Carleton University Department of Political Science
W inter 2007
PSCI 4805A Political Economy of Global Finance 2:35 pm - 5:25 pm on Fridays Location: Tory Building 219 Instructor: Judit Fabian Office: Loeb
D692
Phone: (613) 520-2600 x1418
Office Hours: Monday, 10:30 am – 12:30 pm Friday, 11:30 am – 1:30 pm or by appointment
Please note that I am only available at this num ber during office hours. Also, please do not leave m essages; the phone is shared and leaving m essages is unreliable. Com m unication via em ail, in person and/or during office hours is preferred.
Email: jfabian@ connect.carleton.ca;
[email protected]
----------------------------------------------------------------------------------------------------------------------------Course Description This is a theoretically guided sem inar course that aim s to provide the foundations critically to conceptualize, study, and research global finance within the fram eworks of Global Political Econom y. The course will help students to fam iliarize them selves with the organization, structure and guiding principles of global/international finance in a historical perspective and to gain understanding of the current global financial architecture both theoretically and em pirically. The em phasis of the course is not upon the technical aspects of the operation of financial m arkets, but upon the evolving political and institutional context in which they operate. The central them e of the course is the ongoing tension between national and global/international m onetary arrangem ents. Students are also encouraged to consider the relationship between global finance and issues of developm ent, gender, nationalism and dem ocratization. Having com pleted this course will aid students in understanding and articulating the history, structure and governance of global finance, as well as how global finance influences and is influenced by im portant issue areas such as those m entioned above. Prerequisite: PSCI 2602 - International Relations: Global Political Econom y.
Course Structure 1 # 1 2 3 4 5
6
Date
Type of Seminar
Title
January 5 January 12
Introductory class with mini lecture
Conceptualizing Global Finance I: Surveying the Literature Conceptualizing Global Finance II: Its Significance and Players ‘Global’ Finance in Historical Perspective: from the International Monetary Networks of the 19th century to the Post-War Monetary Regime
January 19 January 26 February 2 February 9
Regular seminar Regular seminar
Student Presentations
Assigned Readings
No
Yes
Yes
Yes
Yes
Yes
Regular seminar
Global Finance: Its Emergence and Governance
Yes
Yes
Regular seminar
Global Finance, the Nation-state and Beyond
Yes
Yes
No
Yes
Guest lecture by Randall Germain
The International Financial Architecture and Global Financial Instability RESEARCH PAPER TOPIC APPROVAL IS DUE!
1
Please note that it might be necessary to make slight modifications to the course outline concerning dates and assigned readings.
1
7
February 16
8
March 2
9
March 9
1 0 1 1 1 2
March 16 March 23 March 30
Guest lecture by Elizabeth Friesen
Civil Society Contesting the International Financial Architecture
No
Yes
Yes
Yes
TBD
Yes
No
TBD
Yes
No
TBD
Yes
No
TBD
Yes
No
RESEARCH ESSAY OUTLINE IS DUE! READING BREAK Global Financial Crises: Examples from Mexico, Russia, Argentina and East Asia
Regular seminar Student Conference Student Conference Student Conference Student Conference
APRIL 5 – RESEARCH ESSAYS DUE! (Last day for accepting essays under University rules)
Course Evaluation Due Date
Assignment
February 9
Research paper topic approval
March 2 April 5 TBD during first seminar
Research essay outline Research paper Critical in-class presentation of selected readings
TBD (last four seminars) Ongoing
Length
Share of Final Mark
A couple of paragraphs 750 words 4500 words
15% 50%
15-20 minutes
10%
Student conference presentation
15 minutes
15%
Seminar attendance and participation
Ongoing
10%
Note
N/A
Presentation: 10% Conference participation: 5% Attendance: 5% Participation: 5%
Course Texts There is no course pack or specific textbook for the course. Journal articles and book chapters are assigned on a weekly basis, centred on the them e of the week and further grouped into required and supplem entary categories. Required readings provide the context for discussions, so it is a m ust that students fam iliarize them selves with the required readings prior to attending each class. Supplem entary readings aim to provide an even wider understanding of the them e of the week. If this is your first attem pt to study 'global finance,' it is recom m ended that one or m ore of the following reference texts be purchased for use throughout the entire course. All of these have been ordered to be available at the Carleton University Bookstore and sections of the books are also assigned readings. Germ ain, Randall. The International Organisation of Credit: States and Global Finance in the W orldEconomy, Cam bridge: University of Cam bridge Press, 1997. Helleiner, Eric. States and the Reemergence of Global Finance: From Bretton W oods to the 1990s, Cornell University Press, 1994. Strange, Susan. Mad Money:
When Markets Outgrow Governments, University of Michigan Press, 1998. If you would like to fam iliarize yourself with som e of the basic m acroeconom ic concepts associated with understanding the political econom y of global finance, or you just want to refresh your m em ory, it is also recom m ended that you purchase the following upper-year econom ics text: Paul Krugm an and Maurice Obstfeld, International Economics: theory and policy (later editions).
