Course coordinator
Professor Shahar Hameiri
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Undergraduate
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Politic Sc & Internat Studies
This course examines the main dynamics shaping the global political economy. It introduces students to theoretical perspectives on international political economy and examines the drivers and various dimensions of economic globalisation, as well as emerging challenges to it. Key issues include: global inequality; the global politics of trade, investment, production, and finance; and major economic crises, like the GFC and COVID-19. The course allows students to draw connections between the School's offerings in international relations and in political economy.
Welcome to POLS2402 International Political Economy!
Ever wondered why so many things are made in China, but not in Brisbane, or why houses are so much more expensive than they were a generation ago? Have you ever questioned whether the world is becoming more or less equal, and why some societies are rich while others are poor? Ever asked why the government says it can't afford this, that and the other, but then finds billions to rescue financial markets during a crisis? Ever thought how come financial markets are thriving while other parts of the economy are stagnating? And have you ever pondered why, in many countries, jobs are harder to find, less secure and worse paid nowadays than for the 'baby-boomer' generation?ﾠ
If you are interested in these issues, then you are in the right course, and at the right time. The world economy is atﾠa potential inflection point. Governments' lockdowns and border closures, in response to the COVID-19 pandemic, caused the sharpest economic downturn since the Great Depression. Coming only a decade or so after the devastating 2008-9 global financial crisis, and combined with growing geopolitical tensions between the United States and China, the world's biggest national economies, they shook the foundations of the global economy to the core. Huge fiscal and monetary programs by states managed to stave off economic disaster, but they were followed shortly by Russia's invasion of Ukraine, which hobbled the global supply of key commodities like oil, and other supply problems, worsened by China's 'Zero COVID' policies. These supply constraints caused inflation to rear its head for the first time in decades, prompting central banks to raise interest rates, causing a debt crisis in parts of the global south, a cost-of-living crisis everywhere, and potential financial market upheaval. It really is a tough picture!ﾠAll the while, relations between the US and Chinese governments continue to deteriorate, as their massive and closely integrated economies appear to be slowly decoupling. Although full decoupling seems distant, even the more targeted constraints we are seeing, such as on sharing chip technologies, entails a significant shift in the key trend in the global political economy for decades.
Since the late 1970s, the world economy has become increasingly integrated, manifesting in growing volumes of international trade, investment, andﾠfinancial flows, as well as in the reorganisation of the production and consumption of goods and services across borders - dynamics captured in the buzzword 'globalisation'. Since the GFC of 2008-9, however, and intensifying after the COVID-19 crisis, these globalising trends have weakened and may have even gone into reverse. Increasing geopolitical tensions between China and the United States in particular are also pulling away from earlier integrationist trends. International investment has flatlined, and long, globalﾠsupply chains are suddenly viewed by many as risky, even reckless, both because of shortages of critical goods during the COVID crisis and the centrality of Chinese manufacturers in many supply chains.ﾠThe buzzword of the day as espoused by the Group of 7 industrialised nations (G7) and the European Union is not decoupling, but 'de-risking' of the world economy. How and why did we get here? Did it have to be this way? Are things likely to get better or worse in the coming years and what can we do about it?
In order to address these questions and many more, we need to understand the contours and dynamics of the international (sometimes calledﾠ global) political economy. At the most basic level, IPE is a field of study that examines the interaction between questions of power and legitimacy,ﾠassociated with the field of politics, and questions regarding the production and distribution of resources and wealth, associated with economics, including atﾠmacro scales, such as world regions or even the entire globe. While economists often develop models that see politics as little more than an unwanted intrusion on the perfect operations of pristine markets,ﾠnot with standing their many differences, all IPE approaches fundamentally concur that politics and economics cannot be meaningfully understood in isolation. How they conceptualise states, societies, and markets, and theorise their interactions, differs considerably, however.
