College of Charleston
Spring 2011
MWF 2:00-2:50 pm
Classroom: LIGHTSEY CON CTER B08
Professor: Jesus Sandoval-Hernandez
9 Glebe Street Room 300
Office hours: MW 12:30-1:30 pm
E-mail: sandovalhernandezj@cofc.edu
FYSM 174: THE ECONOMICS OF GLOBALIZATION
Class webpage: http://sandovalhernandezj.people.cofc.edu/fysm174.htm
1. DESCRIPTION OF THE COURSE
This first year seminar provides an introduction to key aspects of economic development and
basic economic analysis to explain the globalization phenomena. Students will examine realworld case studies which illustrate international market integration. Students will also be
exposed to Economics methodological tools. This course will challenge students to discover the
global chain of economic relationships that affect their everyday lives. What they will find is
that their daily milk involves a lot more than just cows and that their Ipods are incredibly
multicultural. This first-year seminar does not require previous knowledge of economics.
2. COURSE REQUIREMENTS
a.
Readings
The required readings will be posted on the class website and marked with an asterisk. We will
use extensively the 6-hour on-line PBS documentary Commanding Heights available at
http://www.pbs.org/wgbh/commandingheights/lo/index.html. The documentary is based on a
book by the same title written by Daniel Yergin and Joseph Stanislaw. This documentary
provides an excellent background of how we got to where we are today in terms of globalization.
Some excellent books dealing with globalization I strongly suggest are:
Jaqdish Bhaqwati, 2007, “In Defense of Globalization,” Oxford University Press.
Dani Rodrik, 1997, “Has Globalization Gone Too Far,” Institute for International Economics.
Joseph E. Stigliz, 2003, “Globalization and Its Discontents,” W.W. Norton & Company Inc.
Wolf Martin, 2004, “Why Globalization Works?” Yale University Press Publications.
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b.
Synthesis Seminar
The Synthesis seminar is designed to help students in their transition from High School to
College by developing solid academic, social, and personal foundations. To achieve these goals,
students are required to attend weekly meetings. The Synthesis Seminar will be led by Mel Boyd,
the peer facilitator. Your performance at the seminar will be an important component of your
final grade.
c.
Exams
There will be a midterm in class exam. The exam will be essay-type in which material from the
readings and lectures will be covered. Class attendance is mandatory to be exposed to all of the
required subject matter of the course.
d.
Reading Response Papers
Each student will be required to write a 1-2 page reading response to a series of questions on the
assigned readings. All papers are graded on a plus (excellent), check (adequate), or minus
(less than adequate) basis. If you fail to turn in a paper, you get a zero. However, you are
allowed to miss one reading response without harming your grade. I will elaborate more on
this in our first meeting.
e.
Term Papers and group project
e.1.
Individual term paper
The individual term paper should cover a national, international, or global development issue or
any other topic relevant to this class. For example, the paper can cover topics such as “The
economic effects of China joining the world economy,” “The role of technology in the
globalization process,” “The global distribution system,” “Regional Integration and its role in
global business and development,” “An analysis of global institutions and global governance,”
etc. You are expected to develop your thesis statement using specific examples. For example if
you chose to explain the global distribution system you may want to focus your discussion using
one product, i.e. coffee, apparel, automobiles, etc.
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e.2.
Group project
In the first week, students will form groups of 4 members. Each group will prepare a final term
paper and present its results to the class. The research project should illustrate one aspect of
globalization through the production or use of a final consumption product.
Each team will present their findings in class and turn in a join term paper. I expect full
participation, in the whole process of the project, of all team’s members, and professional
presentations.
f.
Participation
Students are expected to read the assigned material for each session, to bring up news and world
events, and to actively participate in class. An active participation implies asking/answering
questions, and sharing views.
g.
Grading
Grades will be based on your performance on the exam, reading responses, Synthesis Seminar,
group project, individual term paper, and participation. The weights of each requirement on your
final grade will be
Exam 30%
Reading responses 15%
Synthesis Seminar 10%
Group project 20%
Individual final paper 15%
Participation 10%
3. TENTATIVE COURSE OUTLINE AND READING LIST
Starred readings are required. Suggested readings are in italics
Week 1: Introduction: Defining globalization; the globalization’s debate.
* Commanding Heights: Episode one, Chapter 1
*Amartya Sen, “How to judge Globalism,” The American Prospect, Vol 13, January 2002
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Richard Haas & Robert Litan, “Globalization and its Discontents,” Foreign Affairs, May/June
1998.
Barber Benjamin, “Jihad vs. McWorld,” The Atlantic, March 1992.
Week 2: Basic economic tools for the analysis of historic and current issues.
*Class notes: “The Invisible Hand,” Economic Principles (individual choice, interactions of
individual choices: markets, Economy-wide interactions), perfectly competitive markets,
institutions and characteristics of capitalism.
