International Political Economy

(국제정치경제 #22181)

Ewha Womans University

Spring Quarter 2024
Wednesday 3:30-4:45pm, Friday 12:30-1:45pm (POSCO Hall #B151)

Instructor: Sung Mi Kim

Office: Ewha-POSCO Hall #
Office Hours: by appointment
Email: sungmi@ewha.ac.kr

Course Description

International Political Economy (IPE) is a field of study focusing on the intersection of

politics and economics in areas such as trade, finance, and development. This course offers
a comprehensive exploration of International Political Economy (IPE), divided into three
main parts. The first section addresses monetary and financial integration among nation-
states. This is followed by an examination of various aspects of global trade in the second
section. Finally, the course concludes with a focus on current issues, including jobs,
immigration, and climate change. Students will gain insights into the structure of the world
economy, delving into the benefits and risks associated with increased economic
integration between countries. They will investigate the factors driving cross-border
movements of goods, services, and capital, the incentives for cooperation in these realms,
the evolution of the global economic system, and the current challenges it faces.

This course will enable students to apply theoretical knowledge to real-world cases,
particularly in the context of economic globalization. A key part of the class will involve
evaluating the effectiveness of open trade policies in light of the growing uncertainty
surrounding their benefits. Prior knowledge of economic theory is not essential; however,
staying informed about current global events through regular reading of a reputable
newspaper is expected.

Learning Goals

1. Students will develop critical analytical skills necessary to understand and analyze
how politics, economics, and other social considerations interact and affect
policymaking in an increasingly integrated global economy.
2. Students will gain a deeper understanding of contemporary issues, including: U.S.-
China trade conflict, global financial and economic crises, the rise of global supply
chains, and anti-globalization backlash.

1
Reading Materials

All readings will be available electronically through Cyber Campus.

Course Requirements

1) Attendance (10% of final grade)

You are expected to attend lectures. They will not be recorded, and the midterm and final
exams will be largely based on material introduced in class.

2) Short Quizzes (10% each, 20% of final grade)

There will be two short quizzes in class during Week 4 and Week 12. They will consist
solely of multiple-choice questions.

3) Midterm exam (35% of final grade)

The midterm exam is scheduled for April 24th (Wednesday) during regular class hours,
from 3:30 to 4:45 pm. It will cover topics from Week 1 to Week 7. It will include defining
vocabulary and concepts, as well as short essay questions that you can answer in either
Korean or English.

4) Final exam (35% of final grade)

The final exam is scheduled for June 14th (Friday) during regular class hours, from 3:30 to
4:45 pm. It will cover topics from Week 9 to Week 14. Similar to the midterm, it will include
defining vocabulary and concepts, as well as short essay questions that you can answer in
either Korean or English.

Grading

Students will be graded on a percentage scale out of 100 points.

96-100% = A+ 75-79% = C+
92-95% = A 72-74% = C
90-91% = A- 70-71% = C-
86-89% = B+ 65-69% = D+
82-85% = B 60-64% = D
80-81% = B- 55-59% = D-
<55% = F

2
Makeup Policy

Except under exceptional circumstances, as outlined by both University policy and my

judgment, there will be no opportunities for makeup exams or quiz retakes in this course. If
students foresee missing any course content, they should contact me via email before the
deadline to request a postponement.

Special Accommodations

Students with disabilities have the option to request special accommodations in

accordance with Article 57-3 of the University regulations. The process for
accommodations involves collaborative efforts among students, faculty, and the Support
Center for Students with Disabilities (SCSD).

Course Outline/Reading Assignments

Week Date Assignments and Readings

Part I: Monetary Policy and the Global Financial Order

1 3/6 Intro and the Basics of Global Monetary and Financial System
3/8  Rodrik, Dani. 2011. The Globalization Paradox: Why Global Markets,
States, and Democracy Can't Coexist. Oxford; New York: Oxford
University Press. Chapters 1 (“Of Markets and States: Globalization
in History’s Mirror”) and 7 (“Financial Globalization Follies”)

 Eichengreen. Globalizing Capital: A History of the International

Monetary System. Princeton University Press. Chapters 1
(“Introduction”) and 2 (“The Gold Standard”)

2 3/13 Domestic Preferences on Monetary and Financial Integration

3/15  Cohen, Benjamin J. 1999. “The Triad and the Unholy Trinity:
Problems of International Monetary Cooperation.” In International
Political Economy: Perspectives on Global Power and Wealth. 4th
Edition. Eds. Frieden, Jeffry A. and David A. Lake. London: Routledge

 Frieden, Jeffry A. 1991. "Invested Interests: The Politics of National

Economic Policies in a World of Global Finance." International
Organization, 45 (4): 425-51.

3
Week Date Assignments and Readings

3 3/20 FDI and Investor Risk

3/22  Li, Quan and Adam Resnick. 2017. “Reversal of Fortunes:
Democratic Institutions and Foreign Direct Investment Inflows to
Developing Countries.” International Organization, 57 (1): 175-211.