The course is organised broadly into two parts. In weeks 1-3, we will examine key concepts and theories, while in the remainder of the course we will be applying these to examine important issues in the contemporary international political economy:ﾠinequality; trade, investment and production; money; finance and debt; labour; taxation; climate and energy;ﾠand capitalism's crises. I have organised each topic around a core question that often speaks to our lived experience. Indeed, perhaps more than any other in your university degree, this course engages with the dynamics that shape your life, directly andﾠ indirectly.ﾠAt the end of the course, you should be equipped with the basic tools to understand the international political economy, even as it continues to evolve.
I look forward to meeting you all in the course of the semester. I hope that you will enjoy learning in POLS2402, as much as I enjoyed putting the course together.
Shaharﾠ ﾠ ﾠ ﾠ
Course requirements
Assumed background
No prior knowledge of economics or any mathematical skills are required to do well in this course.
Recommended prerequisites
We recommend completing the following courses before enrolling in this one:
2 units POLS-coded course
Incompatible
You can't enrol in this course if you've already completed the following:
GO228
Course contact
Course staff
Lecturer
Professor Shahar Hameiri
Tutor
Miss Xuwan Ouyang
Mr Tristan Sluce
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
PLEASE NOTE: ﾠAll tutorial sign-on queriesﾠ MUST be sent to ﾠpolsis@uq.edu.au ONLY.ﾠ(They are being ﾠhandled centrally by the school.)
The course will have 13 lectures, starting in Week 1, and 8 tutorials, starting in Week 2. Please check the Learning Activities section for the tutorials' timetable.ﾠ
Aims and outcomes
This course aims to give students a firm grounding in the main theories, debates and themes of the contemporary international political economy. Students will be introduced to the main theories and critiques that shape our understanding of globalisation and challenges to it. They will then draw on these conceptual and theoretical tools to examine important thematic issues and problems in the international political economy.ﾠ
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Understand the major economic and political forces shaping the world economy and debates and conflicts over its nature and future
LO2.
Critically evaluate competing perspectives on globalisation and its prospects
LO3.
Understand and be able to critically evaluate debates over the dynamics affecting key issues in IPE
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
Tutorial in-class quiz
|
10% |
In class quiz for each tutorial. 1/08/2024 - 10/10/2024 |
| Essay/ Critique | Critique of media article - 1500 words | 25% |
16/09/2024 2:00 pm |
| Essay/ Critique |
Major Essay: The international political economy of... (2000 words)
|
35% |
16/10/2024 2:00 pm
Submit via Turnitin |
| Examination |
Centrally administered exam
|
30% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
Tutorial in-class quiz
- Identity Verified
- In-person
- Mode
- Written
- Category
- Quiz
- Weight
- 10%
- Due date
In class quiz for each tutorial. 1/08/2024 - 10/10/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03
Task description
Students will be given 5 minutes to complete a short, handwritten, quiz at the start of each tutorial class, based on the required readings. Each quiz has one question, with the correct answer worth up to 2 points. There are 8 quizzes in total, of which the best 5 will count towards the final mark in this assessment. Given this, no make-up assessments will be provided to students who miss class or arrive late.
Assessment tasks are intended to evaluate a student’s abilities, skills, and knowledge. Unless explicitly stated otherwise in the assessment instructions, assessments are to be completed without the aid of Artificial Intelligence (AI) and Machine Translation (MT). Failure to comply with this direction may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Students will be given 5 minutes to complete the hand-written quiz. Quizzes will be completed in-class and submitted immediately to the tutor.
Deferral or extension
You cannot defer or apply for an extension for this assessment.
Since quizzes are completed in-class, there will be no late submission options. As the best 5 of the 8 available quiz will be used to calculate the final mark in this assessment item, make-up options will not be available apart from under unusual circumstances.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Since quizzes are completed in-class, there will be no late submission options. As the best 5 of the 8 available quiz will be used to calculate the final mark in this assessment item, make-up options will not be available apart from under unusual circumstances.
Critique of media article - 1500 words
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 25%
- Due date
16/09/2024 2:00 pm
- Learning outcomes
- L01, L02, L03
Task description
Students will be required to write a short essay (1500 words) critically evaluating one of the media articles provided by the course coordinator.
