International Political Economy (honours)

Course Organisation

The course is based on a weekly one-hour lecture plus a one-hour seminar.

Lecture: Thursday from 11.10-12.00 in Lecture Theatre 5, Appleton Tower.

Tutorials: Thursday 15.00-15.50, Rm 1.B09 Forrest Hill Friday 11.10-12.00, Rm 1.10, 24 BP Friday 14.00-14.50, Rm 3.18, DHT Friday 15.00-15.50, Rm 3.18, DHT

WebCTThis course is conducted online via WebCT, which students can access through their personal university accounts. Students are encouraged to access WebCT as soon as possible and frequently thereafter —WebCT provides a number of essential resources for this course. Further information on the utility of WebCT will be provided during the first lecture.

The Politics and International Relations Handbooks contain ‘protocols’ on the use of e-mail and special circumstances that should be consulted, especially if you believe you have faced any serious adverse circumstances.

Lecture and Tutorial Programme

Week Lecture topic Tutorial topic1 Introduction to IPE Introductions. Organise tutorials. Assign

presentation topics. Discussion. 2 IPE theory: Statist and Liberal

approaches to IPEMaking sense of statist and liberal theories of IPE

3 IPE theory: Structuralist and critical approaches to IPE

Making sense of structuralist theories of IPE

4 International Trade - SPOTLIGHT on TRIPS

Coming to grips with new issues in the global trade system.

5 Regionalism: SPOTLIGHT on North America

The growth of regional integration

6 The Politics of Money Understanding the role of money in society

7 Global Finance I: international cooperation

How markets attack the state: video of Black Wednesday

8 Global Finance II: SPOTLIGHT on the European Debt Crisis; a debate with Mark Aspinwall and David Howarth

Eurozone debt: what went wrong (over and over again)?

9 Globalisation Coming to grips with globalisation

10 Development – Success and Failures How successful have we been at promoting development?

11 Revision, mock exam feedback Revision & essay feedback

International Political Economy (Honours)

1st Semester 2011-12

CONVENOR: Dr. Mark AspinwallRoom 3.10, Chrystal Macmillan Building

mark.aspinwall@ed.ac.ukOffice Hours: Thurs. 1-3

TUTOR: Mr. Moritz Liebem.liebe@sms.ed.ac.uk

All teaching staff on this course may be contacted in their offices during office hours. If you need to see us outside these hours, please e-mail to set up an appointment.

Aims & ObjectivesThis course introduces the subject area of international political economy. It is intended for students who have had no previous background in the subject or in economics. It be-gins with the main schools of thinking about International Political Economy and ex-amines international exchanges of money and trade, including how they have changed over recent decades. The course also looks at problems of under-development and debt. The role of non-state actors, and the growth of regionalism and globalisation in the contemporary world economy are also examined.

Course Requirements Active and informed participation in tutorial discussions. An essay of a maximum of 2000 words to be submitted by Friday 4 November

2011, at 12 noon. A final examination (held in December. Do not make travel plans until you know the

exam date).

Assessment

International Political Economy (Honours)

Your mark will be based on the following percentages:

10% - tutorial participation (see below for further guidance). 40% - essay. A list of essay topics appears at the end of this document. Essays will

be returned within 3 weeks of their deadlines with comments and a mark. 50% - exam. The exam is unseen, two-hours in length, in which students answer

two questions.

MOCK EXAM: we will also have an optional mock exam which you may participate in if you want. It won’t affect your mark either way but is intended as a confidence-building feedback exercise. More information will be provided during the semester.

Please note that marks for assessed work are provisional: the Board of Examiners decides the final mark at the end of the year.

Essay Penalties:

LATE SUBMISSION OF ASSESSED ITEMS:

Work submitted late is subject to a 'lateness penalty' of 5 marks deducted per working day after the deadline, and will receive a mark of ‘0’ (without being marked) if submitted after five working days. The penalty applies from the deadline, so an essay submitted late will incur an immediate 5 mark penalty.PLEASE NOTE that failure to submit an electronic version along with the hard copy of your coursework will be treated as failure to submit, and subject to the same lateness penalties set out above.

There are set guidelines and processes for students claiming a legitimate reason for late submission of assessed work. These rules are in the Politics and International Relations Honours Handbooks.

OVERLENGTH. Essays that are too long will be penalised. 1 point is deducted for every 20 words over the stated maximum (beyond a 10% grace amount). Text and footnotes are counted in the word limit. References/bibliography and appendices are not counted.

Students with learning difficulties: Advice, guidance and a range of support materials is available to students with learning difficulties (such as dyslexia). These students should contact - in advance of coursework deadlines - the Disability Office for further information : See the Disability Office’s website: http://www.disability-office.ed.ac.uk/

Submitting the hard copyStudents must deposit two hard copies of their essay in the Politics and IR Honours Essay Box, located in the wall outside room 1.11, Chrystal Macmillan Building.

When doing so, students must complete a Politics IR Honours coversheet (available outside room 1.11 ), indicating their examination number and tutor’s name, and signing a plagiarism form (see below).

Guidelines to note Submit two copies of the essay. Put only your Exam number on each copy of the essay. Complete ONE Essay Front Coversheet and be sure you complete the

Plagiarism Statement at the bottom of it. Staple the first copy of the essay to the front cover sheet and paperclip the

second to both of them. Post the completed essays into the Politics essay box situated outside

room 1.11, Chrystal Macmillan Building by 12 NOON on the day of dead-line.

