This document provides an overview of an introductory course on international political economy. The course aims to introduce students to the fundamentals and key concepts of IPE, including different theoretical perspectives, structures of production and trade, the international monetary system, and the consequences of globalization. It will examine topics like trade policy, transnational corporations, and illicit global activities. Students will develop their understanding through weekly seminars, assigned readings, and assessments including tests, assignments, and a final exam. The course aims to equip students with essential IPE knowledge and skills.

1. Riara School of International
Relations & Diplomacy
RIR 106: Introduction to
International Political Economy

2. COURSE DESCRIPTION
International political economy is the study of how states and markets affect the
distribution of power and wealth in the world.
Analyzing the interactions of governments, businesses, and ordinary people, IPE helps us
understand the causes of global problems and the consequences of global exchanges.
We will begin with a critical analysis of major theoretical perspectives in IPE, including
mercantilism, liberalism, and structuralism.
Each perspective is based on a set of assumptions that “colours” the way we interpret
events in the global economy.
With this foundation, we will then examine the nature of international “structures” of
production, trade, finance, and knowledge.

3. PURPOSE OF THE COURSE
The aim of the course is to introduce learners to
the fundamentals of International Political
Economy.
As the core introductory course to the degree,
the concepts, theories and actors of International
Relations will be reviewed.

4. COURSE OBJECTIVES
International Political Economy (IPE) studies the political battle between the winners and
losers of global economic exchange, addressing how political factors affect economic
outcomes and how economic factors influence political outcomes at both the domestic and the
international levels of analysis.
Two abstract and considerably broader questions typically shape IPE scholarship.
First, how exactly does politics shape the decisions that societies make about how to use the
resources that are available to them?
Second, what are the consequences of these decisions?
Therefore, the mainstream IPE examines the interaction between “societal interests” and
“political institutions” in order to understand how economic and political policies are
ultimately made and how these policies may further shape the welfare of both the society and
the state.

5. EXPECTED LEARNING OUTCOME
On successful completion of this course, students will be able to:
develop effective oral and written communication skills to clearly and
coherently present information in the discipline of IPE.
identify and explain key historical trends in the global political economy in
the post-World War II era.
distinguish between major theoretical approaches in IPE.
identify some important economic, social, and political factors that shape
the production, trade, and consumption of a global commodity.

6. EXPECTED LEARNING OUTCOME CONT.
demonstrate a critical awareness of how state power influences knowledge
flows, trade, production, and finance in a global context.
explain the 4 levels of analysis and use them to generate causal
explanations about IPE topics.
identify key actors, institutions and processes of accumulation and
distribution of resources in the global economy.
interpret graphical information about change over time in key political
economy variables.

7. TEACHING AND LEARNING METHODS
• Students will be expected to assume responsibility for their own learning, and the extent of
their knowledge at the end of the course will depend on the effort they put into the course.
• Students will be provided with a course outline and a list of readings for each seminar session.
• They are expected to do the preparatory reading in advance to familiarize themselves with the
theory and concepts.
• The course is conducted through a series of THREE hours’ weekly seminars and class
presentations with an emphasis on interactive teaching aimed at engaging all students in active
participation.
• The purpose of the seminars is merely to help students to improve their understanding of the
theory.

8. TEACHING AND LEARNING METHODS CONT
Each person has his or her own way of assimilating knowledge.
Students are not restricted to the material provided in the outline. Should they
prefer to use other materials, they are free to do so.
Students are also not obliged to refer to all the reading material, although it would
be advantageous. In many instances the materials are merely different ways of
saying the same thing.
Students might find one author’s exposition easier to understand than another’s,
and are free to select the readings that are appropriate to their learning needs.
Provision is made for individual differences in application and learning.

9. TEACHING AND LEARNING METHODS CONT
The learning environment will hopefully be safe and encouraging.
Students should constantly question, request feedback and reflect.
Making mistakes is part of the learning process and in this course mistakes
can assist one to understand issues or to develop skills.
The weekly seminars will be semi-Socratic and experiential in approach so
as to harness the experience of the students and provide opportunity to
develop skills through practice.

