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OAEE 2015 - Reform and Growth in Emerging Economies

Type d'enseignement : Seminar

Semester : Autumn 2018-2019

Number of hours : 39

Language of tuition : English

Pre-requisite

None

Course Description

This course offers a broad introduction to the economic experience of emerging countries as to the policy challenges they are confronted to. It starts with a long term perspective on the “pre-emergence” era, from the 1950s till the 1980s: a period that often saw high, though unstable or declining growth, typically based on state-led, protectionist development. A discerning, careful account of this period is called for. The crisis of this post-war, or post-colonisation regime, is then considered as the background against which ulterior, pro-market strategies were adopted. We shall thus look in some details at the Latin American “lost decade” of the 1980s (debt crisis and hyperinflations), and at how the Washington Consensus gradually emerged from this collapse. Next is the experience of economic transition in Eastern Europe, no doubt one of the most dramatic attempt at re-building from scratch new, open, growing market economies. Why this project sometimes failed, or erred, is obviously a part of our exploration of emergence. Two other stumbling blocks on the road to high growth are then considered: financial crisis, as in Asia in the late 1990s; and the very different case of the so-called 'Dutch Disease', as observed in many Middle-Eastern countries, or in Russia. One paradox of emergence is indeed the shear difficulty to assemble the pre-conditions for this growth regime. Once there, however, some old problems tend to self-resolve themselves, while other appear or take an entirely new form. Emergence thus calls for very rapid growth and adjustments in the instruments and the competences of policy-makers. With high growth, the demand for social justice for instance sometimes gains a new force, but sometimes not. These subjects are also an entire part of this course.

Teachers

SGARD, Jérôme (Professor of Political Economy, Sciences Po)

Course validation

A 5000-word essay, on a subject to be chosen by each student (50% of total mark). The essay will be submitted through jerome.sgard.scpo@analyse.urkund.com, in early November (exact date will be given in September). A 3-hour take-home final exam (50% of total mark), in early December.

Required reading

To be announced