SYLLABUS American University

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SYLLABUS
American University
ECON 670 (01) - 370 (01)
International Economics, Multinational Corporations & Globalization
Instructor: Dr. Ronald E. Müller, Professor of Economics
Class Location:
Teaching Assistant:
Waitkins G-02
Anjan Panday []
Fall, 2008 (ver:1)
Email: [email protected]
Phone: Ho: 703-841-1750
Cel:
571-594-6107
Phone: 202 285-6234
Office Hours: WED., 7:00PM to 8:00 PM + after class (in Watkins) or by appointment, Dr. Muller at (703) 841-1750
COURSE OBJECTIVES & SCOPE:
• To develop the ability to learn, analyze and evaluate international economic policy, i.e., trade, investment,
growth and finance policy as practiced by the leading agents of globalization: national governments,
multilateral agencies (e.g., IMF, WTO, etc.) and multinational corporations and banks; in turn
• To focus on THE GLOBAL ECONOMIC CRISIS that currently besets both emerging market and
developed nations alike and using the crisis to evaluate actual policy experiences. via the use of economic and
non-economic analytical tools; in turn
• To develop core tools from relevant components of micro- & macro-economic theory, and of political
economy theory, i.e., those tools essential to evaluate policy. This is done through the use of a proven, nonmathematical learning method; and thereby
• To assess the impacts of globalization on successes and failures of international economic policy in dealing
with nation-state issues of 1) national growth, 2) employment, 3) income distribution, 4) productivity growth, 5)
poverty-reduction, 6)financial market development and 7) macro-economic stability.
• To understand the limitations of economic theory’s applicability to guiding policy for the economic and
social development of nations as well as meeting the challenges of global climate change.
COURSE REQUIREMENTS
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Mid-term examination
Final examination
Class participation; the Socratic Learning Method is emphasized. All students should come to class prepared, including
assigned readings, daily reading of the WP, WSJ or NYT, short, special topics, group write-ups when assigned, and a
review of the prior class-meeting notes.
Class Meeting Assignments for Readings & Group Special Topics, when assigned, are given at pp. 6-9 below:
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NOTE: the reading list shown for each class meeting (pp. 6-9) is largely optional and not required. The required
readings vary and are specified from the list in the prior class meeting(s). Special topics, e.g., short group write-ups,
are also assigned in prior meetings.
The below bibliography is provided to students as a convenient starting point, for related research in other courses.
The final grade will be determined by a weighted average of the above requirements. Specific percentages, i.e., mid-term
40%, final 40%, class and special topic participation 20%. This will be discussed in class by the instructor.
REQUIRED TEXT (SEE ALSO OPTIONAL TEXTS** BELOW)—ALL ON LIBRARY RESERVE
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Pugel, T.A., International Economics (2007)-See below “Optional Texts”, Plus
Stiglitz, Joseph E., Globalization & Its Discontents, WW Norton, 2002
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Myrdal, Gunner, Rich Lands & Poor, the Road to World Prosperity (Harper, 1958), if available
OPTIONAL--Friedman, Thomas, The World is Flat: A Brief History of the 21st Century (Farrar, Straus & Giroux,
2005) .
Bookstore edoption id is # 884995.
OTHER REQUIRED READING ASSIGNMENTS
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Daily: New York Times, Wall Street Journal, Washington Post, Financial Times, and/or Barons.
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Weekly: Business Week, Financial World, and /or The Economist, plus assigned articles.
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Monthly: Fortune or Forbes and/or equivalents.
OPTIONAL TEXTS** --SEE BOX AT END OF BIBLIOGRAPHY, P. 5
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Note: Compare these other texts below to the Pugel text above.----- if you prefer any of these others below, you can
buy it instead via special order at AU Bookstore—or use from Reserves at Library.
Husted, S. & Melvin, M. International Economics (Addison Wesley Longman, 2006, 7th ed), OR
OR
Appleyard, D.R., Field & Cobb, International Economics (Irwin/McGraw, 2004, 5th edition;
OR
Caves, R.E., J.A. Frankel & R.W. Jones, World Trade and Payments: An Introduction (Addison Wesley, 2006).
OR
**Staley, Charles, International Economics, (Prentice Hall, 1970), out of print, on reserve in A.U. Library.
Hahnel, Robin, Panic Rules, Southend Press, 2000 (Compare this to the J..Stglitz book).
