London Economics Study Group

Director, Spring 2014: Tom Michl, Department of Economics

The London Economics Study Group (LESG) is conducted each year by the Economics Department. It is one of the oldest of Colgate’s off-campus study programs and was the first of its kind to be established in London. Initiated in 1962, assisted significantly by numerous Colgate alumni in London, and developed over the years with the cooperation of UK officials and scholars, the program has become an important complement to the on-campus offerings of the Economics Department. Briefly stated, its goals are:

To contribute to student learning of general economic principles and methods of analysis at an advanced undergraduate 1evel.

To develop an understanding of Britain’s economic problems and policy responses, and to extend the analysis into a wider European context.

To broaden student social and cultural perspectives in a different society, and to stimulate the development of personal career objectives.

The program provides the equivalent of a full semester’s work on campus. It consists of classroom meetings led by the Colgate professor directing the program, lectures by invited scholars and other professionals from the London area, and group visits to government and private institutions. Students usually conduct internships arranged with banks, businesses, legal, non-profit, and government agencies during the second half of the semester. Visits to European institutions in Brussels and/or international economics conferences in other parts of Europe have become an important extension to the UK-based program since 1973.

Classroom activities and lodging are conveniently located in the Bloomsbury district of central London – a short walk from the British Museum. This location in the heart of London maximizes students’ exposure to the many facets of cosmopolitan Euro-British culture. The location also provides ready access to important resources that serve the narrower academic purposes of the program.

Description of the Courses Required in the Program

Three of the four courses required in the program will be for credit in economics. The British Economy (ECON 403Y) and Economics of the European Union (ECON 401Y) are the distinctive centerpieces of the LESG. The third required economics course is European Economic Issues (ECON 396Y).

The British Economy (ECON 403Y) applies economic theory to the British context. It studies a selection of historical and current macroeconomic, industrial, public sector, and balance of payment problems and policy responses in the UK. It includes regular visits to local economic institutions for group interviews about their activities and perspectives on current economic and government policy issues.

For most students, an internship experience in London forms the basis of the required short paper at the end of ECON 403Y. The internship gives students an opportunity to view UK economic life at the ground level while exploring possible career choices. Past internship sponsors in the London area have included banks and financial institutions, marketing firms, legal institutions, government agencies, non-profit organizations, and labor unions. Though regularly offered, the internship is not a guaranteed component of the London Economics Study Group, as it is subject to economic fluctuations and various UK legal restrictions.

Coordinated by the study group director.

The Economics of the European Union (ECON 401Y) deals with economic aspects of the functioning and development of the European Union. It often includes a week-long trip to the continent to meet with officials at EU and host-country agencies in Brussels and Luxembourg. It also requires students to write a journal reflecting on their experiences during the trip. ECON 401Y effectively extends the scope of ECON 403Y to encompass Britain’s economic role and prospects within the European Union.

Taught by a local adjunct professor.

European Economic Issues (ECON 396Y) is an advanced study of international economic issues and theory. The course may include international issues or other issues related to the UK and/or European economies not covered in ECON 401 and 403. It might also include a trip to a European international economics conference, requiring an in-depth critique of cutting-edge economics research on international issues.

Coordinated by the study group director.

Contemporary London Theater and Culture (English 332Y) is the non-economics required course. Students will study and watch about ten plays in London. The focus will be not only on what specific productions can reveal about contemporary London or British theater and culture, but also on what they can reveal about technical and theoretical aspects of contemporary theater more generally. This course satisfies one of the Humanities distribution requirements.

Taught by a local adjunct professor.

Prerequisites and Selection Criteria

The LESG is a selective program designed for the most highly qualified students within its annual pool of applicants. All current sophomores and juniors with above-average GPAs and/or a B average or better in the core economics courses are encouraged to apply for admission. All LESG participants must have completed Intermediate Microeconomics (ECON 25l), Intermediate Macroeconomics (ECON 252), and Topics in International Trade (ECON 349) prior to the semester in London. Spots will be reserved in ECON 349 for students accepted into the LESG during the semester preceding the study group.

Living Arrangements

Colgate University has made arrangements with ACORN Educational Services to provide housing in London, which will be billed through Colgate. The flats are located within walking distance from the classroom facilities. Each flat is apartment-style and houses 5-6 students, which may include students from other Colgate study groups. Board will not be provided; students will be responsible for their own meals in London.

Costs in London

For details of student expenses on this study group, please see Student Cost Estimate Sheet.

Calendar and Deadlines

The deadline to apply has already passed.

Passports and Visas

You must confirm that your passport is valid through December 2014. All students participating on the Spring 2014 London Economics Study Group will be required to obtain a U.K. Tier 4 student visa. With participation on this study group comes the responsibility of understanding and complying with U.K. visa requirements. If you will not be traveling on a U.S. passport it is imperative that you contact an adviser in Off-Campus Study/International Programs, 101 Lathrop, and International Student Services, 103C Lathrop, to learn as much as you can about the visa requirements. For some students there are significant requirements to be met that take time, advance planning, and incur extra costs.

Informational Sessions

All information sessions for this program have already passed.

For more information contact Tom Michl, 230 Persson Hall 315-228-7526 or tmichl@colgate.edu