NOTE: All students should pay particular attention when completing the Plagiarism segment of the Essay Front Coversheet. If it is not completed correctly, coursework will not be marked until the student returns to the office to complete/correct the section.

Electronic Submission

SUBMISSION OF COURSEWORK TO WEBCT

1) In addition to the two hard copies, you must, by the same deadline, submit an electronic version via WebCT. The instructions for doing so are as follows.

2) Before submitting your coursework, please ensure that you SAVE YOUR ESSAY WITH A FILE NAME THAT INCLUDES YOUR EXAM NUMBER. To ensure anonymity, do not include your name anywhere on the essay.

3) Do not submit your bibliography separately from the essay. Our internal checks make sure the bibliography will not count as ‘plagiarised’ material.

4) Failure to follow these instructions will cause delays in getting your work marked and returned to you.

FILE FORMAT

1) Files must be in Word (.doc), rich text (.rtf), text (.txt) or PDF format. Microsoft Publisher, Open Office and Microsoft Works files will not be accepted.

UPLOADING AND SUBMITTING YOUR ESSAY

1) At the Course Home Page click on the Assignments tab situated on the Course Tools bar at the left hand side of the page.

2) Click on the relevant essay title in the middle of the screen (It will be called ‘Course essay’ or such) and then either:

3) Click on Add Attachment and locate your essay on your computer and attach it. Or you can copy and paste your essay into the window provided.

4) Click on Submit to finish.

Although discussion between students is encouraged, all essays are accepted for assessment on the understanding that they are, in the end, the student's own work. Copying passages from books and articles without putting the passages in quotation marks must be avoided. All sources must be properly acknowledged in the footnotes. Please see the School Handbook for further information on plagiarism. Occasionally cases have come to light of copying from other students’ essays. This will not be tolerated. Serious cases of plagiarism will normally lead to automatic failure of the whole course, and may lead to action under the University's Code of Discipline. If you have any doubts as to what constitutes plagiarism, please consult me. The course WebCT page includes a guide to correct referencing that you should all read.

More information is available in the Politics and International Relations Honours Handbooks www.pol.ed.ac.uk/ug/honours/index.html

Returning Coursework and FeedbackEssays will be returned to students within 3 weeks of the submission date. Students should feel free to request further feedback/clarification from the marker (tutor or convener) if they have questions about the written feedback they receive regarding coursework.

Generalized feedback on the exam, via the standardized feedback sheet, will be posted on the course Web-CT page, and students will be notified when it is available. Mark Aspinwall will provide individual exam feedback during office hours. You should also feel welcome to meet with Moritz Liebe or Mark Aspinwall to discuss your progress and your results during the course of the semester.

When reviewing marks for coursework and exams, students should in the first instance consult the widely circulated School marking descriptors to better understand the marks they receive. These are available on the course Web-CT page and can also be found in the Politics and IR Honours handbooks, both of which are on the Politics/IR website. You may also find it useful to consult the Centre for Teaching, Learning and Assessment (TLA), accessible at http://www.tla.ed.ac.uk/, if you feel you need to improve your study and assessment skills.

Finally, you may use the student representatives on Staff-Student Liaison Committees to communicate any concerns with particular courses or programmes. You are also welcome to communicate issues directly to me as course convener or to the Director of Undergraduate Teaching (currently Pontus Odmalm).

Essay topics(choose one of the following topics)

1. Can the underdevelopment of the world’s poorest countries be explained by their lack of integration into the global economic system?

2. Who is to blame for the eurozone crisis and why?

3. Is regional integration beneficial or harmful to the development of global trade rules?

4. Does the global financial sector have too much power?

5. To what extent are governments now overly constrained in their policy choices as a result of economic openness?

6. What theory best explains the development of the world trade system?

Tutorial Skills

10% of the mark for this course will come from a) classroom discussion and b) the presentation, which will be equally weighted.

a) Classroom DiscussionThe mark for classroom discussion will be assessed in relation to the following factors:

Regular AttendanceStudents should attend classes regularly. Each unjustified absence will lead to a deduction of one point from the overall mark for tutorial skills.

Preparation for ClassThe tutor will take each student’s level of preparation for the class sessions into account. Students should have done a sufficient amount of reading for each week’s questions and they should critically reflect on the topic under discussion. Their contributions to the classroom discussion should reflect their preparation.

Willingness to ContributeStudents should engage actively with the class discussion, with each other’s points, and with questions raised by the tutor. This does not mean that the best grades will be awarded to those students who talk the most. In conjunction with the other factors cited here, students’ contributions will be marked on account of their quality, the level of preparation they reflect and the interaction with fellow students.

Clarity of ExpressionStudents should try to express their ideas well, using clear, accurate language and developing their arguments in a logical, structured manner. Clarity of expression is far more valuable than long words or complex phrases. And students should endeavour to respond directly to the questions raised rather than being distracted by tangential or irrelevant issues.

Cooperation with Fellow StudentsThere are many ways in which members of a tutorial group can help their colleagues. For instance, students might offer constructive criticism, ask each other questions, and take an interest in what other people say. Students can also help their colleagues by recommending helpful reading or by lending each other photocopies. Above all, it is important that students recognise that the success of our sessions is not dependent upon the tutor’s contribution: every member of the group has an important role to play.

These factors will form part of the feedback students receive on their tutorial skills. Each student will receive personalised written comments on their performance. Students are also invited to discuss their classroom performance throughout the semester with the tutor in order to discuss room for improvement.

b) PresentationThe oral presentation is an integral part of the students’ demonstration of tutorial skills and it makes up half the overall mark for the tutorial. Students are expected to

give an oral presentation on topics that they choose from the course handbook and that they agree upon with the tutor.

The mark for the oral presentation will be assessed on the basis of the following criteria:

Presentation Handout Each student should prepare a handout to accompany the oral presentation. This material should contain the key points, both informative and interpretative, of the presentation, but it should not be a verbatim repetition of the oral presentation. Handouts should be emailed to the tutor who will then put them up on the class WebCT site.

Oral PresentationThe presentation itself should be as fluid as possible, but it should not be read off the page. Hence, ideally speaking, it should be based on notes, but not on a fully elaborated version. Students should not be afraid of occasionally ‘stumbling’ and having to collect their thoughts. Their colleagues will be much more able to follow the presenters’ train of thought if the presentation is not read.

Presentation assessmentThe presentations will be assessed by the tutor, but he will take into account the feedback he receives from the other students in class. Tutor and students will use a standardised assessment form that contains several factors, such as coherence and structure, clarity, the use of handouts and audiovisual aids (see next page). Based on these criteria, the tutor and the students will assign an overall mark to the presentation on the university’s extended common marking scale. The tutor’s mark will count for 50% of the overall final mark for the presentation.

Oversight of assessmentThe course convenor and external examiner will have an opportunity to review the written material produced in the tutorials (the form assessing classroom participation, the students’ handouts, the tutor’s and peer review forms of the presentations).

Oral Presentation Assessment

STUDENT PEER ASSESSMENT FORM

Presented by ………..……………………..Topic ……….…….……..…..…….………… Date ……..…......…………………………….

Criteria1

Very weak

2

Weak

3

Competent

4

Very Good

5

Excellent

1. Was the presentation fluent and not read off the page?

2. Did the presentation have an over-all argument and a coherent struc-ture?

3. Were handouts and/or visual aids used effectively?

4. Did the presentation enhance your understanding of the topic?

5. Did the presentation stimulate de-bate?

Please assign an overall mark to the presentation: ………….

International Political Economy (honours)

Reading

There are a number of good text books for IPE courses. You will see from the weekly readings that I recommend chapters from them most weeks. I recommend that you have a look at the following three and decide which you think suits your needs best:

John Ravenhill (ed.), Global Political Economy, 3rd edition, (Oxford University Press, 2011). Judge the book’s usefulness over its whole length, not its second, theory, chapter, which is less helpful. As this is an edited volume, the expertise of the authors of the individual chapters is very high.

Robert O’Brien and Marc Williams (2010), Global Political Economy 3rd edition. The structure of this book fits the course slightly less well than the alternatives, but some individual chapters are excellent.

Theodore H. Cohn, Global Political Economy: Theory and Practice (2010). Generally, students have in the past liked the early chapters of this book, but I consider it weaker than the alternatives for later in the course.

Other good textbooks on international political economy include the following. All have useful chapters, many of which are included in the reading list:

Richard Stubbs and Geoffrey Underhill eds. (2006), Political Economy and the Changing Global Order 3rd edition.

David N. Balaam and Michael Veseth, Introduction to International Political Economy (2008) 4th Edition.

Peter Dicken, Global Shift: Reshaping the Global Economic Map in the 21st Century (2011).

Raymond C. Miller (2008), International Political Economy.Thomas Oatley (2008), International Political Economy, 3rd edition.Joseph M. Grieco & G. John Ikenberry (2003), State Power and World Markets: The

International Political EconomyThomas Lairson and David Skidmore (2003), International Political Economy: The

Struggle for Power and Wealth, 3rd edition.Mark R. Brawley (2005), Power, Money and Trade.Herman Schwartz (2010), States versus Markets, 3rd edition.Susan Strange (1994), States and Markets, 2nd edition. This is a classic, which is why

it’s still listed!

The following readers contain useful collections of articles on International Political Economy:

Jeffry Frieden and David Lake eds. (2000), International Political Economy: Perspectives on Global Power and Wealth, 4th edition.

C. Roe Goddard, Patrick Cronin & Kishore C. Dash eds. (2003), International Political Economy: State-Market Relations in the Changing Global Order, 2nd edition.

David N. Balaam and Michael Veseth eds. (1996), Readings in International Political Economy.

John Beynon and David Dunkerley eds. (2000), Globalization: The Reader (2000)

ResourcesInternational political economy is frequently concerned with current events. Among the best sources for contemporary information about the global political economy are the Financial Times, The Economist and The Wall Street Journal. These are available on-line. They require subscriptions, but the first two can be accessed through the university system. Other newspapers, including The Guardian, The Times, New York Times, and The Washington Post, also have useful material and are available on-line free of charge (some require registration - see the section on on-line resources below). Interesting articles, particularly from the Financial Times, will be highlighted periodically on WebCT.

