Go Global with Smith!
Doing Business in the Euro Zone
One-credit spring term BUSI788E & Two-credit spring term
Education Abroad’s new withdrawal and refund policy is now in effect.
The Smith School is committed to growing global citizens, and both the Smith
School and the University of Maryland are committed to engagement with the EU and
understanding the world region whose economy impacts us the most. This course will
provide a compare/contrast of the stronger and weaker economies in the euro zone,
and the solutions and sentiments proposed to strengthen the entire region.
As worries continue as to whether the Euro zone can last, the world watches bailouts
and associated austerity measures for troubled countries – and intense local citizen
protests and complaints in response. The stronger economies, in particular Germany,
face their own protests in bailing out weaker economies to the south - and resentment
after suffering through their own austerity measures a few years ago. And amidst
all the difficulties, many recall acts of war and war crimes in the 1940’s against
family and friends, and struggle with feelings of being controlled and overpowered
This class will examine austerity measures and whether they are an effective
tool in improving economies. We will also look at labor laws and labor force flexibility,
as well as the impact of unemployment on euro zone countries. Rigid labor market
legislation has been identified by the World Bank and others as one of the main
reasons why Spain’s jobless rate has soared since the onset of the world financial
Spain and Italy experienced record unemployment rates at the end of 2011 – Spain
ended 2011 at a 17-year high and suffers the highest unemployment in the euro zone,
double the rate of other countries (Italy at 8.9% vs Spain at 25% for example).
In the meantime, German jobless rates have fallen to historic lows — further
engendering the belief that Germany must lead the region back to recovery.
However, as we see while abroad many people in Spain are in fact employed – but
in the gray and black markets. New laws designed to make the labor market more flexible
were met with protests and anger among young Spaniards. This class will look at
the effect of the new legislation.
Please do not purchase airfare until class is confirmed, January 23, 2013. Students
are advised by UMD Education Abroad to purchase refundable airline tickets, and
we recommend STA Travel.
The UMD drop schedule and refund schedule apply for the one-credit BUSI788 course.
There is an additional $500 penalty if you drop the course after the course is confirmed,
January 23, 2013.
A visa is not required for US citizens to travel to Europe. Students of other
nationalities should check the consular office for visa information and requirements.
Your passport must be valid for 6 months after your return date, and you should
make sure you have 2 blank visa pages available.
Transportation among cities and countries is expected to be about $400. We will
advise as to dates, times and recommended flight/train.
The time abroad IS the class and any instances of: being late and therefore delaying
the group, noise in hotel hallways, damage to hotel rooms, hung-over behavior, sleeping
during meetings or public displays of affection will be frowned upon as it would
for any business traveler on meetings or conferences abroad. You are expected to
incorporate professionalism while abroad, and professionalism is part of your total
grade. It is our intent to develop world citizens and savvy business travelers,
and the courses abroad should be undertaken as serious academic endeavors.