Economic Theory and Globalisation

Int 355   2017

The course will address contemporary economic and social issues through the lens of major thinkers in the intellectual tradition of political economy such as Karl Marx, Adam Smith and John Rawls. Its aim is to understand the problems that arise from the growth of international markets and globalization in connection with post-industrial societies. Through going back to the roots of economic thought, it will be shown that economic theory was once an equivalent to social theory, with room for ethical concerns that make possible dealing with what the economy ought to be like or what the goals of economic policy ought to be. In this regard, this course will address the normative implications of economic issues relevant for contemporary European post-industrial societies.
Course description  Guidelines for presentations  Presentation marking grid Guidelines for research papers, Research marking grid
Contact: Teachers: Alexandro Agafonow, David Rees, Amanar Akhabbar  Secretary: Emilie Hergault
Evaluation: 50% Class presentation; 560% Research paper

Lesson 1
18 September
PECT 808
David Rees
Theory, concept and history

Preparation for Marx 1:

Manifesto of the Communist Party
Karl Marx et Frederic Engels, 1848

Lesson 2
25 September
PECT 808

David Rees
Karl Marx 1/3
Marx - his life and ideas
Charlie Chaplin. Modern Times. Factory scene
Fritz Lang. Metropolis. Ouverture
Life of Karl Marx (Daily Motion) (1h)

Student presentation: Laura Beaufort. 1936. The French Popular Front (based on Politis hors-série 64. Que reste-t-il du Front Populaire ?)

Preparation for Marx 2:

The Inexorable System of Karl Marx. Chapter VI, The Wordly Philosophers, 1953 Robert Heilbroner

Lesson 3
01 February
PECT 808
David Rees
Karl Marx 2/3
Discussion of
The Inexorable System of Karl Marx
Globalisation and wealth distribution
USA wealth distribution (Politizane 6m)
Tax the rich - an animated fairy tale
Crises of capitalism (David Harvey)

Student presentation:
Constanze Arming. Working conditions in the UK during the Industrial Revolution
Patricia Carillo. The overthrowing of Salvador Allende

Preparation for Marx 3:
Global Political Economy: Theory and Practice
Theodore H. Kohn. Pearson Longman, 2000
Ch 5. The historical structuralist perspective

British Empire and the Industrial Revolution (7m)
British Industrial Revolution
Allende's final speech
Lesson 4
08 February
PECT 808

David Rees
Karl Marx 3/3
Discussion of
The historical structuralist perspective

Opinions - discussion
Student presentations: Mathieu Couet. Successes and Failures of Communism in South and Latin America.
Clement Defretin. US anti-socialist intervention (based on Stephen Kinzer, Overthrow)
Karl Marx (10m) The School of Life
Why Marxism cannot work (6m) Computing Forever)
Cultural hegemony - (Gramsci) (10m)  Ten Minute Philosophy

Preparation for Keynes 1:
Rees. The Intellectual Pragmatist

Lesson 5
21 February
PECT 808
David Rees
Keynes 1/1
Keynes Introduction pdf DR
Masters of Money - John Maynard Keynes (BBC 60m)
Student presentation: Clara Dorval. The Versailles Treaty (based on  J. M. Keynes, The Economic Consequences of the Peace)
Jeung Ho Park. Rooseveld's New Deal.
Sophie Chisholm. The Bretton Woods Conference

Lesson 6
01 March

Alejandro Agafonow

Student presentations: 
Student presentations for Alejandro Agafonow. Please contact the teacher to fix dates and subjects.
Bastien Fourot, Justine Pieau, Jean-Baptiste Pique, Hugo Poinsot, Axel Racault, Adèle Segalen, Nayoon Seok, Jiye Shin, Hippolyte Olibet, Vincent Benet.

