The Global Economy (in English)
Universidad Pablo de Olavide
Area of Study
Economics, International Affairs, International Economics, International Relations, International Studies
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
The aim of this course is to introduce the students to the main debates surrounding the nature, effects and attempted management of the Global Economy, identifying its most important post-war structural developments (e.g. formation and collapse of Bretton Woods, setting up of the WTO, increase in regional integration and emergence of China) and examining contemporary challenges to its well-being (e.g. financial instability, rising inequality and environment crises etc).
The course questions the view that economic globalization is an apolitical ?technical? process of resource allocation guided by a ?hidden hand?. Instead it considers the globalization process as implicitly political; set within a particular historical, geographical, ideological and social context, and both influenced by, and having an influence on, key powerful actors; notably nation-states, international organizations and transnational corporations.
Clearly not all states are the same; neither in their national economic model, nor in the influence yielded in a (hierarchically-structured) global economy. On the other hand, it is undeniable that globalization has, if not undermined nation-states? ability to control their domestic economy, then at restricted the policy choices available to them. Nowhere is that more apparent than with respect to international financial flows underscored by the present credit crunch. Likewise, the scale, mobility and power of multinational corporations, attracts attention by both supporters and detractors.
As the uneven process of market expansionism seeks to overcome structural limitations and political opposition, debates arise regarding the optimum form of ?global governance? ? a key theme both within the discipline of International Political Economy, and central to this course. Such debates cannot take place in the abstract but must reflect real on-going processes in the global economy, hence the widespread use of contemporary press and journal articles (and case studies included therein).
- Global Political Economy, Ravenhil, J (ed): Global Political Economy, 2nd Edition, Oxford University Press, Oxford, 2008
- Stubbs, R & Underhill, R.D.(eds): Political Economy and the Changing Global Order. Oxford University Press, Ontario, Canada, 2006
- Gilpin, R: Global Political Economy: Understanding the International Economic Order Princeton University Press, Princeton, 2001
- Press Articles: Economist, Financial Times, New York Times, the Guardian
This course will have two exams. The student?s final grade will also include a mandatory oral
presentations/paper addressing relevant EU topics and debates. Students will be required to complete assigned readings/summarize articles etc outside class and to actively participate in class discussions, all of which will be reflected in their final ?participation? grade. (NB: ?being there? does not = ?participation?).
Midterm Exam 30%
Final Exam 30%
Exam dates will not be changed under any circumstances. Attendance is mandatory. More than 3 unexcused absences will result in the lowering of the grade. Students with more than 2 such absences may not challenge the final grade received.
The order in which these topics are covered may vary somewhat.
1. Theoretical Debates: political economy overview; Adam Smith system; neo-classical trade theory vs. global reality; new economic theories; Bhagwati/Goldsmith trade debates
2. Global Trade Regime: post-war situation; GATT & multilateral trade; embedded liberalism; UNCTAD; negotiating Uruguay (e.g. TRIPS, GATS & AA); structure & functioning of WTO; cases; Doha Round; future of WTO; intellectual property debates; genetically modified organisms
3. Environment: problems; liberal environmentalism; tragedy of the commons; environmental governance (e.g. UN agreements; Kyoto and emission trading; public-private initiatives; market-based solutions); sustainable development; renewable energy etc.
4. International Monetary System: Bretton Woods system (e.g. US hegemony; IMF; ?trilemma?; technical issues; floating/fixed debates) & reasons for collapse; contemporary system; declining dollar hegemony? currency/monetary unions; ?dollarization?
5. Global Financial Crises: explaining financial globalisation; petrodollars, 3rd World Debt; ?hot money?; South East Asia crisis; role of IMF; systemic risks; roots of credit crunch; management/regulation debates
6. China: transition from command to market economy (and contrast with Russia); Deng?s reforms; integration into/effect on global economy; development debates; Asian integration; relationship with US
7. Multinational Corporations: relevance of MNCs; post-war expansion; contrasting theoretical perspectives; nature/behaviour; national or multinational? cases; Stiglitz/Wolf debate; governance issues.
8. Development in the South: stages of development; import substitution; dependency; terms of trade; NIEO; debt; Washington Consensus; SAPs; aid; Millennium goals; poverty; food/water crises
9. Regionalism - conceptualizing & accounting for increasing number of regional trade arrangements in global economy; contrasting the creation, development, key policies and institutional structure of the EU, NAFTA and East Asia; relationship with the WTO and consequences for global economy
- www.economist.com - analytical articles on world economic/political affairs
- www.europa.eu.int - EU official web-page (history, policies, legislation, stats etc)
- www.eurunion.org - EU guide for Americans
- www.ft.com ? Financial Times, international news, economy, corporate activities, shares
- www.greenpeace.org/international/ - Environment
- www.guardian.co.uk - UK daily, broad range of national/international news articles
- www.ictsd.org - International Centre for Trade and Sustainable Development
- www.imf.org - International Monetary Fund
- www.nytimes.com -World news, critical editorials
- www.unctad.org - United Nations Conference on Trade and Development
- www.worldbank.org/ - World Bank
- www.wto.org/ - World Trade Organization
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations