changed over time Role of imports as a (low cost) source of inputs, e.g., cotton. Allow that the impact may have been indirect, i.e., import of foodstuffs that supported workers in industry. But there were exceptions, e.g., luxury consumer goods Note reciprocal effect of trade: imports provide overseas income that could be spent on exports.

Question 1, link trade & industrialisation Provide your own overview, explanation and understanding of the Findlay & O’Rourke thesis. Central to the analysis is the price-elasticity of demand for the outputs of modern industry Reliance on domestic demand alone, means that demand responds less to falls in price than when there is an international outlet for production. Evidence: what is the empirical evidence supporting F&O? Assessment: to what extent is the F&O analysis justified? Are there sectors that may not have been affected so significantly by trade? Impact of economic changes not directly linked to trade, e.g., aspects of the Industrious Revolution (greater market activity)

EC120 The World Economy in Historical Perspective Assignment 2, question 2 The assignment question: Examine the mechanisms by which the international Gold Standard operated in the half-century before 1914. Was the success of the Gold Standard a cause or a consequence of stable international relations during this period? Explain. Preliminaries (key issues): Time period − focus on c.1870−1914, but comment on evolution during the previous several decades, say from c.1815. Characterise the “Gold Standard” − what are its main features? Explain how the GS emerged during 19C, from other monetary arrangements, esp. silver and bimetallic standards. International relations −focus on economic relations, in particular trade patterns, commercial policy (tariffs, etc.) EC120, essay workshop

Assignment 2, Q2, continued The Gold Standard mechanism: (i) outline and overview of how the GS worked: convertibility, with consequences for monetary flows and policies. (ii) explanation of how GS worked: rooted in the “Hume-specie flow” model but incompletely understood: Complications: capital (debt) flows; interest rate policy; money substitutes. GS may have fostered international stability: fixed exchange rates and financial stability, encouraged certainty in trading relations But success of GS may have relied on stable relations of co-operation among national central banks (“network externalities”) or “hegemony” (of Bank of England)

Fitting it all together Plan carefully: no single “right” way (your discretion) Always keep the question in mind Formulate “sub-questions” that your paper addresses (and make sure the reader knows what they are!) The factual material: filling in countries’ experiences Not just a mass of “facts”: use facts with a purpose, (i) to illustrate and reinforce your arguments (ii) for comparisons among aspects of the issues (and authors) (iii) for contrasts among different countries’ experiences Use facts to make an argument, and make sure the reader knows what it is: justify and explain Organise: adopt a transparent, systematic layout Introduction and Conclusion: keep to the point, avoid waffle, make sure the Introduction matches what follows!

Sources Any source may be used BUT not all are of equal value Sources must be referenced, apart from widely known “facts” Identify reliable academic sources – beware the internet Does the source have a named author? If not, beware Reliable sources: Albert Sloman Library: anything here or accessible via the Library website is almost certainly worthy of attention: most academic journals are now accessible electronically Internet: a vast resource but avoid the trash Searches: try to restrict yourself to Google Scholar Wikipedia? Handy for checking facts, that don’t need citing Other internet sites: sometimes helpful for background but not worth citing. How many sources? No rigid rule. Probably 4 or 5 academic sources (excluding minor items)

How to reference sources (reminder) What to cite? All substantive sources. What to omit? Specific, widely accepted facts − unless you have reason to challenge them. Citations are brief. Example: “(Eichengreen, 2008, pp.61-63)” Citations point to items in the Bibliography (List of references at the end). Example: “Eichengreen, B., Globalizing Capital: a History of the International Monetary System, 2008, 2nd ed., Princeton University Press” The reference: Every citation points to exactly one reference. Every reference identifies at least one citation. Avoid citing every detail separately. Often one citation suffices. Make explicit why the citation appears (inform the reader) Avoid inserting citations at the end of paragraphs/sentences without explanation. Why is it there?

Quotations Avoid plagiarism, an academic offence Plagiarism: copying from another source without “proper citation” Proper citation for copied material: enclose the copied material in “…” followed immediately with a citation. What counts? One or more sentences. No need to quote common phrases, e.g. the iron law of wages Why quote? Beware of long quotes (they reflect bad practice and don’t demonstrate your understanding of the subject) Ask yourself “why am I including this quote?” Because you agree with it (To support your argument) Because you disagree with it (You will then dispute it) Because it’s easier that way (A bad reason)

Reminder, very important… Avoid academic offences (plagiarism) at all costs: negligence is no excuse. If in doubt, ask me. Sources to cite: focus on academic works (don’t just rehash rehashed websites) take care with the accuracy of your bibliography and citations why quote? Make sure the reason is made clear. Correct spelling mistakes (including names of authors of sources) Check the coherence of your draft: do the arguments fit together? Remember your goal: to demonstrate your understanding Word length: Upper limit 3,000 words, for the entire submission Penalty for > 3,000 words, according to why the paper is overly long (just waffle or irrelevance?)

EC120 The World Economy in Historical Perspective Feedback & Submission Getting feedback: available when you have made a start Ask for comments on your plan (email to me) Ask for comments on a draft (but not a forecast mark): One draft per student (not multiple drafts) Deadline for drafts at least 7 days before final deadline Submit electronically via FASER well before 12:00 noon on the day of the deadline. Format: Word .doc/.docx, if possible. If not, then .pdf. Allow yourself ample time. What happens to late submissions ? We will still mark your essay and give you feedback, BUT For assessed papers a zero will be recorded as your mark unless you justify the late submission, in writing, on a late submission form. I have no authority to grant “extensions”. EC120, essay workshop