The University has a subscription to Columbia International Affairs Online (CIAO), which has a wealth of links to journals, working papers, reports from international organisations, and briefings. You need a password to access this web site if off-campus:http://www.ciaonet.org/

Online ResourcesA wealth of information is available on the web for students of international political economy. This ranges from the web sites of companies, governments, international organizations, and NGOs to journals and newspapers to academic papers. The following are some of the more useful sites (please let me know if any of the links are broken or suggestions for additions to the list):

International OrganizationsBank for International Settlements: “the central banks’ central bank”: international banking statistics; data on indebtedness:http://www.bis.org/

International Monetary Fund: data on debt, balance of payments, international reserves; analysis of structural adjustment programs; staff working papers are online as are the Fund’s fortnightly newsletter, IMF Survey and its biannual World Economic Outlook:http://www.imf.org/

Organisation for Economic Cooperation and Development: data on development aid, foreign investment, economies of member states. Staff working papers and other reports online.http://www.oecd.org/

UN Economic and Social Council: Reports on environment, trade, and development issues:http://www.un.org/esa/policy/publications/papers.htm

UNCTAD: Trade and Development Issues; annual comprehensive survey of Foreign Direct Investment trends:http://www.unctad.org/

World Bank: Data on development; major reports online (including annual World

Development Report); staff working papers online:http://www.worldbank.org/

World Trade Organization: Data on trade, impediments to trade, dispute settlement mechanisms & panel reports:http://www.wto.org/

Regional Organizations:Asia-Pacific Economic Cooperation grouping (APEC):http://www.apecsec.org.sg/

European Union:http://europa.eu./

North American Free Trade Agreement:http://www.nafta-sec-alena.org/

Other Intergovernmental Associations:

Group of Twentyhttp://www.g20.org

SPECIFIC READINGS & STUDY QUESTIONS

Note: A number of readings are available electronically via the course WebCT page.

Week 1. INTRODUCTION TO IPE

Study questions What are the origins of international political economy? What constitutes the field of international political economy, and why did it

emerge as a distinct field within international relations? Is there a distinctive international political economy approach?

Readings:

Cohn, ch. 1 – 2 Ravenhill, ch.1 Stubbs and Underhill, ch. 1 Balaam and Veseth, ch. 1 Dicken, Global Shift, ch. 3-4 Miller, ch. 1

Strange, Susan (1975), ‘What is Economic Power and Who has it?’ International Journal 30: 2.

Held, David et al. (1999), Global Transformations. O’Brien & Williams, ch 1-2 (includes week 2 and 3 reading)

Eichengreen, Barry and Peter B. Kenen (1994), ‘Managing the World Economy under the Bretton Woods System: An Overview’, in Peter B. Kenen (ed.), Managing the World Economy: Fifty Years after Bretton Woods, pp.3-57.

Frieden, Jeffry A. (2006), Global Capitalism, especially chapters 15-20. Cohen, Benjamin J. (2008), International Political Economy. Harris, Nigel (1983), Of Bread and Guns, ch. 1 Keohane, Robert O. (2009), ‘The old IPE and the new’, in Review of International

Political Economy, 16:1, pp.34-46. All of this edition of the journal is a response to Cohen’s book above, and of interest for those wishing to read more.

Week 2 IPE THEORY: STATIST AND LIBERAL APPROACHES

Study questions Consider the relative strengths and weaknesses of liberal and statist approaches

to international political economy. What differences can be seen between modern liberalism and modern statism and

their classical variants? Is a mercantilist analysis still relevant in the modern global political economy?

Readings: Cohn, ch 3-4 Ravenhill, ch 2-4 Balaam and Veseth, ch 2-3 Stubbs and Underhill, ch 2-6 O’Brien & Williams, ch 1-2 (includes weeks 1 and 3 reading). Ruggie, John Gerard (1982) ‘International regimes, transactions, and change:

embedded liberalism in the postwar economic order", International Organization 36: 2, pp. 379-416.

Miller, ch.2 & 3 Gilpin, ch.3 &12. Ch.12 electronic version on WebCT.

Caporaso, J. and D Levine (1992), Theories of Political Economy. Keohane, Robert O. (1998), “International institutions : can interdependence

work?’ in Foreign Policy 110, p.82.

Week 3 IPE THEORY: STRUCTURALIST AND CRITICAL APPROACHES

What distinguishes structuralist, Marxist, and critical approaches from those we looked at in week 2?

Cohn, ch.5 Balaam and Veseth, ch. 4-5 O’Brien & Williams, ch. 1 (includes week 1 and 2 reading). Miller, ch. 6-7

Dos Santos, Theotonio (1970), ‘The Structure of Dependence’, The American Economic Review, 60, pp. 231-36 (reprinted in Goddard et al. 165-75).

Brewer, Anthony (1990) Marxist theories of Imperialism Chapters 1 & 2 Krasner, Stephen D. (1976) ‘State Power and the Structure of International Trade’,

World Politics 28: 3, pp.317-347 (reprinted in Frieden and Lake pp. 19-36). Ikenberry, G. John and C.A. Kupchan, ‘Socialization and Hegemonic Power’,

International Organization, 44: 3. Keohane, R. & J Nye (2001) Power and Interdependence, 3rd Edition. Krasner, S. ed. (1983) International Regimes. Introduction. Milner, H. (1991), ‘The Assumption of Anarchy in International Relations

Theory: A Critique’, Review of International Studies 17. S. Strange (1982), ‘Cave! hic dragones: a critique of regime analysis’,

International Organisation, 36: 2. Wilkinson, R. (2000), Multilateralism and the World Trade Organisation/ Cox, R. and M. Schechter (2002), The Political Economy of a Plural World J. Baylis & S. Smith (2008), The Globalization of World Politics, 2nd or 3rd

edition, ch. 10, or 4th edition, ch.8. Bardhan, Pranab, Samuel Bowles and Michael Wallerstein eds. (2006)

Globalization and Egalitarian Redistribution. Harris, Nigel (1987), The End of the Third World, ch. 1. Wallerstein, Immanuel (2000), ‘The World System’, in John Beynon and David

Dunkerley (eds.), Globalization: The Reader, pp.233-8. Electronic version on WebCT.

