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Course, academic year 2023/2024
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International Political Economy - JEM165
Title: International Political Economy
Guaranteed by: Institute of Economic Studies (23-IES)
Faculty: Faculty of Social Sciences
Actual: from 2019
Semester: summer
E-Credits: 6
Examination process: summer s.:
Hours per week, examination: summer s.:2/0, Ex [HT]
Capacity: unknown / unknown (59)
Min. number of students: unlimited
4EU+: no
Virtual mobility / capacity: no
State of the course: taught
Language: English
Teaching methods: full-time
Teaching methods: full-time
Is provided by: JEM212
Note: course can be enrolled in outside the study plan
enabled for web enrollment
priority enrollment if the course is part of the study plan
Guarantor: doc. Ing. Vladimír Benáček, CSc.
Teacher(s): doc. Ing. Vladimír Benáček, CSc.
Mgr. Tomáš Boukal
Ing. Vilém Semerák, M.A., Ph.D.
Class: Courses not for incoming students
Incompatibility : JEM212, JPM325
Interchangeability : JPM325
Is incompatible with: JPM325, JEM212
Is interchangeable with: JPM325
Files Comments Added by
download JEM165_IPE_Guidelines and Short Syllabus_2024.pdf Syllabus. Further files and details are available at the Moodle system Ing. Vilém Semerák, M.A., Ph.D.
Annotation -
Last update: Ing. Vilém Semerák, M.A., Ph.D. (24.10.2019)
The course aims to provide students with a basic introduction into the “international political economy” (IPE) field. The course is based on the active participation of students who are required to read compulsory literature for each class and debate the papers. The course is using two streams of literature: academic literature (papers and textbooks) and topical articles/papers covering current policy issues (e.g. The Economist or Foreign Affairs). The goal of this approach to literature is to use IPE research as guidance in real-world policy debates that help us understand actual (and often opposing) positions of policymakers.

The main “applied” or policy focus of the course is on the debates associated with recent changes in global economy, attitudes of main actors (Trump’s USA, Xi Jinping’s China, BREXIT-influenced EU) and possible causes of the changes. We will try to understand the economic dimensions of current global trends and their possible implications for the future of global economic governance.

Within the broad scope of traditional IPE topics we are going to focus more on issues closer to traditional economics, and rational choices approaches, i.e. the course is focused more on concepts and models, rather than on memorising institutional details of current or previous global economic affairs. In line with the focus of current global affairs and with the specialisation of the lecturers, we will primarily focus on issues linked with international trade and globalization.
Aim of the course -
Last update: Ing. Vilém Semerák, M.A., Ph.D. (24.10.2019)

After passing this course, the students should be able to answer the following questions:

1)     How does the IPE differ from international trade/finance, from traditional economics or from geopolitics?

2)     How has the global trade framework based on GATT/WTO come into existence? Is it the only possible configuration of global trade relations?

3)     How has the relationship between states, influential companies (multinationals, national champions) developed during the last decades? Who has the actual power?

4)     Why do (at least some) countries care about which currency plays the role of the main global currency?

5)     What were the causes of the 2008/09 financial crisis and how has it transformed the global economic environment?

6)     How can the Chinese “One Belt, One Road” initiative transform the global economic landscape?

Course completion requirements -
Last update: Ing. Vilém Semerák, M.A., Ph.D. (24.10.2019)

Each student is expected to write the final exam and to actively participate in two group assignments.


Maximum amount of points

Final Exam


Group Assignment I


Group Assignment II


Bonus Points



The final grade will be determined by the sum of all points which the student has gained throughout the semester according to this scale:

A = 100- 91

B = 90-81

C = 80-71

D = 70-61

E = 60-51

F = 50-0


The overall number of points is not the only criterium, there are also two additional constraints. In order to pass the course successfully, we should also:

·        Achieve at least 25 points from the final exam.

·        Participate in at least one group assignment (or if the group collaboration fails, in some alternative adequate activity).