BIBLIOGRAPHY on Reserve (R)—FOR OPTIONAL, GENERAL USE—NOT FOR READING ASSIGNMENTS
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American Economics Association, Reading in International Economics (R.D. Irwin, 1968), on reserve in A.U.
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Barnett, R.D. & Muller, R.E., Global Reach: The Power of the Multinational Corporations (Simon & Schuster,
1980), out of print, on reserve in A.U. library. R
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Belous S. Richard, Rebecca S. Hartley & Kelly L. McClenahan, European and American Labor Markets: Different
Models and Different Results (National Planning Association, 1992), on reserve at A.U. library.
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Bhagwati, J., et.al. “The Capital Myth” and “Can Asia Recover?,” Foreign Affairs, (May/June 1998)
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Bhagwati, Jagdish, International Trade (Readings)(Penguin Books, 1969), on reserve in A.U. library.
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Blanchard, Olivier et al, Spanish Unemployment: Is There a Solution? (Center for Economic Policy Research,
London, 1995).
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Blecker, Robert A, Taming Global Finance, Economic Policy Institute, 1999
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Boyer, R. & Drache, Dr. eds., States Against Markets (London: Routledge, 1996). R
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Burki, S.J., and Edwards, S., “Latin America After Mexico: Quickening the Pace,” (World Bank monograph, June
1995)
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Dornbush, Rudy Euro Fantasies (Foreign Affairs, September/October 1996), on reserve at A.U. library.
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Edwards, Sebastian, The Mexican Debt Crisis of 1994-95 (World Bank: 1996). R
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Emmerson, D. K. “Americanizing Asia? “ Foreign Affairs (May/June 1998) R
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“For Richer or Poorer: Globalization and the Developing World,” Washington Post, 4 Part Series (Dec. 29-Jan. 1,
1996/97) ; World Wide Web site at http://www.washingtonpost.com
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Gordan, Bernard K “The Natural Market Fallacy,” Foreign Affairs (May/June 1998) R
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Haass, R. & Litan, R. “Globalization & Its Discontents,” Foreign Affairs (May/June 1998) R
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Hahnel, Robin. Panic Rules, 2000
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Hirst, Paul and Grahame Thompson, Globalization in Question, (Cambridge, UK: Polity Press,1996), on reserve
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
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Hugh, Compston et all, The New Politics of Unemployment: Radical Policy Initiatives in Western Europe
(European Political Science Series, Routledge, 1997), on reserve in A.U. library.
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Kapstein, Ethan B. “Workers and the World Economy” (Foreign Affairs, May/June 1996), R.
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Kraft, Joseph, The Mexican Rescue (NY: Group of 30, 1984), 64 pages R
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Krugman, Paul, “Competitiveness, a Dangerous Obsession,” Foreign Affairs, vol. 73, no. 2, Mar/Apr, 1994
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Krugman, Paul, “America the Boastful,” Foreign Affairs (May/June 1998) R
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Krugman, Paul, “Saving Asia: It’s Time to Get Radical,” Fortune (September 7, 1998)
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Leys, Colin, The World Society & the Individual (Southern Africa Report, Toronto, 1996), on reserve at A.U.
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Lincoln, Edward J., “Japan’s Financial Mess,” Foreign Affairs (May/June 1998) R
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Muller R.E. & Barnett, R.D. Global Reach: The Power of the Multinational Corporations (NY: Simon & Schuster,
1980)
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Muller, R.E., The Relationship between Foreign Trade & Economic Growth, Ph.D. Dissertation, The American
University, 1970. On reserve at Media Center.
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Muller, R.E. Revitalizing America (Simon & Schuster, 1980), out of print, on reserve in A.U. library.
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Muller, R.E. “U.S. National Security, the Global Environment & Poverty in Emerging Markets” in The Convergence
of U.S. National Security & the Global Environment, 1st Congressional Seminar Series, Aspen Institute, November
1996. On reserve at A.U. library.
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Myrdal, Gunner, Rich Lands & Poor, the Road to World Prosperity (Harper, 1958), on reserve in A.U. library.
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Ohmae, Kenichi, The End of the Nation-State: The Rise of Regional Economies (Harper Collins, 1995) on reserve
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Report on the Kreisky Commission on Employment Issues in Europe: A Program for Full Employment in the 1990s
(Pergamon Press, 1989), on reserve in A.U. library.
