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JOHN CABOT UNIVERSITY
COURSE CODE: "PL 360"
COURSE NAME: "The Political Economy of Globalization"
SEMESTER & YEAR:
Summer Session I 2015
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SYLLABUS
INSTRUCTOR:
Michele Testoni
EMAIL: [email protected]
HOURS:
MTWTH 2:00 PM 3:45 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: Junior Standing; Recommended: EC 201, EC 202
OFFICE HOURS:
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COURSE DESCRIPTION:
The course introduces students to International Political Economy (IPE), the branch of international relations studying the interdependencies between politics, economics, and society on the world stage. The course critically examines the major theoretical perspectives (i.e. Mercantilism, Liberalism, and Marxism), and the major subject areas of IPE: global trade, international monetary relations, debt and financial crises, and three largest international financial institutions (the WTO, the IMF, and the World Bank). The course will also address such topics as: 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, and global criminal activity.
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SUMMARY OF COURSE CONTENT:
1. Theories of IPE: Liberalism, Mercantilism, Critical Approaches.
2. Playing fields of globalization: global trade and monetary relations.
3. Globalization and financial crises: Latin America, Japan, East Asia and Russia, US.
4. The Eurozone crisis: the political economy of the European integration process; the Eurozone crisis and the rise of populist movements.
5. Global issues: BRICS, oil and energy, globalized terrorism, globalization and democracy.
Students are expected to consult daily leading newspapers and magazines to keep informed with ongoing global news (e.g. BBC News, Business Week, the Economist, the Guardian, the Financial Times, the New York Times, the Wall Street Journal).
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LEARNING OUTCOMES:
1. Knowledge 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 evolution of global capitalism with the key features and transformations shaping world politics and the evolution of culture and societies from the mid-19th century to today.
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 of the differences and similarities of today’s globalization compared to previous historical periods.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Introduction to International Political Economy (5th edition) (2010) | Balaam and Dilman (B&D) | Pearson | 9781292059860 | | | | | |
| The Globalization Paradox: Democracy and the Future of the World Economy (2012) | Rodrik | Norton & Company | 9780393071610 | | | | | |
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REQUIRED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| The Return of Depression Economics and the Crisis of 2008 | Krugman | Penguin | 9781846142390 | | |
| Unholy Trinity: The IMF, World Bank and WTO | Peet | Zed Books | 9781848132528 | | |
| International Economics: Theory and Policy | Krugman and Obstfeld | Pearson | 9780321553980 | | |
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Class attendance and participation | The grade will reflect how often and how prepared students come to class. Each session will be divided in two parts: a traditional lecture aimed at introducing and explaining the key facts and notions will be followed by a class discussion in which students should demonstrate their knowledge of the readings and their ability to engage in independent, critical thinking. References to current global issues will be a constant. For absences, scarce preparedness, poor contribution to class discussion, and inappropriate conduct will negatively affect the grade. | 25% |
| Two pop quizzes | They will be in-class and closed-book. They will take place, respectively, in week 2 or 3 and in week 4 or 5, without due notice. Each test will be based on the assigned readings. | 20% (10% each) |
| Mid-term exam | The exam will be in-class and closed-book, and will serve to test the improvement of students’ knowledge of the theories and facts developed in the first half of the course. | 25% |
| Final exam | The exam will be in-class and closed-book, and will be comprehensive of all topics covered in the course. The exam will serve to test students’ knowledge as well as their ability to engage in pro-active, independent critical thinking. The exam’s day cannot be changed; for, organize yourself accordingly. | 30% |
-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge 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.
BThis 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.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
DThis 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.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
ATTENDANCE REQUIREMENTS AND EXAMINATION POLICY
You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed. The final exam period runs until ____________
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ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic
dishonesty will receive a failing grade on the work in which the dishonesty occurred.
In addition, acts of academic dishonesty, irrespective of the weight of the assignment,
may result in the student receiving a failing grade in the course. Instances of
academic dishonesty will be reported to the Dean of Academic Affairs. A student
who is reported twice for academic dishonesty is subject to summary dismissal from
the University. In such a case, the Academic Council will then make a recommendation
to the President, who will make the final decision.
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STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap.
Students with approved accommodations must inform their professors at the beginning
of the term. Please see the website for the complete policy.
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SCHEDULE
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Week I: Theories of IPE
May 25 Defining globalization in historical perspective
Required readings
Recommended readings
Class debate questions
- What’s the difference between globalization and interdependence?
- What are the differences and the similarities of the historical processes of globalization?