2
If you would like to refresh your m em ory concerning the study and theories of Global/International Political Econom y, it is recom m ended that you review the course outline and assigned readings of PSCI 2602 (International Relations: Global Political Econom y). Assigned readings can be accessed at the following locations: §
Required readings are available in hard copy at the Political Science Resource Room at C666 Loeb. The Resource Room is open from 8:30 a.m . – 4:15 p.m ., Monday to Friday.
§
Hard copies of required readings will be placed into an envelope outside the instructor’s office on a weekly basis. This is an honour system – please be courteous and prom ptly return articles to the envelope after they are no longer needed.
§
Most readings that are assigned from journals (including required and supplem entary) are available online through the MacOdrum Library’s online services; with your library user nam e and password you can access them from the convenience of your hom e at any tim e. Please consult library staff if you do not have a library user nam e and password.
§
Hard copies of readings (including required and supplem entary) can be accessed from MacOdrum Library shelves. Please note that journals, unlike books, norm ally do not circulate.
Research Essay W orking towards the com pletion of the research paper is com prised of four steps:2 1.
Research essay topics have to be approved by the instructor by February 9.
2.
Students will write a research essay outline to be subm itted on February 16.
3.
Students will present their research topics during the student conference.
4.
Research papers are due on April 5.
1.
Research essay topic:
1.
§
The essay should be based on research beyond the required readings, but m ay be an expansion of a topic covered in sem inars.
§
A list of recom m ended essay topics will be m ade available m id-January along with a select bibliography.
Research essay outline: Outline the topic, the approach or m ethodology and the basic organization of the research essay and attach a bibliography of available sources. The proposal should also include the proposed title and a sum m ary of the proposed argum ent. Students are encouraged to construct a research question.
2.
3.
Student Conference: §
The student conference is scheduled for the final four classes of the course and is to serve the purpose of preparing students to function effectively in a conference environm ent. Students will present their research essay topics and will receive com m ents from their fellow students and the instructor. The organizational structure of the student conference m im ics the m ost generic style of conferences, which is used widely, including in academ ic, governm ent and civil society environm ents. Accordingly, the instructor will group related research to be presented on the sam e panel after all research topics have been approved.
§
There will be one panel in each section of a class with 2-3 presenters on each panel (the arrangem ent m ight be slightly different depending on the actual num ber of students in the course). Each presentation will take about 15 m inutes.
§
Subm ission of a presentation outline to the course instructor is required; its distribution am ongst students is highly encouraged.
§
Students are expected to present on the day scheduled. That said, if the instructor is inform ed at least 5 days before the scheduled presentation, students m ay trade presentation dates with a group-m ate, who also m ust inform the instructor that s/he agrees to the swap.
Research essay: The following are the general characteristics of an excellent research paper:
2
The critical in-class presentation of selected readings may also contribute to the writing of the research essay, given that they are on the same or on a similar topic.
3
§
30% - Research – a good selection of pertinent sources effectively used is the m ark of an excellent essay.
§
30% - Analysis, theoretical fram ew ork and quality of argument – a purely descriptive essay is worth a ‘C’ provided other aspects are satisfactory. ‘B’ grades reflect effective analysis (drawing out the im plications); ‘A’ essays also m ake excellent use of theory. Undergraduate students are advised to ‘borrow’ theories, rather than invent them .
§
20% - Style, structure and organizing – excellent essays are polished and show planning, several drafts and edits. Make sure to consult the departm ental style guide.
§
20% - Scholarly reporting – m ust be accurate and com plete.
Critical in-class presentation of selected readings §
Students sign up for presentations during the first sem inar.
§
Student-led sem inars will be introduced by two student presentations per each section of the class (the arrangem ent m ight be slightly different depending on the actual num ber of students in the course). Each presentation will take about 15-20 m inutes.
§
Presentations should not sim ply be sum m aries, but critical assessm ents of the readings.
§
The presentation should conclude with a list of questions in order to sim ulate further discussion in class.
§
Subm ission of a presentation outline to the course instructor is required; its distribution am ongst students is highly encouraged.
§
Students are encouraged to link their presentation topic with their research essay topic.
§
Students are expected to present on the day scheduled. That said, if the instructor is inform ed at least 5 days before the scheduled presentation, students m ay trade presentation dates with a group-m ate, who also m ust inform the instructor that s/he agrees to the swap.
Seminar Attendance and Participation §
The course is driven by research and discussion and its success requires the active participation of students. In order to stim ulate valuable and dynam ic discussions, it is fundam ental that students com e to class prepared by having critically assessed the readings.
§
An ‘A’ grade in sem inar participation reflects continued com m itm ent to the course through ongoing participation in discussions and dem onstration of having critically evaluated the assigned readings; an ‘A’ grade also reflects consistent progress.
§
Both quantity and quality of contributions are taken into account.
§
Students m ay be random ly called upon to present their understanding, questions and views concerning the topic and the readings of the week.