The course coordinator will provide a list of media articles from the financial press in Blackboard. Students will be asked to choose one article and address the following questions in short essay form:
- What is the core argument of the article?
- What are the theoretical assumptions shaping the argument of the article and the evidence used to support the argument?
- Using a different theoretical perspective taught in the course, critically evaluate the article (argument, underlying assumptions, evidence) and offer an alternative analysis of the issue(s) it raises.
Assessment tasks are intended to evaluate a student’s abilities, skills, and knowledge. Unless explicitly stated otherwise in the assessment instructions, assessments are to be completed without the aid of Artificial Intelligence (AI) and Machine Translation (MT). Failure to comply with this direction may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Assignments for this course will be submitted electronically via Blackboard and using Turnitin.
In uploading an assignment via Turnitin you are certifying that it is your original work, that it has not been copied in whole or part from another person or source except where this is properly acknowledged, and that it has not in whole or part been previously submitted for assessment in any other course at this or any other university.
When you successfully submit your assessment to Turnitin after previewing the uploaded document (to make sure that you have chosen the correct file), you should see the “Submission Complete!” message. After this, a downloadable Digital Receipt will display on your Assignment Dashboard. It is your responsibility to download the Digital Receipt as proof of submission. Turnitin will not send this receipt to you automatically.
If you don’t see the downloadable receipt on your assignment dashboard, you should regard your submission as unsuccessful.
If the submission was not successful:
- Note the error message (preferably take a screenshot).
- Go to your assignment page and see if it is possible to submit again.
- If you cannot submit again, then email your course coordinator immediately.
Deferral or extension
You may be able to apply for an extension.
Unless an extension is granted, penalties for late submission apply. Students are penalised 10% of the maximum possible mark allocated for the assessment item for every calendar day that an assessment item is late.
Marks will be deducted each day for up to 7 calendar days, at which point the submitted item will not receive any marks unless an extension has been approved. Each 24-hour block is triggered from the time the submission is due.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
As per UQ policy for late submissions.
Major Essay: The international political economy of... (2000 words)
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 35%
- Due date
16/10/2024 2:00 pm
Submit via Turnitin
- Other conditions
- Student specific.
- Learning outcomes
- L01, L02, L03
Task description
Please choose one commodity (defined as an item produced via human labour to be bought and sold or exchanged). This could be a finished or intermediate good, raw commodity, or a service. It could even be money itself. You will need to have your chosen item approved by your tutor by no later than the end of September, and ideally much sooner.
Building on the theoretical approaches and materials provided in this course, address the following question in essay form: How is [your commodity] produced and sold, and why is it produced and sold in this way?
Elaborate in your analysis on one or more aspects shaping the production and exchange of [your commodity], such as the role of government and the state, corporate strategies, finance, labour, and tax . There is no expectation that you cover all of these angles. Focus on the one(s) you find most important and make sure you explain why.
Consult the POLSIS essay guide for additional instructions and tips on essay writing.
Assessment tasks are intended to evaluate a student’s abilities, skills, and knowledge. Unless explicitly stated otherwise in the assessment instructions, assessments are to be completed without the aid of Artificial Intelligence (AI) and Machine Translation (MT). Failure to comply with this direction may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Assignments for this course will be submitted electronically via Blackboard and using Turnitin.
In uploading an assignment via Turnitin you are certifying that it is your original work, that it has not been copied in whole or part from another person or source except where this is properly acknowledged, and that it has not in whole or part been previously submitted for assessment in any other course at this or any other university.
When you successfully submit your assessment to Turnitin after previewing the uploaded document (to make sure that you have chosen the correct file), you should see the “Submission Complete!” message. After this, a downloadable Digital Receipt will display on your Assignment Dashboard. It is your responsibility to download the Digital Receipt as proof of submission. Turnitin will not send this receipt to you automatically.
If you don’t see the downloadable receipt on your assignment dashboard, you should regard your submission as unsuccessful.
