Taught In English

There is no language prerequisite for courses at this language level.

The course will explore the main debates surrounding the nature, effects and attempted management of the Global Economy; paying special attention to the role of international organizations such as the IMF and WTO, as well as moves towards economic regional integration (EU, NAFTA and Mercosur).

COURSE AIM
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. The course will focus on the most important structural developments of the international economy (e.g. regional integration) analyzing in turn the often conflictual relationships between the many actors involved (governments, multinationals, consumers, interest groups etc).

CORE TEXT
GLOBAL POLITICAL ECONOMY: Understanding the International Economic Order - Robert Gilpin, Princeton University Press, Princeton, 2001

ANNEX
A specially designed booklet containing a collection of course notes/press articles relevant to course (Economist, Financial Times, Newsweek etc)

GRADING SYSTEM
Examinations: Mid-term: 30%
Final: 30%
Presentation: 20%
Participation: 20%
Students are reminded that class attendance is mandatory; unjustified absences will result in the lowering of the final grade

COURSE OUTLINE
(Changes may be made in the order these topics are covered)

Introduction to the Course
Overview of topics. Contrasting Globalization with the Global Economy?

Evolution of the Global Economy
tracing the different stages in the development of international trade till the modern day

Neoclassic Trade Theory
why nations trade; why free trade is considered the best policy to maximize global welfare; barriers to trade; why nations choose to restrict trade

New Trade Theory
revision of conventional theory: intra-industry trade; intrafirm trade; etc strategic trade theory: competitive advantage; oligopolies etc

International Trade Regime I
multilateralism; the development of GATT; the Uruguay Round; how the World Trade Organization works (structure,
objectives)

International Trade Regime II
Seattle and Doha trade rounds; North-South trade clashes; weaknesses and supposed crisis of the WTO

Anti-globalization
explaining the recent global mobilization of social movements opposing free market capitalism; can protectionism be justified in certain areas i.e. national culture, human rights, environment?

Less Developed Countries
is the global economy working for the poor? endemic problems (poverty, war, debt, environment etc); and the solutions offered (UNCTAD, fairer trade, aid etc); role on World Bank and IMF

Environment and Development
is economic development incompatible with environmental protection? role of the UN; attempts at international control (Earth Summits, Kyoto, Johannesburg etc)

National Systems of Political Economy
contrasting the efficiency/social cohesion attributes of different models of capitalism: i) US market-oriented capitalism; ii) Japanese developmental capitalism; iii) German social market capitalism

International Monetary System
postwar monetary system; the end of Bretton Woods; problems of devising an IMS; floating versus fixed exchange rates; regionalism and dollarization; towards a new IMS?

International Finance
the advantages and disadvantages of international capital flows; nature of financial crises (special focus on East Asia); investment bubbles; regulation of international finance and the role of the IMF

State and Multinational Corporations
size and significance of MNCs; are they independent of/a threat to nation-states? positive and negative global effects of MNCs

Regional Integration
introduction to world economic integration via the development of the EU: tracing its evolution from a limited customs union to monetary union with its unique institutional structure

The EU and the Euro
economic integration; advantages of EMU; effects of euro on international trade/the dollar; what are the potential problems/solutions?

US - EU Trade Relations
reviewing the state of transatlantic relations: contrasting the agreements/shared interests with the many disputes arisen

American Regional Integration
comparing the structural differences between EU and NAFTA (and to a lesser extent Mercosur); how successful has it been and for whom? Is it the start of an America-wide trade bloc?

Analyzing Regional Integration
explaining the growing tendency towards regional integration; comparing the different trade blocs (especially EU to NAFTA)