§
Sem inar discussions m ay include discussions in a sm all group setting.
§
Make sure to participate in an orderly fashion; avoid interjections that interrupt the contributions of others and enter into debate and discussion using an appropriate tone and polite language.
Feedback §
Students are welcom e to ask for feedback on their course perform ance at any tim e. Also, do not hesitate to contact the course instructor about any questions you m ight have about the course or your course work.
§
Students will receive feedback on all aspects of their perform ance, including written and oral.
§
Feedback on oral perform ance will be ongoing and m ight take the form of em ail or a written note; the am ount of feedback given is determ ined on a case by case basis at the discretion of the instructor, unless the student requests otherwise (for exam ple, s/he would like m ore feedback).
§
Essay proposals that are subm itted to the instructor on tim e will be returned to students during the class of March 2 nd (unless agreed otherwise).
§
In order for students to receive their final paper, they m ust subm it a stam ped, self-addressed envelope with their essays.
§
All grades will be expressed in both a num erical and a letter grade.
4
Important notes §
All written assignm ents should be subm itted in hard copy.
§
Please note that the due date for the research paper (April 5) is the final subm ission date for term assignm ents as prom ulgated by the Senate. It is encouraged that essays be subm itted prior to this date. Essays cannot be accepted after this date without approval of the Registrar’s Office. University rules do not perm it instructors to grant deferrals when circum stances prevent you from subm itting term work on tim e or writing exam s. Consult the calendar and/or the university website for procedures concerning lateness and deferrals. Please e-m ail the instructor about your situation if possible.
§
Please be sure to subm it term work either in-class or during office hours. The Political Science drop box is intended to collect late assignm ents only if a student, due to extenuating circum stances, is unable to subm it the paper directly to the instructor in class or during office hours. Conversely, essays not subm itted to the instructor m ust be placed in the departm ent’s drop box to be date-stam ped. Secretarial staff will not accept, or date stam p, essays unless placed in the drop box. Please note that the drop box is em ptied every w eekday at 4 p.m . and all item s collected at that tim e are date-stam ped with that day’s date.The drop off box is located at Loeb B640. The instructor will hold office hours on April 5 – exact tim e TBA.
§
If you anticipate that you will m iss a sem inar or if you have m issed one, m ake sure to provide sufficient explanation, preferably by e-m ail, otherwise your grade will suffer the loss of both attendance and participation for the m issed class.
W eekly Schedule W eek 1 – January 5 – Conceptualizing Global Finance I: Surveying the Literature Question: How has the political econom y of global financial m arkets been studied in recent literature? §
Required readings: Cohen, Benjam in. ‘Phoenix Risen: the Resurrection of Global Finance,’ W orld Politics, Vol. 48, no. 1, 1996. pp. 268-96. Dom browski, Peter. ‘Haute Finance and High Theory: Recent Scholarship on Global Financial Relations,’ Mershon International Studies Review, Vol. 42, no. 1, 1998. pp. 1-28. Lukauskas, Arvid. ‘Managing Mobile Capital: Recent Scholarship on the Political Econom y of International Finance,’ Review of International Political Economy, Vol. 6, no. 2, 1999. pp. 262-287.
§
Supplem entary readings: Something about M oney Braudel, Fernand. Civilisation and Capitalism, Volume 1: The Structures of Everyday Life, 1981, [1979] Chapter 7 (Money), pp. 436-478. Dodd, Nigel. The Sociology of Money: Economics, Reason and Contemporary Society. New York: Continuum , 1994. Introduction. Kirshner, Jonathan. ‘The Study of Money,’ W orld Politics, Vol. 52, no.3, 2000. pp. 407- 36. Sim m el, Georg. The Philosophy of Money, translated by Tom Bottom ore and David Frisby, edited by David Frisby. London: Routledge and Kegan Paul, 1990 [1900] Chapter 6. Sm ith, Adam . ‘Of the Origin and Use of Money.’ in Adam Sm ith, The W ealth of Nations. Book I, Chapter IV., Bantam Dell, Random House, New York, 2003. [1776]. pp. 33-43. Zelizer, Viviana. ‘Official Standardisation versus Social Differentiation in Am ericans’ Uses of Money,’ in Em ily Gilbert and Eric Helleiner (eds.) Nation-States and Money: the Past, Present and Future of National Currencies. London: Routledge, 1999. pp. 82-96.
W eek 2 – January 12 – Conceptualizing Global Finance II: Its Significance and Players Question: How is global/international finance ‘organized’, who are its players and how do they interrelate? §
Required readings: Andrews, David and Thom as W illett. ‘Financial Interdependence and the State: International Monetary Relations at Century’s End,’ International Organization, Vol. 51, no. 3. 1997. pp. 479-511. Friedm an, Thom as. ‘The Electronic Herd,’ in Thom as Friedm an, The Lexus and the Olive Tree. Farrar Straus Giroux, 2000. pp. 112-39.