10. REFERENCES:
Core Reading Materials
1. David Balaam and Bradford Dillman, Introduction to International Political Economy,
7th ed. (New York: Pearson, 2019)
2. Pietra Rivoli, The Travels of a T-Shirt in the Global Economy: An Economist Examines
the Markets, Power, and Politics of World Trade, 2nd ed. with new preface and epilogue
(Hoboken, NJ: John Wiley, 2015)
3. Hudson, M. (2013). Super-imperialism: The origins and Fundamentals of U.S. World
Dominance. London: Pluto Press
4. Balaam, D., & Dillman, Bradford (2011). Introduction to International Political
Economy (5 ed.). New Jersey: Pearson Education
5. Bessis, S. (2003). Western Supremacy: Triumph of an Idea. London: Zed Books
6. Ferguson, N. (2011). Civilization: The West and the Rest. London: Penguin

11. REFERENCES:
Recommended Reference Texts
a. Ferguson, N. (2003). Empire: How Britain Made the Modern World. London: Penguin Press.
b. Gearoid O. Tuathail, G.O. (1006). Critical Geopolitics: The Politics of Writing Global Space. London:
Routledge
c. Grovogui, S.N., (1996). Sovereigns, Quasi Sovereigns, and Africans: Race and Self-Determination in
International Law. Minneapolis: University of Minnesota Press
d. Hiatt, S., ed., (2007) A Game As Old As Empire: The Secret World of Economic Hit Men and the Web of
Economic Corruption. San Francisco, Ca: Berrett-Koehler Publishers.
e. Klein, N. (2007). The Shock Doctrine: The Rise of Disaster Capitalism. New York: Henry Holt
f. Pouch, D. (2006). Wars of Empire. Harper Perennial
g. Rodney, W. (1973). How Europe Underdeveloped Africa. Dar es Salaam, Tanzania Publishing House
h. Wasserstein, B. (2009). Barbarism & Civilisation: A History of Europe in Our Time. Oxford: Oxford
University Press

12. WEEK 1:
INTRODUCTION TO THE CLASS
•The first week introduces the course,
its schedule, the course assignments,
grading, attendance policy, and other
formal course requirements.

13. Week 2: INTRODUCTION TO
INTERNATIONAL POLITICAL ECONOMY
•What is International Political Economy?
In the introductory session we attempt to
answer this question, stressing the
fundamental nature of IPE and its
multidimensional character.

14. Required readings
1. David Balaam and Bradford Dillman, Introduction to International
Political Economy, 7th ed. (New York: Pearson, 2019)
2. Balaam, D., & Dillman, B. (2011). Introduction to International
Political Economy (5 ed.). New Jersey: Pearson Education. pp. 1-20.
3. Cohen, B. J. (2007). The transatlantic divide: Why are American and
British IPE so different? Review of International Political Economy,
14 (2), 197-219.

15. Weeks 3 & 4:
THEORETICAL APPROACHES
We briefly explore the history of IPE through a discussion of the
main IPE viewpoints or perspectives-namely, classical liberalism,
Neoliberalism, mercantilism, structuralism and constructivism.
This discussion provides students with a basic vocabulary and some
theoretical tools that are useful in understanding any IPE issue.
This will also help students see more clearly the roots of IPE in the
past and its relevance to the contemporary world.

16. Required readings
1. David Balaam and Bradford Dillman, Introduction to International
Political Economy, 7th ed. (New York: Pearson, 2019)
2. Balaam, D., & Dillman, B. (2011). Wealth and Power: The Mercantilist
Perspective. In Introduction to International Political Economy (5 ed.,
pp. 56-80). New Jersey: Pearson Education.
3. Cohn, T. H. (2010). The Realist Perspective. In Global Political Economy:
Theory and Practice (5 ed., pp. 55-76). Pearson Education.

