Department of Economics | College of Arts, Humanities & Social Sciences Sturm Hall, 246 | 2000 E. Asbury Ave. | Denver, CO 80208 | 303.871.2685 | www.du.edu/cahss

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ECON 2330: CHINA AND THE GLOBAL ECONOMY Department of ECONOMICS

Autumn Quarter 2019 (4 Credits) WF 2:00 PM – 3:50 PM

Sturm Hall 275 ______________________________________________________________________________

Instructor: Dr. Chiara Piovani Office: Sturm Hall 232 Office Hours: WF 12:30 PM – 1:45 PM E-mail: Chiara.Piovani@du.edu ______________________________________________________________________________ Course Description: The rise of China in the global economy is one of the most significant developments of the last four decades. This course will provide a comprehensive analysis of the Chinese economy and China’s role in the global economy. The course will start with an overview of the historical development of the Chinese economy before and during the socialist era. The core of the course will focus on the nature and the impact of China’s economic reforms since 1978. Particular attention will be devoted to the analysis of the social, economic and ecological challenges that the Chinese economy and world capitalism are currently facing. Course Objectives: Upon completion of the course, students are expected to: ü Outline the historical development of the Chinese economy; ü Discuss how the Chinese economy has been transformed by the market-oriented reforms; ü Critically understand the impact of the rise of China in the global economy; ü Present alternative policy suggestions on how to address the imbalances that the Chinese economy

and the global economy are currently facing; ü Appreciate the contribution of alternative economic perspectives. Textbooks: Barry Naughton. 2018. The Chinese Economy – Adaptation and Growth. The MIT Press (N). Supplementary Material: Additional readings will be posted on the course website in Canvas. Prerequisite: ECON 1030

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Course Website: https://canvas.du.edu/ Readings, assignments, and grades will be posted on Canvas. Please make sure to consult Canvas regularly. Course requirement: You are expected to complete the assigned readings before coming to class. In class, you are expected to answer questions and actively participate to class discussions. Assignments and Exams: Final grades will be calculated on the basis of the following components: Class participation 10% Midterm exam 25% (Take-home – due October 16, 2 pm) Seminars (October 25 & November 15) 20% Assignment (due November 6, 2 pm) 10% Final exam (In-class – November 18) 35% _____________ Total 100% ü Class participation Class participation (10%) is based on (1) your participation during class meetings, (2) your attendance throughout the course, (3) your use of office hours, (4) any obstructive behaviors that interrupt class meetings and (5) completion of class assignments. Attendance is very important! The course covers a lot of material quickly and some material will only be covered during the lectures. If you miss a class meeting (independent of the reason), you are expected to be responsible for catching up with what has been done in class while you were absent. In these circumstances, you are expected to take class notes from one of your classmates and make copies of the handouts that have been distributed (if they are not directly available on Canvas). Please feel free to see me during my office hours if you have any questions on the notes you have received from your classmate/s. The course includes substantial scope for questions and discussions. Starting from Topic 3, each topic indicated in the syllabus will conclude with class discussion (for about 20 minutes). Discussion questions will be provided at the beginning a new topic. You are expected to bring a hard copy of your responses to class (notes will suffice) on the day of the class discussion and submit them at the end of the class. ü Midterm Exam The midterm exam will ask: 1) to provide the definition of key terms; 2) to respond to true/false questions and to provide a supporting explanation; 3) to answer essay questions. The midterm exam will be posted on Canvas about a week before the due date, and has to be submitted in a hard copy in class.

