MODULE TITLE : POL2013 International Political Economy

Module Provider (AoU): / Politics / Subject (3 letters): / POL
Level: / 2 / Number of Credits: / 20
Module Co-ordinator: / Dr. Jason Abbott

MODULE AVAILABILITY

Autumn and Spring Semester

ASSESSMENT PATTERN

Unit(s) of Assessment / Weighting Towards Module Mark( %)
Essay I (2000 words) / 25%
Mid-term Class Test / 10%
Essay II (2000 words) / 25%
2 Hour Examination / 40%

PRE-REQUISITE/CO-REQUISITES

MODULE OVERVIEW

International Political Economy offersa distinctive perspective on the relationship between politics and economics, markets and states, and between political and economic agency in the world economy. This module provides a comprehensive introduction to the study of International Political Economy and consists of two distinct parts.
In the first part students are provided with an introduction to economic history in order to have a grounding in the historical context within which contending perspectives on the relationship between states and markets is located including historical antecedents to current economic philosophies and ideologies. For the most part this section is located in an overview of the 20th Century focusing on the emergence of the post Second World War Keynesian consensus both nationally, and internationally through the creation of the Bretton Woods System of international economic and financial management. It then analyses the emergence of challenges to this consensus and its gradual collapse following the Oil Crises of the 1970s.
Having presented this overview of Economic History the module then proceeds to explore the study of International Political Economy (IPE) as a distinctive (sub)discipline of the study of International Relations and analyses the distinctive perspectives and theories of IPE. The module then turns to the changing roles and influence of different actors in the international political economy, such as multinational corporations, national governments, international institutions (such as the World Trade Organization and the World Bank) and civil society organizations. Furthermore students have an opportunity to analyze development questions and the role of the Global South in the world economy. Finally no study of IPE would be complete without turning to an analysis of Globalization and its critics.

MODULE AIMS

  • To provide students with a theoretically-informed and comprehensive understanding of the origins, structure, and politics of the contemporary global economy
  • To introduce students to the study of IPE, its competing perspectives and the diverse theoretical and empirical literature on the subject;
  • To provide students with a historical overview of Contemporary Economic History
  • To provide students with a good theoretical and empirical understanding of the interaction between political and economic factors in international relations;
  • To foster a critical and informed awareness of the academic literature in IPE and to demonstrate this in essays, class presentations and examinations;
  • To set the ground for further study in the field or for careers that require an understanding of the interaction between politics and economics in international relations.

LEARNING OUTCOMES

At the end of this module, students should be able to:
Knowledge and understanding
  • Understand the historical origins of the modern world economy and the historical antecedent of contemporary economic philosophies and ideologies.
  • Understand the different ways of conceptualising international economic relationships and processes and their impacts on international politics
  • Understand that a range of theoretical models which can be applied to the study of international political economy
  • Understand the major actors in the IPE – states, global corporations, international institutions and civil society organisations/movements.
  • Understand and critically analyse complex issues in International Political Economy
Cognitive skills
  • Gather, organise and deploy evidence and information from a range of different sources
  • Analyse and synthesise a wide range of material in different formats
  • Deal with complex issues systematically and creatively
  • construct reasoned argument
  • apply theoretical frameworks to empirical analysis
Practical skills
  • Make appropriate use of information and communications technology
  • Form effective arguments
  • Research current issues using a range of different sources
  • Debate current issues in the study of international political economy
Transferable skills
  • Communicate and present ideas effectively, orally and in written format
  • reason critically
  • Use information and communication technology for the retrieval and presentation of material
  • Deploy a range of relevant research skills
  • Take responsibility for self-motivation and self-discipline to improve learning

MODULE CONTENT

1. Political Economy: the relationship between politics and economics and the Emergence of the Modern World Economy
2. Trade, Commerce and Imperialism
3. The International Monetary System in the 19th Century: The Gold Standard
4. From the Great War to the Great Depression
5. The Keynesian Assault
6. The New Deal and World War Two: Keynesianism Vindicated?
7. Post-war Recovery: The Marshall Plan
8. The Bretton Woods System (1946-1971)
9. The Oil Crisis: The return of inflation and the death of Keynesianism
10. The Fall of Inflation: Freidman & Monetarism
11. From the Oil Crisis to the Debt Crisis
12. Problematising power in International Political Economy
13. Developments in the study of IPE (From ‘States and Markets’ to ‘Critical’ IPE)
14. Institutions, regimes and ‘governance’ in IPE
15. The development ‘problem’: The South in International Political Economy
16. From Interdependence to Globalization
17. Corporate Power? Multinational Corporations and International Finance
18. The rise of regionalism: From Europe to NAFTA
19. The role of American Power: Does the world economy need a hegemon?
20. Neo-liberalism and its critics
21. Globalization and its Future.
22. Class Debate – Free Trade vs. Fair Trade.

METHODS OF TEACHING/LEARNING

  • The module is taught in lectures and seminars. The seminars consist of group discussions, student presentations as well as class debate and discussion.
  • Students are expected to develop their knowledge of the subject through independent study combined with group work, which will inform the class discussions.
  • Presentations, essays and exams are designed to test students' knowledge, ability to think critically and analytically, and to reinforce independent study.

SELECTED TEXTS/JOURNALS

Cox, Robert Approaches to World Order, Cambridge: CambridgeUniversity Press, 1996

Frieden, J. and Lake, D. International Political Economy, Routledge, 1999

Galbraith, K.K. (1995) The World Economy Since the War, London. Mandarin

Galbraith, J.K. (1992) A History of Economics, London, Penguin

Gilpin, R. The Political Economy of International Relations, Princeton, 1987

Kenwood, A and Lougheed, A, (2003) The Growth of the International Economy 1820-2000, London, Routledge.

Palan, R. Global Political Economy: Contemporary Theories,London, Routledge, 2000

Philips, Nicola, Globalizing International Political Economy, London, Palgrave, 2005.

Spero, J. The Politics of International Economic Relations, Routledge, 2000

Strange, S. States and Markets, London, Pinter, 1994

Stubbs, R.&Underhill, G, The Political Economy and the Changing Global Order, Oxford, OUP, 2000

Date Last Revised: February 2009