2023/24 Taught Postgraduate Module Catalogue

PIED5625M The Global Political Economy of Money, Debt and Finance

30 creditsClass Size: 60

Module manager: Dr Omar Al-Shehabi
Email: o.alshehabi@leeds.ac.uk

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2023/24

This module is not approved as an Elective

Module summary

The module provides students with a conceptual and empirical understanding of the politics of the modern global financial system. We start by discussing the concepts of money, debt, and capital. We then explore the modern history of the international monetary system, from the 19th century gold standard to the current fiat currency system under US dollar hegemony. The final part of the module looks at the politics of specific examples of global financial crises, including the Latin American 1980s debt crises, the 1997 Asian financial crisis, the 2007-2008 global financial crisis, as well as trends and tensions in the current moment. The module will look at the interaction between the global north and the global south, covering case studies from across the world. The emphasis is on the social and political relations and institutions that shape and are shaped by monetary and financial markets, including currencies, public and private debt, international economic rivalries, imperial domination, and financial crises.

Objectives

This module aims to explore the politics of the global financial system from multiple critical perspectives. The goal is to look at the political and social relations of the financial system at a global level as well as its diverse constituent parts, in order to understand the key role it plays in modern states, societies, and everyday life. What are the relationship between money, debt, and capital in the contemporary era, and how have they manifested themselves on a global level? How was the modern monetary system formed, and what historical processes led to its emergence? Who are the main actors in creating and upholding it, who gains the most, who loses, and are there alternatives? What are the different relationships between the global north and the global south within this system? What crises have emerged in the system, and how have they been responded to by different actors?
The students will engage with different perspectives at the conceptual and empirical level from a variety of disciplinary approaches, including economic history, sociology, as well as political economy. The relationships between several actors in the global financial system will be explored, including households, companies, states, international governing institutions, and global banks in different contexts and historical junctures, tracing how changes at the global policy level reflect at the personal level and vice versa.

Learning outcomes
1. Gain an in-depth understanding of the political and institutional relations of the global financial system and the role they play in modern states and societies.
2. Situate global financial relations within the context of broader economic, geopolitical, and social forces.
3. Become familiar with a number of significant case studies within the global financial system.
4. Explore a range of primary and secondary literature as well as the debates surrounding the global finance system.
5. Critique mainstream discourses of money and capital, and provide nuanced and evidence-based accounts of the causes and consequences of global financial relations.
6. Develop analytic and research skills that enable students to produce complex and well argued studies on particular strands of the global financial system.

Syllabus

After an introduction, the module begins by discussing theoretically and empirically the concepts of money, capital, and debt. The next section of the syllabus looks at the historical development of the Gold Standard, Bretton Woods, and the fiat monetary system under dollar hegemony. The third and final section looks at financial crises as a window to exploring the politics of modern financial relations, including the Latin American debt crisis, the Asian financial crisis, and the 2007-2008 global financial crisis. It will also look contemporary tensions in the global financial system in relation to covid, the war in Ukraine, and the energy crisis.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	11	1.50	16.50
Seminar	11	1.50	16.50
Private study hours			267.00
Total Contact hours			33.00
Total hours (100hr per 10 credits)			300.00

Opportunities for Formative Feedback

The mid-term formative essay (1x1500 words submitted in week 7) provides an opportunity to provide feedback and monitor the progress of students during the course.

Methods of assessment

Coursework

Assessment type	Notes	% of formal assessment
Essay	1x 3500 words	100.00
Total percentage (Assessment Coursework)		100.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

The reading list is available from the Library website

Last updated: 27/09/2023 10:37:13

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