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Germ ain, Randall. The International Organization of Credit, Cam bridge University Press. 1997. ch. 1. (Routes to International Political Econom y: Accounting for International Monetary Order) pp. 1-30. Harm es, A., ‘Institutional Investors and the Reproduction of Neoliberalism ,’ in Review of IPE, Vol. 5, no. 1, 1998. pp. 92-121. Helleiner, Eric. States and the Re-emergence of Global Finance: From Bretton W oods to the 1990s, Cornell University Press: Ithaca and London. 1994. ch. 1. (Introduction) pp. 1-22. McDowell, L. and G. Court. ‘Missing Subjects: Gender, Power and Sexuality in Merchant Banking,’ Economic Geography, Vol. 70, No. 3, 1994. pp. 229-251. Sinclair, T., ‘Between State and Market,’ in Policy Sciences, Vol. 27, No. 4, 1994. pp. 447-66. §
Supplem entary readings: Corbridge, Stuart and Nigel Thrift, ‘Money, Power, Space: Introduction and Overview,’ in Stuart Corbridge, Nigel Thrift and Andrew Leyshon (eds.) Money, Power, Space. London: Basil Blackwell, 1994. Ferguson, Niall. The Cash Nexus: Money and Power in the Modern W orld, 1700 – 2000, Basic Books, 2001. chs. 10 -11. Kirshner, Jonathan. ‘Money is Politics,’ Review of International Political Economy, Vol. 10, no. 4, 2003. pp. 645-60. Leyshon, Andrew and Nigel Thrift. Money/Space: Geographies of Monetary Transformation. London: Routledge, 1997. ch. 1. Introduction. Strange, Susan. ‘Finance, Inform ation and Power,’ Review of International Studies 16, 1990. pp. 259-274. Strange, Susan. States and Markets, ch. 5. Strange, Susan. Mad Money, chs.1 and 3-4. W inters, Jeffrey A. ‘Power and the Control of Capital,’ W orld Politics, Vol. 46, no. 3, 1994. pp. 419-52.
W eek 3 – January 19 – ‘Global’ Finance in Historical Perspective: from the International M onetary Netw orks of the 19 th century to the Post-W ar Monetary Regim e Question: W hat different periods can be identified in the historical developm ent of ‘global’ finance, how do they differ and how do they lead into each other? §
Required readings: Eichengreen, Barry. Globalising Capital: A History of the International Monetary System. Princeton: Princeton University Press, 1996. chs. 1-4. Germ ain, Randall. The International Organization of Credit, chs. 2-3. (The Power of Cities and their Lim its; Between Change and Continuity: Reconstructing “Bretton W oods”) pp. 33-74. Helleiner, Eric. States and the Re-emergence of Global Finance: From Bretton W oods to the 1990s, Cornell University Press: Ithaca and London. 1994. chs. 2-3. (Bretton W oods and the Endorsem ent of Capital Controls; Continuing Caution: The Slow and Lim ited Move to Convertibility) pp. 25-77. Kindleberger, Charles P. The W orld in Depression. Berkeley: University of California Press, 1973. Introduction and chs. 5, 6 and 14 (The 1929 Stock-Market Crash; The Slide to the Abyss; An Explanation of the 1929 Depression) pp. 19-30; pp. 108-145; pp. 291-308.
§
Supplem entary readings: Block, Fred. The Origins of International Economic Disorder: A Study of United States International Monetary Policy from W orld W ar II to the Present, chs. 1-2. Eichengreen, Barry. Golden Fetters: the Gold Standard and the Great Depression, 1919 -1939. New York: Oxford University Press,1995. chs. 1-2. Ferguson, Niall. The Cash Nexus: Money and Power in the Modern W orld, 1700 – 2000. Basic Books, 2000. Ferguson, Niall. The W orld’s Banker: The history of the House of Rothschild. W eidenfeld and Nicolson, London, 1998. Galbraith, John Kenneth. The Great Crash, 1929. London: Penguin, 1954. chs. 1, 2, 7 and 10.
