Tutor information is taken from the Module Catalogue
Below is a list of core readings and additional readings for each topic of the module. The core readings generally cover the theoretical basis of the class. The additional readings are more focused on the empirical and policy discussion. You are not required to purchase any of the books. All books should be available in the library. Many of the readings are available electronically. For several topics, a range of alternative readings is possible. If you really find yourself unable to locate any of the readings, you are more than welcome to contact the Module Leader.
Please also note that this list is only indicative. Due to the contemporary nature of the module, readings will change from year to year. An updated list of the required readings will be given at the end of each lecture. If you wish to read before the lecture, please choose among the core readings which are less likely to change.
Lecture 1: Introduction to the Economics of Globalisation
Hirst et al. (2009), Globalization in Question. ; 3rd Edt. , Cambridge: Polity Press, Chapters 1,2 Chapter 1 available as an Online Course Reading in Minerva.
Perraton et al. (1997): The Globalization of Economic Activity. New political economy. , 2(2), p. 257-277.
Weiss, J. (2002): Industrialisation and Globalisation : Theory and Evidence from Developing Countries , London: Routledge, Chapters 1, 2, 7
Sutcliffe , B. ; Glyn, A. (2011): Measures of Globalisation and their misinterpretation. In: Michie , J. (2011): The Handbook of Globalisation , Edward Elgar, Cheltenham, p. 87-107.
Gilpin, R. (2001): Global political economy : understanding the international economic order , Oxford : Princeton University Press, Chapter 3 (The Neoclassical Conception of the Economy)
Stiglitz, J. (2004) The Post Washington Consensus Consensus. The Initiative for Policy Dialogue . Online Source. Available at: http://policydialogue.org/files/events/Stiglitz_Post_Washington_Consensus_Paper.pdf
McKinsey Global Institute (2014): Global flows in a digital age. Executive Summary (p. 1-19) (uploaded on VLE)
Glyn, A. (2004): The Assessment: How far has globalization gone? Oxford review of economic policy. , 20 (1), p. 1-14.
Snowdon, B.; Vane, H. ; Wynarczyk, P. (2004): A modern guide to macroeconomics : an introduction to competing schools of thought , Cheltenham: Edward Elgar, Chapters 1,2
Fine, B. (2006): The New Development Economics. In: Fine, B. ; Jomo, KS (eds): The new development economics : after the Washington Consensus . Zed Books, p. 1-20.
Wolf, M. (2004): Globalization and Global Economic Governance. Oxford review of economic policy. , 20 (1).
Panic, M. (2003): Globalization and national economic welfare , Palgrave, Part I: Introduction
United Nations Commission on Trade and Development, Trade and Development Report and World Investment Report, United Nations publication, New York and Geneva, current edition. (annual report: available on UNCTAD website http://www.unctad.org )
Information about and Data from the following international Organisations: World Trade Organisation (WTO): http://www.wto.org International Monetary Fund (IMF): http://www.imf.org/external/index.htm ; Bank for International Settlements (BIS): https://www.bis.org/ ; The World Bank: http://www.worldbank.org/
Lecture 2: Theories of International Trade
There are many good textbooks on international trade. The lectures will be based primarily on the books below. Please feel free to use whichever you find most useful. The first two books are more basic. The latter two more advanced. If you are used to another book which covers the same topics and comes up to the same standard you are also free to use that one. You should also be fine to use slightly older editions, unless they are not too outdated.
Krugman, Paul, Maurice Obstfeld and Marc Melitz International Economics: Theory and Policy , 10th edition (Global edition), Pearson Education, Chapters 1-8 (same in 9th Edt)
Salvatore, Dominic (2013): International economics : Trade and Finance , 11th edition, Wiley, Part 1
K. Lawler and H. Seddighi (2001): International Economics : Theories, Themes and Debates , especially Chapters 1 to 5 Chapter 1 available as an Online Course Reading in Minerva.
Markusen et al. (1995): International Trade : Theory and Evidence , Mc Graw Hill, Boston: Chapters 5, 7, 8, 10-15
Blecker , R. (1996): International Trade and the Real World. In: Arestis , P. ( ed ): Keynes, money, and the open economy , Edward Elgar, Cheltenham, p. 165-184.
Nayyar, D. (2007):Globalization and Free Trade: Theory, History and Reality In: Shaikh , A. ( ed ): Globalization and the myths of free trade : history, theory, and empirical evidence , p. 69-85.
