POLS2003 1 2020 Sem 2 PDF

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THE UNIVERSITY OF MELBOURNE SCHOOL OF SOCIAL AND POLITICAL SCIENCES FACULTY OF ARTS

POLS20031 Political Economy Subject Guide Semester Two, 2020

The website for this subject is on Canvas and is available through the Learning Management System (LMS) at: https://lms.unimelb.edu.au/canvas The LMS is an important source of information for this subject. Useful resources such as lecture / seminar notes, lecture recordings and subject announcements will be available through the website. It is your responsibility to regularly check the dedicated Canvas site for subject announcements and updates. You will require a university email account (username and password) to access the Learning Management System. You can activate your university email account at: https://accounts.unimelb.edu.au/manage

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Teaching Staff Lecturer: Professor Andrew Walter Professor Andrew Walter Room x552, John Medley Building Meetings by appointment: [email protected] Andrew Walter is Professor of International Relations in the School of Social and Political Sciences and director of the Master of International Relations program. Until September 2012 he was Reader in International Political Economy at the London School of Economics and Political Science and Academic Director of the TRIUM Global Executive MBA Programme (2001-12). Before moving to the LSE in 1997, he was University Lecturer in International Relations at St Antony’s College, Oxford University (1990-1997) and before that an associate at JP Morgan (London) 1988-90. He has an M.Phil and a D.Phil in International Relations from the University of Oxford. His research is on international and comparative political economy, with specialisms in the political economy of finance, money and investment; the politics of international rule negotiation, standard setting, and compliance; and the rise of emerging countries in the global political economy, especially East Asia. See: http://ssps.unimelb.edu.au/about/staff/profiles/andrew_walter

Tutors: Mr Ryan Carters Meetings by appointment: [email protected] Ryan Carters is a Policy Adviser at the Centre for Policy Development, where he researches and advises on climate and energy policy and on Australia’s COVID-19 economic recovery measures. He recently returned to Australia after completing his Master in Public Policy at Harvard University, where he studied as a John Monash Scholar. His study at Harvard focused on political economy, international politics, and technology policy, including research on policies to support emerging energy technologies in the EU. Prior to that, Ryan worked as a consultant to Australian state and federal governments on education and innovation policy. He is a former professional cricket player and founder of the charity Batting for Change, which supports access to higher education for disadvantaged young people in developing, cricket-playing nations. Ms Katie Lovelock Meetings by appointment: [email protected] Katie is a tutor in the School of Social and Political Sciences and the School of Culture and Communications. Katie has a Master in International Relations and a Master in Teaching, with her studies focused on international political economy, environmental policy, and education policy, including research on the political and

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economic factors which influence decisions made by Australian schools. Before joining UniMelb, Katie worked in political campaigns and the non-profit sector. Dr Fabio Mattioli: Room W634, John Medley Building Meetings by appointment: [email protected] Fabio Mattioli is Lecturer in Social Anthropology at the School of Social and Political Sciences and Associated Researcher at the Centre for Artificial Intelligence and Digital Ethics. Before joining UniMelb, he taught at New York University, and the John Jay College of Criminal Justice. His research analyzes how society is shaped by new economic and technological innovations. In most of his work, he intersects analyses of political and economic trends with the views and practices of participants, which he gathers by participating in their daily life—a kind of ethnographic approach he calls organic political economy. His book (Dark Finance, Stanford 2020) describes how financial expansion affected democracy during the global financial crisis, focusing on the case study of North Macedonia. Since then, he has expanded his work to other spaces of innovation, focusing on social, political, and economic context that frames startups, social media algorithms, and artificial intelligence. See: https://findanexpert.unimelb.edu.au/profile/802134-fabio-mattioli

What you can expect from teaching staff: Note that although teaching staff will make every effort to assist students prepare for their assessment tasks, this is limited to general advice and assistance with students developing their own responses to the tasks as set. Assessment assistance does not generally include technical advice (e.g. formatting and structure, referencing style, layout and presentation) which is advised in the Subject Guide and/or is available from other university departments such as the University's library service or the Academic Skills Unit.

A previous version of this subject was taught in the past seven years. Note that it was substantially revised in 2016 to focus on the application of political economy analysis to major contemporary domestic and global policy issues. The following table provides SES scores for this subject received from the Quality of Teaching questionnaire / Subject Experience Survey in 2019 (all scores out of 5.0):

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Previous years included the following results: Question 1 ‘This subject was intellectually stimulating’: 4.1 in 2015, 4.7 in 2016, 4.5 in 2017, 4.7 in 2018. Question 4 ‘This subject was well taught’: 4.0 in 2015, 4.6 in 2016, 4.25 in 2017, 4.6 in 2018.

A note on the “economic” content in this subject: The emphasis of the subject is firmly upon the political aspects of economic outcomes, institutions, and policy choices. You are not expected to master economic theory; nor is an economics background required for this subject. However, given the pervasiveness of economic concepts and analysis in scholarly work in social science and in the media and public policy discussion, including international affairs, you will need to become a good basic consumer (rather than an expert practitioner) of some of these concepts, and understand how they can be useful in understanding how the economy and politics interrelate. Helpfully, there is now a good way for noneconomists to achieve this in a very non-technical way: COREECON. This innovative project is intended as a political economy course for economists, and we will use the material in it from time to time.