If the submission was not successful:
- Note the error message (preferably take a screenshot).
- Go to your assignment page and see if it is possible to submit again.
- If you cannot submit again, then email your course coordinator immediately.
Deferral or extension
You may be able to apply for an extension.
Unless an extension is granted, penalties for late submission apply. Students are penalised 10% of the maximum possible mark allocated for the assessment item for every calendar day that an assessment item is late.
Marks will be deducted each day for up to 7 calendar days, at which point the submitted item will not receive any marks unless an extension has been approved. Each 24-hour block is triggered from the time the submission is due.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
According to UQ policy.
Centrally administered exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 30%
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03
Task description
Students will be required to answer three of six questions in short essay form.
This assessment task is to be completed in-person. Assessment tasks are intended to evaluate a student’s abilities, skills, and knowledge. Unless explicitly stated otherwise in the assessment instructions, assessments are to be completed without the aid of Artificial Intelligence (AI) and Machine Translation (MT). Failure to comply with this direction may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | No calculators permitted |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Description |
|---|---|
| 1 (Low Fail) |
Absence of evidence of achievement of course learning outcomes. Course grade description: None of the above criteria will have been met. This student will not have addressed the question, shown no or very little evidence of reading and minimal comprehension of the issues at hand. |
| 2 (Fail) |
Minimal evidence of achievement of course learning outcomes. Course grade description: None of the above criteria will have been met. This student will not have addressed the question, shown no or very little evidence of reading and minimal comprehension of the issues at hand. |
| 3 (Marginal Fail) |
Demonstrated evidence of developing achievement of course learning outcomes Course grade description: Falls short of satisfying all basic requirements for a Pass. The student will have demonstrated a minimal grasp of the chosen topic and will have made an effort to establish a single major argument for the essay. The student will have employed some research which correlated with the argument and will have made a visible effort to achieve adequate grammar, spelling and punctuation. Evidence of attempting to achieve a recognisable narrative flow should appear throughout the assignment. This student will have addressed the question, showing evidence of required research and a basic grasp of the issues at hand. |
| 4 (Pass) |
Demonstrated evidence of functional achievement of course learning outcomes. Course grade description: The student will have demonstrated an adequate grasp of the chosen topic and will have made a reasonable effort to provide evidence to support a visible argument. The student will have employed an adequate research base to support the argument and will have achieved a reasonable, if not completely coherent standard of grammar, spelling, and punctuation. A recognisable narrative flow should be sustained throughout the essay. This student will have answered the question, showing evidence of adequate research and a degree of understanding of the issues at hand. |
| 5 (Credit) |
Demonstrated evidence of proficient achievement of course learning outcomes. Course grade description: The student will have demonstrated a sound grasp of the chosen topic and will have addressed the argument by providing suitable evidence to support an argument. The student will have employed a comprehensive research base that directly relates to the topic though it may not completely support the argument and will have achieved decent levels of competence in grammar, spelling, punctuation and narrative flow. This student will have answered the question in a direct, well supported fashion, showing evidence of some wide reading and a reasonable understanding of the issues at hand. |
| 6 (Distinction) |
Demonstrated evidence of advanced achievement of course learning outcomes. Course grade description: The student will have demonstrated a very good grasp of the chosen topic and will have addressed the argument by providing a considerable amount of evidence to support a clearly stated argument. The student will have employed a reasonably extensive and well-organised research base to structure evidence in support of the argument and will have achieved a high level of competence in grammar, spelling, punctuation and narrative flow. This student will have answered the question in a direct, reasonably sophisticated fashion, employing wide research and showing a sound understanding of the issues at hand. |
| 7 (High Distinction) |
Demonstrated evidence of exceptional achievement of course learning outcomes. Course grade description: The student will have demonstrated a highly sophisticated grasp of the topic and will have succeeded in addressing the question by providing a high level of evidence to support a clearly stated argument. The student will have employed an extensive and well organised research base to structure evidence in support of the argument and will have achieved impeccable levels of grammar, spelling, punctuation and narrative flow. This student will have answered the question in a direct and elegant fashion, employing significant research and showing a deep understanding of the issues at hand. |
Additional course grading information
Other Requirements & Comments : Grades will be awarded on the following basis:
1.ﾠFailﾠ 1 - 19%
2. Failﾠ 20 - 44%
3. Failﾠ 45 ﾖ 49%
4. Passﾠ 50 - 64 %
5. Creditﾠ 65 - 74 %
6. Distinctionﾠ 75 - 84 %
7. High Distinctionﾠ 85 - 100 %
Supplementary assessment
Supplementary assessment is available for this course.