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ü Final Exam The final exam will be comprehensive and closed book, and it will be held in class. A study guide with a list of possible questions will be posted on the course website about two weeks prior to the exam date. ü Assignment Details and instructions will be provided on Canvas. ü Seminars We will have two round-table seminars over the quarter. For the seminar, a separate set of reading assignment (4-5 articles and/or chapters) will be assigned one week in advance. Students are asked to provide, at the minimum, 1) a half-page summary, 2) two well-thought-out comments, and 3) two well-thought-out questions for each article assigned. You should avoid making overly broad or vague comments or questions. Try to relate your observation and inquiries to either the reading the material itself or the lecture materials. The writing assignment is due in class, on the day of the seminar. On the seminar day, we analyze the reading materials, and consider your comments and questions in a round-table discussion (I may add additional questions too). Each comment and question should be at least 3-5 lines. The writing assignment should be double spaced, 1-inch margins, and with font size 12. Grading Scale: 93 – 100 A 73 – 76 C 90 – 92 A- 70 – 72 C- 87 – 89 B+ 67 – 69 D+ 83 – 86 B 63 – 66 D 80 – 82 B- 60 – 62 D- 77 – 79 C+ < 60 F Late work policy Homework assignments must be submitted on the due date. Late homework assignments will typically not be accepted. If an emergency occurs, appropriate documentation must be submitted in order for an assignment to be accepted. Make-up policy: Students must take exams on the scheduled dates. There will be no make-up exam except for cases of emergency. In such cases, appropriate documentation must be presented and the make-up exam time must be arranged with the instructor. A grade of zero will be assigned to any missed exam. Technology and class behavior Students must respect the classroom environment. In class, all electronic devices (including laptops) shall be turned off. Evidence shows that students who bring laptops, tablets or other electronic devices to class earn lower grades and participate far less effectively than students who do not. Moreover, using a device for purposes unrelated to the course distracts other students (and me).

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Students shall also refrain from engaging in activities (reading non-course materials, engaging in private conversations and so on) that disrespect the classroom environment and learning conditions for others. Students should arrive on time and plan to remain for the entire class period. Late arrivals and early departures should be made only when absolutely necessary and should be as minimally disruptive as possible. E-mail policy: You can expect a fairly rapid reply to e-mails, certainly within 24 hours. Please be mindful that e-mails sent after 5 pm may not be answered until the following business day (which means that e-mails sent on Friday after 5 pm may not be answered until the following Monday). Note Please come to my office for any questions you may have, especially on concepts that just are not clicking for you. Or talk to me after class. In addition, feel free to email me. It is important to me that your questions get answered.

COURSE OUTLINE: NOTE: the following schedule is only tentative. The final set of readings per each topic will be posted on the course website in advance of their discussion. The schedule may also be subject to changes, which would be announced in class and communicated by email. Please note that it is required to make the readings indicated below before each class. TOPIC 1. Introduction September 11 Naughton (N) – Ch.1 September 13 Robinson, W.I. 2004. A Theory of Global Capitalism: Production, Class, and State in a Transnational World. The John Hopkins University Press. Ch.1: “Globalization as Epochal Change in World Capitalism.” Ho-fung Hung (ed) (2009). China and the Transformation of Global Capitalism. The Johns Hopkins University Press. Ch.1 “Introduction: The Three Transformations of Global Capitalism.” OPTIONAL – Palley, T. 2018. “Three Globalizations, Not Two: Rethinking The History and Economics of Trade and Globalization.” Forum for Macroeconomics and Macroeconomic Policies (FMM). TOPIC 2. The Rise of Modern China: The Socialist Era (1949-1978) September 18 N – Ch. 4