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Ingram , Geoffrey. ‘States and Markets in the Production of W orld Money: Sterling and the Dollar,’ in Stuart Corbridge, Nigel Thrift and Andrew Leyshon (eds.) Money, Power, Space. London: Basil Blackwell, 1994. Kindleberger, Charles. A Financial History of W estern Europe, chs. 12 and 16. Leyshon, Andrew and Nigel Thrift. Money/Space: Geographies of Monetary Transformation. London: Routledge, 1997. ch. 8. Strange, Susan. Casino Capitalism, chs. 1-3. W eek 4 – January 26 – Global Finance: Its Emergence and Governance Question: How is global finance regulated? By what institutions, norm s and practices, and how do they interrelate? Are they effective? Is there a power-relationship between the institutions? §
Required readings: Broad, Robin and John Cavanagh, ‘The Death of the W ashington Consensus?’ in Bello, W alden, Nicola Bullard and Kam al Malhotra (eds.), Global Finance: New Thinking on Regulating Speculative Capital Markets, New York: Zed Books, 2000, pp. 83-95. Dam odaran, Sum angala, ‘Capital Account Convertibility: Theoretical Issues and Policy Options,’ in Bello, W alden, Nicola Bullard and Kam al Malhotra (eds.), Global Finance: New Thinking on Regulating Speculative Capital Markets, New York: Zed Books, 2000, pp. 159-176. Germ ain, Randall. The International Organisation of Credit. Cam bridge: University of Cam bridge Press, 1997. ch. 4-6. (The Era of Decentralized Globalization) pp. 103-178. Jetin, Bruno and Suzanne de Brunhof, ‘The Tobin Tax and the Regulation of Capital Movem ents,’ in Bello, W alden, Nicola Bullard and Kam al Malhotra (eds.), Global Finance: New Thinking on Regulating Speculative Capital Markets, New York: Zed Books, 2000, pp. 195-214. Picciotto, Sol and Jason Haines. ‘Regulating Global Financial Markets,’ Journal of Law and Society, Vol. 26, no. 3, 1999. pp. 351-68. Schm idt, Rodney, ‘A Feasible Foreign Exchange Transactions Tax,’ in Bello, W alden, Nicola Bullard and Kam al Malhotra (eds.), Global Finance: New Thinking on Regulating Speculative Capital Markets, New York: Zed Books, 2000, pp. 215-238. Strange, Susan. Mad Money, chs. 8-9.
§
Supplem entary readings: Arm ijio, Leslie Elliott (ed.) Financial Globalization and Democracy in Emerging markets, Part I. Braithwaite, John and Peter Drahos, Global Business Regulation, ch. 8. Cerny, Philip G. ‘W ebs of governance and the privatization of transnational regulation,’ in David Andrews, C. Randall Henning and Louis Pauly, (eds.) Governing the W orld’s Money. Eatwell, John and Lance Taylor, Global Finance at Risk, chs. 1, 4 and 5. Helleiner, Eric. States and the Reemergence of Global Finance: From Bretton W oods to the 1990s. Ithaca: Cornell University Press, 1994. chs. 4-7. Herring, Richard and Robert Litan, Financial Regulation in the Global Economy. Kapstein, Ethan. ‘Between Power and Purpose: central bankers and the politics of regulatory convergence,’ International Organization, Vol. 46, no. 1, 1992. pp. 265-87. Patom äki, Heikki. Democratising Globalisation: the leverage of the Tobin tax, chs. 1-4. Porter, Tony. ‘The Late-Modern Knowledge Structure and W orld Politics,’ in Martin Hewson and Tim othy J. Sinclair (eds.) Approaches to Global Governance Theory. New York: State University of New York Press, 1999. Sinclair, Tim othy J. ‘Passing Judgem ent: credit rating processes as regulatory m echanism s of governance in the em erging world order,’ Review of International Political Economy, Vol. 1, no.1, 1994. pp. 133-59. Tickell, Adam . ‘Dangerous derivatives: controlling and creating risks in international m oney,’ Geoforum, Vol. 31, no. 1, 2000. pp. 87-99.
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Underhill, Geoffrey. ‘Keeping Governm ents Out of Politics: transnational securities m arkets, regulatory cooperation and political legitim acy,’ Review of International Studies, Vol. 21, no. 3, 1996. pp. 251-278. W achtel, Howard. ‘Tobin and other global taxes,’ Review of International Political Economy, Vol. 7, no. 2, 2000. pp. 335-52. W atson, Matthew. ‘Rethinking Capital Mobility, Re-regulating Financial Markets,’ New Political Economy, Vol. 4, no. 1, 1999. pp. 55-76. W eek 5 – February 2 – Global Finance, the Nation-State and Beyond Question: How does the sovereignty of the nation-state interrelate with the governance of global finance? Does the global financial architecture benefit som e nation-states m ore than others? Should capital controls be reintroduced? W hat is beyond the nation-state, beyond the nation and beyond the state? §
Required readings: Cohen, Benjam in. The Geography of Money. Ithaca: Cornell University Press, 1998. Introduction and chs. 1,2 and 6. Helleiner, Eric. ‘National Identities and Territorial Currencies,’ in Eric Helleiner, The Making of National Money: Territorial Currencies in Historical Perspective, Cornell University Press: Ithaca and London, 2003. ch. 5. pp. 101-120. Sica, Vincent. ‘Cleaning the Laundry: states and the m onitoring of the financial system ,’ Millennium, Vol. 29, no. 1, 2000. pp. 47-72. Harris, Stephen. ‘Regulating Finance: who rules, whose rules?’ Review of Policy Research, Vol. 21, no. 6, 2004. pp. 743-66. Yongding, Yu. ‘China: the Case for Capital Controls,’ in W alden Bello, Nicola Bullard and Kam al Malhotra. (eds.) Global finance: new thinking on regulating speculative capital markets, Zed Books, 2000. pp.177-187.
§
Supplem entary readings: Epstein, Gerald and Herbert Gintis, "International Capital Markets and National Econom ic Policy", Review of International Political Economy, Vol. 2, no. 4 (1995): 693-718. Frieden, Jeffry "Invested Interests: the politics of national econom ic policies in a world of global finance", International Organization, Vol. 45, no. 4 (1991): 425-451. Gilbert, Em ily and Eric Helleiner (eds.) Nation-States and Money: the Past, Present and Future of National Currencies. London: Routledge, 1999. ch. 1. Goodm an, John and Louis Pauly, "The Obsolescence of Capital Controls? Econom ic Managem ent in an Age of Global Markets", W orld Politics, Vol. 46, no. 1 (1993): 50-82. Helleiner, Eric “Explaining the globalization of financial m arkets: bringing states back in”, Review of International Political Economy, Vol. 2, no. 2 (1995): 315-41. Helleiner, Eric. ‘Denationalising Money? Econom ic Liberalism and the ‘National Question’ in Currency Affairs,’ in Em ily Gilbert and Eric Helleiner (eds) Nation-States and Money: the Past, Present and Future of National Currencies. London: Routledge, 1999. Hewitt, Virginia. ‘A Distant View: Im agery and Im agination in the Paper Currency of the British Em pire, 18001960,’ in Em ily Gilbert and Eric Helleiner (eds) Nation-States and Money: the Past, Present and Future of National Currencies. London: Routledge, 1999. Loriaux, Michael et al, Capital Ungoverned: liberalizing finance in interventionist states, chs 1 & 7. Mosley, Layna “Room to m ove: international financial m arkets and national welfare states,” International Organization, Vol. 54, no. 4 (2000): 737-73.
W eek 6 – February 9 – Guest lecture by Randall Germain – The International Financial Architecture and Global Financial Instability Question: Do current efforts to reform the international financial architecture address the root problem s of financial instability? W hat are the root problem s of international financial instability? How is the global financial architecture constituted and how does global finance becom e unstable? W ho benefits and who is hurt by instability? W hat can be done to rem edy instability?
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Required readings: Arm ijio, Leslie Elliott (eds.) Debating the Global Financial Architecture, chs. 1 and 9. Best, Jacqueline. ‘From the top-down: the new financial architecture and the re- em bedding of global finance,’ New Political Economy, Vol. 8, no. 3, 2003. pp. 363-84. Kahler, Miles. ‘The New International Financial Architecture and Its Lim its,’ in Gregory Noble and John Ravenhill (eds.), The Asian Financial Crisis and the Architecture of Global Finance, Cam bridge University Press. 2000. pp. 235-260. Soederberg, Susanne. ‘The New International Financial Architecture: Im posed Leadership and Em erging Markets,’ in Socialist Register, Leo Panitch and Colin Leys (eds.), London: Merlin Press, 2002. pp. 175-192. W oods, Ngaire. ‘The Globalizers in Search of a Future,’ CGD Brief (April 2006), www.cgdev.org
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Supplem entary readings: Bienefeld, Manfred. ‘Can Global Finance Be Regulated?’ in W alden Bello, Nicola Bullard and Kam al Malhotra. (eds.) Global finance: new thinking on regulating speculative capital markets, Zed Books, 2000. pp.114-122. Blinder, Alan. ‘Eight steps to a new financial order,’ Foreign Affairs, Vol. 78, no.5, 1999. pp. 50-63. Dobson, W endy. ‘Fallout from the global financial crisis,’ International Journal, Vol. LIV, no. 3, 1999. pp. 37585. Eichengreen, Barry. Towards a New International Financial Architecture. Global Governance, Vol. 7, no. 4 (October 2001), special issue on the international financial architecture, esp. chs by Arm ijo, Germ ain, Porter, Sinclair and Soederberg. Kaiser, Karl John Kirton and Joseph Daniels (eds.) Shaping a New International Financial Architecture. Michie, Jonathan and John Grieve Sm ith (eds.) Global Instability: the political economy of world economic governance, chs. 8-11. Soederberg, Susanne., 2005, “The Transnational Debt Architecture and Em erging Markets: the Politics of Paradoxes and Punishm ent”, Third W orld Quarterly, 26:6. Stiglitz, Joseph. Globalization and Its Discontents, chs. 1-3 and 7-9. Underhill, Geoffrey and Xiaoke Zhang (eds.) International Financial Governance Under Stress. W yplosz, Charles. ‘International Financial Instability,’ in Inge Kaul, Isabelle Grunberg and Marc Stern, eds, Global Public Goods.