Wallerstein, Immanuel (1980), The Modern World System, Volume 2, pp.346-57. Wallerstein, Immanuel (1984), The Politics of the World Economy, ch.3-4. Maria Riley (2008) A Feminist Political Economic Framework,

http://www.coc.org/system/files/Riley+-+FPE_0.pdf Nelson, Julie A (2005) Rationality and Humanity: A View from Feminist

Economics' General Development and Environment Institute Working Paper No 05-04 Tufts University,  http://ase.tufts.edu/gdae/Pubs/wp/05-05TeachingEcolFemEcon.pdf

Plus David Harvey’s You-tube lectures on Marx’s Capital http://www.youtube.com/watch?v=gBazR59SZXk

Week 4 INTERNATIONAL TRADE

Study questions

How effective has GATT/WTO been in reconciling national interests with inter-national economic cooperation in trade?

Why is cooperation in the field of trade more effective than in international monetary relations?

What are the reasons for the failure of the Seattle WTO ministerial meeting and the Cancun meeting?

What is the impact of trade on domestic political interest groups?

Readings: Ravenhill, ch. 5. Electronic version on WebCT under ‘Winham’ O’Brien and Williams, ch. 6. Hocking, B. and S. McGuire (2004), Trade Politics.

Stubbs and Underhill, ch 11. Cohn, ch. 7. Balaam and Veseth, ch. 6. Oatley, ch.2-7. Schwartz, ch.11-12

Kelly, D. and W. Grant (2005), The politics of international trade in the twenty-first century.

Moore, M. (2004), Doha and Beyond. Kufuor, Kofi Oteng (2004), World Trade Governance and Developing Countries. Narlikar, A. (2003), International Trade and Developing Countries. Schott, Jeffrey (1996), The World Trading System: Challenges Ahead. Jackson, John (1997), The World Trade Organisation. Hoekman, Bernard M. and Petros C. Mavroidis (2007), World Trade Or-

ganization. Bhagwati, Jagdish (2002), Free Trade Today. Moon, Bruce (1996), Dilemmas of International Trade. Anderson, Kym and Richard Blackhurst (1992), The Greening of World

Trade Issues. Strange, Susan (1985), ‘Protectionism and World Politics’ International

Organization 39: 2. Baldwin, Robert E. (1989), ‘The Political Economy of Trade Policy’, Journal of

Economic Perspectives 3: 4, pp. 119-35. Cohen, Benjamin J. (1990), ‘The Political Economy of International Trade’,

International Organization 44: 2, pp. 261-81. Cline, William R. (1995), ‘Evaluating the Uruguay Round’, World Economy 18:

1, pp. 1-24. Gallagher, Kevin P. (2008), ‘Understanding developing country resistance to the

Doha round’, in Review of International Political Economy 15: 1, pp.62-85. Bhagwati, Jagdish (2001), ‘After Seattle: Free Trade and the WTO’, in

International Affairs 77:1, pp.15-29. Mattoo, Aaditya and Arvind Subramanian (2004), ‘The WTO and the poorest

countries: the stark reality’ in World Trade Review 3:3, pp.385-407. Michalopoulos, Constantine (1999), ‘The Developing Countries in the WTO’, in

World Economy 22:1, pp.117-43. Serra, Narcis and Joseph E. Stiglitz eds. (2008), The Washington Consensus

Reconsidered, ch 10 and 11. Electronic version available.

Week 5 REGIONALISM

Study questions Why have so many regional trade agreements arisen in recent decades? How do we explain the deep disagreements over the benefits of NAFTA? Is regionalism beneficial for the global economy or a hindrance?

Regionalism Reading Ravenhill, ch. 6 Stubbs and Underhill Part III, esp ch 22 Cohn, ch. 8

Balaam and Veseth, ch.12

Acharya, Amitav and Alastair Iain Johnston (eds) (2007) Crafting Cooperation: Regional International Institutions in Comparative Perspective (Cambridge: Cambridge University Press).

Fawcett, Louise (2004) ‘Exploring Regional Domains: A Comparative History of Regionalism,’ International Affairs, 80: 3, pp 429-446.

Hettne, Bjorn (2003) ‘The New Regionalism Revisited,’ in F Soderbaum and T Shaw (eds) Theories of New Regionalism: A Palgrave Reader.

Hurrell, Andrew (1995), ‘Explaining the Resurgence of Regionalism in World Politics’, Review of International Studies 21, pp. 331-58.

Frankel, Jeffrey A. with Ernesto Stein and Shang-Jin Wei (1997), Regional Trading Blocs in the World Economic System.

Laursen, Finn (2003), ‘Theoretical Perspectives on Comparative Regional Integration,’ in F Laursen (ed.) Comparative Regional Integration: Theoretical Perspectives.