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Li, M. 2008. The Rise of China and the Demise of the Capitalist World Economy. Monthly Review Press. Ch.2. “Accumulation, Basic Needs and Class Struggle: The Rise of Modern China.” TOPIC 3. China’s Transition to a Market Economy: The Economic Reforms (1978 - ) September 20 N – Ch. 5 Zhang, M. 2011. “The Transition of China’s Development Model,” in Wilhelm Hofmeister, ed., G20 Perceptions and Perspectives for Global Governance. Singapore: Konard Adeuauer Stiftung. September 25 N – Ch. 6 & 7 (skip pp.171-181). Palley, T. 2013. “The Perils of China-centric Globalization.” Available at http://www.thomaspalley.com/docs/articles/economic_development/china-centric-globalization.pdf September 27 Rawski, T.G. 1999. “Reforming China: What We Have Learned.” The China Journal 41:139-156. Hart-Landsberg, M. 2010. “The Chinese Reform Experience: A Critical Assessment.” Review of Radical Political Economics. 43(1): 56-76. OPTIONAL – Naughton, B. 2010. “China’s Distinctive System: Can It Be a Model for Others?” Journal of Contemporary China 19(65): 437-460. OPTIONAL – Kennedy, S. 2010. “The Myth of the Beijing Consensus.” Journal of Contemporary China. 19(65): 461–477 OPTIONAL – Piovani, C. and M. Li. 2011. “One Hundred Million Jobs for the Chinese Workers! Why China’s Current Model of Development Is Unsustainable and How a Progressive Economic Program Can Help the Chinese Workers, the Chinese Economy, and China’s Environment.” 43(1): 77-94. TOPIC 4. International Trade, Technology & Foreign Direct Investment: the Evolution of the Chinese Economy October 2 N – Ch. 16 Yu. M and R. Zhang. 2019. “Understanding the Recent Sino-U.S. Trade Conflict.” China Economic Journal. 12(2): 160-174. A study to be aware of: Scott, R.E. 2018. “The China Toll Deepens - Growth in the bilateral trade deficit between 2001 and 2017 cost 3.4 million U.S. jobs, with losses in every state and congressional district.” Economic Policy Institute. October 2018.

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OPTIONAL – Yu, M. 2018. “China’s International Trade Development and Opening-up Policy Design Over the Past Four Decades.” China Economic Journal. 11(3): 301-318. October 4 N – Ch. 15 Wang B., and L. Xiang. 2017. “From World Factory to World Investor: The New Way of China Integrating Into the World.” China Economic Journal. 2: 175-193. October 9 N – Ch. 17 Either Cai, P. 2017. “Understanding China’s Belt and Road Initiative.” Lowy Institute for International Policy. March 2017. Or Economist Intelligence Unit. 2016. The Evolving Role of China in Africa and Latin America. The Economist Intelligence Unit Limited. TOPIC 5. China’s Financial System and the Renminbi in the International Economy October 11 N – Ch. 19 October 16 Yang, M. and M.S.H. Heng. 2012. Global Financial Crisis and Challenges for China. World Scientific Publishing Company. Ch.4. “The Renminbi Debate.” Yongding, Y. 2018. “The Long-Drawn Process of reform of the Exchange Rate Regime and the Evolution of China’s Exchange Rate Policy.” China Economic Journal. 11:3, 284-300. OPTIONAL – Zhang, M. 2018. “China’s Efforts to Contain Renminbi’s Depreciation and the Relating Impacts.” China Economic Journal, DOI: 10.1080/17538963.2018.1544686 OPTIONAL – McDowell, D. and D.A. Steinberg. 2018. “Systemic Strengths, Domestic Deficiencies: The Renminbi’s Future as a Reserve Currency.” Journal of Contemporary China. 26:108, 801-819. TAKE-HOME MIDTERM DUE TOPIC 6. Paid and Unpaid Work: The Impact of the Economic Reforms October 18 N – Ch. 9 Pun, N. 2007. “Gendering the Dormitory Labor System: Production, Reproduction, and Migrant Labor in South China.” Feminist Economics, 13:3-4, 239-258.

