Department of Political Economy, which was prototype of Department of General Economic Theory, was established with a decision of the Academic Council from March 13, 1937. The first head of the department was prof. Naum Dolinski, who led it until 1944. In the recent years, heads of the department chronologically are: prof. Zdravko Kovachev, prof. Vladimir Vladimirov, prof. Zoya Mladenova, prof. Ivona Yakimova, and currently prof. Zoya Mladenova.

In the period 1921-1989 lecturers at the department led two main academic courses – Political Economy and History of Economic Studies. In 1990 the department was renamed to Department of General Economic Theory, and its members started lecturing in Macroeconomics, Microeconomics, International Economics, History of Economic Thought, Comparative Economic Systems, Transnational Corporations, European Economic Integration, and etc. within all offered by the University of Economics – Varna undergraduate and graduate programs. Members of the department lecture on relevant subjects also in English languages in undergraduate program International Business and in courses, organized for Erasmus students. From academic year 2015-2016 five of the lecturers participate in joint master program International Business and Management, offered by UE-Varna and Nottingham Trent University, Great Britain.

The learning process is fully provided with textbooks in the respected disciplines, issued by members of the department.

Department of General Economic Theory repeatedly receives national accreditation for training PhD students in Political Economy (General Economic Theory), while provides theoretical preparation of PhD students from other departments in the university. Currently, in the department are trained seven PhD students.

Members of the department conduct active research, as scientific interests are in wide spectrum of economic issues: economic theory and methodology, fiscal (budget) and monetary policy, globalization and regionalization of the economy, FDI and transnational corporations, market models and their comparative studies, social issues of market development, and etc. Lecturers and PhD students at Department of General Economic Theory participate actively in the development of scientific projects on internal, national and international research programs, and they have serious publication activity. In 2015 as part of the department was created Research Center of Globalization and Foreign Dire, with the task to unity and coordinate the researcher at UE-Varna on issues in the field of globalization and foreign dire.

In the beginning of 2016, prof. Zoya Mladenova, PhD was elected director of the Research Institute at the University of Economics – Varna.

During the last 15 years Department of General Economic Theory organizes scientific events, which have national significance.

Members of the department participate in editorial boards in Bulgarian and abroad, in the activity of NEAA, the National Fund “Scientific Research”, hold responsible positions in the Union of Scientists, and etc.