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OADI 2090 - Diplomacy and Global Economy

Type d'enseignement : Seminar

Semester : Spring 2017-2018

Number of hours : 24

Language of tuition : English

Voir les plans de cours et bibliographies

Pre-requisite

No requirement. The course is designed both for economist and non-economists

Course Description

This course offers an in-depth analysis of the key events and current challenges that are shaping the new multipolar economy after the Great Crisis. Multilateral governance has become increasingly difficult, yet never more important. Diplomacy has a renewed significance. The course gives students an understanding about the extent and limits of global cooperation in the emerging multipolar world from a variety of perspectives. The analysis takes into account the behavior and interests of the major actors involved: sovereign states, the EU, international institutions and markets. After a brief historical introduction, the course looks at the main current issues of the world economy and global governance; the fragmented world trade regime; foreign investments and the new global economy; the role of emerging countries; the Europe's place in the multilateral governance. The final part comprises a simulation game that will explore how negotiators in the G20 might react to substantial threats to stability in the global trade regime.

Teachers

GUERRIERI, Paolo (Sénateur)

Pedagogical format

The course will offer a mix of lectures, student-led discussions and simulation game The course consists of 12 session-units (see course outline). Each session lasts 2 hours The principal way for students to receive feedback on their readings and work for this course is through active participation in sessions.

Course validation

There will be two requirements : 1) A mid-term essay accounting for 30%, 2) Written accounting for 70% of the final grade.

Required reading

  • 1. Mohamed El-Erian: The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, Penguin Random House, 2016
  • 2. R. Baldwin, The Great Convergence: Information, Technology and the New Globalization, Harvard UP, 2016
  • 3. S. Cohen and J. Bradford DeLong, The Hypertrophy of Finance, in “Concrete Economics: the Hamilton Approach to Economic Growth and Policy ” ( by S. Cohen and J. Bradford DeLong), Harvard Business Review Press, 2016
  • 4. B. Milanovic, Global Inequality. A New Approach for the Age of Globalization, Harvard UP, 2016

Additional required reading

  • 1. P. Dicken, Global Shift: Mapping the Changing Contours of the World Economy, Sage Publication, 2015
  • 2. D. Rodrik, The Globalization Paradox, Oxford UP, 2011
  • 3. I. Bremmer, Every Nation for Itself: Winner and Losers in a G-Zero World, Pearson Publication, 2011
  • 4. R. Schiller, Irrational Exuberance, Princeton UP, 3 edition, 2015

Plans de cours et bibliographies

Please find below a proposed outline based upon 12 sessions, to be filled in.Should you prefer to use a non-standard outline, please feel free to use the « non-standard course outline » area at the bottom of this document .In both cases please indicate required and/or recommended readings

Session 1: THE RISE AND FALL OF 'BRETTON WOODS' INTERNATIONAL REGIME

Required readings:

  • Dani Rodrik :   The Globalization Paradox: Democracy and the Future of the World Economy, W.W. Norton G. Company, New York, 2012, chapter 4

Recommended readings:

  • Barry Eichengreen : Global Imbalances and the Lessons of Bretton Woods, MIT Press, 2004m chs 1 and 3

Session 2: THE TRANSFORMATION OF THE WORLD TRADING SYSTEM AND THE DOHA ROUND: A CASE STUDY IN GLOBAL DIPLOMACY

Required readings:

Recommended readings:

  • Craig VanGrasstek : THE HISTORY AND FUTURE OF THE WORLD TRADE ORGANIZATION, WTO Publications, Geneve, 2013, Parts 1 and 4

Session 3: HOW THE GLOBAL ECONOMY SHIFTED

Required readings:

  • Barry Eichengreen, Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History, Oxford UP,2015,Part II

Recommended readings:

  • P.Krugman, End this Depression Now, W.W.Norton New York, 2012
  • R. Schiller, Irrational Exuberance, Princeton UP, 3 edition, 2015

Session 4: MAKING GLOBALIZATION WORK

Required readings:

  • Mohamed El-Erian: The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, 2016, Penguin Random House, parts IV - VII    
  • S. Cohen and J. Bradford DeLong, The Hypertrophy of Finance, in "Concrete Economics: the Hamilton Approach to Economic Growth and Policy " (by S. Cohen and J. Bradford DeLong), Harvard Business Review Press, 2016

