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Economics for a changing world

Looking through the lens of competing economic theories and policies, you will learn how economics can help analyse the current challenges facing the global economy. This will include how to manage a country’s economic growth in a globalised world; the socio-economic impacts of international trade; how multinational companies influence the distribution of wealth through global value chains; the role of finance for economic development; the causes and consequences of financial crises and how to address the challenge of climate change.

Modules count towards OU qualifications

OU qualifications are modular in structure; the credits from this undergraduate module could count towards a certificate of higher education, diploma of higher education, foundation degree or honours degree.

Browse qualifications in related subjects

Module

Module code

DD321

Credits

Credits

  • Credits measure the student workload required for the successful completion of a module or qualification.
  • One credit represents about 10 hours of study over the duration of the course.
  • You are awarded credits after you have successfully completed a module.
  • For example, if you study a 60-credit module and successfully pass it, you will be awarded 60 credits.
30

Study level

Across the UK, there are two parallel frameworks for higher education qualifications, the Framework for Higher Education Qualifications in England, Northern Ireland and Wales (FHEQ) and the Scottish Credit and Qualifications Framework (SCQF). These define a hierarchy of levels and describe the achievement expected at each level. The information provided shows how OU module levels correspond to these frameworks.
Level of Study
OU SCQF FHEQ
3 10 6

Study method

Distance Learning

Module cost

See Module registration

Entry requirements

See Entry requirements

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Module details Entry requirements Module registration Study materials

What you will study

The module equips you with the theoretical tools necessary to understand contemporary developments in the global economy. A pluralist view of economic theory is adopted, enabling you to appreciate the debates between different approaches. You'll learn about international macroeconomics, with discussions of international transactions, growth, trade, finance, the climate crisis and more. The module is made up of the following three blocks, plus additional sections that aim to develop skills that are part of the economist’s skill set, such as mathematical modelling, debating on economic issues and using MS Excel. 

Block 1: The Big Questions and Initiatives
Block 1 identifies the global economic challenges of the twenty-first century in a historical perspective, the actors behind global economic governance, and the different types of economic goals identified by international institutions. It also discusses accounting methods for analysing international transactions and how economists choose and use economic models.

Block 2: Growth and Trade
In this block, you'll learn theories of growth, which explain what factors drive economic development and their implications for inequality. You'll also learn the core theories describing global commercial interactions, such as trade between countries. For example, how multinational corporations are key players in global networks of production and what are the economic mechanisms that determine distinctive power distributions across global social actors.

Block 3: Finance, Macroeconomics, and Global Challenges
Block 3 analyses the open economy, including the role of finance in development, the challenges that international financial transactions pose to policymakers, and economic and financial crises. It also looks at the suitability of traditional models to analysing new global economic challenges on the horizon, including the climate and care crises. You'll also have the opportunity to debate with your fellow students on an international economic policy issue.

Throughout the module, you'll develop a set of mathematical skills, including introductory calculus and how economists use mathematics to model global economic challenges.

Teaching and assessment

Support from your tutor

Throughout your module studies, you’ll get help and support from your assigned module tutor. They’ll help you by:

  • marking your assignments (TMAs) and providing detailed feedback for you to improve.
  • guiding you to additional learning resources.
  • providing individual guidance, whether that’s for general study skills or specific module content.
  • facilitating online discussions between your fellow students, in the dedicated module and tutor group forums.

Module tutors also run online tutorials throughout the module. Where possible, recordings of online tutorials will be made available to students. While these tutorials won’t be compulsory for you to complete the module, you’re strongly encouraged to take part.

Assessment

The assessment details for this module can be found in the facts box.

Future availability

Economics for a changing world starts once a year – in October. This page describes the module that will start in October 2024. We expect it to start for the last time in October 2033.

Regulations

As a student of The Open University, you should be aware of the content of the academic regulations which are available on our Student Policies and Regulations website.

Course work includes:

3 Tutor-marked assignments (TMAs)
Examination


Entry requirements

There are no formal entry requirements. However, this is an OU level 3 module, and therefore it builds on study skills and subject knowledge acquired from studies at OU levels 1 and 2. OU level 3 modules are intended only for students who have recent experience of higher education in a related subject, preferably with the OU.

We strongly recommend that you study an introductory economics module, such as Essential economics: macro and micro perspectives (D217), before studying this module.

DD321 also teaches a few economics models that use mathematical methods, including calculus. The module materials include a week of activities to help with the revision of algebra, graphs, equations and logarithms, but if it is a long time since you last studied mathematics, we suggest that you study Discovering mathematics (MU123) or an alternative mathematical module at pre-calculus level before studying DD321.

If you have any doubt about the suitability of the module, please speak to an adviser.

Register

Start End England fee Register
05 Oct 2024 Jun 2025 £1818.00

Registration closes 05/09/24 (places subject to availability)

Register
This module is expected to start for the last time in October 2033.

Additional Costs

Study costs

There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.

