74638 - Globalization, States and Markets

Course Unit Page


This teaching activity contributes to the achievement of the Sustainable Development Goals of the UN 2030 Agenda.

No poverty Decent work and economic growth Peace, justice and strong institutions Partnerships for the goals

Academic Year 2019/2020

Learning outcomes

The course explores changes in the international economy and their effects on domestic politics and economics. At the end of the course, students will be able to analyze issues such as: - Is globalization really a new phenomenon? - Is it irreversible? - What are the effects on wages, inequality, social safety nets, production, innovation and competition? - How does globalization affect democracy? - Are markets beyond the control of political institutions?

Course contents

This course surveys and discusses the political and economic effects of globalization both at the international and the national level, in Europe and in other key extra European contexts (such as the US, and East Asia).

The course is structured around five main sections: (1) globalization and its economic and political consequences (2) the impact of economic globalization on national varieties of capitalism, development models and domestic politics (3) the Financial Crisis and its political and economic consequences in Europe and globally (4) Economic regionalism as answer to the challenges of globalization (5) The rise of populism and the crisis of the global economic order.




1 The Economic Effects of Globalization

Ortiz Ospina, E. Beltekian, D. and Roser, M. (2018) Trade and Globalization.


Stiglitz, J. (2018) Globalization and its New Discontents. Project Syndacate


2 Globalization and International Politics

Buzan, B., Held, D., & McGrew, A. (1998). Realism vs cosmopolitanism A Debate Between Barry Buzan And David Held. Review of International Studies, 24(3), 387-398.

Colin Hay (2015) International Relations Theory and Globalization. In Tim Dunne (ed), International Relations Theory. Discipline and Diversity Oxford University Press.


3 Globalization And Democracy

Rodrik, D. (2011). The globalization paradox: democracy and the future of the world economy. WW Norton & Company (ch. 9).

Stein, A. A. (2016). The great trilemma: are globalization, democracy, and sovereignty compatible?. International Theory, 8(2), 297-340.




4 The Varieties of Capitalism Approach and Liberal Market Capitalism

Hall, P. and Soskice, D. (2001) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press. Cap 1.


5 Coordinated Market Capitalism and globalization (I)? The case of Germany

Hall, P. (2015). The Fate of the German Model In Brigitte Unger, ed. The German Model Seen by its Neighbors. Brussels: Social Europe.

Storm, S., & Naastepad, C. W. M. (2015). Crisis and recovery in the German economy: The real lessons. Structural Change and Economic Dynamics, 32, 11-24.


6 Coordinated Market Capitalism and globalization (II)? The case of Italy

Simoni, M. (2019) Institutional Roots of Economic Decline: Lessons from Italy LEQS Paper No. 143/2019

Bull, M. (2018) In the Eye of the Storm: The Italian Economy and the Eurozone Crisis, South European Society and Politics, 23:1, 13-28


7 Coordinated Market Capitalism and the Developmental State (I) the case of Japan

Cai, K. (2016). The political economy of East Asia: regional and national dimensions. Palgrave MacMillan. Ch. 4

Shibata, S. (2017, July). Re-packaging old policies?‘Abenomics’ and the lack of an alternative growth model for Japan's political economy. Japan Forum 29 (3): 399-422.


8 Coordinated Market Capitalism and the Developmental State (II) The Case of South Korea

Cai, K. (2016). The political economy of East Asia: regional and national dimensions. Palgrave MacMillan. Ch. 5

D'Costa, A. P. (2018). Capitalist maturity and South Korea's post‐development conundrum. Asia & the Pacific Policy Studies, 5(2), 279-297.


9 State Market Capitalism in China (1): Opening up and Transition

Pearson M.M. (2014) State owned business and party state regulation in China’s modern political economy. In B. Naughton, State Capitalism, Institutional Adaptation and the Chinese Miracle. Cambridge, Cambridge University Press.

Eaton, S. (2014). The gradual encroachment of an idea: large enterprise groups in China. The Copenhagen Journal of Asian Studies, 31(2), 5-22.


