PROGRAM DATES
Summer 2005

DIRECTOR
Michael Hemesath, Professor of Economics
Professor Hemesath teaches courses in international economics, Soviet and Post-Soviet economics, and health economics. His primary research interest is transition economics, with a particular emphasis on Russia and Ukraine. He has taken off-campus studies programs to Russia three times and directed the Cambridge seminar in 1993, 1999, and 2003.

ELIGIBILITY
Students from any class who have completed Economics 110 and 111 by the end of spring term 2005 are eligible to participate in the seminar. Students majoring in economics and history are particularly encouraged to apply, but the seminar is open to students of all majors.

LOCATION
Cambridge, England
Founded in 1983, the Economics Seminar in Cambridge has been located at Cambridge University for 20 years. The University has been home to many of great economic theorists including Alfred Marshall, John Maynard Keynes, and F.A. Hayek. Being in Britain allows students to study the contemporary British economy as well as the cradle of the Industrial Revolution. The program has become an integral part of the economics curriculum at Carleton, and the faculty believes the seminar’s historical focus and exposure to British culture help students see themselves, their country, and the world with new perspective.

COURSE OF STUDY, 16 CREDITS

ECONOMICS 221: CONTEMPORARY BRITISH ECONOMY (6 CREDITS)
This course will focus on the theoretical and policy debates in British economics since the 1930’s and the development of the structure of the British economy and institutions during that period.
Instructor: Dr. Solomos Solomou, Fellow, Peterhouse College

ECONOMICS 222: THE INDUSTRIAL REVOLUTION IN BRITAIN (3 CREDITS)
The development of the British economy during the Industrial Revolution is studied with particular emphasis on the wool, cotton textile, iron, pottery, shipping, and coal mining industries as well as on urban development in London. Site visits to locations of significance are an important aspect of this course.
Instructor: Professor Michael Hemesath

ECONOMICS 223: THE LIFE OF J.M. KEYNES (4 CREDITS) S/CR/NC
This course will examine the life and times of J.M. Keynes. In addition to examining the economic ideas of Keynes, we will examine the social and political milieu in Britain in the first half of the 20^th Century.
Instructor: Professor Michael Hemesath

ECONOMICS 224: ECONOMY OF MULTINATIONAL CORPORATIONS (3 CREDITS)
This course studies theories of the multifaceted interaction between the balance of international payments and foreign exchange market and the general level of domestic prices, employment, and economic activity. These theories will be illustrated with specific examples from British economic history and the contemporary British economy. Topics will include foreign exchange markets and exchange rate determination, adjustment mechanisms in international payments, the 19^th century gold standard, Britain’s return to gold in the 1920’s, Sterling and the US dollar in the 1980’s and 1990’s, international monetary systems, financial integration in Europe, and the macro policies for internal and external balance. Site visits to financial institutions in the city of London are an important component of this course.
Instructor: Professor Michael Hemesath

HOUSING AND FACILITIES
The Program will start in London and will be based at the Avalon Hotel, centrally located near the British Museum. In Cambridge students will stay at Hughes Hall, one of the colleges that make up Cambridge University. Students will have single rooms and a food allowance for meals, which can be taken at Hughes Hall or in town. Laundry facilities are available at Hughes Hall.

Schedule (tentative)
Classes will be held on two or three mornings per week (usually Mondays and Thursdays with an occasional Tuesday or Wednesday). The Economics 224 seminar will usually be held during a weekday evening. Excursions will usually take place on Tuesdays and Wednesdays (but not both in the same week). Students will have the opportunity for individual travel on weekends, most of which will include Friday. The trip to the Midlands typically takes place during the third week in July, followed by a short break.

Excursions
In addition to the trip to the Midlands to see sites associated with the Industrial Revolution, students will take several trips to London. Some will be opportunities to better understand the contemporary British economy, including visits to organizations operating in London’s important financial markets. Other trips will be cultural. Outside London, students may travel to Greenwich to visit the British Maritime Museum, Stratford-on-Avon to see a Shakespearean production, Coventry to visit a Jaguar production plant, Stonehenge, and many sites in beautiful East Anglia.

Required Leave of Absence
The 2005 Cambridge seminar functions as a Carleton term of the academic year. Participants are required to take a leave of absence winter term 2005-06.

Expenses
Students pay the 2005-2006 Carleton comprehensive fee, which covers the costs of instruction, room, board, and all scheduled excursions. Students must pay their own airfare to and from the program site and are also responsible for books and personal expenses, plus travel expenses during the midterm break. Student financial aid is applicable as on campus. See the Off-Campus Studies Program and Planning Guide for further information regarding work-study contracts, loans, and other subjects on financial aid. This Carleton summer term carries financial aid.