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College Notes (Tutorials) Global Political Economy (5182V8GP)
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College Notes (Tutorials) Global Political Economy (5182V8GP)
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Global Political Economycompilation document
Contents
Tutorial 1 – 19-2 – International Trade..................................................................................................2
Tutorial 2 – 12-3 – International Finance, economic integration and policy dilemmas/trilemmas......11
Tutorial 3 – 23-4 – inequality...............................................................................................................26
Tutorial 4 – 21-5 – Environment and Economic growth......................................................................36
1
,Tutorial 1 – 19-2 – International Trade
Objectives of tutorial sessions
- Identify main theoretical and conceptual approaches in international economics and global
political economy and how they relate to policy making
- Critical assess, use and communicate the concepts and theories
- Develop academic skills
Tutorial topics
- Tutorial 1
o international trade
What is the difference between an absolute and a comparative advantage?
Should industrial policy in a country conform to the current comparative
advantage, or defy it?
How different are the challenges of advanced and developing economies?
- Tutorial 2
o international finance, economic integration and policy dilemmas/trilemmas
What policy constraints do states and economies face in liberalizing financial
flows?
How do capital flows affect currencies?
What or who stabilizes the international financial system, and at what
economic, political and social costs?
- Tutorial 3
o global inequality
What causes inequality and how do we measure it?
What national and international trends in wealth and income inequality can
we recognize?
Is there a relationship between inequality levels and economic
performance?
- Tutorial 4
o environment and economic growth
Is the current model of growth sustainable?
Are inclusive growth and green growth good alternatives?
Or is de-growth inevitable if we want to preserve our planet?
Topics for essays
Argumentative essay
- One of the following general topics
o International trade
o International finance and policy dilemmas
o Economic inequality
o Economic growth and environment
o De-growth
- Centred on a main (original) argument, based on relevant academic debates
o reasonable and will informed people disagree
- Student’s position in the debate clearly indicated
2
, - The argument supported by relevant evidence
o from the literature or, where appropriate, by economic data
- Formal requirements
o 2000 words long
10% margin
o Use at least 5 peer-reviewed academic sources
o Chicago style referencing
author-date or footnote-bibliography
o Submitted one week after tutorial 4, using Turnitin on Brightspace
o Late submissions
0.5 grade reduction per day late submission
o Has a title (summarizing the main argument), student name, student number, group
number, date of submission, paginated pages, bibliography
o Optional
essay proposal one week before tutorial 4
Feedback
- Learning objectives
o Critically assess and use main theoretical and conceptual approaches in international
economics and global political economy
o Practice your academic skills
Research, analysis, how to organize and present your ideas
o Practice presenting a point of view in a structured, clear, well-reasoned way that
convinces others
Realms of the world economy
- International trade = exchange of both good and services between countries of the world
- International production = the production of products (and their intermediate inputs) in
multiple countries
- International finance = the exchange of assets between countries
- Larger realms
o CEPT
Culture
Environment
Politics
Technology
Trump lowered the taxes but gained more tax revenue because companies did not redirect their
taxes to other countries anymore
International trade
- Key concepts
o Specialization
o Comparative advantage
o Protection of infant industries
o First globalization and de-globalization
o Second globalization
Trade liberalization, deregulation
3
, Containerization
International supply chains
Tax avoidance
Discussion based on Reading Report 1
- What kind of trade policy would you advise to (a specific government in) your region of
specialization
o Should trade barriers be further decreased or increased?
- Klein and Pettis argue that global trade has transformed beyond recognition in the last fifty
years
o Which developments do you find most consequential?
- What would you expect to happen to global trade in the next ten years?
o Clearly list some predictions
Also complemented by explanations
Absolute Advantage
- Absolute advantage = “If a foreign country can supply us with a commodity cheaper than we
ourselves can make it, better buy it of them with some part of the produce of our own
industry employed in a way in which we have some advantage”
o Adam Smith 1977, 424
- The ability of a country
o to produce a good or service with fewer real resources or inputs than another
country OR to produce more of a good or service with the same real resources or
inputs than another country
- A pattern of absolute advantage implies a potential pattern of trade
- The principle of absolute advantage is a policy suggestion that countries should import
goods from other countries where they are produced more efficiently
Trade in the rice market
graph 47
o Consider Figure 2.3 above, and mention what is happening with the price, quantity
supplied, and quantity demanded in both Vietnam and Japan
Vietnam
Price and quantity supplied increase
Quantity demanded decreases
Exports rice
Japan
Price and quantity supplied decreases
Quantity demanded increases
4
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