Dunkley, G. (2004): Free trade : myth, reality, and alternatives . Zed Books, Chapters 1-4
Krugman , Paul (1992), “Does the New Trade Theory Require a New Trade Policy? ”, The world economy. , 15(4), p. 432-442.
Deraniyagala , S. and B. Fine (1999) “New Trade Theory versus Old Trade Policy: A Continuing Enigma”, Cambridge journal of economics. , 25(6), p. 809-825.
Darity , W. and L. S. Davis (2005) “Growth, Trade and Uneven Development”, Cambridge journal of economics. , 29(1), p. 141-170.
Schumacher, R. (2012): Deconstructing the Theory of Comparative Advantage. World Economic Review. Available at: http://wer.worldeconomicsassociation.org/files/WEA-WER2-Schumacher.pdf
Unctad (2012): Trade and Development Report, Chapter IV; Available at: http://unctad.org/en/pages/PublicationWebflyer.aspx? publicationid=210
Dunn, B. (2015): Neither free trade nor protection : a critical political economy of trade theory and practice , Edward Elgar, Chapters 3, 4, 7 and 8
Lecture 3: Trade Policy
Krugman, Paul, Maurice Obstfeld and Marc Melitz International Economics: Theory and Policy , 10th edition (Global edition), Pearson Education, Chapters 9-12 (same for 9th Edt.) OR Salvatore, Dominic (2013) International economics : trade and finance , 11th edition, Wiley, Chapters 8,9,11
Weiss, J. (2002): Industrialisation and Globalisation : Theory and Evidence from Developing Countries , London: Routledge, Chapter 4
Dunkley, G. (2004): Free trade : myth, reality, and alternatives . Zed Books, Chapters 3,6,8
Thirlwall, A. (2011): Economics of development : theory and evidence , London: Palgrave, 9th Edt., Chapters 8 and 15 (7 and 16 in 8th Edt)
Fischer, A. M. (2015). "The End of Peripheries? On the Enduring Relevance of Structuralism for Understanding Contemporary Global Development." Development and change. 46(4): 700-732.
Ocampo, J. A. and L. Taylor (1998) “Trade Liberalisation in Developing Economies: Modest Benefits but Problems with Productivity Growth, Macro Prices, and Income Distribution”, Economic journal. , 108(450), p. 1523-1546.
Lall, S. (1994) “The East Asia Miracle Study: Does the Bell Toll for Industrial Policy”, World development. , 22(4), p. 645-654.
Liang, N. (1992) “Beyond Import Substitution and Export Promotion: A New Typology of Trade Strategies”, The journal of development studies. , 28(3), p. 447-472.
Chang, H.-J. (2002): Kicking away the ladder : development strategy in historical perspective . Anthem Press, London.
Thirlwall, T. (2011): Balance of Payments Constrained Growth Models: History and Overview. PSL Quarterly Review, Vol. 64, Nr. 259, p. 307-351 Available online: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9404/9299
Milberg, W. (2004): The Changing Structure of Trade linked to Global Production Systems: What are the Policy Implications? International Labour Review. , Vol. 143, Nr. 1-2
Nissanke, M. (2011): Commodity Markets and Excess Volatility: Sources and Strategies to reduce adverse Development Impacts. Report for the Common Fund for Commodities (Uploaded on VLE)
Dunn, B. (2015): Neither free trade nor protection : a critical political economy of trade theory and practice , Edward Elgar, Chapters 4, 5 and 10
Vernengo, M. (2006), Technology, finance, and dependency: Latin American radical political economy in retrospect, Review of radical political economics. , 38(4), 551-568.
Lecture 4: Foreign Direct Investment
Imad A Moosa (2002) Foreign direct investment : theory, evidence, and practice , London: Palgrave, Chapters 1-3
Grazia Ietto-Gillies (2012) Transnational corporations and international production : concepts, theories, and effects . Cheltenham, UK: Edward Elgar Publishers
Bair, J. (2005). Global capitalism and commodity chains: looking back, going forward. Competition & change. , 9(2), 153-180.
Gereffi , G. Korzeniewicz, M. & R. Korzeniewicz (1994) ‘Introduction: Global Commodity Chains’ in Gereffi, G., & Korzeniewicz, M. (eds.), Commodity chains and global capitalismISBN: 0275945731 (alk. paper) (No. 149). ABC-CLIO. Accessible at: http://books.google.co.uk/books? id=A86j9pWfTcAC&printsec=frontcover#v=onepage&q&f=false
Michie, J. (2011): The handbook of globalisation , Part III: Transnational Corporations.