Additional assessment information
Word Length Penalty
Unless otherwise indicated, in the case of written submissions with a specified word count, you are given a +10% leeway on the upper word limit. If your written submission is over this leeway limit, it will attract a 10 percentage point penalty. For example, if your essay is 1,500 words, you may write up to 1,650 before attracting a word count penalty. If your essay exceeds the upper word limit, it will attract a 10% word count penalty. Therefore, if your essay is worth 40 marks, you will lose 4 marks from your allotted grade. Unless specified, penalties only apply to exceeding the word length, not for failure to write a sufficient amount.
Students should note:
• The Author-date in-text referencing system will count toward the word length;
• References in the Footnote referencing system will not count toward the word length. If you are using footnotes, any content included in footnotes beyond the specific text reference will count towards the word length.
Marking Criteria/Rubric
Marking criteria and/or marking rubrics are available in the ‘Assessment’ folder in Blackboard for this course.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Other course materials
Recommended
| Item | Description | Further Requirement |
|---|---|---|
| Course guide | The course guide, authored by the course coordinator, provides brief introductions into every course topic. It is available for free to all the students via Blackboard. It may not be used as a source for assessments. |
Additional learning resources information
Essay Guide
The School of Political Science and International Studies Essay Guide can be downloaded from the School’s Student Support webpage.
The Guide sets out guidelines you should follow in preparing written assignments.
Essay Writing Assistance
The School of Political Science and International Studies schedules regular “drop-in” sessions designed to provide one-on-one advice and assistance in essay planning and writing.
There is no need to make an appointment and you are encouraged to bring your essay with you.
The day and time of these sessions will be finalized at the beginning of each semester and published on the Student Support webpage.
Student Services
Student services offer a variety of short courses during the semester which will help you improve your study, research and writing skills and thus your academic performance in this course.
Library Resources
UQ Library offers training in software, assignment writing, research skills, and publishing and research management.
The University’s library holdings for Political Science and International Studies are primarily located in the Central Library.
There is a help desk in the Library. Students are also welcome to contact the BEL/HASS Librarians for assistance.
Email: librarians@library.uq.edu.au
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (22 Jul - 28 Jul) |
Lecture |
Topic 1: Introduction to POLS2402 Learning outcomes: L01, L03 |
Week 2 (29 Jul - 04 Aug) |
Lecture |
Topic 2: Zero-sum or win-win ? In this week's lecture, we will introduce the two most influential theories of international political economy - liberalism and mercantilism. Both approaches are fundamentally interested in relations between states in the international political economy. However, while liberalism views the international political economy as a domain of potential collaboration and 'win-win', mercantilism emphasises competition and 'zero-sum' outcomes. These different perspectives underpin differing prescriptions for states and political leaders. While liberals promote international rules and institutions that are meant, not without controversy, to support the 'public good' of all states, mercantilists emphasise policies that provide national advantage. Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 1: Topic 2: Zero-sum or win-win? Topic 2: Zero-sum or win-win? Learning outcomes: L01, L02, L03 |
|
Week 3 (05 Aug - 11 Aug) |
Lecture |
Topic 3: Who's exploiting whom? In the third topic, will be introduced to three 'critical' IPE perspectives - dependency, Marxism and feminism. Each of these emphasise exploitation as an inherent, structural aspect of the contemporary international political economy, but views the question of exploitation differently. Whereas dependency emphasises the exploitation of 'underdeveloped' states and their societies by the rich states and their societies, Marxism focuses on exploitation of subordinate classes by the capitalist class, and feminism of women by men. Aside from criticising the more influential approaches discussed in Week 2, these approaches also problematise the idea that IPE is simply about interactions between states. Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 2: Topic 3: Who's exploiting whom? Topic 3: Who's exploiting whom? Learning outcomes: L01, L02, L03 |