W eek 7 – February 16 – Guest lecture by Elizabeth Friesen – Civil Society Contesting the International Financial Architecture Question: W hy is there a need for civil society to contest the international/global financial architecture and how is this done? Can it be effective and who benefits? §
Required readings: Collins, Carole, Zie Gariyo, and Tony Burdon. ‘Jubilee 2000; constructing a new approach to global cam paigning,’ in Michael Edwards and John Gaventa (eds.) Global citizen action, Boulder, Colo. : Lynne Rienner Publishers, 2001. ch.10. pp.135-148. de Goede, Marieke. Virtue, fortune, and faith: a genealogy of finance, Minneapolis: University of Minnesota Press, 2005. ch. 6. Keck, Margaret and Kathryn Sikkink. ‘Transnational advocacy networks in international and regional politics,’ International Social Science Journal, Vol. 51, No. 159, 1999. p.89. van Rooy, Alison, ‘W hat next? Civil society’s prospects in a world of global finance,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 249-263. van Staveren, Irene, ‘Global finance and gender,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 228-246.
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Supplem entary readings:
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Birdsall, Nancy, ‘Global finance: representation failure and the role of civil society,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 264-284. Clark, John D., ‘The W orld Bank and civil society: an evolving experience,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 111-127. Dawson, Thom as C. and Gita Bhatt, ‘The IMF and civil society: striking a balance,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 144-161. Durbin, Andrea and Carol W elch, ‘The environm ental m ovem ent and global finance,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 213-227. Khagram , Sanjeev, Jam es V. Riker, Kathryn Sikkink (eds.) Restructuring W orld Politics: Transnational Social Movements, Networks, and Norms, University of Minnesota Press, 2002. ch. 1. pp.3-23. Scholte, Jan Aart, ‘Civil society and the governance of global finance,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, 2002. pp. 11-32. W eek 8 – M arch 2 – Global Financial Crises: Examples from M exico, Russia, Argentina and East Asia Question: Are there trends to be identified between the different crises, particularly with respect to causes and solutions? How do the readings of the previous weeks help to conceptualize causes and solutions? §
Required readings: Cohen, Benjam in J. ‘Tam ing the Phoenix? Monetary Governance after the Crisis,’ in Noble, Gregory W . and John Ravenhill, The Asian Financial Crisis and the Architecture of Global Finance, Cam bridge: Cam bridge University Press, 2000, pp. 192-212. Garten, Jeffrey. ‘Lessons for the next financial crisis,’ Foreign Affairs, Vol. 78, no. 2, 1999. pp. 76-92. Helleiner, E., ‘The Strange Story of Bush and the Argentine debt Crisis,’ Third W orld Quarterly, 26:6. 2005. Noble, Gregory W . and John Ravenhill, ‘Causes and Consequences of the Asian Financial Crisis,’ in Noble, Gregory W . and John Ravenhill, The Asian Financial Crisis and the Architecture of Global Finance, Cam bridge: Cam bridge University Press, 2000, pp. 1-35. Robinson, N., ‘The global econom y, reform and crisis in Russia’, Review of International Political Economy, 6:4. 1999. Soederberg, S., ‘State, Crisis and Capital Accum ulation in Mexico,’ Historical Materialism, vol. 9, no. 1, 2001. pp. 61-84.
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Supplem entary readings: Bird, Graham and Alistair Milne, “Miracle to Meltdown: a pathology of the East Asian financial crisis”, Third W orld Quarterly, Vol. 20, no. 2, 1999. pp. 421-37. Brenner, R. “The econom ics of global turblence,” New Left Review, May/June 1998. Cam eron, Maxwell and Vinod Aggarwal, ‘Mexican Meltdown: states, m arkets and post-NAFTA financial turm oil,’ Third W orld Quarterly, Vol. 17, no. 5, 1996. pp. 975-87. Eichengreen, Barry, ‘The International Monetary Fund in the W ake of the Asian Crisis,’ in Noble, Gregory W . and John Ravenhill, The Asian Financial Crisis and the Architecture of Global Finance, Cam bridge: Cam bridge University Press, 2000, pp. 170-191. Eichengreen, Barry. Financial Crises and W hat to do About Them, esp. chs. 1, 5 and 6 Goldstein, Morris. The Asian Financial Crisis: causes, cures and systemic implications. Grenville, Stephen, ‘Capital Flows and Crises,’ in Noble, Gregory W . and John Ravenhill, The Asian Financial Crisis and the Architecture of Global Finance, Cam bridge: Cam bridge University Press, 2000, pp. 3656. Haggard, Stephan. The Political Economy of the Asian Financial Crisis. Kahler, Miles. (ed.) Capital Flows and Financial Crises, chs. 1-3 and 9. Kapstein, Ethan. “Shockproof: the end of financial crises”, Foreign Affairs, Vol. 75, no. 1 (1996): 2-8. Kindleberger, Charles. Manias, Panics, Crashes, chs. 1-2 & 10-11. Krugm an, Paul. The Return of Depression Economics. Malhotra, Kam al, ‘Civil society and the Asian financial crisis,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, pp. 64-78.