 Jensen, Nathan. 2003. “Democratic Governance and Multinational

Corporations: Political Regimes and Inflows of Foreign Direct
Investment.” International Organization, 57 (3): 587-616

4 3/27 Domestic Monetary Management and Financial Crises

3/29
 Broz, J. Lawrence. 2013. “Partisan Financial Cycles.” In Politics in
New Hard Times: The Great Recession in Comparative Perspective,
Eds. Miles Kahler and David A. Lake

 Lipscy, Phillip Y. 2018. “Democracy and Financial Crisis.”

International Organization, 72(4): 937-968.

5 4/3 Role of Hegemon / Role of International Institutions

4/5
 Eichengreen, Barry. 2011. Exorbitant Privilege: The Rise and Fall of
the Dollar and the Future of the International Monetary System
Chapters 1 (“Introduction”) 3 (“Dominance”).

 Stone, Randall. 2007. “The Scope of IMF Conditionality.”

International Organization, 62 (4): 589-620.

Part II: International Trade

6 4/10 Domestic Politics of Free Trade

(Holiday)
 Rogowski, Ronald. 1987. “Political Cleavages and Changing
4/12 Exposure to Trade.” American Political Science Review, 81(4): 1121-
1137.

 Bailey, Michael, Judith Goldstein, and Barry Weingast. 1997. “The

Institutional Roots of American Trade Policy: Politics, Coalitions,
and International Trade.” World Politics 49(3): 309-338.

4
Week Date Assignments and Readings
 Scheve, Kenneth and Matthew Slaughter. 2001. “What Determines
Individual Trade-Policy Preferences?” Journal of International
Economics, 54(2): 267-92

7 4/17 Trade Institutions: WTO and PTAs (+Midterm Review)

4/19  Goldstein, Judith, Douglas Rivers, and Michael Tomz. 2007.
Institutions in International Relations: Understanding the Effects of
the GATT and the WTO on World Trade. International Organization
61 (1): pp. 37-67.

 Mansfield, Edward D. and Helen V. Milner. 1999. The New Wave of

Regionalism. International Organization 53(3): 589-627.

8 4/24 MIDTERM
4/26
9 5/1 Non-Tariff Barriers / Challenges Facing the WTO
(Labor
Day)  Kono, Daniel. 2006. “Optimal Obfuscation: Democracy and Trade
Policy Transparency.” American Political Science Review, 100 (3):
5/3 369-84.

 Mansfield, Edward D. and Marc L. Busch. 1995. “The Political

Economy of Nontariff Barriers: A Cross-National Analysis.”
International Organization, 49 (4): 723-749.

10 5/8 Rise of China and Trade Wars

5/10  Lincicome, Scott. 2020, “Testing the 'China Shock': Was Normalizing
Trade with China a Mistake?” Policy Analysis No. 895, Cato
Institute.

 Bown, Chad P. 2020. "How the United States marched the

semiconductor industry into its trade war with China," East Asian
Economic Review, 24 (4): 349-388.

5
Week Date Assignments and Readings
Part III: Contemporary Issues

11 5/15 Jobs and Immigration

(Buddha’
s  Hainmueller, Jens and Daniel J. Hopkins. 2014. “Public Attitudes
Birthday) Toward Immigration.” Annual Review of Political Science, 17 (1):
225-49.
5/17
 Peters, Margaret E. 2015. “Open Trade, Closed Borders Immigration
in the Era of Globalization.” World Politics, 67 (1): 114-54.

12 5/22 Multinational Firms, National Interests, and Global Value Chains

5/24  “Global Value Chain Development Report 2021: Beyond
Production.” Chapter 1 (pp. 1-39). Asian Development Bank et al.

 Malesky, Edmund J., and Layna Mosley. 2018. “Chains of Love?

Global Production and the Firm‐Level Diffusion of Labor
Standards.” American Journal of Political Science, 62 (3): 712-728.

13 5/29 Environmental Politics

5/31  Vogel, David. 1997. “Trading Up and Governing Across:
(Ewha Transnational Governance and Environmental Protection.” Journal
of European Public Policy, 4 (4): 556-71.
Anniv.)
 Bechtel, Michael M. and Kenneth F. Scheve. 2013. Mass Support for
Global Climate Agreements Depends on Institutional Design.
Proceedings of the National Academy of Sciences.

14 6/5 Backlash Against Economic Globalization

6/7  Broz, J. Lawrence, Frieden, Jeffry, and Weymouth, Stephen. 2021.
Populism in Place: The Economic Geography of the Globalization
Backlash. International Organization, 75(2): 464-94.

 Dani Rodrik 2017. “Populism And the Economics Of Globalization,”

Journal of International Business Policy.

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Week Date Assignments and Readings
15 6/12 Final Exam Review Session / Final Exam
6/14