Literature -
Last update: Mgr. Michal Paulus (30.01.2018)

Each lecture is provided with several two types of literature: compulsory and supplementary sources. The subject is based on two main textbooks:

·         Broome A. (2014) Issues and Actors in the Global Political Economy. Palgrave Macmillan.

·         Ravenhill J. (2014 or 2017) Global Political Economy. Oxford University Press

The whole textbooks are not mandatory (if not otherwise explicitly stated) however the lectures are always reflecting specific textbook chapters. Therefore they are the main source for better understanding of the lectures and debated topics.

Another good source of interesting papers (introductory but also advanced) is:

·         Weingast, B. R. and Wittman, D. (2008). The Oxford handbook of political economy. Oxford University Press.

Syllabus -
Last update: Ing. Vilém Semerák, M.A., Ph.D. (24.10.2019)

Short Summary






Introduction to IPE: Theoretical Perspectives, Main Actors and Short History of Global Economy

February 21



Cooperation and Conflicts, New x Old Superpowers

February 28



World Trade System, International Trade Cooperation

March 7



Trade Regimes and Regional Cooperation, PTAs and RTAs

March 14



International Monetary Relations

March 21

Guest Lecture


The Political Economy of Financial Crises

March 28



Political Economy of Development

April 4



Corruption in International Economy: Its Regulation and Natural Resource Curse

April 11




April 18



Globalization – Power of States and Multinationals

April 25



The Political Economy of International Migration

May 2



Reports: Class Debate (1st Topic)

May 9



Reports II: Class Debate (2nd Topic)

May 16





Detailed Description

1)   Introduction to IPE: Theoretical Perspectives, Main Actors and Short History of Global Economy (February 21st)

The first lecture represents brief introduction into the IPE discipline. We cover main theoretical approaches to IPE, position of IPE within social sciences and main actors that are discussed within the discipline. The lecture will also cover brief summary of historical development of global economy.

Compulsory literature

Broome (2014), CH 1

Supplementary literature


Broome (2014), CH 2-6

Ravenhill (2014), CH 1-2


Papers and other sources

The Maddison-Project (, 2018 version)

Bolt, J., & Zanden, J. L. (2014). The Maddison Project: collaborative research on historical national accounts. The Economic History Review67(3), 627-651.

Fouquin, M., & Hugot, J. (2016). Back to the Future: International Trade Costs and the Two Globalizations. CEPII Document de travail, (2016-13).

Harley, C. K. (1988). Ocean freight rates and productivity, 1740–1913: the primacy of mechanical invention reaffirmed. The Journal of Economic History48(04), 851-876.

Lampe, M. (2009). Effects of Bilateralism and the MFN Clause on International Trade: Evidence for the Cobden-Chevalier Network, 1860-1875. The Journal of Economic History69(04), 1012-1040.

Maddison, A. (1982). Economic epochs and their interpretation, Chapter 1 of Phases of Capitalist Development, Oxford University Press.

Mandeville, B. (1988). The Fable of the Bees or Private Vices, Public Benefits, Indianapolis: Liberty Fund.

Smith, A. (1790) The Theory of Moral Sentiments. Library of Economics and Liberty.

2)   Cooperation and Conflicts, New x Old Superpowers (February 28th)

We focus on the literature investigating the reasons behind cooperation and conflicts between actors. Establishment of international institutions (and organizations) as a potential solution of conflicting interests will be investigated. The lecture will also debate the economic effects of sanctions and investigate the hypothesis that mutual trade is a “peace promoter” between conflicting states.

In the area of current policy issues, we will focus on the attempts of China to revise international institutional order based on Bretton Wood. We will be also discussing historical examples of similar conflicts (ranging from the popular concept of Thucydides Trap-like interpretation of Peloponnesian Wars to e.g. Europe and Middle East in the second half of 19th century) and compare them with current situation in global economy.

Compulsory literature

Ravenhill (2014), Chapter 3

Bell, S. R., & Long, A. G. (2016). Trade Interdependence and the Use of Force: Do Issues Matter? International Interactions, 42(5), 750-773.

