Political Economy of Globalization

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Course Description

Globalization is a very popular concept among society. People around the world engaged in modern life cannot escape this phenomenon. These social, political, economic, and cultural conditions have shaped the way we live. In fact, most people view globalization as something normal, something that simply needs to be endured and not questioned. At least, until the beginning of the 21st century, its impacts were not questioned.

However, as the extraordinary increase in interconnectedness between nations due to globalization has given rise to unequal income distribution among nations worldwide and among social classes within countries, more and more groups are questioning this phenomenon. What is really happening, and why is it happening? In this process, many social movements have emerged, even adopting the theme of “de-globalization.”

This lecture is intended to facilitate an investigation into this phenomenon, by asking several questions such as: What is meant by globalization? How did it emerge? Why? For what purpose? Is globalization simply a natural continuation of social change that has been underway since at least the Industrial Revolution of the 18th century? Does this mean this is actually nothing new? Or is globalization the result of institutional designs created by global political actors in the mid-20th century? Which means, is globalization a new human creation?

The discussion in this class is guided by one perspective, based on the assumption that the phenomenon of globalization we are experiencing is related to the institutional arrangements designed by the victors of World War II in the 1940s to manage social, political, and economic affairs between nations. Globalization is something deliberately designed, not something natural. Globalization has political-economic goals.

The topics discussed in this class reflect the dimensions of globalization found in the literature. However, the primary focus is on understanding the political-economic logic of this phenomenon. Primarily, the discussion will be guided by the fundamental questions in politics: “who gets what, when, how, and how much?” Who benefits from globalization? Who is harmed? Under what conditions? How? How much? Why?

Participants in this course will read and explore the literature and then consider several groups of questions, including:

Meaning:
What is meant by globalization? How do theoretical perspectives understand this phenomenon?

Economic impact:
Does globalization create economic activity and prosperity shared by many? Or is it enjoyed only by a small number? Does globalization lead to financial instability? Does globalization increase capital mobility? Does globalization hinder labor mobility? Does globalization weaken the ability of states to regulate their national economies?

Political impact:
Does globalization make international and non-governmental organizations more important? What is the future of the nation-state? Can globalization reduce conflict and increase respect for human rights? How does globalization affect the balance of power in the world?

Normative issues:
Is globalization merely an informal economic empire? Does globalization threaten democracy? What is the impact of globalization on ethical principles?

Participants in this course should understand important issues in international politics and/or international political economy. They will study how changes in the international economy and the regimes that govern it interact with domestic politics, domestic policymaking, and domestic political-economic structures.


Expected Learning Outcome

  1. Explain the phenomenon of globalization from a political-economic perspective.
  2. Assess the potential and limitations of theories and conceptualizations developed to explain the phenomenon of globalization.
  3. Write an analytical paper or essay on the issue of globalization by utilizing the theories studied.

Syllabus

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Political Economy of Globalization