08 March

Amanar Akhabar
Leontief 1/3
Student presentation: 1: “Has economics become an engineering science? A history of science perspective by Mary Morgan.”
Ref: Mary Morgan, 2002. “The formation of economics: Engineering and Ideology”, LSE working papers.
Student: Pierre Groux
Student presentation 2: “Forecasting the End of Humanity: the 1972 Meadows report (MIT) for the Club of Rome. Demographic and economic growth VS Environment and natural resources depletion.”
Ref: Donella H. Meadows, Dennis L. Meadows, Jørgen Randers, 1972. The Limits to Growth. Online: 
Student: Jasmine

Lesson 8
15 March

Amanar Akhabar
Leontief 2/3
-Presentation 3: “What is input-output analysis? On Leontief’s input-output framework for economics and for business forecasting.”
REF: Wassily Leontief, “Input-Output Analysis”, Scientific American, 1965.
Student: YI Yoon-Jae
- Presentation 4: “Mainstream economists answering the Meadows report: Nordhaus’s 1973 “Data without measurement”.”
REF: William Nordhaus, 1973, “World Dynamics: Measurement without Data”, The Economic Journal. Online:
Student: Anil Hasdemir
- Presentation 5: “Assessing the Meadows report on long tem economic development and environment: sketch of the Leontief World Model for the United Nations with early results.”
REF: Wassily Leontief, 1973. “Structure of the World Economy, Outline of a Simple Input-Output Formulation.” Nobel Memorial Lecture, December 11.
-Wassily Leontief, 1978. “Observations on some Worldwide Economic Issues of the Coming Years”. Challenge.
Student: Alexis Hemar

Lesson 9
21 March
Amanar Akhabar
Leontief 3/3
- Presentation 6: “Leontief’s 1977 World Model for the UNO: scenarios for 2000 for economic development, environment and natural resource issues.”
REF: Wassily Leontief, Anne P. Carter and Peter Petri, The Future of the World Economy, a UNO report. 1977
Student: Maria Gonzalez
- Presentation 7: “The 1977 World model’s 2000 scenarios at 30: an assessment in retrospect (Emilio Fontela 2007).”
REF: Emilio Fontela, 2007. "Leontief and the Future of the World Economy.” Economic System Journal.
Student: Hyokyoung Chae

Other possible topics for written essays:
(1) Is modern international trade theory of comparative advantages false? Leontief’s paradox.
(2) Would disarmament help global economic development? Scenarios and forecast from Leontief.
(3) The Secular stagnation: why economic growth has been so slow since the 1980s?
Lesson 10

29 March
Alejandro Agafonow
John Rawls 1/5

Student presentation:

Lesson 11
05 April
Alejandro Agafonow
John Rawls 2/5

Student presentation: 

Lesson 12
12 April

Alejandro Agafonow
John Rawls 3/5

Student presentation: 
Lesson 13
19 April
Alejandro Agafonow
John Rawls 4/5

Student presentation:

Lesson 14
26 April

Alejandro Agafonow
John Rawls 5/5

Student presentation: 

Lesson 15
03 May
PECT 808

David Rees

Some personal ideas
Recommended additional reading

Globalisation and IPE
Globaloney 2.0 Michael Veseth
Globalization - a short history. Jûrgen Osterhammel and Niels Petersson
Overthrow: Amercica's century of regime change from Hawai to Iraq. Stephen Kinzer
The Poverty of Nations - a guide to the debt crisis. Altwater et al.
Chomsky and Globalisation. Jeremy Fox
Making globalisation work. Joseph Stiglitz
Pickety, Krugman and Stiglitz. The genius of Economics. (75m) (92Y Plus)
Karl Marx and John Maynard Keynes
Marx's Ghost. Midnight conversations on changing the world. Charles Derber
Karl Marx. Francis Wheen
Marx on Globalisation. Dave Renton
Zombie Capitalism - global crisis and the relevance of Marx. Chris Harman
Marx and the alternative to Capitalism. Kieran Allen
An introduction to Marxist Economic Theory. Ernest Mandel
Keynes - the return of the master. Robert Skidelsky
The Battle of Bretton Woods. Benn Steil
A brief history of neoliberalism. David Harvey