Jeffrey Sachs, “International Economics: Unlocking the Mysteries of Globalization,” Foreign
Policy 110(Spring 1998) and reprinted in Globalization and the Challenges of a Century, editors
P.O’Meara, H. Mehlinger and M. Krain, Indiana U. Press, 2000
Week 3: Globalization from a Historic Perspective
*John Fernald and Victoria Greenfield, “The Fall and Rise of the Global Economy,” Chicago
Fed Letter, April 2001
* Commanding Heights: Episode one, rest of chapters
“The New Wave of Globalization and its Economic Effects,” The World Bank
Benjamin J. Cohen, “A Brief History of International Monetary Relations,” from B. Cohen,
“Organizing the World’s Money,” Basic Books, 1977
Weeks 4, 5 & 6: International Trade and Globalization
* Commanding Heights: Episode three, chapters 3 & 4.
*“Why Trade is Good for You,” The Economist, 10/3/1998, survey pp. 4-6
*Dani Rodrik, “Sense and Nonsense in the Globalization Debate,” Foreign Policy, No. 107 (107)
and reprinted in Jeffrey Frieden, International Political Economy, Bedford/St. Martin’s, Fourth
edition, 2000
*Coughlin, Chrystal &Wood, Protectionist Trade Policies: A Survey of Theory, Evidence and
Rational in Frieden and Lake, International Political Economy, Perspectives on Global Power
and Wealth, Bedford, St. Martin’s, 2000
Joseph Stiglitz, “Trade and the Developing World: A New Agenda,” Current History, November,
1999
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David E. Sanger, “A Grand Trade Bargain,” Foreign Affairs, Volume 80, No 1, January/
February 2001.
Sarah Anderson & John Cavanagh, “World trade Organization,” Foreign Policy
Richard Blackhurst, “WTO and the World Economy,” Blackhurst The World Economy,
Blackwell, 1997, pp. 527-544
Week 7: Globalization and the international financial system
* Commanding Heights: Episode three, chapters 4 & 5.
Jeffrey Frankel, “The Euro could Surpass the Dollar in 10 Years”
Weeks 8 & 9: The global Economy and Financial Crises
* Commanding Heights: Episode three, chapters 7, 11, 12, 13 & 14
* IMF Staff, “The Asian Crisis Causes and Cures,” Finance and Development, June, 1998, 3
pages
*Kenneth T Rosen, “Anatomy of the Housing Boom and Correction”
*Nicholas von Hoffman, “Subprime Mortgage Blues”
Council of Foreign Relations, 1996, “Lessons of the Mexican Peso Crisis”
Joseph Stiglitz, “The Insider: What I Learned at the World Economic Crisis,” New Republic,
April 17 &24, 2000.
World Bank, “The Challenge Facing Low-Income Countries in the Global Recession”
World Bank, “Swimming Against the Tide: How Developing Countries Are Coping With The
Global Crisis”
Week 10: Reforming and Repairing the Global Economy
*Jay Mandel, “Reforming Globalization,” Challenge, March/April 2001
*Martin Feldstein, “Refocusing the IMF,” Foreign Affairs, March/April, 1998
Stanley Fischer, “In Defense of the IMF, Foreign Affairs, July/August, 1998
Barry Bosworth and Philip H. Gordon, “Managing a Globalized World,” Brookings Review,
Fall 2001
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Week 11 & 12: Globalization and the Domestic & International Labor Markets
*Paul Krugman, “Praise of Cheap Labor,” Slate, March 20, 1997
*Jagdish Bhagwati, “Borders Beyond Control,” in International Economics and International
Economic Policy, 4th edition, Edited by Philip King, McGraw Hill, 2004
*Tamar Jacoby, “Immigration Nation,” Foreign Affairs.
Gregory DeFreitas, “Immigration, Inequality, and Policy Alternatives,” in Globalization and
Progressive Economic Policy, by Baker, Epstein and Pollin, Cambridge University Press, 1998
Week 13: The multi-nationalization of production
*John Stopford, “Multinational Corporations: Think Again,” Foreign Policy, Winter 1998-99.
*A. Bardhan and C.Kroll, “The New Wave of Outsorcing,”
*Debora L. Spar, “The Spotlight and the Bottom Line: How Multinationals Export Human
Rights,” Foreign Affairs, March/April 1998
Robert Carbaugh, International Economics, Chapter 10, “International Factors Movements and
Multinational enterprises,” South-Western, 2002.
Weeks 14 & 15: Globalization and Economic Development
* Commanding Heights: Episode three, chapters 18, 19 & 20
*Dani Rodrik, “Globalization for Whom? Time to change the rules—and focus on poor workers”
*Radley Balko, “Sweatshops and Globalization,”
*Nancy Birdsall, “Life is Unfair: Inequality in the World,” Foreign Policy, No. 111(Summer
1998)
Week 16: Miscellaneous and final exam.
*Paul Krugman, “How Did Economists Get It so Wrong?
*John Cassidy, “The Minsky Moment,” The New Yorker
The Economist, “Nobody’s Backyard: The Rise of Latin America,” Special Report Sep. 11, 2010.
The Economist, A survey of the world Economy, 2009
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ADDITIONAL INFORMATION:
Contact information
The best way to contact me is by email. My email is sandovalhernandezj@cofc.edu
Student Honesty Policy:
Students are expected to abide to the College of Charleston Honor Code and Code of Student
Conduct. This means you are expected to exercise academic honesty and integrity. Violations such as
cheating and plagiarism will result in disciplinary action with severe consequences.
Students with Disabilities:
Students with documented learning disability, approved by SNAP Services to receive
accommodations, contact me during my office hours.
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