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 1, 7 Bristo Square.
Tutorials :

Thursday 15.10-16.00, 22 Buccleuch Place, Room 3.3

Thursday 16.10-17.00, 22 Buccleuch Place, Room 3.3

Friday 11.10-12.00, 22 Buccleuch Place, Room 1.2

Friday 14.10-15.00, 22 Buccleuch Place, Room 3.3

Friday 15.10-16.00, 22 Buccleuch Place, Room 3.3
Learn
This course is conducted online via Learn, which students can access through their personal university accounts. Students are encouraged to access Learn as soon as possible and frequently thereafter —Learn provides a number of essential resources for this course. Further information on the utility of Learn 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.
Week
1
2
Lecture topic
Introduction to IPE
3
IPE theory: Statist and Liberal approaches to IPE
IPE theory: Structuralist and critical approaches to IPE
International Trade 4
5 Transnational Corporations (TNCs)
9
10
11
6
7
8
The Politics of Money
Global Finance I
Global Finance II: The European Debt
Crisis; a debate with Mark Aspinwall and
Iain Hardie
Globalisation I
Globalisation II and Regionalism
Revision, mock exam feedback

1 st
Semester 2012-13
CONVENOR: Dr. Iain Hardie
Room 4.23, Chrystal Macmillan Building
Iain.Hardie@ed.ac.uk
Office Hours: Mondays 1-3
TUTORS: Mr. Philip Bruner, P.P.D.Bruner@sms.ed.ac.uk
Ms. Anouk Berthier, A.Berthier@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 & Objectives
This 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 begins with the main schools of thinking about International Political Economy and examines international exchanges of money and trade, including how they have changed over recent decades. The course also looks at problems of underdevelopment and debt. The role of non-state actors, and the growth of regionalism and globalisation in the contemporary world economy are also examined.

Active and informed participation in tutorial discussions.

An essay of a maximum of 2000 words to be submitted by Friday 2 November
2012, at 12 noon.

A final examination (held December 10-21. Do not make travel plans until you know the exam date).

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 confidencebuilding 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.
Please see the ‘Honours Handbook’ for further information on submission of coursework; ‘Late Penalty Waivers’; plagiarism; learning disabilities, special circumstances; common marking descriptors, re-marking procedures and appeals.
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, starting immediately after the 12 noon 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.
Returning Coursework and Feedback
Essays 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.
Tutorial participation
10 per cent of the course mark will be for participation in tutorials. This is a participation, rather than just an attendance, mark, although obviously students will have to attend in order to participate.
Participation will be assessed on:
Generalized feedback on the exam, via the standardized feedback sheet, will be posted on the course Learn page, and students will be notified when it is available. Iain
Hardie will provide individual exam feedback during office hours. You should also feel welcome to meet with Iain Hardie or the tutors 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 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).

(choose one of the following topics)
1.
Which theoretical approach best explains the impact of transnational corporations on host countries?
2.
How well do mercantilist approaches explain the development of the international political economy since 1945?
3.
‘The WTO is simply a tool of its most powerful members’. Discuss.
4.
Do you find the ‘fundamentalist’ or the ‘panic stricken’ explanation of financial crisis more convincing?
5.
To what extent are governments now overly constrained in their policy choices as a result of the ability of capital to move across borders?
6.
Should developing countries be permitted to protect domestic industries?

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 Discussion
The mark for classroom discussion will be assessed in relation to the following factors:
Regular Attendance
Students should attend classes regularly. Each unjustified absence will lead to a deduction of one point from the overall mark for tutorial skills.
Preparation for Class
The 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 Contribute
Students 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 Expression
Students 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 Students
There 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) Presentation
The 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 Presentation
The 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 assessment
The 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 tutorial skills.
Oversight of assessment
The 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 ……..…......…………………………….
1
Very weak
2
Weak
3
Competent
1.
Was the presentation fluent and not read off the page?
4
Very Good
2.
Did the presentation have an overall argument and a coherent structure?
3.
Were handouts and/or visual aids used effectively?
4.
Did the presentation enhance your understanding of the topic?
5.
Did the presentation stimulate debate?
5
Excellent