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Merrick, J., ‘Crisis dynam ics of im plied default recovery rations: evidence from Russia and Argentina,’ Journal of Banking and Finance, 25, 2001. Noble, Gregory and John Ravenhill. (eds.) The Asian Financial Crisis and the Architecture of Global Finance, chs. 1-2, 8 Robison, R. M. Beeson, K. Jayasuriya and H-K. Kim , (eds.) Politics and Markets in the W ake of the Asian Crisis, chs. 1 and 14-17. Sim onia, Nodari, ‘Global finance and civil society deficits in Russia,’ in Scholte, Jan Aart and Albrecht Schnabel (eds.), Civil Society and Global Finance, pp. 79-93. W ade, Robert and Frank Veneroso, “The Asian Crisis: the high debt m odel versus the W all Street-TreasuryIMF com plex,” New Left Review, May/June 1998. W eek 9 – M arch 9 – Student conference W eek 10 – M arch 16 – Student conference W eek 11 – M arch 23 – Student conference W eek 12 – M arch 30 – Student conference
-------------------------------------------------------------------------------------------------------. Academic Accommodations For Students with Disabilities: Students with disabilities requiring academ ic accom m odations in this course are encouraged to contact the Paul Menton Centre (PMC) for Students with Disabilities (500 University Centre) to com plete the necessary form s. After registering with the PMC, m ake an appointm ent to m eet with the instructor in order to discuss your needs at least tw o w eeks before the first in-class test or CUTV midterm exam. This will allow for sufficient tim e to process your request. Please note the following deadlines for subm itting com pleted form s to the PMC for form ally scheduled exam accom m odations: November 6 th , 2006 for fall and fall/winter term courses, and M arch 9 th , 2007 for winter term courses. For Religious Observance: Students requesting accom m odation for religious observances should apply in writing to their instructor for alternate dates and/or m eans of satisfying academ ic requirem ents. Such requests should be m ade during the first two weeks of class, or as soon as possible after the need for accom m odation is known to exist, but no later than two weeks before the com pulsory academ ic event. Accom m odation is to be worked out directly and on an individual basis between the student and the instructor(s) involved. Instructors will m ake accom m odations in a way that avoids academ ic disadvantage to the student. Instructors and students m ay contact an Equity Services Advisor for assistance (www.carleton.ca/equity). For Pregnancy: Pregnant students requiring academ ic accom m odations are encouraged to contact an Equity Advisor in Equity Services to com plete a letter of accommodation. Then, m ake an appointm ent to discuss your needs with the instructor at least two weeks prior to the first academ ic event in which it is anticipated the accom m odation will be required. Plagiarism: The Undergraduate Calendar defines plagiarism as: "to use and pass off as one's own idea or product, work of another without expressly giving credit to another." The Graduate Calendar states that plagiarism has occurred when a student either: (a) directly copies another's work without acknowledgm ent; or (b) closely paraphrases the equivalent of a short paragraph or m ore without acknowledgm ent; or (c) borrows, without acknowledgm ent, any ideas in a clear and recognizable form in such a way as to present them as the student's own thought, where such ideas, if they were the student's own would contribute to the m erit of his or her own work. Instructors who suspect plagiarism are required to subm it the paper and supporting docum entation to the Departm ental Chair who will refer the case to the Dean. It is not perm itted to hand in the sam e assignm ent to two or m ore courses. The Departm ent's Style Guide is available at: www.carleton.ca/polisci/undergrad/styleguide.pdf Oral Examination: At the discretion of the instructor, students m ay be required to pass a brief oral exam ination on research papers and essays. Subm ission and Return of Term W ork: Papers m ust be handed directly to the instructor and will not be datestam ped in the departm ental office. Late assignm ents m ay be subm itted to the drop box in the corridor outside
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B640 Loeb. Assignm ents will be retrieved every business day at 4 p.m ., stam ped with that day's date, and then distributed to the instructor. For essays not returned in class please attach a stamped, self-addressed envelope if you wish to have your assignm ent returned by m ail. Please note that assignm ents sent via fax or em ail will not be accepted. Final exam s are intended solely for the purpose of evaluation and will not be returned. Approval of final grades: Standing in a course is determ ined by the course instructor subject to the approval of the Faculty Dean. This m eans that grades subm itted by an instructor m ay be subject to revision. No grades are final until they have been approved by the Dean. Course Requirements: Students m ust fulfill all course requirem ents in order to achieve a passing grade. Failure to hand in any assignm ent will result in a grade of F. Failure to write the final exam will result in a grade of ABS. FND (Failure B No Deferred) is assigned when a student's perform ance is so poor during the term that they cannot pass the course even with 100% on the final exam ination. In such cases, instructors m ay use this notation on the Final Grade Report to indicate that a student has already failed the course due to inadequate term work and should not be perm itted access to a deferral of the exam ination. Deferred final exam s are available ONLY if the student is in good standing in the course. Connect Email Accounts: The Departm ent of Political Science strongly encourages students to sign up for a cam pus em ail account. Im portant course and University inform ation will be distributed via the Connect em ail system . See http://connect.carleton.ca for instructions on how to set up your account.
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