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Course Outline Global-Political-Economy - ECON074-1

The document outlines the minutes of a meeting regarding the Generic Elective course 'Global Political Economy' at the University of Delhi, detailing its objectives, learning outcomes, and examination scheme. The course covers the evolution of the global economy from the end of World War II to the 2008 financial crisis, focusing on various aspects such as production, labor dynamics, and the role of finance. It includes a comprehensive course outline with readings and topics for each unit, emphasizing the critical understanding of contemporary global economic relations.

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Riya Jain
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23 views3 pages

Course Outline Global-Political-Economy - ECON074-1

The document outlines the minutes of a meeting regarding the Generic Elective course 'Global Political Economy' at the University of Delhi, detailing its objectives, learning outcomes, and examination scheme. The course covers the evolution of the global economy from the end of World War II to the 2008 financial crisis, focusing on various aspects such as production, labor dynamics, and the role of finance. It includes a comprehensive course outline with readings and topics for each unit, emphasizing the critical understanding of contemporary global economic relations.

Uploaded by

Riya Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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UNIVERSITY OF DELHI

DELHI SCHOOL OF ECONOMICS


DEPARTMENT OF ECONOMICS

Minutes of Meeting
Subject : Generic Elective (GE-24) IV/VI/VIII Sem.
Course : Global Political Economy – ECON074
Credits : 4 (3L+1T)
Date of Meeting : November 25, 2024
Venue : Department of Economics, Delhi School of Economics, University of Delhi
Convenor : Surender Kumar, Manish Kumar

Attended by
Teacher Name College Name
1. Saumyajit Bhattacharya, Kirori Mal College
2. C. Saratchand, Satyawati College

Eligibility Criteria to opt this course: Class XII


Prerequisites to opt this course: NIL

Course Objectives
•This course introduces students to the contemporary structures, trends and developments
in the world economy from a political economy perspective.
•The period covered is from the end of Second World War up to global economic crisis of
2008. Areas covered include the organization of production and corporate structure;
changes in labour processes and labour regimes;
•The financialization of the world economy; and the shift in the understanding of the nature
and role of the state under globalisation.

Learning outcomes
This course enables students to develop a critical understanding of the contemporary
global economy, changing dynamics of political economic
relation and developments over the last five or six decades.

Scheme of Examination
The maximum marks for the final examination would be 90, with the remaining 70 marks
being allocated as follows: 30 marks for internal assessment and 40 marks for tutorials
based assessment. In the final examination, the question paper will have 10 questions of
18 marks each, of which students would have to answer five.

Questions may span across units of the syllabus.

Course Outline and Readings


Note: Readings with an asterisk (*) mark are essential for teachers. The students may be
encouraged to read them, but no direct questions should be asked from these readings.

Unit 1 : Introduction (6 hours)


The political economy of globalisation, a theoretical and historical overview.

Varoufakis, Y. (2011). The global Minotaur: America, the true origins of the financial
crisis and the future of the world economy, Zed Books, Chapter 3: The Global Plan, pp: 57-
89 & Chapter 4: The Global Minotaur, pp: 90-112.
U. Patnaik and P. Patnaik (2016) A Theory of Imperialism, Columbia University Press,
Chapter 1: Introduction, pp: 1-8.

(*) Nayyar, D. (2003). Globalisation and development. In H.-J. Chang (ed.): Rethinking
development economics, Anthem Press, Chapter 3: pp: 61-82.

[The unstarred readings of Unit 1 are to be treated as a general theoretical and historical
overview and no direct questions will be asked from this. However these readings will be a
foundation on which students will have to answer questions based on readings in other
Units of this course.]

Unit 2 : Changing dynamics of capitalist production. (9 hours)


Organisational forms and labour processes in the Fordist and Post-Fordist production
regimes; multinational corporations – evolution, structural form and dynamics; global value
chains and production networks; the nature of employment, job security and labour rights
in a globalising world.

Tonkiss, Fran (2006). Contemporary Economic Sociology: Globalisation, Production,


Inequality, Routledge (India reprint 2008), Chapter 4: Fordism and After, pp: 87-104.

Hymer, Stephen (1975). "The Multinational Corporation and the Law of Uneven
Development", in H. Radice (ed.) International Firms and Modern Imperialism, Penguin
Books. Also available from:
Hamza Alavi and Teodor Shanin (eds.) (1982) An Introduction to the Sociology of
'Developing Societies', Chapter 11, pp: 128-152.

Thun, E. (2011). The globalization of production. In J. Ravenhill (ed.): Global political


economy. Chapter 11.

Chang, D. (2009). Informalising labour in Asia's global factory. Journal of Contemporary


Asia, 39, pp: 161-179.

Ramaswamy, K.V. (2019). “Non-standard Employment, Labour Laws and Social Security:
Learning
from the US Gig Economy Debate” in K.R. Shyam Sundar (ed.) Globalization, Labour
Market
Institutions, Processes and Policies in India, Palgrave Macmillan. Sections 1 to 3.1 pp.
277-286.

Unit 3 : Institutional setting of global trade. (6 hours)


Evolution of the role, structure and mechanisms of the international trade regime.

Winham, G. (2011). The evolution of the global trade regime. In J. Ravenhill (ed.): Global
political economy.

Jha, P. and Yeros, P. (2019). Global agricultural value systems and the south: Some critical
issues at the current juncture. Agrarian South: Journal of Political Economy, 8(1-2), pp: 14-
29.

Unit 4 : The role of finance in the globalised economy. (9 hours)


Financialization– trends, instruments, features and consequences.
Dore, Ronald (2008). “Financialization of the Global Economy”, Industrial and Corporate
Change,
Volume 17, Number 6, pp. 1097–1112.

Unit 5 : The state in the era of globalisation: (6 hours)


Globalisation and the limits of the welfare and developmental states; the neoliberal state.

Harvey, David (2005). A Brief History of Neoliberalism, OUP. Introduction (only pages 2-4),
Chapters 3 “The Neoliberal State”, pp: 64-86 and Chapter 4 “Uneven Geographical
Developments”, pp: 87-119.

(*) Rodrik D, Stiglitz J.E (2024). A New Growth Strategy for Developing Nations. Available
from: https://drodrik.scholar.harvard.edu/sites/scholar.harvard.edu/files/dani-
rodrik/files/a_new_growth_strategy_for_developing_nations.pdf

Unit 6 : Global economic instability and crisis: (9 hours)


The 2008 global economic crisis – prelude; proximate and long-term causes; and policy
response.

Vakulabharanam, V. (2009). The Recent Crisis in Global Capitalism: Towards a Marxian


Understanding. Economic and Political Weekly, Vol. 44, Issue No. 13, 28 Mar, 2009, pp:
144-150

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