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LUBS5140M
Module Reading List

Global Economic Coordination and Governance, 2019/20, Semester 1
Prof. Gary Dymski
G.Dymski@leeds.ac.uk
Tutor information is taken from the Module Catalogue

Principal Books for LUBS 5140

Many readings are drawn from these four books, all available at the Blackwell bookstore. Varoufakis’ book is available online at the University library, which also has multiple copies of Streeck.

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 Reading assignments

Lecture 1 – September 30

  • Overview: Multinational business strategies, hegemonic economic structures, and nation states: regimes and transition periods in the global economy
  • The dream of the ‘Open Society’
  • Macroeconomics 101: Basic logic of a national economy, and the sources and consequences of its aggregate imbalance

  REQUIRED:

SUPPLEMENTAL:

 

Lecture 2 – October 7

  • Cross-border macro accounting – the global implications of bordered economic relations
  • Rebalancing mechanisms for correcting imbalances across borders – market, nation, international

 REQUIRED:

SUPPLEMENTAL:

 

Lecture 3 – October 14

  • Global Regime 1: The Gold Standard and its contradictions
  • ‘Mercantilist’ vs. ‘Demand-led’ vs. ‘Competitiveness-led’ approaches to national prosperity
  • John Maynard Keynes and the invention of macroeconomic stabilization policy
  • Transition period 1: The descent into fascism, nationalism, and world war

 REQUIRED:

 SUPPLEMENTAL

  • Irving Fisher, “The Debt-Deflation Theory of Great Depressions,” Econometrica. 1, 1933, pp. 337-57.
  • Keynes, John Maynard, “The Means to Prosperity” (March 1933) "Part VI: Later Essays,” Essays in Persuasion , London: Macmillan, 1931, in The collected writings of John Maynard Keynes. Vol.9, Essays in persuasion , Volume IX, London: Macmillan, 1980, pp. 335-66.
  • Keynes, John Maynard, “The Consequences to the Banks of the Collapse of Money Values” (August 1931), Chap.7 in “Part II: Inflation and Deflation,” Essays in persuasion , London: Macmillan, 1931, in The Collected Writings of John Maynard Keynes , Volume IX, London: Macmillan, 1980, pp. 150-158.

 

Lecture 4 – October 21

  • Regime 2: The Bretton Woods System – its logic and the road not taken 
  • The post-war ‘Golden age of capitalism’ and its contradictions
  • The rise of the multinational corporation

 REQUIRED:

SUPPLEMENTAL: 

 

Lecture 5 – October 28

  • Transition period 2: The breakdown of the Bretton Woods system and the crisis of Western capitalism (1971-1979)
  • The first phase of the global struggle for non-renewable resources: oil
  • Multinational firms, globalizing banks, and the first rise of Asian capitalism

REQUIRED:

SUPPLEMENTAL: 

 

Lecture 6 – November 4

  • The crisis of regulated banking and the Latin American debt crisis (1970s-1980s)
  • Global financial deregulation, TBTF banks, and the first rise of securitized finance

 REQUIRED:

  • Volcker, Paul A., “The Political Economy of the Dollar,” Federal Reserve Bank of New York Economic Review, Winter 1979: 1-12.(Available in online course readings folder.)  
  • Dymski, Gary, “The International Debt Crisis”, Chapter 6 in Handbook of Globalization, Third edition, Ed. Jonathan Michie, Edward Elgar, 2019. Pp. 117-34.  (Available in online course readings folder.)  

SUPPLEMENTAL:

 

Lecture 7 – November 11

  • Regime 3: Neoliberalism 1 - the ‘global minotaur’/post-hegemonic hegemony
  • The global factory: multinational corporations and international production
  • Disciplining the developing economies: who pays for financial crises?
  • The ‘flying geese’ model and the Asian financial crisis (1980s-1990s)

REQUIRED:

 

Lecture 8 – November 25, Lecture 9 – November 25* (special time)

  • Regime 3b: Neoliberalism 2 - ‘the Washington consensus’ (1990s-2000s)
  • The crisis of Europe and the formation of the European Monetary Union
  • Global supply chain networks and the second rise of Asian capitalism
  • The second rise of securitized finance: shadow banking, subprime lending, global financial crisis

 REQUIRED:

 FURTHER READING:

  • Sanford, Charles, “Financial Markets in 2020,” in Changing capital markets : implications for monetary policy : a symposium, Kansas City: Federal Reserve Bank of Kansas City, 1993, pp. 227-44.(Available in online course readings folder.)
  • Aalbers, Manuel, “Geographies of the Financial Crisis,” Area. 41(1), 2009, pp. 34-42.
  • Volcker, Paul, “Economy on Thin Ice,” Washington Post  April 5, 2005, p. B07.(Available in online course readings folder.)
  • Brunnermeier, Markus K., and Stefan Nagel, “Hedge Funds and the Technology Bubble
,” The journal of finance. 59(5), October 2004, pp. 2013-2040.