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, 3 rd
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, 6 th
edition
(2012). 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 3 rd
edition.
David N. Balaam and Michael Veseth, Introduction to International Political
Economy (2008 ) 4 th
Edition.
Peter Dicken, Global Shift: Reshaping the Global Economic Map in the 21 st
Century
(2011).
Raymond C. Miller (2008), International Political Economy .
Thomas Oatley (2008), International Political Economy , 3 rd
edition.
Joseph M. Grieco & G. John Ikenberry (2003), State Power and World Markets: The
International Political Economy
Thomas Lairson and David Skidmore (2003), International Political Economy: The
Struggle for Power and Wealth, 3 rd
edition.
Mark R. Brawley (2005), Power, Money and Trade.
Herman Schwartz (2010), States versus Markets, 3 rd
edition.
Susan Strange (1994), States and Markets, 2 nd
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, 2 nd
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)

Resources
International 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 offcampus: http://www.ciaonet.org/
Online Resources
A 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):
Bank 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 Twenty http://www.g20.org
Note: A number of readings are available electronically via the course Learn 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 , 3 rd 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 , 2 nd
or 3rd edition, ch. 10, or 4 th 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.

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 international 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
 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 twentyfirst 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
Organization.

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.

Heron, Tony (2011), ‘Asymmetric bargaining and development trade-offs in the CARIFORUM-European Union Economic Partnership
Agreement’, in Review of International Political Economy 18: 3, pp.328-57.
Week 5 TRANSNATIONAL CORPORATIONS
Study questions

What are the implications of foreign direct investment for home and host countries?


What difference does it make if foreigners rather than domestic citizens own the dominant corporations in an economy?
Readings:

Ravenhill, ch. 11

Stubbs and Underhill, ch.12-13

Cohn, ch. 9

Balaam and Veseth, ch. 17

Dicken, ch 4-5 and 16. Chapters 9-15 and 17-18 provide further detail.
 O’Brien & Williams, ch. 7 and 9.

Oatley, ch.8-9.

Schwartz, ch.10

Gilpin, Robert (1987), The Political Economy of International Relations, ch. 6.
 Hymer, Stephen (1972), ‘The Multinational Corporation and the Law of Uneven
Development’ in Jagdish Bhagwati (ed.),
Economics and World Order, pp. 113-
40.
 Shafer, Michael (1983), “Capturing the Mineral Multinationals: Advantage or
Disadvantage?’,
International Organization 37: 1.
 Reich, Robert B. (1993), ‘The Coming Irrelevance of Corporate Nationality’, chapter 12 of Reich, The Work of Nations .

Particularly useful on recent trends in FDI is the UNCTAD annual World
Investment Report (available online), and the UNCTAD website generally.

Stopford, John and Susan Strange (1991), Rival States, Rival Firms.

Dunning, John (1997), Governments, globalization, and international business .

Ohmae, Kenichi (1999), The Borderless World: Power and Strategy in the
Interlinked Economy .

Ohmae, Kenichi (1995) The End of the Nation State: The Rise of Regional
Powers .

Kodrin, Stephen (2002), ‘Economic governance in an electronically networked global economy’, in Rodney Bruce Hall and Thomas J. Biersteker (eds.),
The
Emergence of Private Authority in Global Governance, pp. 43-75.
 Ramamurti, Ravi (2000), ‘The Obsolescing ‘Bargaining Model’? MNC-Host
Developing Country Relations Revisited’, in
Journal of International Business
Studies 32:1, pp.23-39.
 Meyer, Klaus E. (2004), ‘Perspectives on Multinational Enterprises in Emerging
Economies’, in
Journal of International Business Studies 35: 4, pp.259-76.