Mansfield, Edward and Helen Milner (1997) ‘The Political Economy of Regionalism: An Overview,’ in Edward Mansfield and Helen Milner (eds) The Political Economy of Regionalism, pp 1-19.

Tavares, Rodrigo (2004) ‘The State of the Art of Regionalism: The Past, Present and Future of a Discipline’ UNU-CRIS e-Working Papers, W-2004/10, United Nations University.

Breslin, Shaun, Richard Higgott and Ben Rosamond (2002) ‘Regions in Comparative Perspective’ in Shaun Breslin, Christopher Hughes, Nicola Phillips and Ben Rosamond (eds) New Regionalisms in the Global Political Economy, pp 1-19.

Crawford, Jo-Ann and Roberto Fiorentino (2005) ‘The Changing Landscape of Regional Trade Agreements,’ WTO, Geneva, Discussion Paper 8.

Readings on NAFTA: Audley, John, Demetrios Papademetriou, Sandra Polaksi, and Scott Vaughan,

NAFTA’s Promise and Reality: Lessons from Mexico for the Hemisphere (Washington, DC: Carnegie Endowment for International Peace).

Carlsen, L and T Nauman (2004) ’10 Years of NAFTA’s Commission on Environmental Cooperation in Mexico: Resolving Environmental Problems and Fostering Citizen Participation,’ cited at http://americas.irc-online.org/.

Carolyn Deere and Daniel Esty (2002) Greening the Americas: NAFTA’s Lessons for Hemispheric Trade (Cambridge, MA: MIT Press).

Fox, Jonathan (2004) ‘The Politics of North American Economic Integration,’ Latin American Research Review, vol. 39, no. 1, Feb, pp 254-272.

Gallagher, Kevin and Timothy Wise (2009) Reforming North American Trade Policy: Lessons from NAFTA. The Americas Program, Dec 3. Cited at http://americas.irc-online.org/am/6611. Accessed 2 April 2010.

Graubart, Jonathan (2008) Legalizing Transnational Activism: The Struggle to Gain Social Change from NAFTA’s Citizen Petitions (University Park: University

of Pennsylvania Press).

Hufbauer, Gary, Daniel Esty, Diana Orejas, Luis Rubio and Jeffrey Schott (2000) NAFTA and the Environment: Seven Years Later (Washington, DC: Institute for International Economics).

Kay, Tamara (2005) ‘Labor Transnationalism and Global Governance: the Impact of NAFTA on Transnational Labor Relationships in North America,’ American Journal of Sociology, vol 111, no 3, 715-56.

Marchand, Marianne (2001) ‘North American Regionalisms and Regionalization in the 1990s,’ in Michael Schulz, Fredrik Söderbaum, and Joakim Öjendal, eds. Regionalization in a Globalizing World, (London: Zed Press) 198-210.

Middlebrook, Kevin (2009) Worker Rights and the NAFTA Labour Institutions: Free Trade, Social Justice and North American Integration, online lecture, 13 May. Cited at: www.americas.sas.ac.uk/events/videos/middlebrook.html.

Wayne, E Anthony (2004) NAFTA: Ten Years After. www.state.gov/e/eb/rls/rm/31645.htm. Accessed on 7 July 2005.

Week 6 THE POLITICS OF MONEY

Study questions Why do states create money? What are the consequences of political control of money? How and why do states manage the interaction between their currencies?

Readings: Stubbs and Underhill, ch. 8-10 Cohn, ch. 6 Balaam and Veseth, ch. 7-8. Ch. 8 electronic version on WebCT Oatley, ch.10-11. Ch.11 electronic version on WebCT. Schwartz, ch.9

Some commentary from an astute and respected observer: http://emlab.berkeley.edu/users/eichengr/reviews.html

Cohen, Benjamin J. (1993), ‘The Triad and the Unholy Trinity: Problems of International Monetary Cooperation’ in Richard Higgott, Richard Leaver, and John Ravenhill (eds.), Pacific Economic Relations in the 1990s: Cooperation or Conflict? pp. 133-58, reprinted in Frieden and Lake pp. 245-56.

Helleiner, Eric (2002), ‘Why are Territorial Currencies Becoming Unpopular?’ in David M. Andrews, C. Randall Henning and Louis W. Pauly (eds.), Governing the World’s Money, pp.148-67.

Kindleberger, Charles (1993), A Financial History of Western Europe, 2nd edition.

Baker, A., D. Hudson, R.Woodward eds. (2005), Governing Financial Globalisation.

Paloni, A., M. Zanardi (2005), IMF, World Bank and Development. Thirkell-White, B. (2005), The IMF and the Politics of Financial Globalization. Isard, P. (2005), Globalization and the International Financial System. Vreeland, J. (2005), The International Monetary Fund. Helleiner, Eric (1994), States and the Re-emergence of Global Finance:

From Bretton Woods to the 1990s. Helleiner, Eric (2003), The making of national money: territorial curren-

cies in historical perspective. Frieden, Jeffry (1991), ‘Invested Interests: The Politics of National Eco-

nomic Policies in a World of Global Finance,’ International Organization, 45:4.

Germain, Randall D. (1997), The international organization of credit : states and global finance in the world economy.

Best, Jacqueline (2004), ‘Hollowing Out Keynesian Norms: How the Search for a Technical Fix Undermined the Bretton Woods Regime’, Re-view of International Studies, 30: 3, pp.383-404.