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Soros , George “Can Europe Work? A Plan to Rescue the Union” Foreign Affairs (May/June 1996) R
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Stern, Robert M. and Maskus, Keith E., "Determinants of the Structure of U.S. Foreign Trade, 1958-76," JIE 11, no. 2
(May 1981), pages 207-224
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Stiglitz, Joseph E., Globalization & Its Discontent, WW Norton, New York: 2002
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Vernon, R. G. “The Product Life Cycle Theory in a New International Environment,” Bulletin of Economics &
Statistics, no. 41(Nov. 1979), pages 255-267
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Vernon, Raymond G., "International Investment and International Trade in the Product Cycle," Quarterly Journal of
Economics 80, no. 2 (May 1966), pages 190-207
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Wachtel, H. M. The Money Mandarins: The Making of a New Supranational Economic Order, rev.ed. (NY: M.E.
Sharpe, 1990) (WP, 11/25/01, p.A30; + 12/22/01, A19; 1/3/02, E1; 1/7/02, A1-13; 1/10/02, E1.) and Brazil
(Economist: 1/16/99; cover story)
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P. D. Whitney, “Economics of Modern Latin America: Books to Explain the New Policies and Bury the Past,”
Journal of Interamerican Studies, vol.39, no.2 (Summer 1997)
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P. D. Whitney, “NAFTA and Hemispheric Integration,” Lecture, University of Buenos Aires, 1995
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P. D. Whitney, “New Thinking on Free Market Reforms in Latin America,” Faculty Forum, May 1997
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World Bank, Entering the 21st Century: Development Report: 1999/2000 (Washington, DC Fall 1999)
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Zuckerman, Mortimer B. “A Second American Century,” Foreign Affairs (May/June 1998) R
ADDITIONAL BIBLIOGRAPHY on Reserve [R]: added Fall/Summer 2001-06
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
3
Argentina, Brazil and China (1999-2002): 3 contrasts-- (China: WP, 11/25/01, p.A30; + Argentina-WP:
12/22/01, A19; 1/3/02, E1; 1/7/02, A1-13; 1/10/02, E1.) and Brazil (Economist: 1/16/99; cover story)
“Asian Economic Crisis, Understanding the,” Washington Post, 1/18/98, p.A32 (World Wide Web Site at
http://www.washingtonpost.com)
Belous, S. R., R. S. Hartley and K. L. McClenahan European and American Labor Markets: Different Models
and Different Results, (National Planning Association Report, 1992).
Boycko, M., A. Schleifer and R. W. Vishny “Second-Best Economic Policy for a Divided Government,”
European Economic Review, V. 40, 1996.
Cardoso, E. and A. Helwege “From Import Substitution to Trade Liberalization,” in Latin America’s Economy:
Diversity, Trends and Conflicts, Ch. 4, MIT Press: 1992 (ppbk: 1995)
Chossudovsky, M. The Globalization of Poverty: Impacts of IMF and World Bank Reforms (Zed Books, Ltd.,
London, 1997).
Duff & Phelps, “Credit Rating Analysis of Brazil,” (Chicago, Ill: Mid-October 1997)
Haaland, J.L. “Comparative Advantage, Terms of Trade & Welfare Effects of European Integration:
Preliminary Assessment,” Scandinavian Journal of Economics, v.94 (3): 1992, pp. 373-391
IMF World Economic Outlook: Globalization, Opportunities and Challenges (Washington D.C., May 1999).
Keppler, S. Ëntry, Exit, Growth, and Innovation over the Product Life Cycle,” Amer.Econ.Review, June 1996.
King, R. and M. Naim Hemispheric Economic Integration: Big Bang, Gradual Evolution or Fading Hope?
(Paper Presented at Latin America 2010 Seminar, September 1996).
Lindbeck, A. “The West European Employment Problem,” Weltwirtschaftliches, Vol 132(4), Arch. 1996.
“Markets Go Global: World Economy Survey,” Economist (October 20, 1997) pp. 23ff.
“The Maastricht Agreement,” Internal Memorandum of the European Commission on the Working of the
Treaty, Brussel, 1992.
“Miracle of Trade: Schools Brief,” Economist (January 27, 1996) pp.61-62
Moïse, D “The Trouble with France,” Foreign Affairs (May/June, 1998)
Morris, L. “Globalization, Migration and the Nation-State: The Path to a Post-National Europe?” British
Journal of Sociology, June 1997.
Schweigert, T. “Penny Capitalism: Efficient but Poor or Inefficient and (Less Than) Second Best?” World
Development, Vol. 22(5), 1994.
Smulders, G. W., M. A. Kompier and P. Paoli “The Work Environment in the Twelve EU-Countries:
Differences and Similarities.” Human Relations, Vol. 49(10), 1996.
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
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Study on the Operation and Effects of the NAFTA Agreement (Office of President/United States, July 1997).
Swanson, P.E. “Trading Blocs: Bane or Blessing?” Multinational Business Review, Fall 1996.
“…U.S. Economy Mostly Unshaken by Asian Crisis,” Washington Post, 1/18/98, pp. A1,A33 (&WW Web).
Waters, M. Globalization (Routledge, London, 1995).
Whitney, P. D. Prospects for Hemispheric Integration in Light of Recent Financial Turbulence (Paper Presented
at Council of Professionals in Economic Science, Buenos Aires, March 23, 1995).
Note: Previous students have consistently recommended these OPTIONAL TEXTS as excellent substitutes or complements to the PUGEL book. The
student is free to chose among them for one or more of the assignments over the course of the semester. Required and additional suggested readings provide
excellent preparation for the mid-term, the final and class lectures.
Traditionally, unforeseen problems seem to arise during the Semester regarding the reserve books, i.e., books disappear from the library or individualistic
students check the books out for extended periods. To solve these potential problems, students are asked to be considerate of their peers, PLEASE do not
hoard reserved books; also, many of the "out of print" and "reserve" books can be found in the Washington-area public libraries and from other area
Universities: checking a book out from one of these other libraries is encouraged and expected of students.
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
5
ASSIGNMENTS
Class 1:
“Globalization & International Economics,” an Overview: Methodology, Basic Principles &
Definitions
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9.
Review of Syllabus and Course Objectives
Class Learning and the Socratic Teaching Methodology
The Method and Theory of Economics as a Social Science: Theory Construction and Hypotheses
Development & Testing; Positive and Normative Distinctions (see Handout)
A Note on Political Economy: The Role of Theory in the Making of Policy (see Handout)
Background on Students & Professor (see Handout)
Globalization and the Global Economic Crisis-Select Issues a) Energy Security & Climate Change: F.
Zakaria, WP 7/7/08, p.A13 + Oil Shock, 7/27/08, pA1ff; b) Macroeconomic stability: U.S. Crisis Spreads…
WP, 7-16-08, p. A-1ff. RJ Samuelson, Depression Specter, 7/23/08, p.A15. c)Income Inequality: S
Pearlstein, WP 8/26/08, p.D-1ff
Globalization, Monetary & Fiscal Policy: Definitions & Evolution: Overview: J. Stiglitz, skim pp.ix-xvi
Globalization at the Dawn of the 21st Century: Early Examples from Argentina(WP,
11/25/01,p.A30;+12/22/01,A19;1/3/02,) and from India & China, Economist:12/13/08; cover story).
P (-see abbreviations at end of Syllabus-) Ch.1 & 2, pp. 1-28: International Economics & Interdependence
Class 2:
Globalization as a Process of Systemic Transformation: Its Historical Origins, Adjustment and
Other Issues & Key Assumptions as a Concept and A Policy Framework
EARLY SEMESTER INSTRUCTOR’S NOTE: ONLY CERTAIN ITEMS BELOW WILL BE REQUIRED. THESE
WILL BE DESIGNATED IN THE PRIOR CLASS MEETING
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6.
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10.
11.
12.
