International Political Economy
Course Coordinator: Prof. Dr. Johan Saravanamuttu Abdullah
Guest lecturer: Prof. Pang Eul Soo
- Examine different traditions of political economy (liberal, Marxist, neo-classical, Islamic, realist)
- Describe the global economic order during and after the Cold War
- Examine positive and negative effects of globalisation
- Analyse different national economic systems (American, German, Japanese, Chinese)
- Describe and explain the workings of the Bretton Woods Institutions (IMF, World Bank)
- Explain the collapse of the Bretton Woods arrangements
- Describe and explain the emergence and workings of the WTO
- Describe and explain the global financial system and its transformation
- Discuss Asian financial crisis and global financial reform
- Describe regional cooperation and integration in Europe and Asia
The global economy has undergone significant transformative processes and events especially with the end of the Cold War in the 1980s. This course will first expose students to perspectives of political economy based on various intellectual traditions including the liberal, Marxist, neo-classical, Islamic and realist. It will then examine changes of the global economy during and after the Cold War, focusing on globalisation as an important ongoing process of capitalist development in the world economy and highlighting both its purported positive and negative features.
The course will also analyse the political economy of various national economic systems in America, Europe and Asia. The assumption is that different national capitalist systems articulate with the global economy in ways peculiar to their social and political milieus. The various socio-political features of American, European and Asian economies will be given special focus.
The course moves on to examine the international trading system and the formation of the WTO, the international system and financial crises. Particular focus will be given to an understanding and analysis of the Asian financial crisis of 1997-1998 and the measures taken by Asian countries to overcome the problem. It will also discuss briefly some proposals for reforming the global financial architecture. The course will end with an analysis of regional integration with special focus given to regional economic cooperation in Europe and Asia