 

Lecture 10 – December 2

  • Transition period 3: Global twist - new ‘mercantalism’ in Western Europe, dollar hegemony, debt crisis in developing nations 
  • Uncertain responses to global crisis: Macroeconomic austerity policy and secular stagnation
  • China saves the world economy - again?
  • ‘Quantitative easing’, global investment crisis, bubble-driven growth

 REQUIRED:

  • Tooze, Adam, Crashed : how a decade of financial crises changed the worldChapters 10-13, 17-18, 20.  
  • Dymski, Gary, 'Developing Economies, International Financial Integration, and Sustainable Development,' United Nations Trade and Development Conference, Geneva, November 2018.(Available in online course readings folder.)  
  • Robert Feenstra and Alan Taylor, International Economics, 3rd edition, Worth Publishers, 2014. Chapter 17-18: 'The Global Economy.' (Please note that this material may have a different chapter number in other editions of this book)  

SUPPLEMENTAL:

  • Streeck, Wolfgang, Buying timeLondon: Verso Press, 2014  (or second edition, 2017) Chap.4.
  • Neil Coe and Henry Wai-Chung Yeung, GLobal Production Networks. Oxford: Oxford University Press, 2015. Chap. 1: 'Global Production Networks 2.0'.

 

Lecture 11 – December 9

  • ‘America first’, the rise of populism, and the new nationalism
  • Europe under pressure, UK Brexit implosion 
  • The second phase of the global struggle for non-renewable resources
  • The globalization of Chinese production, Belt-and-Road initiative
  • Regime 4: The emerging elements of a global Chinese-led capitalism, or a new phase of global conflict, war?

  REQUIRED:

  • Tooze, Adam, Crashed : how a decade of financial crises changed the worldChapters 23-25.   
  • Dymski, Gary, 'Does Sustainable Global Prosperity Require Global Financial Governance?'. in Financialisation and the Economy. Editors: Krzysztof Opolski, Agata Gemzik-Salwach. Routledge, 2017, pp. 48-66.(Available in online course readings folder.)  
  • Zhou Xiaochuan, “Reform the International Monetary System,” Essay by Dr Zhou Xiaochuan, Governor of the People’s Bank of China, 23 March 2009. Available at: http://www.bis.org/review/r090402c.pdf (Available in online course readings folder.)  
  • Jabbour, Elias and Alexis Dantas, 'The political economy of reforms and the present Chinese transition,' Brazilian Journal of Political Economy 37, No. 4 (149), October-December 2017, pp. 789-807,(Available in online course readings folder.)    
  • Yu, Shirley, 'The Belt and Road Initiative: Modernity, geopolitics and the developing global order,' Asian Affairs, 2019, pp. 1-15. (Available in online course readings folder.)  

 SUPPLEMENTAL:  

  • Keynes, John Maynard, Chap.24, “Concluding Notes on the Social Philosophy towards which the General Theory may Lead,” pp. 333-383 in The general theory of employment, interest and money. London: Macmillan, 1936.
  • Keynes, John Maynard, “Economic Possibilities for our Grandchildren” (1928) in “Part V: The Future,” Essays in persuasion, London: Macmillan, 1931, in The collected writings of John Maynard Keynes. Vol.9, Essays in persuasion, pp. 321-333. (Available in online course readings folder.)
  • Mooney, Chris, and John Muyskens, 'Dangerous new hot zones are spreading around the world,' Washington Post, 11 September 2019. (Available in online course readings folder.)
  • Wolf, Martin: “How to Fight the Currency Wars with China,” The financial times, October 5, 2010: “Why China Hates Loving the Dollar,” The financial times, January 25, 2011; “Era of a Diminished Superpower,” The financial times, May 15, 2012.
  • Stec, Grzegorz, 'China’s Belt and Road Initiative is Neither a Strategy, Nor a Vision. It is a Process,' EU-Asia at a Glance. European Institute for Asian Studies, February 2018 (Available in online course readings folder.)

This list was last updated on 12/10/2019