**P: Ch. 22, Simple Analytics of Macroeconomic Stabilization Policy in an Open Economy;
**H&M, Chs. 1(optional) 2 (req’d.); Ch. 21optional: Analytics of Macroeconomic Stabilization Policy;or
AFC Chs 25 & 26:
B&M (-see abbreviations at end of Syllabus-) Chapters 1-5: skim; read 9-10: Globalization: “Start-Up:”
Early Macro Adjustment Issues
REM Chapters 1-3: Globalization: “Adolesence:” Structural Lags & Monetary-Fiscal Stabilization Policy”
**J. Stiglitz, read pp. ix-xvi, and 3-22; skim pp. 23-52
P. Hirst & G. Thompson, “Globalization – A Necessary Myth?”, skim chs. 1 & 2 (R, see biblio)
“Understanding Asian Crisis”&“U.S.Economy,Largely Unshaken,”Wash.Post,1/18/98:A1,32-33 (seebib)
CFJ, Chap’s 1 & 21: What is International Economics? “X-Border” flows: goods, services, factors &
monies
“Will the World Slump,” (An Example of Globalization Analysis) Economist (11/15-21/97) pp.77ff.
Haass & Litan, “Globalization & Its Discontents,” Foreign Affairs (May/June 1998) R
E. J. Lincoln, “Japan’s Financial Mess,” Foreign Affairs (May/June 1998) R
Class 3:
Basic Tools Part I of Analyzing Globalization-- Money Flows: Balance of Payments Statistics &
the Adjustment Process/FX Markets/Eurocurrency & Other Financial Markets: Definitions and
Key Concepts
EARLY SEMESTER INSTRUCTOR’S NOTE: MAKE SURE YOU UNDERSTAND THE LIMITED PURPOSE OF
“SKIMMING” A READING ASSIGNMENT
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
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**H&M, Chapters 11 & 12 read; 13 &14, skim; review 21, especially FX-LM-IS; /or
**P : Ch. 16 & 17 read, skim 18 & 19 and review ch. 22, especially FX-LM-IS; /or
**AFC: Chs 19 & 20; skim only Ch.21; /or
CFJ 15 & 16; review 17 (equivalent to assignment from H & M),or
S, for Chapters as equivalent to H & M,
Duff & Phelps, “Credit Rating Analyses of Brazil & Peru,” mid-Oct. ’97 & ‘98 (handout & see biblio.)
Krugman, Paul “Saving Asia: It’s Time to Get Radical,” Fortune, (September 7, 1998)
Stiglitz, read pp. 23-52; skim 53-88
J.Burgess, “Currency Shift to Dollars,” & D. Rothkopf, “It’s Change..Dollar,” WP: 1-18 & 30(B2)-00.
Class 4:
Basic Tools Part II of Analyzing Globalization-- Trade: The Driving Force of Globalization-Comparative Advantage & its Theory (Positive), its Policy (Normative) and the 4 Fundamental
Questions: “Why,” “What,” “How Much,” & “Who Gains)
1.
2.
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6.
7.
**P Ch.3,4 &5; /or
**H & M, review Chs 2, 3 & 4 or
S, Chapters 1-5, skim 6-10, /or
CFJ, Chapters 2-4 & 7:, skim 5, 6, & 8 /or
AFC: Chs 3, 6 & 8 plus
**Assumptions of Comparative Advantage Theory & the “Law of Occam’s Razor”(in-class handout)
**Handout: “The Miracle of Trade,” Economist (1/27/97)
Class 5:
Hecksher-Ohlin vs Ricardo-Haberler vs Kindleberger-Linder (Intra-Industry Trade) vs PLCT:
Alternative Versions of Comparative Advantage Theory, its Policy Implications for Economic
Growth and the Empirical Evidence
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5.
**P: Chs. 5 (review) & 6 or **H & M: Chapters 4, 5 & 6 (Review Especially “Leontieff Paradox” plus:
“Dutch Disease” & “Immiserizing Growth”[pp. 290-3]), /or
CFJ, Chapter 6, & Appendix to Chapter 7, /or
AFC: Chs. 9, 10 & 11; or
S, Review Chapters 5-10; plus
**R. Muller, Ph.D. Dissertation: Impacts of Trade on Growth: Econometric Evidence, skim only Chapters
2, 3 & 4
Class 6:
Basic Tools Part III of Analyzing Globalization-- Trade Restrictions & the Role of the WTO:
Tariff and Non-Tariff Restrictive Policy & The General Theory of Second Best—Intellectual
Property--- Export Promotion or”Dumping”
1.
2.
3.
4.