Learning Objectives On completion of this subject students should: 

Understand the main concepts and theories of political economy, the interrelationship of government and markets, and appreciate the political circumstances and causes of economic policies;

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Have developed critical skills in evaluating and applying concepts and theories of political economy, be able to identify and evaluate their application, and understand the changing roles of government and markets with globalisation;

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Develop the facility to evaluate positions and policies that individuals and governments take on economic policy, and to relate these to underlying theories and ongoing debates as well as to practice;

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Develop skills in researching major topics, understanding the ways in which political economy phenomena can be investigated and articulated, and be able to use these in their own research and formulating their view points;

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Be informed of ethical standards and practices, and how these are to inform research;

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Appreciate and be practiced in group participation;

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Communicate their own views in professional ways, and refine their ability to develop coherent and persuasive arguments;

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Have a facility for individual research and critical evaluation of sources, and be able to formulate their own informed views.

Learning, “motivated reasoning” and confirmation biases Many of the above objectives point to one desirable learning outcome: that each of you strive as best you can to avoid what psychologists have shown to be a strong and persistent human trait. More educated people can be especially prone to “motivated reasoning” – seeking arguments and evidence that support pre-existing beliefs. This is related to what psychologists call “confirmation bias.” Also, an important finding in the political economy literature on inequality is that many and perhaps most people underestimate the level of inequality in society (the “gender wage gap”, inequality between racial groups, and the level of “intergenerational mobility” – i.e. the extent to which parental income and wealth determines that of their children). Furthermore, men are more likely to underestimate the gender wage gap, and white respondents are more likely to underestimate the racial gap. This looks like one relevant example of motivated reasoning (see Miron, A. M., Warner, R. H., & Branscombe, N. R. (2011). “Accounting for group differences in appraisals of social inequality: Differential injustice standards.” British Journal of Social Psychology, 50(2), 342–353). Possibly even more surprisingly, there is also evidence that people from disadvantaged backgrounds also underestimate inequality and have more faith in the fairness of social institutions – consistent with the hypothesis that they have an incentive to reduce their personal pychological stress or cognitive dissonance. So do yourself and your university experience a favour and read these articles before this subject begins. You might also revisit them at the end of this semester and ponder whether the evidence and competing arguments you encountered have led you to change your mind on any important issues: Epley, Nicholas, and Thomas Gilovich. 2016. "The Mechanics of Motivated Reasoning." Journal of Economic Perspectives, 30 (3): 133-40. Bénabou, Roland, and Jean Tirole. 2016. "Mindful Economics: The Production, Consumption, and Value of Beliefs." Journal of Economic Perspectives, 30 (3): 141-64. Miron, A. M., Warner, R. H., & Branscombe, N. R. (2011). “Accounting for group differences in appraisals of social inequality: Differential injustice standards.” British Journal of Social Psychology, 50(2), 342–353. Lorch, Mark. 2017. “Why people believe in conspiracy theories – and how to change their minds.” The Conversation, August 18.

Effective study habits: A note from Prof. William McEachern’s blog on teaching and learning (this really might help you in your studies!):

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“Stephen Chew, a cognitive scientist at Samford University and U.S. Professor of the Year in 2011, has a series of short videos about effective study habits. Here is a summary of the introductory video entitled “Ten Study Strategy Principles”:1 1. Your level of understanding is a direct result of how well you prepare. Learning is a matter of study and practice, not luck. 2. You must master the basics before moving to the complex. All new learning builds on prior knowledge. 3. If you use ineffective study tools, you will not learn much no matter how great your effort. 4. Struggling students are usually way overconfident about how well they understand the material. To avoid overconfidence, take chapter quizzes, ask each other questions, and write down all you recall on the topic, then compare that to the book. 5. The brain is not built for multitasking. Multitasking makes you stupid. 6. Successful learning requires course planning. As a short-term goal, plan what you need to accomplish during the particular study session. As a long-term goal, plan to finish required reading, leaving enough time for a thorough review before the exam. 7. Feedback from tests of all kinds, including self-tests, is a powerful source of learning and the best way to uncover weaknesses. Even failure is a valuable source of feedback. 8. Take advantage of prime learning opportunities. If you have a good teacher, then go to class, pay attention, and take good notes. Even with a poor teacher, good students know how to create their own learning opportunities with textbooks, other course resources, and discussions with peers. 9. Learning involves dealing with challenges, difficulties and uncertainties. Effective learning is not always exciting or comfortable; you must be persistent. 10. To do your best, find the pleasure and value in what you are studying.”

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There are six additional videos that develop these points; all can be found at www.samford.edu/departments/academic-success-center/how-tostudy.