Milberg, W. (2004): The Changing Structure of Trade linked to Global Production Systems: What are the Policy Implications? International Labour Review. , Vol. 143, Nr. 1-2
Staritz, C. (2012): Apparel Exports. Still a Path for Industrial Development? Dynamics in Apparel Global Value Chains and Implications for Low-Income Developing Countries. OEFSE Working Paper. Available at: http://www.oefse.at/publikationen/working-papers/detail-working-paper/publication/show/Publication/Apparel-exports-still-a-path-for-industrial-development/
Gereffi, G.; Humphrey, J.; Sturgeon, T. (2005): The Governance of Global Value Chains. Review of international political economy. . 12:1, p. 78-104.
Hymer, S.H. (1976): The International Operations of National Firms: A Study of Foreign Direct Investment. MIT Press. Available at: https://dspace.mit.edu/handle/1721.1/27375#files-area
Coe, N; Yeung, H. (2015): Global production networks : theorizing economic development in an interconnected world , Oxford University Press, Chapter 1
Humphrey, J.; Schmitz, H. (2002): How does insertion in global value chains affect upgrading in industrial clusters? Regional studies. , Vol. 36 (9), pp. 1017-1027.
Neilson, J.; Pritchard, B.; Yeung, H. (2014): Global value chains and global production networks in the changing international political economy: An introduction. Review of international political economy. , Vol. 21(1). Available at: http:// www.tandfonline.com/doi/full/10.1080/09692290.2013.873369
Lecture 5: Exchange Rates
Again, there are many textbooks which discuss theories of exchange rate determination. I have listed several books and the corresponding chapters. Please choose the book which seems most useful to you. Again, older editions of these books should be fine.
Isard, P (1995): Exchange Rate Economics , Cambridge: Cambridge University Press, Chapters 4-8 Chapter 4 available as an Online Course Reading in Minerva.
Copeland,L (2014): Exchange Rates and International Finance , 6th edition, Prentice Hal, Chapters 1-3, 5, 8, 11-13
Sarno, L and Taylor, M (2002) The Economics of Exchange Rates , Cambridge : Cambridge University Press, Chapters 2,3,4 Chapter 2 available as an Online Course Reading in Minerva.
Pilbeam, K. (2013) International finance , 4th, Palgrave, Part I: Chapter 1 (The Foreign Exchange Market); Part II
Salvatore, Dominic (2013) International economics : trade and finance , 11 th edition, Wiley, Part 3
De Grauwe, P.: Grimaldi; M. (2006): Bubbles and Crashes in a Behavioural Finance Model. CESifo Working Paper, 1194. Available from: http://papers.ssrn.com/sol3/papers.cfm? abstract_id=553961
Kaltenbrunner, A. (2011). Currency Internationalisation and Exchange Rate Dynamics in Emerging Markets: A Post Keynesian Analysis of Brazil, Chs. 2 and 3. Available at: http://eprints.soas.ac.uk/14353/1/Kaltenbrunner_3296.pdf
Harvey, J.T. (2003): Exchange Rates. In: King, J.E. (2003): The Elgar companion to post Keynesian economics , Edward Elgar, Cheltenham, p. 131-135.
Keynes, J.M. (1936): The General Theory of employment Chapter 12
Sarno and Taylor (2002): The economics of exchange rates Chapter 9
Yagci, F. (2001): Choice of Exchange Rate Regimes for Developing Countries. Africa Region Working Paper Series 16.Available from: http://documents.worldbank.org/curated/en/664071468740104022/pdf/multi0page.pdf
Eichengreen, B. (2008): The Real Exchange Rate and Economic Growth. Commission on Growth and Development Working Paper 4. Available from: http://www.scribd.com/doc/36564608/The-Real-Exchange-Rate-and-Economic-Growth-Barry-Eichengreen
Prates, D.M.; Andrade, S. (2013): Exchange Rate Dynamics in a Peripheral Monetary Economy. The journal of post-Keynesian economics. . 35 (3), pp. 399-416
Kaltenbrunner, A. (2015): A Post Keynesian Framework of Exchange Rate Determination: A Minskyan Approach. The journal of post-Keynesian economics. . 38(3), p. 426-448.