Recommended readings:

  • Mervyn Kings, The End of Alchemy: Money, Banking and the Future of the Global Economy, 2017 W.W. Norton, chs 1, 7, 8, 9

Session 5: FOREIGN INVESTMENT AND THE ECONOMIC GEOGAPHY OF THE NEW GLOBALISATION

Required readings:

  • Richard Baldwin : The Great Convergence: Information Technology and the New Globalization, Harvard UP, 2016 Parts III IV and V   

Recommended readings:

  • Gary Gereffi, Global value chains in a post-Washington Consensus world, Review of Intenational Political Economy,pp.9 -37 

Session 6:  WINNING AND LOSING IN THE GLOBAL ECONOMY

Required readings:

  • Dicken, P, Global Shift : Mapping the Changing Contours of the Global Economy, 7th Edition, Sage Publication, 2015, Part II and III

Recommended readings:

  • B. Milanovic, Global inequality, a new approach for the age of Globalizaton, Harvard U.P. 2016, chs 1, 4 and 5

Session 7:  WHAT DOES CHINA 'NEW ERA' MEAN FOR THE WORLD ECONOMY

Required readings:

  • Wayne M. Morrison, China's Economic Rise: History, Trends, Challenges and Implications for the United States, Congressional Reseach Service, Sept. 2017

Recommended readings:

Session 8: HOW CAN EMERGING COUNTRIES GUIDE ECONOMIC GLOBALIZATION?

Required readings:

  • Renato G.Flores, Emerging Powers and Global Governance, FGV International Intelligence Unit, Rio de Janeiro, Brazil, October 2017       

Recommended readings:

  • D. Rodrik et al. The recent growth boom in developing economies: a structural-change perspective, John F. Kennedy School of Government, Harvard University, Cambridge Jan. 2017

Session 9: CASE STUDY: MULTIPOLAR GOVERNANCE AND THE FUTURE OF THE WORLD TRADE REGIME

Required readings:

  • Carlos A. Primo Braga and Bernard Hoekman, Future of the Global Trade Order, European University Institute, Florence, II edition, 2017, cap. 1, 2 and 5

Recommended readings:

  • WTO, World Trade Report 2017Geneve, November 2017 

Session 10: SIMULATION OF A G20 MULTILATERAL NEGOTIATION

You will learn how to deal with emerging threats and risks by operating strategically, and how to solve problems by negotiating with stakeholders as well as adversaries. This is an opportunity to understand the challenges faced by negotiators through the simulation of a current multilateral negotiation.

Required and Recommended readings:

  • See session 9

Session 11: EUROPE IN THE GLOBAL ECONOMY

Required readings:

  • European Commission, Autumn 2017 Economic Forecast: continued growth in a changing policy context, Brussels, november 2017

Recommended readings:

  • European Commission, Further steps towards completing europe's economic and monetary union: a roadmap, COM(2017) 821, Brussels, 6.12.2017 

Session 12: THE FUTURE OF EUROPE AS A GLOBAL ACTOR

Required readings:

  • European Policy Centre, Re-energising Europe A package deal for the EU27, NEW PACT FOR EUROPE, THIRD REPORT, November 2017 Bruxelles,

Recommended readings:

  • European Commission, Global Strategy for the European Union's Foreign and Security Policy, Brussels, 2016

Short biography

He is a Senator of the Italian Democratic Party and Professor of Economics at the University of Rome 'La Sapienza' and Visiting professor at the College of Europe, Bruges (Belgium) and the USD, Business School, University of San Diego, California.
As an economist in the past and today in his political role he has always been interested in International and European economic issues. He has served as an advisor to several international organizations including the European Commission, OECD, World Bank, CEPAL. 
He was Visiting Professor at the University of California, Berkeley, Université Libre de Bruxelles, (Belgium), College of Europe, Bruges, Natolin College (Warsaw, Poland), University of San Diego, California, Universidad Complutense (Madrid, Spain), UniBo Ba University (Buenos Aires, Argentina).
He has published more than 20 books, monographs or anthologies and more than 130 articles and book chapters in the area of international economics, European economic integration, economic regionalism.