If your income is not more than £25,000 or you receive a qualifying benefit, you might be eligible for help with some of these costs after your module has started.

Ways to pay for this module

Open University Student Budget Account

The Open University Student Budget Accounts Ltd (OUSBA) offers a convenient 'pay as you go' option to pay your OU fees, which is a secure, quick and easy way to pay. Please note that The Open University works exclusively with OUSBA and is not able to offer you credit facilities from any other provider. All credit is subject to status and proof that you can afford the repayments.

You pay the OU through OUSBA in one of the following ways:

  • Register now, pay later – OUSBA pays your module fee direct to the OU. You then repay OUSBA interest-free and in full just before your module starts. 0% APR representative. This option could give you the extra time you may need to secure the funding to repay OUSBA.
  • Pay by instalments – OUSBA calculates your monthly fee and number of instalments based on the cost of the module you are studying. APR 5.1% representative.

Joint loan applications

If you feel you would be unable to obtain an OUSBA loan on your own due to credit history or affordability issues, OUSBA offers the option to apply for a joint loan application with a third party. For example, your husband, wife, partner, parent, sibling or friend. In such cases, OUSBA will be required to carry out additional affordability checks separately and/or collectively for both joint applicants who will be jointly and severally liable for loan repayments.

As additional affordability checks are required when processing joint loan applications, unfortunately, an instant decision cannot be given. On average the processing time for a joint loan application is five working days from receipt of the required documentation.

Read more about Open University Student Budget Accounts (OUSBA).

Employer sponsorship

Studying with The Open University can boost your employability. OU courses are recognised and respected by employers for their excellence and the commitment they take to complete. They also value the skills that students learn and can apply in the workplace.

More than one in ten OU students are sponsored by their employer, and over 30,000 employers have used the OU to develop staff so far. If the module you’ve chosen is geared towards your job or developing your career, you could approach your employer to see if they will sponsor you by paying some or all of the fees. 

  • Your employer just needs to complete a simple form to confirm how much they will be paying and we will invoice them.
  • You won’t need to get your employer to complete the form until after you’ve chosen your module.  

Credit/debit card

You can pay part or all of your tuition fees upfront with a debit or credit card when you register for each module. 

We accept American Express, Mastercard, Visa and Visa Electron. 

Mixed payments

We know that sometimes you may want to combine payment options. For example, you may wish to pay part of your tuition fee with a debit card and pay the remainder in instalments through an Open University Student Budget Account (OUSBA).


Please note: your permanent address/domicile will affect your fee status and, therefore, the fees you are charged and any financial support available to you. The fee information provided here is valid for modules starting before 31 July 2025. Fees typically increase annually. For further information about the University's fee policy, visit our Fee Rules

This information was provided on 26/04/2024.

Can you study an Access module for free?

Depending on eligibility and availability of places, you could apply to study your Access module for free.

To qualify, you must:

  1. be resident in England
  2. have a household income of less than £25,000 (or be in receipt of a qualifying benefit)
  3. have not completed one year or more on any full-time undergraduate programme at FHEQ level 4 or above or successfully completed 30 credits or more of OU study within the last 10 years

How to apply to study an Access module for free

Once you've started the registration process, either online or over the phone, we'll contact you about your payment options. This will include instructions on how you can apply to study for free if you are eligible and funded places are still available.

If you're unsure if you meet the criteria to study for free, you can check with one of our friendly advisers on +44 (0)300 303 0069, or you can request a call back.

Not eligible to study for free?

Don't worry! We offer a choice of flexible ways to help spread the cost of your Access module. The most popular options include:

  • monthly payments through OUSBA
  • part-time tuition fee loan (you'll need to be registered on a qualification for this option)

To explore all the options available to you, visit Fees and Funding.

What's included

You’ll be provided with printed module books and have access to a module website, which includes:

  • a week-by-week study planner
  • module materials
  • audio and video content
  • computer-based interactive activities
  • assessment guide
  • online tutorials and forums
  • resources to prepare for a debate with other students.

Computing requirements

You’ll need broadband internet access and a desktop or laptop computer with an up-to-date version of Windows (10 or 11) or macOS Ventura or higher.

Any additional software will be provided or is generally freely available.

To join in spoken conversations in tutorials, we recommend a wired headset (headphones/earphones with a built-in microphone).

Our module websites comply with web standards, and any modern browser is suitable for most activities.

Our OU Study mobile app will operate on all current, supported versions of Android and iOS. It’s not available on Kindle.

It’s also possible to access some module materials on a mobile phone, tablet device or Chromebook. However, as you may be asked to install additional software or use certain applications, you’ll also require a desktop or laptop, as described above.

If you have a disability

The OU strives to make all aspects of study accessible to everyone and this Accessibility Statement outlines what studying DD321 involves. You should use this information to inform your study preparations and any discussions with us about how we can meet your needs.

To find out more about what kind of support and adjustments might be available, contact us or visit our disability support pages.