**P: Chs. 8 + skim 9, & read 10. plus pp. 181-189 on the “world of second-best”, or
**H & M, Ch’s 6 & 9. or
**AFC: Ch.17: Economic Integration (skim for next class) or
**S, Chapter 11 for Policy Impacts of 2nd Best Theory (also for next) class
Class 7:
Basic Tools Part IV of Analyzing Globalization & Economic Integration: Customs Union & the
General Theory of Second Best: Economic Integration Trends and the Cases of the European
Community, NAFTA & CAFTA
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
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**P: Ch 12 or **H & M, Chapter 9, plus
**S, Chapter 12, plus
**AFC: “Economic Integration,” Ch. 17; or
CFJ, Chapter 14;
PW3: NAFTA & Hemispheric Integration & Financial Turbulence;
“The Maastricht Agreement,” Handout and sited on Additional Bibliography.
“Study on…NAFTA Agreement,” Office of President, (on reserve/see biblio.)
Gordan, B. K. “The Natural Market Fallacy,” (of the U.S. with So. America) Foreign Affairs (1998) R
Class 8:
Mid-Term Review
Class 9:
MID-TERM EXAMINATION (Covers through the end of Class Seven)
Class 10:
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10.
Basic Tools Part V: Globalization & Early Economic Growth Impacts on Developing Nations—
the “Emerging & Non-Emerging Markets”(Part A): Critiques & Alternatives in International
Trade & Investment Theory and Policy: Product Life Cycle Theory, Intra-Industry Trade and
MNCs. Dependency, Import Substitution vs. Export Promotion, & Foreign Direct Investment
**G. Myrdal (M), Chap’s 1-9: Critique & an Alternative to Comparative Advantage Trade & Growth
Theory
**B&M, Chapters 6 & 7 plus 8: The Evolving Policy Debate on Multinational Corporations
**V1 and V2: the Product Life Cycle Theory (PLCT);
**AFC: Ch 12, pp.231-235: Transfer Pricing & MNCs
**REM, Chapter 4: Maturing Policy Adjustments to the Multinationals
**P: Chs 14 or **H & M, Ch 10 plus
**AFC: Ch. 18: LDC Trade Myths – Prebisch & Singer –Two Critical Hypotheses;
E. Cardoso & A. Helwege, “From Import Substitution to Trade Liberalization”
PW2, “Economics of Modern Latin America….”
Wash Post 4 Part Series: “…:Globalization & the Developing World” (all; see bibliography)
Class 11:
Globalization & Later Stage Impacts on Developing Nations & Nations in Transition (Part B):
Trade & Investment Impacts in Light of Multinational Corporations and the Structural
Prerequisites in Emerging Markets for Economic Growth in Agriculture, Savings, Education,
Competitiveness and in Physical, Institutional, Banking and Policy Infrastructure
1.
2.
3.
4.
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6.
7.
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9.
**AFC: Ch. 12, pp. 220-222: Multinational Corporations & China; plus
**P: Ch. 14 or **H&M
**Myrdal: Chapters 1-9(review): Growth & Efficiency Impacts vs. Income Distribution
REM, review chapter 4: The “Asian Tiger-NIC” Cases: Agriculture, Savings & Education
Emmerson, D.K. “Americanizing Asia ? “ Foreign Affairs (May/June 1998) R
Eastern European Economies in Transition--the Case of Russia (lecture notes)
Yavlinsky, Grigory “Russia’s Phony Capitalism, “ Foreign Affairs (May/June 1998) R
The Debate on Income Distribution Impacts: Group Papers to be reviewed.
P. Hirst & G. Thompson, “The Developing Economies & Globalization” Ch.5(see biblio/on reserves)
Class 12:
Globalization & Impacts on Developing Nations (Part C): Macroeconomic Stabilization Policy,
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
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10.
Trade Liberalization and the Debt vs. Currency Crises of the 1980’s and 1990’s.
**P: review ch. 22 plus read Chs. 23 & 24 plus
H & M, Chap 21 review “Open Macroeconomy &Stabilization Policy”; read Chap 20 & pp. 490-1 on Debt
Crises /or
AFC: Chs. 23 & 24 “Marshall-Learner vs. Keynes;” plus review Ch. 25 & 26; or
CFJ, Chap’s 17 & 18 review, read Chap’s 19-20; plus
**P. Ch. 21 “International Financial Crises”
JK: The Mexican Debt Rescue, 1982
B&E: Latin America after Mexico (and its Debt Crisis of 1994-95)
CFJ, Chapters 22&23; skim 24.