Strange, Susan (1997), Casino Capitalism. Strange, Susan (1998), Mad Money. Brawley M. (2005), Power, Money and Trade. Frieden, J (2006), Global Capitalism, ch.16-17 Gilpin, ch.9 Helleiner, Eric and Jonathan Kirscher eds. (2009) The Future of the Dollar, ch.1

and 10 (both by the editors) and ch.7 (by Benjamin J. Cohen). David M. Andrews ed. (2006), International Monetary Power, ch.1 (by the

editor), ch. 2 (by Benjamin J. Cohen) and ch. 7 (by Jonathan Kirshner).

Week 7 GLOBAL FINANCE I

Study questions

What are the consequences of global money movements for the international political economy?

What are the principal problems in constructing an effective international monetary regime?

Why was the regime afflicted by serious instability (e.g., Mexico, Asia, Brazil, Russia) in the 1990s?

Was the IMF approach - application of fairly uniform Structural Adjustment Policies - the proper one?

What reforms are desirable in the regime, and what are the prospects for countries negotiating and implementing such reforms?

G Underhill Global Financial Integration 30 Years On (e-version in library) M Copelovitch, The International Monetary Fund in the global economy: banks,

bonds, and bailouts (e-version in library) Ravenhill, ch. 7-8 Cohn, ch.11 Brenner, Robert (2002) the Boom and the Bubble Callinicos, Alex (2010) Bonfire of Illusions O’Brien and Williams ch.8 Gilpin, ch.10

Hirst, P. & G. Thompson (1999), Globalization in Question, 2nd ed., Ch.5 Cohen, Benjamin J. (1996), ‘Phoenix Risen: The Resurrection of Global Finance’

World Politics 48:2, pp.268-96. Cohen, Benjamin J. (2002) ‘International Finance’, in Walter Carlnaes, Thomas

Riise and Beth A. Simmons (eds.), Handbook of International Relations, pp.429-47.

Porter, Tony (2005), Globalization and Finance. Oatley, ch.12-15.

Sachs, J. (2004) ‘How to Run the International Monetary Fund’ Foreign Policy July/Aug, pp60-64. In the table electronic table of contents appears as ‘The FP memo’.

Vreeland, James Raymond (2007), The International Monetary Fund. Glick, R., Moreno and Spiegel eds. (2001), Financial Crises in Emerging Mar-

kets. Chapter one is all worth reading, but concentrate on pp1-13. Blustein, P. (2001), The Chastening : inside the crisis that rocked the global fin-

ancial system and humbled the IMF. Blustein is a journalist rather than an aca-demic but both his books are excellent reads.

Blustein, P. (2005), And the Money Kept Rolling In (and Out). Wade, R. and F. Veneroso (1998), 'The Asian Crisis: The High Debt Model versus

the Wall Street-Treasury-IMF Complex' in New Left Review 228 Kahler, M. (1998), Capital Flows and Financial Crises. Noble, G. & J. Ravenhill (2000), The Asian Financial Crisis and the Architecture

of Global Finance (electronic version available). Naylor, R.T. (1988), Hot Money and the Politics of Debt. Eichengreen, Barry (2000), ‘The International Monetary Fund in the Wake of the

Asian Financial Crisis’ in Gregory W. Noble and John Ravenhill (eds.), The Asian Financial Crisis and the Architecture of Global Finance, pp. 170-91.

Stiglitz, Joseph E. and José Antonio Ocampo eds. (2008), Capital Market Liberalization and Development, especially ch.1-5 (electronic version available).

Paul Krugman on the 'myth of the Asian miracle' http://web.mit.edu/krugman/www/myth.html

The official Paul Krugman website - a great source of editorial articles from one of the world's most controversial, interesting, and best-known economists: www.mit.edu/people/krugman/

Blackburn, Robin (2008), ‘The Subprime Crisis’ in New Left Review 50, pp.63-106.

Serra, Narcis and Joseph E. Stiglitz eds. (2008), The Washington Consensus Reconsidered, esp. ch1, 2 and 9. Electronic version available.

Schwartz, Herman M. (2009), Subprime Nation. On order at the Library.

Week 8 GLOBAL FINANCE II: FOCUS ON EUROZONE DEBT CRISES

Study Questions

Why do some eurozone countries have such trouble with public debt? What role do the markets play in the crisis? How have the crises divided the eurozone member states, and what are some

possible ways out of the crisis?

The readings from the previous week will provide background. Also, you should be searching for FT, Economist, and other quality media sources to bring you up to speed on the Greek debt crisis. Useful readings can be found on Magan Greene: http://economistmeg.com/; The Economist; Financial Times.

Hodson, D. (2011) ‘The EU Economy: The Eurozone in 2010’, in Journal of Com-mon Market Studies, vol 49, 231-249.Marsh, D. (2011) ‘Faltering Ambitions and Unrequited Hopes: The Battle for the Euro Intensifies,’ Journal of Common Market Studies, vol 49, 45-55.

Week 9 GLOBALIZATION

Study Questions

What is new about globalization? What are the forces driving this process? To what extent do these forces constrain the choices available to governments? How have firm strategies changed in the era of globalization? Has globalization reduced global inequalities and poverty?

Readings:

The subject of globalization brings together many of the different issue areas of the course. Much of your previous reading will therefore be relevant here.

