HBE 2407: COMPARATIVE ECONOMIC SYSTEMS (45 Lecture Hours)

Prerequisite: None

Course Purpose
Course aims to acquaint the future-to-be economic agents/decision makers with the organizational and
institutional settings of particular economic systems, as well as their historical and cultural
determinants.

Learning Outcomes
At the end of the course, learners would be able to:
1. Compare and contrast the fundamental principles that distinguish the two basic economic systems
capitalism and socialism,
2. Identify and summarize the multiple forces that can affect the historical or concrete forms of
development of real-world systems, including the economic, political and moral dimensions,
3. Examine the interrelationships between underlying premises and real-world manifestations of
these premises across economic systems,
4. Summarize the complexity of forces that affect systems,
5. Critically discuss the relevant criteria by which real world systems may be compared and
evaluated, and
6. Comparative analysis and historical role of institution in the evolution of the capitalist and
economies in transition.

Course Description
Characteristics of major economic systems. Methodological issues in comparing economic systems.
Neoclassical theory of market economy. Market failure. The role of government in modern capitalism.
Theory of command economies. The command economic systems and their evolution over time.
Performance of major economic systems in selected countries. Planning in the three economic systems:
capitalist, mixed and socialist economic systems.

Teaching Methodologies
Three hours of lectures per week, discussions, seminars, case studies, group discussions

Instructional Materials:
These will include: Tablet, Smart board, LCD projector & Computers, Flipcharts, televisions, videos

Course Evaluation
CATs/Assignment/Presentation 30 %
Final Examination 70 %

Course Textbooks
Rosser, J.B., & M.V. Rosser (2004), Comparative Economics in a Transforming World Economy, 2nd
edition (MIT Press). ISBN 0262182343.
Bernstein, William J. (2004), The Birth of Plenty: How the Prosperity of the Modern World was
Created(McGraw-Hill, paperback). ISBN 0071747044.
De Soto, Hernando (2003), The Mystery of Capital: Why Capitalism Triumphs in the West and Fails
Everywhere Else (Basic Books, paperback). ISBN 0465016154.
Reference Textbooks
Gardner, H.Stephen (2000). Comparative Economic Systems. - N.Y.: Dryden Press
Gregory, P.R., Stuart, R. C. (1998) Comparative Economic Systems, 6th Ed. Boston: Houghton

Mifflin Company, Angresano, J.( 1995) Comparative Economics. Prentice Hall,

Course Journals
Journal of comparative economics
Econometrica
American Economic Review

Reference journals
Journal of Economics
Journal of Finance and Economics
Journal Economic Research