PW2: review pp. 176-181 on Chile
“Asian Economic Crisis, Understanding the,” review:Washington Post, 1/18/98, p.A32 (World Wide
Web Site at http://www.washingtonpost.com)
Class 13:
Globalization & Impacts on Developed Nations(Part I): Macroeconomic Stabilization & Other
National Policy Tools vs. Interdependence among Economies
1.
2.
3.
4.
5.
6.
7.
8.
9.
B&M, Chapters 9 & 10 review. The Early Debate on Sovereignty of Monetary & Fiscal Policy
**P: review Chs 22 & 23, read Ch. 24; or
**H & M, Chapter 21 (review), plus pp. 476-489 on fixed vs. floating exchange rates, or
AFC: review Chs. 25 & 26, read Ch. 27; or
CFJ, Chapters 24 & 25
Krugman, Paul, “Saving Asia: It’s Time to Get Radical,” Fortune (September 7, 1998)
P. Hirst & G. Thompson, Chapters 6-9: The Current Debate on Economic Governance & Globalization
REM, Chapters 7, 8 & 10: Approaches toward Resolution
Boyer & Drache, Pages 1-30: Looking Ahead (on reserve/see biblio.)
Class 14:
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6.
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10.
11.
Globalization’s Impacts in Developed Nations (Part II): Select Case Studies and Issues of the
USA, the European Community & Japan
PK, Europe in Contrast to USA: Successful Adjustment to a Global Market—An incorrect view
European Community Nations: Sclerosis or Not? Read Bhagwati, et. al. “Can Asia Recover?” (1998) plus
articles by Lindbeck, Dornbush, Soros, & IMF
The “Japan Inc.” Model & Impacts of Globalization: An Irony; read IMF relevant pages & L, Ch.10, on
Japan; review from week 2 “Japan’s Financial Mess,” by EJ Lincoln
PK: Competitiveness & Europe, pages 28-44
Zuckerman, M.B. “A Second American Century” Foreign Affairs (May/June 1998) R
Krugman, P. “America the Boastful,” (or ‘don’t count Europe out yet’) ibid.
R. Muller, “U.S. National Security, the Global Environment & Poverty in Emerging Markets” Aspen
Institute Paper, 2003
H & M, review Chapters 19 & 20 on “Floating Rates & Alternatives: Currency Boards, Dollarization &
Monetary Union”
Kapstein, E.B. “Workers & the World Economy,” Foreign Affairs, (on reserve/see biblio.)
Class 15:
FINAL EXAMINATION
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
9
Abbreviations
P = Pugel, T.A., International Economics, (14 ed. 2007)
8h
H & M = Husted & Melvin, International Economics (7
edition 2006)
AFC =
Appleyard,
D.R.,
Field
&
Cobb,
International Economics (Irwin/McGraw, 2006, 5th edition)
V1 = Vernon, "International Investment and International
Trade in the Product Cycle" (see above, as Bibliography)
B
=
Boyer & Arache, States Against Markets
V2 = Vernon, “PLC in a New International Environment”
S
=
Staley, International Economics
M
=
Myrdal, Rich Lands & Poor
B&E =
Mexico”
Burki & Edwards, “Latin America After
PK
=
Obsession”
Krugman, “Competiveness, a Dangerous
B&M
=
Barnet & Muller, Global Reach
JK
Kraft, The Mexican Rescue
REM
=
Muller, R.E., Revitalizing America
=
Stern =
Stern, "Determinants of the Structure of U.S.
Foreign Trade"
PW1 = Whitney, “NAFTA and Hemispheric Integration”
SE
95
PW2 = Whitney, “Economics of Modern Latin America:…”
=
Edwards, The Mexican Debt Crisis of 1994-
CFJ = Caves, Frankel & Jones, World Trade & Payments
PW3 = Whitney, “New Thinking on Free Market Reforms in
Latin America”
Attachments
• A Note on Political Economy
• The Method and Theory of Economics as a Social Science
• Dr. Ronald E. Muller, Biographical Sketch (this is provided since many students request background information on the
professional experiences of their professors)
\\Remserver\rem\DOCMAN\REM\SYLB ver-1-611 Spr 2000.doc
370/ 670 (01) International Economics, Multinational Corporations & Globalization.
Prof. R. Muller, Fall 2006
10
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