|
Week 4 (12 Aug - 18 Aug) |
Lecture |
Topic 4: Who's in charge? In this week, we will apply the theories introduced earlier to examine a core question animating IPE scholars for several decades - is globalisation weakening or strengthening the state? In other words - are states in charge or have globalising markets become more powerful? Alongside those who argue that globalisation has weakened the state, or strengthened some states, a third response has emerged, which claims that globalisation has developed through the contested transformation of the state. As we shall see all of the responses to this question are shaped by different conceptions of state, markets and society, and different theorising of how states, markets, firms and societies interact. We will also examine the extent to which these approaches shed light on globalisation's apparent decline in recent years. Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 3: Topic 4: Who's in charge? Topic 4: Who's in charge? Learning outcomes: L01, L02, L03 |
|
Week 5 (19 Aug - 25 Aug) |
Lecture |
Topic 5: Can the poor get rich? In this week's lecture we will examine debates over development and inequality. We live in a world of stark material inequalities, but does it have to be so? Why are some societies rich and others poor? Is the world becoming more or less equal after decades of globalisation? Can the poor become rich or are they destined to remain poor, or at least poorer, than the rich? If they can become rich too, how? What are the conditions, policies and/or institutions that would help the poor become rich? Different theoretical perspectives provide different answers to these important questions. Learning outcomes: L01, L02, L03 |
Week 6 (26 Aug - 01 Sep) |
Lecture |
Topic 6: Who made your iPhone? In this week's lecture, we will examine trade, investment and production patterns under globalisation, as well as more recent changes as geopolitical competition intensifies. Liberals have since the eighteenth century exalted the benefits of 'free trade', based on the principle of 'comparative advantage', while mercantilists sought to harness trade instrumentally towards national development. But are these perspectives still relevant in a globalised economy? One of the most distinctive aspects of economic globalisation since the late 1970s has been the emergence and spread of complex cross-border 'value chains', whereby different aspects and stages of the production of goods, and even some services, happen in multiple countries and jurisdictions. The majority of international trade today is not in complete goods and services sold on the open market, but within value chains, dominated by multinational corporations (MNCs). The iconic iPhone, for example, is assembled in China, and is hence labelled 'made in China'. In reality, however, workers in China only put together components made in several other countries, based on technologies developed in various locations, all under the watchful eye of Apple Inc., which directs and reaps the greatest value from this process. So, where is the iPhone, and other products in the globalised economy, made? Does it matter? And what does this mean for how we understand the impacts of globalisation on power and wealth? Are liberal theories of 'free trade' applicable when world trade is dominated by multinational corporations? Are mercantilist ideas still applicable when 'national' economies are in reality fragmented and inserted into cross-border value chains? And if globalisation is indeed in reverse, as some claim, what does this mean for trade, investment, and production in the coming years? Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 4: Topic 6: Who made your iPhone? Topic 6: Who made your iPhone? Learning outcomes: L01, L02, L03 |
|
Week 7 (02 Sep - 08 Sep) |
Lecture |
Topic 7: Does money grow on trees? In this week's lecture we will examine money and the politics of the international monetary system. We all use money every day. Without money we'd be unable to feed, clothe and house ourselves, let alone pay for Netflix or a night out. Few, however, question what money is, and where it comes from. Fewer still question how the international monetary system works - what shapes exchange rates, and why the US dollar is accepted everywhere around the world, but not the NZ dollar, for example. A cliche we have all heard is that 'money doesn't grow on trees'. So where did governments find so much money to spend on rescuing the economy from falling off a cliff due to the COVID19 lockdowns. Will this 'new' money have to be repaid, and if so by whom? And moving on to the international domain, is the United States' growing budget deficit and sanctions on Russia likely to undermine the dollar's status as the world's leading currency? Will the Chinese Renminbi (yuan) take its place, as China's economy grows? As all IPE questions, these are fundamentally questions about power and who the winners and losers are in the global economy. Learning outcomes: L01, L02, L03 |