Brunnermeier, M. K., Nagel, S., & Pedersen, L. H. (2008). Carry Trade and Currency Crashes. NBER macroeconomics annual. , 23, 313-347.
Rey, H. (2013). Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence. Paper presented at the 2013 Jackson Hole Economic Policy Symposium. Available at: https:// www.kansascityfed.org/publicat/sympos/2013/2013Rey.pdf
Lecture 6: Financial Markets
Singh, K. (2000): Taming global financial flows : challenges and alternatives in the era of financial globalisation : a citizen's guide . Zed Books, London, Chapters 1-3
Minsky, H. (1992): The Financial Instability Hypothesis. Levy Economic Institute Working Paper 74. Available as PDF from: http://www.levyinstitute.org/pubs/wp74.pdf
Arestis, P.; Glickman, M. (2002): Financial Crisis in Southeast Asia: Dispelling Illusion the Minskyan Way. Cambridge journal of economics. , 26, 237-260.
Kose, M.A.; Prasad, E.; Rogoff, K.; Wei, S.-J. (2006): Financial Globalization: A Reappraisal. IMF Working Paper 189. Available as PDF from: http://www.imf.org/external/pubs/ft/wp/2006/wp06189.pdf
Grabel, I. (2006): A Post-Keynesian Analysis of Financial Crisis in the Developing World and Directions for Reform. In: Arestis, P.; Sawyer, M. (eds): A handbook of alternative monetary economics .
Kaltenbrunner, A.; Painceira, JP (2015): Developing Countries’ changing Nature of Financial Integration and New Forms of External Vulnerability: the Brazilian experience. Cambridge journal of economics. . 39(5), p. 1281-1306
Taskforce on Regulating Capital Flows (2012): Regulating Global Capital Flows for Long-Run Development. Available at: http:// stephanygj.net/papers/RegulatingGlobalCapitalFlowsForLongRunDevelopment2012.pdf
Krugman, Paul, Maurice Obstfeld and Marc Melitz (2011) International Economics: Theory and Policy , 9th edition (Global edition), Pearson Education, Chapters 21,22
Obstfeld, O. (1998): The Global Capital Market: Benefactor or Menace? The journal of economic perspectives. , 12(4), p. 9-30.
Rey, H. (2013). Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence. Paper presented at the 2013 Jackson Hole Economic Policy Symposium. Available at: http://www.kansascityfed.org/publicat/sympos/2013/2013rey.pdf
Bluedorn, M. J. C., Duttagupta, R., Guajardo, J., & Topalova, P. (2013). Capital Flows are Fickle: Anytime, Anywhere: International Monetary Fund. Available at: https://www.imf.org/external/pubs/ft/wp/2013/wp13183.pdf
Baldwin, R. & Wyplosz : The economics of European integration , 5th Edt. Chapter 18 (same for 4th Edt)
Obstfeld, M.; Rogoff, K. (1996): Foundations of international macroeconomics . Sections 1.1; 1.2; 1.3
Cerutti, E.; Claessens, S.; Puy, D. (2015): Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals. IMF Working Paper 127, June 2015. Available from: http://citeseerx.ist.psu.edu/viewdoc/download? doi=10.1.1.698.9789&rep=rep1&type=pdf
Lecture 7: Regional Economic Integration
De Grauwe, P. : Economics of Monetary Union Oxford University Press, 11th edition, Chapters 1-4 (same for 10th and 9th Edts)
M.Yeung, N. Perdikis, and W. Kerr (1999) Regional Trading Blocs in the Global Economy , Edward Elgar, Chapters 1 and 2
Krugman, Paul, Maurice Obstfeld and Marc Melitz International Economics: Theory and Policy , 9th edition (Global edition), Pearson Education, Chapter 20
Baldwin, Richard and Wyplosz Charles. The Economics of European Integration , 5th Edt. Chapters 5 (preferential liberalization) and 15 (OCA) (same in 4th Edt)
De Grauwe, P. : Economics of Monetary Union , remaining Chapters
The International Bank for Reconstruction and Development (2005): Global Economic Prospects. Trade Regionalism and Development. Available as PDF from: http://siteresources.worldbank.org/INTGEP2005/Resources/gep2005.pdf
Lapavitsas et al. (2012): Crisis in the Eurozone . London, Verso.