10 State Market Capitalism in China (2) Chinese SOE in the World economy.

McNally, C. A. (2012). Sino-capitalism: China's re-emergence and the international political economy. World politics, 64(4), 741-776.

Breslin, S. and Wang, Z. (2016). Governing the Chinese Market. Paper presented at the 2016 annual conference of the International Studies Association. Atlanta






12 The Origin Of The Global Financial Crisis

Ramskogler, P. (2015). Tracing the origins of the financial crisis. OECD Journal: Financial Market Trends, 2014(2), 47-61.

The Economist, The Origin of the Financial Crisis. A Crush Course article 1-2


13 The Crisis and the American Power

Kirshner, J. (2014). American power after the financial crisis. Cornell University Press. (Ch. 1)

Norloff, C. (2010) America’s global Advantage. US Hegemony and International Cooperation (ch. 1-8)


14 Europe and the Euro crisis. What happened

Bordo, M. and James, H. (2013) The European Crisis In The Context Of The History Of Previous Financial Crises NBER working paper 19112

Haas, J. and Gnath, K. (2016)The Euro Area Crisis. A short history. Jacque Delor Institute. Berlin.


15 Europe in Crisis: Debating alternatives.

Blyth, M. (2013). “The Austerity Delusion. Why a Bad Idea won the West” Foreign Affairs. May June 92(3), pp. 41-56.

Jones, E. (2015) Europe’s Tragic Political Economy. Current History.

The Economist, Stimulus v austerity; Controlling Interests. (no. 4-5).-




16 Theoretical approaches to Economic Regionalism

Soderbaum, F (2012) Theories of Regionalism in Beeson, M and Stubbs, R. (eds.) Routledge Handbook of regionalism in Asia. Routledge London.

Congressional Research Service (2016). The Trans-Pacific Partnership (TPP): Key Provisions and Issues for Congress (selected parts).


17 Alternative forms of Regionalism (Belt and Road and others)

Rolland, N. (2017). China's “Belt and Road Initiative”: Underwhelming or game-changer?. The Washington Quarterly, 40(1), 127-142.

Dian, M , Menegazzi, S. (2018) New Regional Initiatives in China’s Foreign Policy. Palgrave MacMillan. (ch4 Belt and Road.)




18 Trump, the global economic order, and the return of protectionism.

Dian, M. and Baldaro, E. (2018). Trump’s Grand Strategy and the Post-American World Order Journal of Inter-disciplinary Studies 4(1),

Cha, T. (2016). The return of Jacksonianism: The international implications of the Trump Phenomenon. The Washington Quarterly, 39(4), 83-97


19 Capitalism, trade wars and the future of the international economic order

G. John Ikenberry, “The End of the Liberal International Order?” International Affairs 94 (January 2018): 7-23.

Stiglitz, J. E. (2018) Trump and globalization. Journal of Policy Modeling 40(3): 515-528.



Non attending students should prepare the list of readings listed above, as well as one of the following monographs (in any case non attending students should get in touch with the instructor few weeks before the exam)

Blyth, M. (2013). Austerity: The history of a dangerous idea. Oxford University Press (ch.3)

Eichengreen, B. (2014). Hall of mirrors: The great depression, the great recession, and the uses-and misuses-of history. Oxford University Press (selected parts).

Naughton, B. (2007). The Chinese Economy: Transitions and Growth. MIT Press.

Eaton, S. (2015). The advance of the state in contemporary China: State-market relations in the reform era. Cambridge University Press.

Kirshner, J. (2014). American power after the financial crisis. Cornell University Press

Rodrik, D. (2017). Straight talk on trade: Ideas for a sane world economy. Princeton University Press.

Stiglitz, J. (2017). Globalization and Its Discontents Revisited: Anti-Globalization in the Age of Trump. WW Norton.

Teaching methods

Two-hours classes.

Assessment methods

Evaluation (for students attending at least 80% of the classes):

Class participation 20%

Midterm Exam 30%

Final written exam 30%

Oral exam: 20%

Evaluation for students not attending

Final Written exam (60%) + Oral exam (40%).

Teaching tools

Power point presentations, videos.

Office hours

See the website of Matteo Dian