Week 8 (09 Sep - 15 Sep) |
Lecture |
Topic 8: Why are houses so damn expensive? Do you often hear stories about how people used to buy houses at a price no more than three times their annual income? Sounds fanciful at a time in which the median house in Brisbane costs nearly a million bucks, while the median personal income is just over $50,000. But why are houses so expensive these days? Is it due to changes in supply and demand, as some mainstream economists argue? To answer this question, we need to understand the remarkable rise of global finance under globalisation - the topic of this week's lecture. While cross-border economic integration has taken on multiple dimensions, few are as striking as the growth of financial markets, transactions in which now dwarf those in the 'real' economy of goods and service by orders of magnitude. The growth of financial markets has facilitated the availability of plentiful, and relatively cheap, credit to consumers, companies and governments. The result is a rapidly growing mountain of household and sovereign debt. The encroachment of finance and financial products into increasing aspects of life is often called 'financialisation'. An example is the increasing reliance of Australian workers on consumer credit to finance their daily needs (credit cards), and their retirement (superannuation), not to mention their homes (mortgage). Governments are also increasingly financialised as their borrowing is shaped by bond markets, as are corporations whose value, and even very existence, is often shaped by dynamics on financial markets. This is not to even mention transactions in currency exchange markets, which amount to trillions daily. Why has global finance grown so fast over the past few decades? Was it inevitable? Who benefits and who loses from financialisation? Is this trend sustainable, and if not, what can we do about it? Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 5: Topic 8: Why are houses so damn expensive? Topic 8: Why are houses so damn expensive? Learning outcomes: L01, L02, L03 |
|
Week 9 (16 Sep - 22 Sep) |
Lecture |
Topic 9: Better to be exploited by capital or not? The esteemed economist Joan Robinson famously said that 'the only thing worse than being exploited under capitalism is not being exploited under capitalism.' By this she did not mean to deny the exploitation of workers in the capitalist system, but to acknowledge that in the absence of alternatives, not being exploited by capital consigns a worker, their family, and even entire economies to desperate poverty. In this week, we ask whether she was right, by examining the political economy of labour under globalisation (and whatever comes next). Many argue that the poor pay and conditions for workers in many developing countries should not distract from the fact that they would be worse off without the jobs they have, including in 'sweat shops'. The improving income of many workers in rapidly growing economies like China's and India's is used as evidence Others, however, point to workers' declining share of the national income in many developed countries and note the implications of the rising inequality associated with this trend on overall demand, and hence on the health of capitalism itself and of democracy in many cases. Feminist political economists show that poorly paid women workers and reproductive labour, which is often performed by women but ignored by economists, is critical for economic 'success stories' in globalised industries, supplying major corporations. Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 6: Topic 9: Better to be exploited by capital or not? Topic 9: Better to be exploited by capital or not? Learning outcomes: L01, L02, L03 |
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Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
** Mid-semester break - no class ** Mid-semester break - no classes. |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Topic 10: Are taxes really as certain as death? Benjamin Franklin, one of America's 'founding fathers', once wrote: 'in this world nothing can be said to be certain, except death and taxes'. At this stage, death remains certain, but could the same be said for taxes? One of the most significant aspects of globalisation has been the emergence of international taxation as an important consideration for wealthy individuals and especially multinational corporations. As economic activities increasingly transcended national borders and as financial markets were liberalised, it became increasingly possible to develop sophisticated accounting practices to reduce taxation in high-taxing jurisdictions, shifting income earned in high-taxing jurisdictions to