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UNIVERSIDAD DE ESPECIALIDADES ESPÍRITU SANTO FACULTAD DE ESTUDIOS INTERNACIONALES SYLLABUS FOR DAC 11 VER 17 07 07 COURSE: Political & Economic Analysis - ECO 477 SCHEDULE: 08h55-10h15 FACULTY: Mario Vera BIMESTER: Winter ACADEMIC UNITS/CRÉDITS: 3 UEES (SNCC 4.8) DAYS: Mon – Thu PRE REQUISITES: ECO 222, ECO 161 ROOM: G-223 CONTACT HOURS: NON-CONTACT HOURS 1. COURSE DESCRIPTION This course teaches all the academic theory of the interrelation between economics and politics. The main academic theories of the economics science are explained from a political perspective and also the main political ideologies are explained and analyzed from a economic point of view. Both of these dimensions of thought must take into account the political and economical actors involved, how they relate and how they affect decisions and how decisions affect them. 2. OBJECTIVES a. General The aim of the class is to provide the fundamental concepts of international economics from the perspective of the several interrelationships with the private sector and the government. b. Specific • Determine the structural economical and political problems. • Examine the alternative of economical-political courses of actions and their possible results • The students must be capable of gaining the analytical skills to interpret the economic and political data. • Understand the importance of the external forces surrounding us and how it influences our lives. • Evaluate the economic results of the use of a particular economic policy • Understand, analyse and adapt to the current global economical and political trends in the 21st century. 3. COURSE CONTENT OUTLINE DATE 01 / 9 SPECIFIC COMPETENCIES The definition of states and markets and the tension between both. Using the analysis of Balance of Payment to understand the relationships of state and market 01 / 9 01/10 01/14 Understanding the concept of Mercantilism and Economic Nationalism Defining accurately Liberalism and its context Analyzing the roots and evolution of socialism 01/15 Using rational behavior to understand the context of political economy 01/16 Understanding the role of fiscal policy on political economy 01/17 01/21 Review monetary CONTENTS NON CONTACT HOURS ASSESMENT What is International Political Economy Balance of Payments The balance of payment: current account, capital account, official reserve account Flexible exchange rates Equilibrium exchange rates Changes in the equilibrium exchange rate Options under a fixed exchange rate system Mercantilism and Economic Nationalism Neomercantilism Statism Mercantilism and Realism Liberalism Roots and evolution of the liberal perspective Conservatism Liberalism today Structuralist Perspective Marxism Lenin view of society and market Dependency Theory Rational Choice Approach Rational Choice Theory Rational Choice and its view on the individual, human behavior and politics. Fiscal Policy Expansionary, contractionary, discretionary, and automatic fiscal policy. Demand side fiscal policy Supply side fiscal policy Monetary Policy Reading Material: Chapter #33 / Case & Fair Reading Material: Chapter #2 / Introduction to International Political Economy / Balaam & Veseth. Reading Material: Chapter #3 / Introduction to International Political Economy / Balaam & Veseth. Reading Material: Chapter #4 / Introduction to International Political Economy / Balaam & Veseth. Reading Material: Chapter #5 / Introduction to International Political Economy / Balaam & Veseth. Reading Material: Chapter # 8; Economics by Arnold Reading Material: Chapter # 01/22 theory and its effects Money supply on economics Keynesian Transmission Mechanism Keynesian flaws Active and non-active monetary policy How budget deficits Taxes, Deficits and Debt influence economic Income tax structure behavior Budget deficit versus The role of debt in debt an economy Cyclical versus structural deficit Budget deficits, trade deficits and inflation Global Institutions 01/23 Broken Promises 01/24 01/28 29 MIDTERM EXAM Freedom to Choose? 01/30 01/31 – 02/04 East Asian Crisis Who Lost Russia? 02/05 02/06 – 02/07 02/11 – 02/12 02/13 – 02/14 02/18 02/19 02/20 02/21 02/25 02/26 02/27 02/28 02/28 Unfair trade laws Better roads to the market IMF’s other agenda Way Ahead El desafío asiático China: la fiebre capitalista El milagro irlandés La nueva Europa Las falacias de George W. Bush Argentina: el país de los bandazos Brazil: el coloso del sur Venezuela: el proyecto narcisista-leninista México: el país que se quedó dormido América Latina en el 12; Economics by Arnold Reading Material: Chapter # 12; Economics by Arnold Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Globalization and its Discontent : Joseph Stiglitz Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos Chinos: Andres Oppenheimer Reading Material: Cuentos 03 – 04 / 03 Siglo del conocimiento FINAL TEST Chinos: Andres Oppenheimer TEST 4. METHODOLOGY • The class will be conducted using a Socratic approach and involving students in class discussion. • Students will be assigned research homework to relate the concepts covered in class with current issues. 5. ASSESSMENT • This course will encourage class discussion to analyze different perspectives of the economic events that influence society. For this reason, class participation will account for 10% of the final grade. • Reading the assigned material before coming to class is not only mandatory, but essentially important to pass this class because students must be familiar with the topics covered in class. Consequently, to enforce students to read the material before coming to class, we will have an oral quiz covering the assigned material every session, and it will account for 10% of the final grade. • Homework will be sent periodically and it will account for 30% of the final grade. Late homework will be totally unacceptable, and only with proper justification, it will be accepted at a lower grade. Periodic homework consists of short papers and essays about topics related with the class. Midterm and final exam will consist short essay questions. Each exam will account for 25% of the final grade. • A fundamental principle of academic, business and community life is honesty. A violation of this ethical concept, such as plagiarism or cheating will result in penalties ranging from a grade of "F" in the assignment to dismissal from the class. 6. BIBLIOGRAPHY 6.1 REQUIRED Economics / Case & Fair Globalization and its Discontent: Joseph Stiglitz Cuentos Chinos / Andres Oppenheimer 6.2 COMPLEMENTARY TBA 6.3 HANDOUTS: Will be provided by the professor. 6.4 WEBLIOGRAPHY: Will be provided by the professor. 7. FACULTY INFORMATION NAME: Mario Vera Barrezueta ACADEMIC CREDENTIALS--UNDERGRAD: Bachelor of Business Administration – Majors: Finance and International Business – FAU GRADUATE: M.B.A. Masters of Business Administration - FAU E – mail: [email protected] Prepared by: Reviewed by: Mario Vera Barrezueta Date: December 19th, 2007 Date: