This module will introduce students to the foundations of the Welsh economy, the role of government and politics in shaping it, and contemporary policy debates. It has three main aims: to develop an understanding of Wales’ economic history and its legacy; to provide tools to analyse the current Welsh economy and recent economic performance; and to reconsider contemporary debates through the lens of political economy and public economics. The module will be underpinned by a wide-ranging literature, drawing from classic 20^th century analyses of Welsh political economy, regional economics, political economy, and fiscal federalism. It will also be informed by the latest research on the Welsh economy, such as that of Cardiff University’s Welsh Economy Research Unit and the Wales Fiscal Analysis programme.

• Understand the historical forces that have shaped the Welsh economy.
• Analyse and interpret Wales’ economic performance since devolution.
• Understand how and why governments intervene in the economy and the roles of the Welsh and UK governments.
• Collate, interpret and present Welsh economic data to evaluate competing arguments.
• Apply economic thinking to reconsider contemporary political debates in Wales.

The module will be delivered primarily through large and small group face-to-face sessions. Digital learning activities may be included to support face-to-face delivery. Full details on the delivery mode for this module will be available on Learning Central at the start of the module.

Private study of required readings will be important to gain understanding of what will be a relatively new area of study for many students.

Two seminars will be devoted to preparing coursework, covering relevant data and case studies.  

Guest lecturers/presentations will be organised as appropriate with leading researchers, academics and policy-makers in the field.

While studying this module, students will:

• Develop their analytical skills through researching, writing and presenting;
• Develop their ability to formulate economic arguments;
• Develop basic data analysis skills through using real-life data on the Welsh economy;
• Interpret, evaluate and communicate complex ideas in written and oral form;
• Participate in small and large group discussions;
• Develop presentational skills through course work.

Firstly, the module will be assessed via a written policy/research briefing, which will make up 40% of the final grade. Students will be asked to choose any aspect of the course as a topic or respond to contemporary developments. Exact form of the assessment will be flexible (e.g. research briefing; policy proposal; Budget speech).

Secondly, the module will be assessed by an essay of 2,500 words, which will make up 60% of the final grade. Essay topics will be selected from set options or chosen with approval of module leader.

If you fail the module, you will be required to resit failed/outstanding assessment components.  Resit assessments will be held in the Resit Examination period, prior to the start of the following academic session.  You will be notified of your eligibility to resit modules after the Examining Board in the Summer period.

This module consists of three parts:

The first section, covering Welsh economic history, considers historical factors shaping the Welsh economy and potential lessons for contemporary policymakers. As well as an extensive analysis of historical data, we will discuss various interpretations of Welsh economic development (e.g. nationalist and radical critiques) and will revisit some of the landmark 20^th century analyses of the Welsh economy (e.g. Brinley Thomas; Edward Nevin; L.J. Williams; and John Lovering).

In the second section on the contemporary Welsh economy, we consider recent statistics and analyses of the Welsh economy, covering themes such as economic output, income and wealth; demographics and the labour market; sectors and productivity; poverty; and measures of welfare. Differing interpretations and analyses of the performance of the Welsh economy will be discussed, as well as theories of regional inequality.

The final part of the module analyses the influence of the Welsh and UK governments on the Welsh economy. Here, we consider fiscal policy and public economics, market failures and government intervention. Case studies of Welsh policy, such as health and social care or Wales’ devolved tax powers, will be evaluated through the lens of the public economics and fiscal federalism literature.

Students will be encouraged to choose a topic or case study from any part of the module to develop as part of their first written assessment.