May 26 Liberalism: supply-side vs. demand-side
Required readings
Recommended readings
Class debate questions
- What were the main features of global capitalism during the “Belle Époque”?
- What are the political implications of the supply-side vs. demand-side dispute?
May 27 Mercantilism: wealth and power
Required readings
Recommended readings
Class debate questions
- How, and why, does the State intervene in the economic process?
- Has globalization provoked the resurgence of mercantilism?
May 28 Critical approaches
Required readings
- B&D [Ch. 4]; Rodrik [Ch. 7]
Recommended readings
Class debate questions
- Is global capitalism a form of “neo-colonialism”?
- Has globalization produced greater social injustice?
Week II: Playing fields of globalization
June 1 Change in paradigm: from Bretton Woods to the “Washington consensus”
Required readings
Recommended readings
Class debate questions
- What were the political aims of the “Keynesian compromise”?
- How politics and society have been transformed by the “Washington consensus”?
June 2 National holiday: no class
June 3 The political economy of global trade
Required readings
- B&D [Ch. 6]
- Rodrik [Ch. 3 and 4]
Recommended readings
- B&D [Ch. 17]
- Peet [Ch. 5]
Class debate questions
- Is free trade beneficial for countries?
- Has globalization put the multilateral trade regime in crisis?
June 4 The political economy of global finance
Required readings
- B&D [Ch. 7]
- Krugman [Ch. 1]
- Rodrik [Ch. 5]
Recommended readings
- Peet [Ch. 3 and 4]
- Rodrik [Ch. 6]
Class questions debate
- What is the political significance of a fixed exchange-rate system?
- To what extent has the role of international financial institutions (IFIs) changed during the “Washington consensus” era?
Week III: Globalization and financial crises
June 8 Latin America
Required readings
Extra readings
Class debate questions
- What external circumstances caused the Mexican and Argentinean debt crises?
- How did Mexican politics affect the outbreak of the 1994 “tequila crisis”?
June 9 Japan and the “lost decade”
Required readings
Recommended readings
Class debate questions
- How was the Japanese socio-economic system shaped by the Cold War?
- Why has not Japan fully recovered from the 1990s crisis?
June 10 The 1997-1998 tsunami: South-East Asia and Russia
Required readings
Recommended readings
Class debate questions
- What were the reasons for the “contagion” of the crisis?
- Why did the IMF turn to have such a controversial role?
June 11 The “inside job”: the 2008 US financial meltdown
Required readings
Recommended readings
Class debate questions
- Was the US crisis a direct consequence of the “Washington consensus”?
- How did the Obama Administration re-act to the crisis?
June 12 (make up) MID-TERM EXAM
Week IV: The Eurozone
June 15 The European integration process: history and institutions
Required readings
Recommended readings
Class debate questions
- Why did the EU emerge out of a process of functional integration?
- What is today’s EU: still an international organization or a quasi-State?
June 16 The political economy of EMU
Required readings
- Krugman and Obstfeld [Ch. 20]
Recommended readings
Class debate questions
- What are the political aims of the Euro?
- To what extent does the ECB work differently from the US Federal Reserve?
June 17 The Eurozone debt crisis
Required readings
Recommended readings
Class debate questions
- What is the broad political meaning of “austerity”?
- What are the socio-political origins of Germany’s anti-inflationary approach?
June 18 Back to future? Economic crisis and the re-emergence of populist parties
Required readings
Recommended readings
Class debate questions
- Is there an historical relationship between globalization and populism?
- What is the connection in today’s Europe between populism and Euro-skepticism?
Week V: Global issues
June 22 BRICS: the rise of a new world order?
Required readings
Recommended readings
Class debate questions:
- To what extent has globalization facilitated the rise of new economic powers?
- What are the still unresolved weaknesses of the new economic powers?
June 23 The political economy of oil and energy
Required readings
Recommended readings
Class debate questions
- Does the possession of large amounts of natural resources hinder democratic development?
- Has globalization favored the consolidation of the “rentier state model”?
June 24 The political economy of globalized terrorism
Required readings
Recommended readings
Class debate questions
- Do terrorist and other criminal organizations thrive because of globalization?
- Why have financial counter-terrorist measures proved largely inefficient so far?
June 25 The globalization paradox: what does the future hold?
Required readings
Recommended readings
- Krugman [Ch. 10]; Peet [Ch. 6]; Rodrik [Ch. 11 and 12]
Class debate questions:
- Is globalization incompatible with democracy?
- What should be the “golden rules” for a sane globalization?
June 26 FINAL EXAM
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