Wealth and power: Simulating global economic interactions in an online environment

Abstract

The use of technology in teaching economics has become increasingly popular in recent decades, and the rapid evolution of the sector has the potential to revolutionize education. Yet, despite the wide range of methods implemented in economics courses, more research is required regarding examples of how active-learning methodologies can be combined with technology to foster student learning, raise awareness regarding real-world complexities, and enhance the acquisition of multiple learning outcomes. This study presents an online role-play simulation designed to help students understand the intricacies of International Political Economy, while fostering essential cognitive, skill-based, and affective learning outcomes. Students participated in teams representing different countries seeking to improve their economic status by producing products and exchanging them with other countries, all while monitoring their performance in five core structures of International Political Economy: global production, global trade, global finance, global knowledge, and global security. These structures and all the economic interactions were managed using a single spreadsheet. The study uses pre- and post-simulation quantitative and qualitative information to assess the students’ perception about the methodology. The implementation of this problem-based, online, collaborative learning activity demonstrated that the students perceived the experience as a useful teaching and learning strategy.