INTERNATIONAL POLITICAL ECONOMY MOD. 1

This course is part of the "Global Studies" and "European Union Studies" program. In this first module, students will be provided with the basic tools for understanding the meaning of "Political Economy" starting from a brief overview of economic studies as they were intended by classical economist and the subsequent schools of thought. They will be provided with basic understanding of the concepts of markets, demand, supply, economic systems, market failures, government and government failures. Emphasis will be placed on the economic aspects of the processes of globalisation, internationalisation and economic development, including issues of inequality, poverty, industrialisation, structural adjustment and innovation. Also, an in depth discussion on the different theories and policies for growth and economic development will be offered to students. The course is entirely taught in English.

Students will acquire i) a basic knowledge of the main schools of thought in Political Economy and Development Economics; (ii) a clear understanding of the main indicators of growth and development; (iii) the knowledge of the role of government intervention in economic policy regarding development/growth, and an understanding of the mechanisms underpinning market and government failure; iv) the ability of critically evaluate an economic policy using the tools provided by a relevant school of thought; v) the ability of effectively communicating in debates on International Economic Policy using the tools of International Economics; vi) the ability of widening their knowledge of International Political Economy beyond the topics of this course through readings and independent study.

Minimum credit requirements for the Master's Degree Programme in Comparative International Relations: at least 6 ECTS obtained from one of the following modules: SECS-P/01 Political Economics; SECS P/02 Economic Policy; SECS-P/08 Business Economics and Management.

[references to book chapters and readings in square brackets]
1. History of Political Economy: origins, marginalists revolution, Keynesian revolution [CoreEcon: “Great economists”; Ch. 2 of Diane Hunt on Moodle]
2. National Income Accounting, the Banalce of Payments, and the Exchange Rate – how to measure national output (GNP/GDP) and international trade and financial payments. An overview of the international monetary system [CoreEcon: 1, 13; Krugman, Obsfeld, e Melitz: Ch. 13, 14, 15]
3. Market Failures: Externalities, Public Goods, and Missing Markets [CoreEcon: 12]
4. Development Economics. An overview of the main schools of tought [Ch. 3 of Diane Hunt on Moodle; Krugman, Obsfeld, e Melitz: Ch. 8, 22; notes on Moodle]
5. Beyong GDP/GNP – limitations of GDP. Complementary indices for economic policy. Poverty and inequality indices. The relationship between inequality and growth [notes on Moodle]
6. Environmental Economic Policy – Climate change: GHG emissions and global warming, exhaustible resources. Mitigation policies: cap and trade, international agreements. [CoreEcon: 20]

1. MAIN TEXTBOOK: International Economics: Theory and Policy, Global Edition, 11th Edition; Paul R. Krugman, Maurice Obstfeld, Marc Melitz.
2. The Economy, core-econ.org
3. Online material provided on Moodle

A final in-person closed-book written exam will be taken to verify that the students have acquired the necessary knowledge. The assessment of the two modules is performed through two separate exams (see the webpage of MOD II for information regarding the assessment of the second module of this course).
The final grade of the course (12 CFU) is calculated as the average of the grades obtained in the two modules. The grade is officially recorded upon the successful completion of both modules. A student may take each of the two exams in different exam sessions within the academic year 2021/2022. If the student cannot pass both exams within the exam sessions of the 2021/2022 academic year, he/she will be required to retake BOTH modules.

Traditional front lectures, seminars and class discussions. Alternatively, the students can attend the lectures in streaming (online/synchronous), but in the latter case they are not going to be allowed to interact and ask questions. Class recordings are not going to be made available except if exceptional circumstances occur.

English

This syllabus is provisional and may be subject to changes. Any change will be made public on the Moodle page of the course.

written

This subject deals with topics related to the macro-area "International cooperation" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development