Foreign Affairs (2017/2). China and the World


J. S. Nye (2017): Will the Liberal Order Survive? Foreign Affairs January/February 2017, Volume 96, Number 1

Haas, R. (2019): How a World Order Ends. And What Comes in Its Wake. Foreign Affairs, February 2019

Supplementary literature


Ravenhill (2014), CH 4


Papers and other sources

Kotkin, S. (2018). Realist World. The Players Change but the Game Remains. Foreign Affairs, August 2018

Deudney, D., Ikenberry, G.J. (2018). Liberal World. The Resilient Order. Foreign Affairs, August 2018

Brewster, R. (2014). The Domestic and International Enforcement of the OECD Anti-Bribery Convention. Chicago Journal of International Law, 15(1), 84–109.

Cavallo, E., Powell, A., Pedemonte, M., & Tavella, P. (2015). A new taxonomy of Sudden Stops: Which Sudden Stops should countries be most concerned about? Journal of International Money and Finance51, 47-70.

Foreign Affairs (2017/2 and 2017/1)

Schneider, G. (2014). Peace through globalization and capitalism? Prospects of two liberal propositions. Journal of Peace Research51(2), 173-183.

Rose, G. (2018): The Fourth Founding. The United States and the Liberal Order. Foreign Affairs, February 2019

Current policy debates

China and international institutional order. Trump´s politics to China.

3)   World Trade System, International Trade Cooperation (March 7th)

The lecture will primarily investigate the rationale behind the contemporary trend of trade protectionism (probably most visible proponent is the current US president Donald Trump). We will cover the main arguments in favour of trade liberalization and also protectionism. Special attention will be devoted to the arguments of D. Rodrick. In the policy area we will discuss the revision of US trade policy done by Donald Trump.

Compulsory literature

The Economist – Special Report on Liberalization of Trade (2016)


Ostry, J. D., Loungani, P., & Furceri, D. (2016). Neoliberalism: oversold. Finance & Development53(2), 38-41.


Rodrik, D. (2011). The globalization paradox: democracy and the future of the world economy. WW Norton & Company. CH 3

Supplementary literature

Broome (2014), CH 15, 16

E. Helpman: Understanding Global Trade. Belknap Press 2011

Kletzer, L. G. (1998). Job displacement. The Journal of Economic Perspectives12(1), 115-136.

Kletzer, L. G. (2004). Trade‐related Job Loss and Wage Insurance: a Synthetic Review. Review of International Economics12(5), 724-748.

Krugman, P. R. (2008). Trade and wages, reconsidered. Brookings Papers on Economic Activity2008(1), 103-154.

Hakobyan, S., & McLaren, J. (2016). Looking for local labor market effects of NAFTA. Review of Economics and Statistics98(4), 728-741.

Lake, J., & Millimet, D. L. (2016). An empirical analysis of trade-related redistribution and the political viability of free trade. Journal of International Economics99, 156-178.

Current debates

Trump´s revision of US trade policy

4)   Trade Regimes and Regional Cooperation, PTAs and RTAs (March 14th)

The lecture is devoted to the political economy of trade regime. We will investigate the economic reasons behind the free trade and track the historical development of international trade regime (from GATT to WTO). The class will compare the international regime (WTO) to the approach based on conclusions of bilateral or regional trade agreements (RTA). We will discuss economic effects of both positions. In policy debates we will discuss also the TTIP and domestic limits of the RTAs.

Compulsory literature

Will be updated.

Supplementary literature

Ravenhill (2014), CH 5-6

J. Bhagwati: Termites in the Trading System. A CFR Book. Oxford University, July 2008

Current policy debates

USA and plans for special deals with China and the EU

The future of trade relations between the EU and the UK



5)   International Monetary Relations (March 21st)

Guest lecture expected, details will be provided later.