Cohn, ch. 12. Ravenhill, ch. 9-11. Rodrik, Dani (1997), ‘Sense and Nonsense in the Globalization Debate’,

Foreign Policy 107, pp.19-37, reprinted in Frieden and Lake pp. 461-70. Kaplinsky, Raphael (2001), ‘Is Globalization all it is cracked up to be?’ Review

of International Political Economy 8: 1, pp.45-65. Oatley, ch.16. Stiglitz, Joseph (2007) Making Globalization Work Wolf, Martin (2005) Why Globalization Works

Hirst, Paul and Grahame Thompson (2009), Globalization in Question. Electronic version of introduction on WebCT.

Held, David (2005), Debating Globalization. David Held has written a lot on this subject – the library has more than 40 books with his name associated with them. Check out as many as you can.

Frieden, Jeffry A. (2006), Global Capitalism, esp. ch. 1,2 and 17. Dicken, esp. ch. 1, 6, 15. Glyn, Andrew (2007), Capitalism Unleashed. Keohane, Robert O. and Joseph S. Nye (2001), Power and Interdependence, 3rd

edition, Ch.10. Electronic version on WebCT. Kurtz, Marcus J. and Sarah M. Brooks (2008), ‘Embedding Neoliberal Reform

in Latin America’, in World Politics 32:1, pp.231-80.

Rodrik, Dani (1998), ‘Why Do More Open Economies Have Bigger Governments?’ in Journal of Political Economy 106:5, pp.997-1032.

Garrett, Geoffrey (2001), ‘Globalization and Government Spending Around the World’, in Studies of Comparative International Development, 35:4, pp.3-29.

Bhagwati, Jagdish N. (2007), In Defense of Globalization.

Week 10 DEVELOPMENT

Study questions Make a case for and against debt relief for the poorest countries. Is under-development in some parts of the world caused or exacerbated by the ac-

tions of wealthy countries and international organisations? Should less developed countries have greater political clout in international fora?

Reading Ravenhill, ch. 12-13 Cohn, ch. 10 Balaam and Veseth, ch. 15, 18 Dicken, ch. 16-17 O’Brien and Williams, ch.11

The World Bank’s analysis of HIPC: http://www.worldbank.org/hipc/An alternative viewpoint: http://www.jubilee2000uk.org/ . Debt relief research from Jubilee can be found out www.jubileeresearch.org

Read, for instance, Ann Pettifor and John Garrett, Shadowy figures The G7, IMF and World Bank - Globalisation and Debt on the Jubilee 2000 web site; and The Enhanced Initiative for Heavily Indebted Poor Countries—Review of Implementation (Prepared by the Staffs of the IMF and the World Bank September 7, 2000) on the World Bank web site at:http://www.worldbank.org/hipc/hipc-review/Fact_Sheet_mar03_.pdf

How rich country tariffs harm poor countries, from the IMF:www.imf.org/external/pubs/ft/fandd/2002/09/smith.htm

Melber, Henning ed. (2005), Trade, Development Cooperation - What Fu-ture for Africa?

Dent, M. et al. (1999), The Crisis of Poverty & Debt in the Third World. Roddick, J. (1988), The Dance of the Millions (on Latin American debt). Lundestad, G. (1999), East, West, North, South: Major Developments in

International Politics since 1945, ch. 12 Hurrell, A. & N. Woods (1999), Inequality, Globalisation, and World

Politics. Dorraj, M. (1995), The Changing Political Economy of the Third World. Nunnenkamp, P. (1986), The International Debt Crisis of the Third World. Lomax, D. (1986), The Developing Country Debt Crisis. Cornea, G.A. & G.K. Helleiner (1994), From Adjustment to Development

in Africa. Brown, M.B. (1992), Short Changed: Africa and World Trade.

Grugel, J. (1995), Politics and Development in the Caribbean Basin Basingstoke : Macmillan, 1995.

Collier, Paul (2007), The Bottom Billion. Stiglitz, Joseph, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-

Davis and Deepak Nayyar (2006), Stability with Growth (electronic ver-sion available).

Harris, Nigel (1987), The End of the Third World. Harvey, David (2005), A Brief History of Neoliberalism. Amin, Samir (2003), Obsolescent Capitalism (electronic version avail-

able). Easterly, William (2006), The White Man’s Burden. Chang, Ha-Joon ed. (2003), Rethinking Development Economics. Some of

this is more technical than you need, but see especially Part 1. Lewis, William W. (2004), The Power of Productivity. Glenn, John (2008), ‘Global Governance and the Democratic Deficit’, in

Third World Quarterly 29:2, pp.217-38. Commission on Growth and Development (2008), The Growth Report.

Available at www.growthcommission.org/index.php?option=com_con-tent&task=view&id=96&Itemid=169.

UN Development Program - www.undp.org/This organisation publishes an annual 'Human Development Report', which an alternative way of looking at welfare improvements (besides growth, trade, choice, and other normal means). It looks at human well-being instead, using a variety of measures.

Some news links on the anti-globalisation protesters:http://www.salon.com/news/special/wto/. This site appears not be updated,

but still contains useful older material.

A call to action:

www.globalexchange.org/

50 Years Is Enough: US Network for Global Economic Justice A coalition of 205 faith-based, policy, women’s, justice, youth, labor and develop-ment organizations. www.50years.org

Third World Network Involved in North/South, development and Third World issues. www.twnside.org.sg

Week 11 REVIEW, FEEDBACK, EXAM PREP