Eden, Lorraine and Evan H. Potter eds. (1993), Multinationals in the Global
Political Economy .
 Moran, Theodore H. (1978), ‘Multinational corporations and dependency: a dialogue for dependentistas and non-dependentistas’ in International
Organization 32:1, pp.79-100.

.
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

Oatley, ch.10-11.

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 currencies in historical perspective .

Frieden, Jeffry (1991), ‘Invested Interests: The Politics of National
Economic 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’,
Review 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?

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
Markets . Chapter one is all worth reading, but concentrate on pp1-13.

Blustein, P. (2001), The Chastening : inside the crisis that rocked the global financial system and humbled the IMF . Blustein is a journalist rather than an academic 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 .

Brender, A. and Pisani, F. (2009) Globalised Finance and its Collapse . Available at https://www.dexia-am.com/NR/rdonlyres/DC3E445C-427E-4A69-ADC6-
4B10374D6FE8/0/Globalisedfinance.pdf

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)
Week 8 GLOBAL FINANCE II: FOCUS ON EUROZONE DEBT CRISIS
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
Common 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.
 Mody, A. and Sandri, D. (2012), ‘The eurozone crisis: how banks and sovereigns came to be joined at the hip’.
Economic Policy 27:70, 199-230.
 Zemanek, H., Belke, A. and Schnabl, G. (2010), ‘Current account balances and structural adjustment in the euro area’
International Economics and
Economic Policy 7, 83-127.

 Blyth, M. (2008), ‘The Politics of Compounding Bubbles: The Global
Housing Bubble in Comparative Perspective’
Comparative European Politics
6, 387-406.

Dumas, C. (2012). Wolfson Prize Text. www.policyexchange.org.uk/images/WolfsonPrize/wep special mention - charles dumas.pdf. Rather long (and very pessimistic) but a good analysis of the issues and an excellent source of data.
Week 9 GLOBALIZATION I
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. Note also that globalization will be considered further in week 11.

Cohn , ch. 12.

Ravenhill, ch. 8, 9, 11-14.
 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.

Hirst, Paul and Grahame Thompson (2009), Globalization in Question.
Electronic version of introduction on WebCT.

Held, David et al (1999), Global Transformations, esp.
concluding chapter.
Electronic version of concluding chapter on WebCT.

Frieden, Jeffry A. (2006), Global Capitalism , esp. ch. 1,2 and 17.

Dicken, esp. ch. 1-2.

Glyn, Andrew (2007), Capitalism Unleashed.

Keohane, Robert O. and Joseph S. Nye (2001), Power and Interdependence , 3 rd 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 .

Stiglitz, Joseph, José Antonio Ocampo, Shari Spiegel, Ricardo
Ffrench-Davis and Deepak Nayyar (2006), Stability with Growth
(electronic version 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 available).
Week 10 GLOBALIZATION (II) / REGIONALISM
Study questions

Why have so many regional trade agreements arisen in recent decades?

Why is the EU so much more advanced than NAFTA and other regional agreements?

To what extent is regionalism a stepping stone or a spaghetti bowl?
Regionalism Reading

Ravenhill, ch. 5

Stubbs and Underhill Part III, esp ch 22

Cohn, ch. 9

Balaam and Veseth, ch.12

Bernard, Mitchell and John Ravenhill (1995), ‘Beyond Product Cycles and Flying
Geese: Regionalization, Hierarchy, and the Industrialization of East Asia’, World
Politics 45: 2, pp. 179-210.
 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) ‘Regionalism in Theoretical Perspective,’ in Andrew
Hurrell and Louise Fawcett, Regionalism in World Politics , pp 37-73.

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.

Baldwin, Richard E. (1997), ‘The Causes of Regionalism’ World Economy 20: 7, pp. 865-88.

Geiger, Till and Dennis Kennedy (1996), Regional Trade Blocs, Multilateralism, and the GATT .

Week 11 REVIEW, FEEDBACK, EXAM PREP