The course aims to introduce students to International Political Economy (IPE), the branch of international relations devoted to the study of globalization, namely the whole set of connections and interdependencies between politics, economics, and society at the world stage. Through a comprehensive approach to subject, we will explore strengths and weaknesses of the major theoretical perspectives (i.e. Mercantilism, Liberalism, and Marxism) with which historical developments and contemporary processes can be better understood. We will then examine the most important “playing fields” of IPE and their impact on the evolution of global affairs: global trade, international monetary relations, debt and financial crises, and three largest international financial institutions (the WTO, the IMF, and the World Bank). By doing so, we will pay a special attention to the most severe economic turbulences that characterized the global system in the last thirty years: Latin American debt crises (mainly Mexico and Argentina), East Asian and Russian financial crises, the 2008 Wall Street crackdown, and the ongoing Eurozone sovereign debt crisis. Lastly, we will discuss a wide range of topics that describe today’s ever more complex reality: the increasing relevance of India and China, the changing trends of global investment flows, and the role of the Middle East for oil production and democratization movements. Likewise, we will try to unveil the dark side of globalization by focusing on a too neglected aspect of international political economy: illicit traffics and organizations, in particular the relationship between the illegal trade of diamonds in Africa and the bloodshed conflicts that devastated such Continent in the last two decades.

A STRONG KNOWLEDGE OF 19^TH AND 20^TH CENTURY INTERNATIONAL HISTORY AND INTERNATIONAL ECONOMICS IS FUNDAMENTAL.

1. Theories of IPE: Mercantilism, Liberalism, Marxism.

2. Playing Fields of IPE: International Trade, International Monetary, International Debt and Financial Crises: Latin American, East Asia, Russia, US, Eurozone.

3. New Issues in IPE: Rising Powers, Multinational Corporations and Foreign Investment, the Middle East and Oil, Illicit Economy, Blood Diamonds, Reforming Global Markets.

Students are strongly encouraged to keep up with facts concerning present global political and economic issues through newspapers, journals, and international institutions websites, such as, for instance, “The New York Times” (www.nytimes.com), “The Economist” (www.economist.com), and BBC News (www.bbc.co.uk/news).

1. Knowledge and consistent use of the basic concepts of IPE (e.g. balance of payments, competitive devaluation, dependency theory, embedded liberalism, import substitution industrialization, monetarism, protectionism, structural adjustment programs).

2. Ability to connect the key events of the 19th, 20th and 21st century’s global economy (e.g. the gold standard, the 1929 Great Depression, the rise and fall of the Bretton Woods system, the 1970s oil shocks, the IMF and the 1980s and 1990s debt crises, the Euro, the 2008 financial crisis) with the crucial facts and debates of international politics (e.g. colonialism and decolonization, War World I and II, the Cold War, the Gulf Wars, the emerging multipolar international system).

3. Awareness of different actors in IPE (states, international organizations, private corporations and interest groups, popular movements) and critical analysis of their policy choices.

4. Understanding differences and similarities of today’s globalization with previous moments in the past.

Assessment Guidelines for assigning main letter grades: A, B, C,D, and F.

A:  Work of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensiveknowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course.

B:  This is highly competent level of performance and directly addresses the question or problem raised.

There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.

C:  This is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.

D:  This level of performances demonstrates that the student lacks a coherent grasp of the material.

Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.

F: This work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.

1. Regular attendance is required. Late arrivals and unexcused absences affect the grade.

2. Active participation in class is fundamental. Students must do the readings in advance. Scarce preparedness and consequent poor contribution in class discussion will negatively affect the grade.

3. The class format is a combination of structured lectures and group discussions based on the assigned readings. Lectures do not simply explain the readings, but complement them: readings and lectures are equally important.

4. Make-up classes are always mandatory.

5. All mobile phones and laptop computers must be switched off during class and exams.

PART ONE: EXPLAINING AND UNDERSTANDING I.P.E.

WEEK 1

January 16                     Course Introduction    
         Readings: Balaam 1 and Stiglitz 1

January 18                     History of Global Capitalism 
          Readings: Frieden (Prologue and Conclusion) and Peet 1 

WEEK 2

January 23                     History and Philosophy of Mercantilism
          Readings: Balaam 3 (pp. 56-64)
           
January 25                     Mercantilism Today
          Readings: Balaam 3 (pp. 65-78)
        

WEEK 3

January 30                     Classical Liberalism and Keynesianism
          Readings: Balaam 2 (pp. 28-41)         

February 1                     Neoliberalism
          Readings: Balaam 2 (pp. 41-52)

February 3 (make-up class)         Marxist Theories
          Readings: Balaam 4         

PART TWO: PLAYING FIELDS OF I.P.E.