Economics in Cambridge – Carleton College

Summer 2025

Founded in 1983, the Carleton Economics in Cambridge has been located at the University of Cambridge for over 40 years. The program explores Britain’s economic history, especially the Industrial Revolution, and the modern British economy, including the economic and political relationship with Europe from World War I through Brexit.

To study abroad is both an opportunity to explore new parts of the world and to see your own world with fresh eyes. Study abroad on the Economics Program in Cambridge to reimagine your world and yourself.

For more than 40 years the Economics Program in Cambridge has been engaging and challenging Carleton students to broaden and reimagine their world view through living and learning at one of the world’s great universities, exploring one of the world’s great capitals, engaging with one of the world’s most significant international institutions, and studying one of the world’s most important revolutions.

Generations of Carleton students have recalled their summer in Cambridge as one of the most important and meaningful academic and social experiences of their undergraduate years. These students have formed lifelong bonds with their classmates and faculty director. They have studied with great University of Cambridge professors. They have come to love the quirks and delights of British culture. They’ve gotten to meet many successful Carleton alumni engaged in international careers throughout Europe.

But most important of all, they learned about themselves. They learned to apply the academic tools and skills acquired at Carleton in an international context. They have seen their homes through the eyes of others. They have come to view their own values, goals and aspirations through a broader lens.

Students majoring in economics, political science, European Studies, and history are particularly encouraged to apply, but the seminar is open to students of all majors

Michael Hemesath, Professor of Economics, joined the faculty at Carleton in 1989, left to serve as President of Saint John’s University in Collegeville, MN from 2012-2019, and returned to Carleton in 2020. He is a strong supporter of international education and this will be his 11^th Cambridge program.

Learning Goals

To understand the history and central role of the British Industrial Revolution in changing the economic path of the modern world.
To develop an appreciation and understanding for the place that multinational organizations play in the modern economy.
To develop interdisciplinary insights into the economic, social and political life of modern Britain, particularly in light of Brexit.
To facilitate an appreciation for the modern economic history of Great Britain post-WWI as one of the leading economies and financial centers in the world.
To develop a broad appreciation for the work, thought and life of J.M. Keynes and his Bloomsbury contemporaries.
To develop and enhance skills related to living outside of the “academic bubble” including independence, financial management, navigating new environments, making personal connections, and career exploration.

Prerequisites

Students who have completed Economics 110 and 111 by the end of spring term 2025 are eligible to participate in the program.

Course of Study

18 Credits (12 credits will count toward the economics major–contact director for additional details)

ECON 221: Contemporary British Economy (6 Credits)

The course focuses on the development of the British economy since the inter-war period. The approach integrates economic and historical analysis to discuss the development of the structure of the British economy, economic policy and the institutions affecting economic performance.
Instructor: Dr. Solomos Solomou, Fellow, Peterhouse College
Counts towards: Economics major, Political Economy minor, Social Inquiry, Quantitative Reasoning Encounter, International Studies

ECON 222: The Industrial Revolution in Britain (6 credits)

Economic growth only became an expected part of modern life during the Industrial Revolution. This course will explore the origins and implications of the Industrial Revolution in Britain. Why did this revolution start in Britain? How did it change life for British citizens, and how did the many changes move beyond Britain? The course will use readings, lectures and visits to industrial sites and museums in and around Manchester.
Instructor: Michael Hemesath
Counts towards: Economics major, Political Economy minor, Social Inquiry, Quantitative Reasoning Encounter, International Studies

ECON 223: The Economics of Multinational Enterprises (3 credits)

Among the most important economic institutions in the world today are multinational enterprises. This course will explore the theory and practice of MNEs. Lectures and reading will be supplemented with visits to British multinationals.
Instructor: Michael Hemesath
Counts towards: Economics major, Political Economy minor, Quantitative Reasoning Encounter, International Studies

ECON 224: J.M. Keynes and the Bloomsbury Group (3 credits) S/CR/NC

Britain has nurtured some of the most important economists in the world and Cambridge was the intellectual home of the foremost of these, J.M. Keynes. This course will explore the economic theory and social thought of Keynes and influence of his contemporaries in the Bloomsbury group on 20th Century Britain.
Instructor: Michael Hemesath

Required Leave of Absence

The Cambridge program functions as a term of the Carleton academic year. Participants are required to take a leave of absence during the following winter term. Students unable to take their leave during winter term (due to required courses or participation in varsity athletics, etc.) may petition the Academic Standing Committee to request a change to fall or spring term.

For students applying by November 6, 2023, RLOA petitions may be submitted by December 15, 2023 and the Academic Standing Committee will make a decision the first week of winter term, 2024.
For students submitting applications by January 22, 2024, students must submit their RLOA petition by Friday, February 16, 2024.

Excursions

Students will visit London, Oxford, Brussels, Bruges, Liverpool and Manchester, in addition to day trips around Cambridge and East Anglia. Students will also have the opportunity to meet with Carleton alums working in the United Kingdom.