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Subject Structure Students are expected to attend a 1.5-2.0 hour lecture, a one hour tutorial each week (10 weeks in total), and to participate at least 30 minutes per week in Discussion Board activities on Canvas by posting and responding to questions and problems assigned by the lecturer and tutors. Lectures: PAR-Chemistry-178 (Cuming Theatre), Wednesdays, 9:00-11:00 am. Note: for as long as pandemic restrictions remain in place, lectures will be prerecorded and provided at the beginning of each week in audio format to allow you to listen at your convenience. Tutorials will be held live online for as long as the University requires. Tutorials: Students must attend and participate in a one hour Zoom-based tutorial for each of the 10 weeks in which they are scheduled. Tutorials take place the week following corresponding lectures, according to the following schedule:

Semester 2: 3 August - 30 October 2020

Week 1,

Week 2,

Week 3,

Week 4,

Week 5,

Week 6,

Week 7,

Week 8,

Week 9,

VACATI ON WEEK,

Week 10,

Week 11,

Week 12,

begin ning

beginn ing

beginn ing

beginn ing

beginn ing

beginn ing

beginn ing

beginn ing

beginn ing

week beginnin g

beginn ing

beginn ing

beginni ng

3Aug

10Aug

17Aug

24Aug

31Aug

7-Sep

14-Sep

21-Sep

28-Sep

5-Oct

12-Oct

17-Oct

24-Oct

Lecture Program

Lectu res 2 h.p.w.

Lectur es 2 h.p.w

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

Lectur es 2 h.p.w.

No Lecture

Lectur es 2 h.p.w.

No lecture

No Lecture

Tutorial Program

No Tutor ials

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

Non -Teachin g Period

Tutori al 1 h.p.w.

Tutori al 1 h.p.w.

No Tutoria ls

Discussion Boards: these will be assigned in Canvas for each topic and in specific cases as assigned by the lecturer and tutor. If you have a question prompted by any of the lecture material, by any tutorial discussion, or by contemporary issues and events relevant to the subject, please consider posting it on an appropriate discussion board. This will allow others to respond and learn from your post. 7

Tutorial Registration: Students are required to Register into their tutorials and seminars before the commencement of semester, by using the on-line personal class timetable tool in myunimelb. Further information about Class Registration is available at http://students.unimelb.edu.au/admin/class-registration

Readings: All required readings for this subject are listed in this guide and available via direct web links. In some cases, additional readings are available on LMS. The required readings represent the bare minimum expected for you to participate effectively in lectures and in tutorials. The more you read, the more you will learn and the better you will perform in this subject. You are strongly encouraged to develop your own learning and knowledge through wider reading and research, especially for your individual assignments. Further recommended readings are listed in this guide. Core texts: There is no recommended text for purchase in this subject. However, you should register online for COREECON, The Economy: http://www.core-econ.org/ before teaching begins. This innovative project is intended as a free political economy course for economists, and we will use the non-technical material in it from time to time. They constantly update the online text, so note that chapter order can sometimes change.

Relevant and interesting podcasts: Sometimes we add specific podcasts to individual topics. In general, if you like podcasts, I recommend:  

The Intelligence (The Economist) More or Less (BBC)

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Trade Talks (Peterson Institute)

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Planet Money (NPR)

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Climate One (with Greg Dalton)

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The Weeds (Vox)

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Odd Lots (Bloomberg – sometimes on more technical aspects of global finance, but some very good episodes)

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Dani Rodrik blog (i.e. not a podcast)

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Semester 2, 2020 Lecture / Seminar / Tutorial Program and Readings Summary of Weekly Topics, POLS20031 Week 1 2

Lecture Date 5 August 12 August

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19 August

Topic Political economy: introduction Liberal capitalism: understanding distributional consequences The political economy of inequality and redistribution

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26 August 2 September

Redistribution II: policy implementation in a global economy Globalisation and the challenge to national welfare policy

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9 September 16 September 23 September 30 September 7 October

The political economy of international trade The political economy of the environment Governing the international monetary system The politics of financial crises Case study: The political economy of the global pandemic

Non-teaching period: Monday 5 October - Sunday 11 October 2019

SWOT VAC: 2-6 Nov 2019 EXAMINATION PERIOD: Monday 9 Nov – Friday 27 Nov 2019. You must be available for the entirely of this period.

Attendance / Participation Requirements Tutorials Students should be aware of what is expected of them in tutorials - this will be discussed in the first class. As a minimum, students are expected to attend, undertake weekly readings and contribute to discussion. Tutorial Attendance Hurdle Requirement Attendance at all lectures and tutorials is expected. Apologies for absence, especially from tutorials, are also expected. All Undergraduate subjects in the School of Social and Political Sciences have a minimum Hurdle Requirement of 75% tutorial attendance. If a student does not meet the tutorial attendance hurdle requirement s/he will fail that subject with an NH grade. Application for Tutorial/Seminar Attendance Waiver Students can apply for attendance waivers of up to a maximum of 2 classes only (beyond the number of classes students are able to miss without penalty). Applications should be submitted to the Subject Coordinator by e-mail (and copied to the tutor/seminar assistant) no later than 3 working days after ...