Programme

In 2010, Greece’s government debt reached 300 billion Euro, the largest in its modern history, triggering an acute crisis centered on the European Union’s Mediterranean members. Continued economic difficulties and debates over immigration are increasing polarization of European politics and have led to a rising skepticism of the EU itself as a project, as evidenced by the UK referendum to exit the EU that passed in the summer of 2016. What are the various narratives of the crisis? How are governments, businesses and civil society responding? This course is designed to give students a practical understanding of the political-economic situation in Europe and a familiarity with theoretical principles applicable to economic crises in general. The course includes discussion of current political-economic issues as they develop during the semester. The centerpiece of the course is a weekend excursion in which students from Arcadia’s Rome and Athens centers meet with EU experts, civil society members or politicians. Past excursion locations include Rome, Athens, Barcelona, and Brussels.

This course is taught in English.

Core Documentation

Required Texts:

Oatley, T. H. (2008). International political economy: Interests and institutions in the global economy. New York: Pearson/Longman. ISBN: 978-0205060634; Cost: To Be Determined.

Articles and selections include:

● Shambaugh, Jay C. "The Euro’s Three Crises." Brookings Papers on Economic Activity: 157-231. ISSN: 0007-2303.
● Collignon, Stefan, Europe’s Debt Crisis, Coordination Failure, and International Effects (July 12, 2012). ADBI Working Paper No. 370. Article is freely available at: http://www.stefancollignon.de.
● de Streel, Alexandre. The Evolution of the EU Economic Governance Since the Treaty of Maastricht: An Unfinished Task (September 15, 2013). Maastricht Journal of European and Comparative Law, Vol. 20, 2013. ISSN: 1023-263X.
● Caritas Europa. "Caritas Monitoring Report 2015: Poverty and Inequalities on the Rise." 2015. Report is freely available at:
http://www.caritas.eu/news/crisis-report-2015.
● Palley, Thomas I. "Financialization: What It Is and Why It Matters." Levy Economics Institute of Bard College Working Paper 525. Paper presented at a conference on “Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector,” sponsored by the Hans Boeckler Foundation and held in Berlin, Germany, October 26–27, 2007.
● Goda, Thomas, Ozlem Onaran, and Engelbert Stockhammer. "A Case for Redistribution? Income Inequality and Wealth Concentration in the Recent Crisis." 2014. Presented at the Progressive Economy Annual Forum 05.–
06.03.2014, Brussels. Freely available at: http://www.postkeynesian.net/downloads/working-papers/PKWP1305.pdf.
● Financial Crisis: Causes, Policy Responses, Future Challenges. Outcomes of EU funded Research. Brigette Young, European Commission, 2014. ISBN: 978-9279363375.
● Allard, Céline, Petya Koeva Brooks, John Bluedorn, Fabian Bornhorst, Franziska Ohnsorge, and Katharine Christopherson Puh. "Toward A Fiscal Union for the Euro Area." IMF Staff Discussion Notes 13.9 (2013): 1. ISBN: 978-1484307373/2221-030X.
Recommended Additional Reading Frieden, J. A. (2006). Global capitalism: Its fall and rise in the twentieth century.
New York: W.W. Norton.

Reference Bibliography

No additional readings provided.

Type of delivery of the course

Attendance/Participation Prompt attendance, full preparation, and active participation in class discussions are expected from every student in every class session.

Attendance

ATTENDANCE POLICY: Attendance is mandatory for all classes, including field studies. If a student misses more than three classes in this course, two percentage points will be deducted from the final grade for every additional absence. Any exams, tests,presentations, or other work missed due to student absences can only be rescheduled in cases of documented medical emergencies or family emergencies. The Faculty Committee will only consider extreme emergency cases and will strictly adhere to this policy.

Type of evaluation

Assignments Course Requirements Percentages 1. Exam 1 20% 2. Exam 2 30% 3. Reading response papers 20% 4. Participation & Class Discussion 10% 5. Research paper 20% Total 100% Assessment Components a) Exams 1 and 2 will test students’ ability to analyze material and theories presented during the course. Each exam will ask them to demonstrate the breadth and depth of their understanding of the materials covered in class, on site visits and in readings. b) Reading response papers will assess students’ ability to develop critical responses to various elements discussed in class. c) Student’s participation will be evaluated on their contribution to class discussion, their engagement with reading assignments and lectures, and their willingness to share these with the group. d) The research paper will be used to assess the students’ ability to apply concepts learned in class, to an issue of interest to them, and to deepen their knowledge on that specific issue. Reading Response Papers Students will create critical responses to online current events articles assigned by the instructor or identified independently by the students. These essays will be presented and discussed in class. Responses should include a summary or listing of the reading's most important points and the student’s own opinion and/or an interesting and intellectually provocative issue for the class to discuss. Research Paper Students will write a 12-page (3,000-word) research paper on a topic approved in advance with the instructor. Economics majors will select themes that require the application of theoretical insights included in principles of economics (such selections should be approved by the instructor).