low-taxing jurisdictions or even to secretive 'tax havens' to avoid paying tax altogether. Although offshore tax havens are often imagined to be exotic islands, populated by seedy Hawaiian-shirt-wearing, disgraced former bankers with a bad tan, in reality significant parts of major financial centres like New York, London, Hong Kong and Singapore, operate as offshore tax havens for residents of other countries, while island tax havens, like the Cayman Islands, are in reality an extension of major financial centres too. In short, the 'offshore' is an integral part of globalisation as we know it. Although causing international tensions since at least the 1990s, the 2008 global financial crisis pushed international taxation issues into the headlines. Since, many politician have proclaimed 'unfair tax competition' over, only to see it survive and thrive. For some, tax competition is positive, pushing down taxation rates in developed countries and hence promoting investment and economic activity. For others, it is another way in which the rich and powerful avoid paying their 'fair share', causing austerity and the decline of public services. In this lecture we will examine the politics of international taxation and interrogate some of the claims made by proponents and detractors. We will especially seek to examine why offshore financial centres continue to exist, and what their implications are for the distribution of power and wealth in the contemporary global political economy. Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 7: Topic 10: Are taxes really as certain as death? Topic 10: Are taxes really as certain as death? Learning outcomes: L01, L02, L03 |
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Week 11 (07 Oct - 13 Oct) |
Lecture |
Topic 11: Are Capitalism & a Stable Climate Compatible? The industrial revolution powered incredible improvements in living standards. It did this via what Simon Dalby calls a 'metabolic rift', unleashing the energy captured in processes that happened millions of years ago in the form of fossil fuels, like coal, oil, and gas. Without fossil fuels, society as we know it would not exist. But releasing CO2 and other greenhouse gasses (GHGs) into the environment has come with a price: the world's gradual warming. According to alarming modelling from the UN's Intergovernmental Panel on Climate Change (IPCC), unless the world collectively reduces drastically the amount of GHGs released into the environment over the coming decade, we are heading towards catastrophic warming of more than 3 degrees Celsius. Its impact on life as we know it would likely be devastating. Flooding, droughts, storms, fires, sea-level rising, biodiversity loss, and more, could intensify dramatically. Warnings have abounded for decades, and the UN Framework Convention on Climate Change treaty was already signed in 1992, followed by many agreements, reports, and plans all promising to address climate change. Nonetheless, global CO2 emissions have continued to increase and are now 60 percent higher than in 1990. More emissions had been emitted 1990-2019 than in the previous 240 years of industrialisation combined. Why have global efforts so far failed not only to reduce emissions, but to even stop them from increasing? Learning outcomes: L01, L02, L03 |
Tutorial |
Tutorial 8: Topic 11: Capitalism & Stable Climate Compatible? Topic 11: Capitalism & Stable Climate Compatible? Learning outcomes: L01, L02, L03 |
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Week 12 (14 Oct - 20 Oct) |
Lecture |
Topic 12: Is it going to be different this time? Cycles of boom and bust have been a constant feature of capitalist economies since their emergence in the late 18th, early 19th centuries. As Reinhart and Rogoff argue, however, every time contemporaries thought 'this time it would be different', only to be confounded. In recent years, the frequency, severity and geographical scope of capitalist crises appears to be increasing, culminating over the past 15 years or so in the GFC, Eurozone crisis, and the COVID19 downturn, which could herald a sustained economic depression. Just why crises happen in capitalist economies and what, if anything, could be done to avoid or ameliorate them is debated widely. In this week's lecture, we will examine some of the main explanations for capitalist crises and how to address them. Are we destined to live through perennial cycles of 'creative destruction', as Schumpeter called them, which destroy productive capacities and dislocate communities, or are there possible alternatives, within or beyond capitalism? Learning outcomes: L01, L02, L03 |
Week 13 (21 Oct - 27 Oct) |
Lecture |
Revision Q&A session Via zoom Learning outcomes: L01, L02, L03 |
Policies and procedures
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- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.