PL30895: Meltdowns, conflicts and resistance: capitalism in flux and shifts in economic governance
[Page last updated: 05 August 2021]
| Academic Year: | 2021/2 |
| Owning Department/School: | Department of Politics, Languages and International Studies |
| Credits: | 6 [equivalent to 12 CATS credits] |
| Notional Study Hours: | 120 |
| Level: | Honours (FHEQ level 6) |
| Period: |
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| Assessment Summary: | CW 33%, ES 67% |
| Assessment Detail: |
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| Supplementary Assessment: |
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| Requisites: | |
| Aims: | The unit focuses on a key area of International Political Economy theory, namely the global financial system. It offers a theoretical overview of the main aspects of the system, including a brief history of financial crises through time; the Bretton Woods financial governance system and its erosion; and focuses specifically on the causes, consequences and governance responses to the 2008 financial crisis. The unit engages the changing nature of the global financial and economic system and analyses current challenges to the system emerging from the fallout of the financial crisis, and the shift of economic power to the BRIC economies. |
| Learning Outcomes: | Students successfully completing the unit will demonstrate:
* knowledge of some of the major classical theoretical interpretations of financial crises (Kindelberger, Galbraith, Eichengreen, Krugman, Goldstein) and exposure to Marxist and Austrian School interpretations of crises * understanding of the Bretton Woods financial system * comprehension of the globalisation of financial markets over the last decades * awareness of the history of financial crises, and the effects of path * dependency in the emergence of institutional responses to crises * and overview of domestic, regional and international governance initiatives to address the financial crisis of 2008 (G20, IMF reform, new Eurozone institutions) * understanding of the effects of austerity policies and social resistance * familiarity with controversies regarding gold standards, fiat currencies. |
| Skills: | Skills in critical analysis, precision in the use of written and spoken language, exercise of independent judgement, reasoned argument, effective communication, teamwork and the planning/conduct/reporting of non-quantitative research are developed and assessed in this unit. |
| Content: | 1. Nothing new under the sun: Financial Bubbles in time (Madness of Crowds, Confusion of Confusions, Manias, Panics & Crashes- Kindleberger))
2. The Great Depression: Causes, consequences and its Lasting Legacy 3. Institutionalising Stability? The Bretton Woods System 4. Currency Markets & Instability in an Era of floating exchange rates I: Debt crisis 5. Currency Markets & Instability in an Era of floating exchange rates II: Asian crisis 1997 6. The 2008 Financial Crisis: Collapse and contagion 7. The 2008 Financial Crisis: Attempts to contain the crisis Bail-outs, QE, G20 8. Europe under threat? From financial to sovereign debt crisis 9. Europe under threat? Eurozone crisis, institutional response and social unrest 10. Currency wars and a future new world order? |
| Programme availability: |
PL30895 is Optional on the following programmes:Department of Economics
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