Compulsory literature

Ravenhill (2014), CH 7

Cecchetti, S.G. and K.L. Schoenholtz (2016). Money, banking and financial markets. New York: McGraw Hill Education. Excerpt from Chapter 19: Exchange-rate policy and central bank, pp. 536 - 547.

CNB (2017) The exchange rate commitment: how the CNB keeps the exchange rate close to CZK 27 to the euro. Available at


6)   The Political Economy of Financial Crises and Global Imbalances (March 28th)

The class will focus on the IPE research about financial crises. The policy part of the lecture will mainly focus on the debates about the financial crisis in US in 2008 and introduce explanations stemming from “economics” and “IPE” literature. The particular focus will be on the impact of so called “ideational change”.

Compulsory literature

Blanchard, O. J. (2008). The crisis: basic mechanisms, and appropriate policies.

Helleiner, E. (2011). Understanding the 2007–2008 global financial crisis: Lessons for scholars of international political economy. Annual Review of Political Science14, 67-87.

Obstfeld M., Rogoff K. (2009): Global Imbalances and the Financial Crisis: Products of the Common Causes. CEPR Discussion Paper No. DP7606:


Akerlof G.A., Shiller, R.J.: Phishing for Phools The Economics of Manipulation and Deception. Chapter 2 – Reputation Mining and the Financial Crisis

Supplementary literature

Broome (2014), CH 13

Tooze, A. (2018): The Forgotten History of the Financial Crisis - What the World Should Have Learned in 2008. Foreign Affairs, August 2018

O'Keeffe, M., & Terzi, A. (2015). The political economy of financial crisis policy (No. 2015/06). Bruegel Working Paper.

Lee, M. (2016). How many lightbulbs does it take to change the financial system? Economic ideas and financial regulation, 1846–2007. The British Journal of Politics and International Relations, 18(4), 866-888.

Stratmann, T. (2002). Can special interests buy congressional votes? Evidence from financial services legislation. The Journal of Law and Economics45(2), 345-373.

Adler G., Cubeddu L. (2017). Global Imbalances: Avoiding a Tragedy of the Commons. IMF Blog:

US Treasury: Report to Congress on International Economic and Exchange Rate Policies. October 2013:

Current policy debates

Financial crisis in the US (2008)

Global imbalances and imbalances in current China


7)   Political Economy of Development (April 4th )

The lecture will focus on the economic theory of development elaborated by D. Acemoglu. We will debate the role of institutions and also the effectiveness of foreign aid. We will also touch the differences in approaches to foreign aid of China and EU while the foreign aid policies will be related to the work of D. Acemoglu.

Compulsory literature

Dreher, A., & Fuchs, A. (2015). Rogue aid? An empirical analysis of China's aid allocation. Canadian Journal of Economics/Revue canadienne d'économique48(3), 988-1023.

Acemoglu, D., & Robinson, J. A. (2006). Paths of economic and political development. In The Oxford handbook of political economy.

Supplementary literature

Bader, J., & Faust, J. (2014). Foreign aid, democratization, and autocratic survival. International Studies Review16(4), 575-595.

Bigsten, A., & Tengstam, S. (2015). International coordination and the effectiveness of aid. World Development69, 75-85.

Del Biondo, K. (2015). Donor interests or developmental performance? Explaining sanctions in EU democracy promotion in sub-Saharan Africa. World Development75, 74-84.

Broich, T. (2017). Do authoritarian regimes receive more Chinese development finance than democratic ones? Empirical evidence for Africa (No. 011). United Nations University-Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

Dreher, A., Nunnenkamp, P., & Thiele, R. (2011). Are ‘new’donors different? Comparing the allocation of bilateral aid between nonDAC and DAC donor countries. World Development39(11), 1950-1968.

Koch, S. (2015). A typology of political conditionality beyond aid: conceptual horizons based on lessons from the European Union. World Development75, 97-108.

Molenaers, N., Dellepiane, S., & Faust, J. (2015). Political conditionality and foreign aid. World Development75, 2-12.

Yuichi Kono, D., & Montinola, G. R. (2009). Does foreign aid support autocrats, democrats, or both?. The Journal of Politics71(2), 704-718.

Current debates

Foreign aid policies of China and EU.


8)   Corruption in International Economy: Its Regulation and Natural Resource Curse (April 11th)

The lecture debates two main topics: a) corruption in international transactions and its regulation and b) natural resource curse and its relation to corruption and governance quality. We focus on efficiency of anti-corruption laws against bribery abroad and debate actual intentions of contemporary US government to partially repeal one of the “anti-corruption” acts. We cover the impacts of natural resource abundance on governance indicators while also debating the position of oil countries in Middle East.

Compulsory literature

Busse, M., & Gröning, S. (2013). The resource curse revisited: governance and natural resources. Public choice154(1-2), 1-20.

Cuervo-Cazurra, A. (2008). The effectiveness of laws against bribery abroad. Journal of International Business Studies39(4), 634-651.

Selected papers from Foreign Affairs

Supplementary literature

Egger, P., & Winner, H. (2005). Evidence on corruption as an incentive for foreign direct investment. European journal of political economy21(4), 932-952.

Frankel, J. A. (2010). The natural resource curse: a survey (No. w15836). National Bureau of Economic Research.

Jeong, Y., & Weiner, R. J. (2012). Who bribes? Evidence from the United Nations' oil‐for‐food program. Strategic Management Journal33(12), 1363-1383.

Kaufmann, D. (1997). Corruption: the facts. Foreign policy, 114-131.

Pérez, M. F., Brada, J. C., & Drabek, Z. (2012). Illicit money flows as motives for FDI. Journal of Comparative Economics40(1), 108-126.

Sachs, J. D., & Warner, A. M. (2001). The curse of natural resources. European economic review45(4), 827-838.

Current debates

Repeal of the Section 1504 of Dodd-Frank Act by D. Trump; OECD anti-bribery convention.


9)   Holidays (April 18th)


10)                   Globalization – Power of States and Multinationals (April 25th)

The lecture covers debates about the impact of globalization on national states. We will analyze the main critical thesis of “hyperglobalization” and relate the debate to the recent elections in US and Brexit referendum.

Compulsory literature

Ravenhill (2014), CH 10

Selected papers from the Foreign Affairs

Supplementary literature

Ravenhill (2014), CH 14

OECD (2015) The Labour Share in G20-Economies

Current debates

Brexit referendum and US elections.

11)                   The Political Economy of International Migration (May 2nd)

The lecture debates economic impacts of immigration with a focus on US situation. We summarize main academic findings related to economic impacts of immigration. Scholars also relate the migration to trade policies and offer international coordination as a possible solution of future migration policies. As the policy topic we will discuss the anti-immigration policy of D. Trump.

Compulsory literature

Hatton, T. J. (2007). Should we have a WTO for international migration? Economic Policy22(50), 340-383.

Selected papers from Foreign Affairs

Supplementary literature

Borjas, G. (2013). Immigration and the American worker. Center for Immigration Studies, Washington, DC.

Borjas, G. J. (2015). The slowdown in the economic assimilation of immigrants: Aging and cohort effects revisited again. Journal of Human Capital9(4), 483-517.

Clemens, M. A. (2011). Economics and emigration: Trillion-dollar bills on the sidewalk? The Journal of Economic Perspectives25(3), 83-106.

Economist (2017). Immigration cannot plug the hole in America’s budget. Issue no. 16.

Hatton, T. J. (2007). Should we have a WTO for international migration? Economic Policy, 22(50), 340-383.

World Bank (2017). Migration and Development Brief No. 27

Current debates

Trump´s anti-immigration policy

12)                   Reports: Class Debate (1st Topic) (May 19th)

The groups will present and debate the results of their first assignment.

13)                   Reports II: Class Debate (2nd Topic) (May 16th)

The groups will present and debate the results of their second assignment.

Entry requirements -
Last update: Ing. Vilém Semerák, M.A., Ph.D. (24.10.2019)

There are no specific pre-requisites.

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