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OPTIONAL – Berik, G. 2009. “Labor Standards” in Jan Peil and Irene van Staveren, eds. Handbook of Economics and Ethics Cheltenham. Edward Elgar A study to be aware of: ILO. 2015. The Great Employment Transformation in China. Geneva: ILO. October 23 Connelly, R., X-y. Dong, J. Jacobsen & Y. Zhao. 2018. “The Care Economy in Post-Reform China: Feminist Research on Unpaid Work and Well-Being.” Feminist Economics. 24(2): 1-30. Silver, B.J. and L. Zhang. 2009. “China as and Emerging Epicenter of World Labor Unrest.” In Ho-fung Hung (ed) (2009). China and the Transformation of Global Capitalism. The Johns Hopkins University Press. October 25 SEMINAR TOPIC 7. Living Standards: Poverty and Inequality in the Reform Era October 30 Assignment posted N – Ch. 10 Borocz, J. 2009. “The ‘Rise of China’ and the Changing World Income Distribution.” In Ho-fung Hung (ed) (2009). China and the Transformation of Global Capitalism. The Johns Hopkins University Press. November 1 Cai, F. and Y. Du. 2015. “The Social Protection System in Ageing China.” Asian Economic Policy Review. 10, 250-270.

TOPIC 8. The Interplay between China’s Rapid Growth and the Environment: Domestic and Global Problems November 6 Speth, J. G. 2008. The Bridge at the Edge of the World, Yale University Press. Ch. 2: “Modern Capitalism: Out of Control.” Hahnel, R. Green Economics: Confronting the Ecological Crisis. Routledge. Ch. 1: “Something Happened on the Way to the Twenty-First Century.” ASSIGNMENT DUE November 8 N – Ch. 21

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Piovani, C. 2017. “China’s Ecological Crisis and Global Capitalism Under Neoliberalism.” In P. Cooney, A. Davis, J. Huato, P. Quick, G. Schneider, R. Vasudevan, and M.Vernengo (eds). Imperiled Economies 2018 – An URPE Reader. Dollars & Sense. OPTIONAL – Piovani, C. 2017. “The “Greening” of China: Progress, Limitations, and Contradictions.” Journal of Contemporary Asia. 47(1): 93-115. November 13 Mathews, J.A. 2015. Greening of Capitalism – How Asia is Driving the Next Great Transformation. Stanford University Press. Ch.3 (“Why ‘Business as Usual’ Cannot Continue”) A study to be aware of: REN21. 2019. Renewables 2019 – Global Status Report. Paris: REN21 Secretariat. November 15 SEMINAR

November 18: FINAL EXAM Note: The schedule may be subject to changes, which would be announced in class and posted on the course website. Other Policies & Rules While I advocate in favor of collaborative learning, I firmly believe that each individual should maintain the highest ethical standards in all of life’s endeavors. All assigned work must reflect a student’s personal effort. No external suggestions or editing are allowed. Failure to comply with this rule will not be excused. All students are expected to abide by the University of Denver Honor Code. These expectations include the application of academic integrity and honesty in your class participation and assignments. Violations of these policies include, but are not limited to:

- Plagiarism, including any representation of another’s work or ideas as one’s own in academic and educational submissions;

- Cheating, including any actual or attempted use of resources not authorized by the instructor(s) for academic submissions;

- Fabrication, including any falsification or creation of data, research or resources to support academic submissions.

For the consequences of violating the Academic Misconduct policy, refer to the University of Denver website on the Honor Code (https://www.du.edu/studentlife/studentconduct/honorcode.html). See also https://www.du.edu/studentlife/studentconduct/index.html for general information about conduct expectations from the Office of Student Conduct. Student Athletes: If you are a student-athlete, you should inform me of any class days to be missed due to DU sponsored varsity athletic events in which you are participating. Please provide me with

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an absence policy form by the end of the first week of class. You will need to make up any missed lectures, assignments, and/or exams. Students with Disabilities Students who have disabilities (i.e., physical, medical, mental, emotional and learning) and who want to request accommodations should contact the Disability Services Program (DSP); 303.871.2372; 1999 E. Evans Ave.; 4th floor of Ruffatto Hall. Information is also available online at www.du.edu/dsp; see Handbook for Students with Disabilities.