Arestis, P.; Sawyer, M. European Integration and the “Euro” Project. In: Michie (eds): The handbook of globalisation , 2nd Edt. Cheltenham, Edward Elgar.
Angeloni, I.; Flad, M; Mongelli, F (2007): Monetary Integration of the New Eu Member States: What sets the pace of Euro adoption? Journal of Common Market Studies. , 45 (2), p. 367-40.
Varoufakis, Y. and S. Holland (2011). A modest proposal for overcoming the Euro Crisis. Levy Economics Institute of Bard College. Policy briefs. 2011/3
Dullien et al. (2013): Regional Monetary Cooperation: Lessons from the Euro Crisis for Developing Areas? World Economic Review, 2, p. 1-23. Available at: http://www.lai.fu-berlin.de/homepages/fritz/publikationen/World_Economic_Review.pdf? 1367082644#Regional%20Monetary%20Cooperation%20in%20Developing%20Areas:%20Lessons%20to%20be%20learnt%20from%20the%20Euro%20Crisis ?
Stockhammer, E. (2011) Peripheral Europe's debt and German wages: the role of wage policy in the Euro area. International Journal of Public Policy, 7(1-3), pp.83-96.
Lane, P. (2012): The European Sovereign Debt Crisis. The journal of economic perspectives. , 26 (3), p. 49-67.
Debate on ineteconomics website, in particular:
Storm, S.: https://www.ineteconomics.org/perspectives/blog/rejoinder-to-flassbeck-and-lapavitsas
Flassbeck and Lapavitsas: https://www.ineteconomics.org/perspectives/blog/wage-moderation-and-productivity-in-europe
Lecture 8: Globalisation and Inequality
Dowrick, S.; Golley, J. (2004): Trade Openness and Growth: Who benefits? Oxford review of economic policy. , 20 (1), p. 38-56.
Nissanke, M.; Thorbecke, E. (2005): Channels and Policy Debate in the Globalization-Inequality-Poverty Nexus. United Nations Wider University, Discussion Paper 2005/08. Available from: http://ideas.repec.org/p/ess/wpaper/id3224.html
Wade, R. (2004): Is Globalization Reducing Poverty and Inequality? World development. , 32 (4), p. 567-589
Wood, A. (1998): Globalisation and the Rise in Labour Market Inequalities. Economic journal. , 108, p. 1463-1482.
Winters, A.; McCulloch, N.; McKay, A. (2004): Trade Liberalization and Poverty: The Evidence so far. The journal of economic literature. , Vol. XLII, p. 72-115.
Goda, T. (2012): Changes in relative income inequality from a global perspective: An Overview. Online Source. Post Keynesian Study Group Working Paper 1305. Available at: https://www.postkeynesian.net/downloads/working-papers/PKWP1303.pdf
Unctad (2012): Trade and Development Report. In particular Chapter IV; Available at: http:// unctad.org/en/pages/PublicationWebflyer.aspx? publicationid=210
Stockhammer, E. (2013): Why have wage shares fallen? A panel analysis of the determinants of functional income distribution. ILO Working Paper Nr. 35. Available at: http://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/--- travail/documents/publication/wcms_202352.pdf
Frenkel, J. A. ; Ros, J. (2006) Unemployment and the Real Exchange Rate in Latin America. World development. , 34, 631-646.
Slaughter, M. (1998): International Trade and Labour Market Outcomes: Results, Questions and Policy Options. Economic journal. , 108, p. 1452-1462.
Anbache, J.S.; Dickerson, A.; Green, F. (2004): Trade Liberalisation and Wages in Developing Countries. Economic journal. , 114 (493), F73-F96.
Winters, A. (2004): Trade Liberalisation and Economic Performance: An Overview. Economic journal. , Vol. 114, F4-F21.
Anderson, E. (2005): Openness and Inequality in Developing Countries: A review of Theory and recent Evidence. World development. , 33 (7), p. 1045-63.
Rodrik, D.; Rodriguez, F. (2001): Trade Policy and Economic Growth: A sceptic’s guide to cross-national evidence. NBER macroeconomics annual. , 2000, 15, p. 261-325.
World Bank (2006): World Development Report : Equity and Development. Chapter 2
Dunn, B. (2015): Neither free trade nor protection : a critical political economy of trade theory and practice , Edward Elgar, Chapter 8
This list was last updated on 22/01/2017