IBUS 5212: Economic Growth: A Cultural Perspective on the Middle Income Trap
Undergraduate Global Enrichment in Argentina & Chile*Program Dates:
This program is open and accepting applications on a rolling basis for January 2025. If you submit an application after April 1, please email the program manager, Candice Bonrud.
Class Sessions: Monday evenings 5:45-8:15pm, Fall Semester 2024
Overseas Program: Monday, January 5 - Sunday, January 19, 2025
Program Details
This course is designed to help students gain a global understanding of cultural values, how these interact with social and economic issues, and understand the role of business as a force for social and economic good. Specifically, students will study the economics of the Middle Income Trap (MIT) and how cultural values and norms relate to it. The MIT is an economic development situation in which a country attains a certain income due to given advantages and then gets “stuck” at that level. The term was introduced by the World Bank in 2007 and is defined as the 'middle-income range' countries with gross national product per capita that has remained between $1,000 to $12,000 at constant (2011) prices. Students will study this phenomenon in general and then more specifically with respect to the economies of Argentina and Chile. Following a semester-long project with organizations in Argentina and Chile, the class will travel to each country for one week where they will finalize a presentation with the host organizations and present to the broader group. These countries provide a unique opportunity to compare and contrast very different economic policies within the context of this phenomenon. With better understanding of the causes and consequences of the MIT, the course then seeks to better understand actions that can potentially alleviate the MIT and return economies to a path of growth. Within this context, student groups will be partnered with a company/organization located in Argentina or Chile to learn more about how they can create opportunities for growth, especially in situations where there are social, political, and economic challenges.
Argentina and Chile offer a great opportunity for comparison. The program will travel to the capital cities of Buenos Aires, often considered the "Paris of South America" with its classical architecture and "big city" hustle and bustle, and Santiago, known as being one of the most modern cities in Latin America. Both cities, and their respective countries in general, offer students a rich and vibrant culture full of delicious food and lively music and an interesting lens to see how culture can impact global accounting practices.
The program hotel will be conveniently located to program activities; hotel specifics will be provided to participants in the program orientation. Because networking and community-building are essential components of the program, the expectation is that students will share a room with another program participant. If you have concerns about this, or want to explore accommodations for a single room, students should connect with their Program Manager. If there are other accommodations that would support a student's access and inclusion on the program, please bring those requests to your Program Manager as well. Guests are not permitted during the program. Breakfast will be provided daily at the hotels. A welcome dinner and closing dinner are also included in the program fee.
- 4 credits
- A-F grading
- Prerequisite: ACCT 3001
- Liberal Education Fulfillment: Global Perspective theme
- Prerequisite ACCT 3001
- Priority is equal among undergraduate and MACC students. However undergraduate students with 100+ credits will be prioritized over undergraduate students with <100 credits. If you are a student with alternative considerations, such as DRC accommodations for a reduced course load, please contact the Program Manager to discuss how we can support your application.
- Students with a GPA below 2.0 will be conditionally accepted pending a conversation with the Program Manager about academic success
U.S. citizens will need a valid passport to travel to Argentina and Chile. If you already have a passport, you need to check the expiration date and confirm that it is more than seven months after the program ends. If you do not have a passport, or your passport needs to be renewed, you will need to apply for one immediately upon confirmation.
A visa is a document that proves that travel into a particular country has been approved by their governing body. U.S. citizens do not need a visa for visits up to 90 days for tourism in either Argentina or Chile. Non-U.S. passport holders should check with the Argentine or Chilean consulates regarding visa requirements and fees. A consulate is a foreign government's official place of residence and representation in a foreign country. While consulates provide passports, birth registration, and many other services, they also have consular sections which issue visas for foreign citizens to visit, study, and work in their country. If you carry a passport other than a U.S. passport and are required to carry a visa into Argentina or Chile, you will be responsible for securing your visa; you will work closely with the Program Manager (Candice Bonrud) to make sure you have any University-specific documentation that you need.
To apply, please visit the Apply page. Students will be charged a $50 application fee. The application cycle starts on March 1, 2024 and the priority deadline is 12:00 pm (noon) on April 1, 2024. Applications for programs that do not fill by the priority deadline will be accepted on a rolling basis until full. Applications to competitive programs will be selected via lottery. Students will be informed of their application decision in about seven to ten days after the priority deadline.
Most financial aid may be applied to study abroad. University of Minnesota students are eligible for education abroad scholarships. Please see Financial Aid and Scholarships for more information.
- Up to 30 University of Minnesota undergraduate and/or Masters of Accountancy students .
Classes are on Mondays from 5:45-8:15 pm, Fall Semester 2024. This course will be taught by Senior Lecturer Clayton Forester (claytonf@umn.edu) of the Department of Accounting. The pre-departure classes are a fundamental component of the curriculum. These pre-departure classes are partly discussion-based given the broad range of diverse and complex challenges faced in international business, and therefore the quality of the student experience is dependent upon all students attending and participating in the pre-departure classes.
In order to be eligible to participate in the international portion of this class, students must maintain satisfactory academic performance as determined by the instructor. If your academic performance prevents you from participating in the international component of the course, you will not receive a refund of the program fee. Please bring any concerns about this directly to the Program Manager (Candice Bonrud).
The program starts with a city tour and welcome dinner. The program includes guest lectures, company visits and cultural activities. Included in the program is time for a small amount of independent exploration.
Please contact Program Manager, Candice Bonrud, if you have additional questions about the schedule.
Cost Estimate (Summary)
Fees are based on estimates and may change due to international economic factors. This information applies to 2024-2025 programs.
* Students should also maintain their U.S.-based health insurance plan while abroad.
** Costs are estimated for U.S. passport holders only. Non-U.S. passport holders should check with the Argentine and/or Chilean consulates regarding the visa application process and costs.
All costs are subject to change prior to departure.
| 2024-2025 Tuition for 4 academic credits (included in the 13+ credit tuition plateau) | $0 | |||
| Program Fee (including group international flight*, lodging, program events, regional transportation*, breakfast daily, two group meals, and international health insurance*) | $5,790** to be approved for 2025 | |||
| International airfare between Minnesota and South America (included in Program Fee, above) | $0 | |||
| Hotel Accommodation (included in Program Fee, above) | $0 | |||
| Passport and Photos** | $165 | |||
| Textbooks | $125 | |||
| Daily Living Expenses (local transportation, incidentals, internet, laundry, etc.) | $300 | |||
| Meals (lunch and dinners not included in Program Fee) | $400 | |||
| Total | $6,780** | |||
| *Does not include $25-50 baggage fee for regional flight |