GLOBAL ECONOMY

GLOBAL ECONOMY

1.  Discuss the impacts of the global recession in processes of economic globalization, regionalization, internationalization and neoliberalism in the World Economy .

There is debate on to what extent, as a consequence of the recession, the World economy is becoming more or less globalized or regionalised, more or less internationalized and more or less neoliberal.  The essay should use theory and evidence to evaluate both sides in the debate. The discussion should draw on the views of   radicals, sceptics and pragmatics regarding to what extent the economy was globalized before the recessions that started in 2008, and then explore whether or not the recession is likely to have changed economic trends.  You need to focus on economic globalisation as a new phenomenon, different from internationalization, westernization, neo-liberalism or cultural convergence.
Key authors:  HIRST & THOMPSON, SCHOLTE (BOTH IN THE READING PACKAGE.)  OHMAE, DICKEN
2.  Discuss the impacts of Globalization, Neoliberalism and Internationalization in Global Sustainable Development.
This is an essay about the positive and negative  impacts of globalization, internationalization and neoliberalism on the economic, social and environmental dimensions of sustainable development. You need to be analytical with your readings and differentiate impacts of globalisation from impacts of internationalization, westernization, neo-liberalism or cultural convergence.

Key authors:  Lloyd: What now? ( workshop 2), SCHOLTE (BOTH IN THE READING PACKAGE.), DICKEN (chapters about winners and losers) , STIGLITZ
Stiglitz, J ( 2002) Globalization and its Discontents, London: Penguin (chapters about the “way forward ),
Stiglitz, J ( 2007)  Making Globalization Work: The Next Steps to Global Justice, London:  Penguin, 2007 ( also see Stiglitz, 2012, The age of Inequality)

3. Bretton Wood institutions have been fiercely criticised in the last two decades. Discus  a) what criticisms have not been addressed and b) to what extent there is still a need for Bretton Wood Institutions.

The answer to this question requires:
A discussion of each BW institution ( WB, IMF, WTO). Identification of criticisms and to what extent the criticisms have been addressed by the institutions. The essay should also evaluate to what extent we need the WTO/WB/IMF. If any or all three are needed, then the essay should focus on the identification of aspects that still need to be reformed, explaining why and how. This is an essay requiring evidence of a range of readings for and against Bretton Woods institutions. For the evaluation of WTO you need to acknowledge the debate around TRIPS ( see reading for workshop 8: Legrain, G. ( 2004) ‘Patently Wrong: How Global Patent Laws Harm the Poor and the Sick’, Chapter 10 in Legrain ( 2004)  Open World, pp. 254–269

Key authors: Rich & Lateef (READINGS FOR WORKSHOP 3). Legrain (workshop 8), Stigliz and Peet.

Stiglitz, J ( 2002) Globalization and its Discontents, London: Penguin (chapters about the “way forward in Globalization and its discontents),
Stiglitz, J ( 2007)  Making Globalization Work: The Next Steps to Global Justice, London:  Penguin, 2007
Peet, The Geography of Power: the making of global economic policy ( Oxford University Press, 2008) ( One chapter  included in the reading package for WS3)
Or
R. Peet, Unholy Trinity, The IMF, World Bank and WTO, (London: Zed Books, 2003)

4.  Discuss to what extent the roles of the State identified by Dicken are more or less relevant in the new “Green Growth” Global Economy.   Will Multinationals be more or less powerful in the “Green Growth” Economy?
This discussion requires understanding of debates about the roles of the state in the Global Economy and the comparative power of States vs Multinational Corporations. You need to apply such understanding to analyse how they will be changed (or not) if there is worldwide dissemination of Green Growth ( or Green Economy) policies.
Key Authors: Dicken (you must show knowledge of his views about roles of the state; Hirst & Thompson (see for instance reading package 1, Globalization, Governance and the Nation State), Noreen Hertz, Legrain ( workshop 7)

5.    Compare and contrast policies, factors influencing success and outcomes achieved by the following “Asian Miracle” countries: Singapore, Korea, Malaysia, Indonesia, Myanmar and Cambodia.

This discussion should try to identify common factors and differences between groups of countries. Key readings: ‘The World Bank, The East Asian Miracle (workshop reading). Also Hirst & Thompson: The developing Economies and Globalization; Dicken: State Economic Policies’,Chapter 6 and  Stiglitz: ‘The East Asian Crisis in Globalization and its discontents’, (all in  Course Reading 3) Warning: although these readings describe a range of factors and policies influencing the East Asian Miracle in the first 4 countries, you need to identify additional readings to analyse Myanmar

6. Discuss the role of economic globalization in the  East-Asian crisis, Argentinean Crisis, Russian Crisis, Sub-prime Crisis and Greek crises.
This answer requires awareness of different perspectives regarding the causes of economic crises, and the role of globalization.  You need to focus on the identification of commonalities and differences between crises. Comparative charts will be useful
Key author : Stiglitz : Chapter ‘The East Asian Crisis’(Course Readings Pack 3.)  and Who Lost Russia, in Globalization and its discontents,  Also Hirst &  Thompson:  ( i.e The developing Economies and Globalization, appendix the East Asian Crisis) .
Argentina Solanas, P (2004) Memoria del Saqueo/ A social genocide(documentary)
Subprime Crisis: Stiglitz, ( 2010)  Freefall, Free Markets and The Sinking of the Global Economy; Lewis, M (Ed) ( 2009) ‘Panic: The history of Modern Financial Insanity’ ( one chapter: the people’s panic is in Course Readings Pack 3. The reading says lecture 8 in handwriting, y author: Stiglitz

7.    Governments have different policies regarding foreign direct investment in the Mining Industry. Some of them restrict FDI while other governments encourage FDI in the sector.
Use Dickens’ framework to assess potential impacts of mining FDI in each country and evaluate if Argentina’s and Nigeria’s policies regarding FDI in Mining are the best to maximise the welfare of their citizens.
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You first need to research what type of policy regarding Mining FDI prevails in Argentina and Nigeria.  Then you should apply Dicken’s framework (lecture  notes are based on Dicken’s  framework)  to assess potential  positive and negative impacts of TNC  ( in this question consider MNE=TNC). Analyse whether the application of the framework suggests that benefits will probably outweigh the costs or negative impacts. Remember that the framework not only indicates areas of potential impact but also proposes that whether or not FDI will be beneficial depends not only on the nature of the investment but also on the host country characteristics.  When the balance is not clear, countries could just restrict FDI or allow it but  imposing conditions to make sure the potential benefits are maximised and negative impacts minimised. The way to structure the answer is up to you. For instance, you can answer the question in general.  i.e., the ‘typical’ MNE operating in natural resources will tend to have more negative than positive impacts in Nigeria. You can also answer with a particular case ( i.e, BP or Xstrata)  ); or choose any combination of both.

Key Reading: Dicken

8:  Discuss the advantages and disadvantages of Base of the Pyramid approaches to provide solutions to a) climate change, b) extreme poverty and c) human rights.  In each case ( a, b, and c) , propose an alternative approach that can be used by businesses.
There are no guidelines or required readings for this topic. Use the course lectures and your criteria and imagination to structure your essay.

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