International Political Economy
Faculty
Description
This is an introductory course that incorporates the most recent advances in the rapidly developing field of international political economy.
The rapid increase in international capital flows as well as trade has ironically brought to the fore the importance of politics. Such is especially the case with the fall of planned economies and the spread of democratic markets. Most recent empirical research indicates that politics and policy can make the flow of international capital either malignant (in the case of currency or banking crises) or benign (that helps economic development and growth). Where markets and politics are intertwined as such, the study of international political economy necessitates meaningful interaction between political science and economics to a degree hitherto unknown. The importance of domestic political institutions and processes on the international economic interdependence and international political negotiations also breaks down the traditional divide between international and domestic politics. In short, recent developments in the world has compelled the study of international political economy to grow out from a subfield of international politics into a discipline that is interrelated with relevant fields of international economics, international legal studies, and comparative politics.
Based on the above realization, this course will explain (1) the limits of systemic international political analysis in a world of democratic markets; (2) the political problems and difficulties faced by governments in their attempt to tame and utilize the rapid increase in the cross boarder flows of goods and capital; and (3) the negotiations of international arrangements and entering of international organizations as a devise to make domestic reforms credible and (4) the advantages of democratic regimes in making credible commitments. In other words, the course will be structured from the perspective of governments as actors facing problems and opportunities generated by an internationally integrated market.
Such a political viewpoint should not only help integrate numerous works in the field but also train students to become future policy makers and policy analysts.