17. Week 5: POLITICAL ECONOMY OF
PRODUCTION AND INTERNATIONAL TRADE
POLICY
An attempt is made in this lecture to survey a variety of developments and changes that
have occurred in the post-World War II production and trade system in which officials in
the Northern industrialized developed nations have sought ways to liberalize the
international trade system-that is, to reduce the level of protectionist barriers.
 Production
 Production and Transnational Corporations
 TNCs, States, and Workers
 Trade
 The International Trade Structure
 The WTO and Trade Disputes

18. Required readings
1. David Balaam and Bradford Dillman, Introduction to International Political Economy,
7th ed. (New York: Pearson, 2019)
2. Balaam, D., & Dillman, B. (2011). The Production and Trade Structure. In
Introduction to International Political Economy (5 ed., pp. 130-155). New Jersey: Pearson
Education.
3. Krugman, P. R., & Obstfeld, M. (2009). The Political Economy of Trade Policy. In
International Economics: Theory and Policy (8 ed., pp. 212-249). Pearson International.
4. Krugman, P. R., & Obstfeld, M. (2009). Trade Policy in Developing Countries. In
International Economics: Theory and Policy (8 ed., pp. 250-265). Pearson International.
5. Krugman, P. R., & Obstfeld, M. (2009). Controversies in Trade Policy. In
International Economics: Theory and Policy (8 ed., pp. 266-286). Pearson International.

19. Week 6:
• CAT

20. Weeks 7 & 8: MANAGING THE GLOBAL ECONOMY
SINCE WORLD WAR II: THE INTERNATIONAL
MONETARY AND FINANCE STRUCTURE
 The international money and finance structure connects global uses of money and credit and
therefore conditions developments in the other three IPE structures i.e.
a. production and trade,
b. security, and
c. knowledge and technology.
 This structure reflects a complex web of political and economic agreements, understandings,
institutions, and relationships that help determine the values of different national currencies in terms
of other currencies, and that establishes a set of rules as to how much, how often, and under what
terms money moves into and out of national economies.
 With our discussion students should be able to grasp the essential features of the international
finance and exchange rate systems.

21. Weeks 7 & 8: MANAGING THE GLOBAL ECONOMY
SINCE WORLD WAR II: THE INTERNATIONAL
MONETARY AND FINANCE STRUCTURE
 Finance
The International Financial Structure
The Global Financial Crisis
 Knowledge
The Global Knowledge Structure
Intellectual Property Rights: Fair or Foul?

22. Required readings
1. David Balaam and Bradford Dillman, Introduction to International Political
Economy, 7th ed. (New York: Pearson, 2019)
2. Balaam, D., & Dillman, B. (2011). The International Monetary and Finance
Structure. In Introduction to International Political Economy (5 ed.). New Jersey:
Pearson Education. pp. 156-82.
3. Krugman, P. R., & Obstfeld, M. (2009). The International Monetary System,
1870-1973. In International Economics: Theory and Policy (8 ed., pp. 502-531). Pearson
International.
4. Obstfeld, M., & Taylor, A. M. (2004). Globalization in Capital Markets: A Long-
Run Narative. In Global Capital Markets: Integration, Crisis, and Growth (pp. 126-171).
Cambridge: Cambridge University Press.

23. Weeks 9, 10 & 11: THE GLOBALISATION OF WORLD
ECONOMY: CONSEQUENCES AND CONTROVERSIES
We examine the scale and scope of illicit transactions in the global economy.
Illicit transactions are transfers of goods and services across borders in defiance of the
laws of at least one of the states.
IPE analysts often overlook or discount exchanges that occur in “shadow” economies,
black markets, and informal economies.
Drug trafficking, human trafficking, money laundering, smuggling, and other nefarious
processes have a significant impact on economic growth, social stability, and human dignity.
The students are encouraged to pay closer attention to the effects of these processes on
national development and global processes.
We also pay attention key structural causes of illicit global activities, including globalization,
greed, technological change, and survival motives.

24. Required readings
1. David Balaam and Bradford Dillman, Introduction to International Political
Economy, 7th ed. (New York: Pearson, 2019)
2. Balaam, D., & Dillman, B. (2011). The Illicit Global Economy: The Dark
Side of Globalization. In Introduction to International Political Economy (5 ed.,
pp. 382-405). New Jersey: Pearson Education.
3. Oatley, T. (2010). Globalization: Consequences and Controversies. In
International Political Economy (3 ed., pp. 356-380). New York: Pearson
Education.

25. Week 12: Revision
•There will also be discussion
on the format of the final
exam.

26. COURSE EVALUATION
• There will generally be both formal and Informal Assessments.
• Informal Assessments
• Informal assessment will occur throughout the course.
• Self-assessment, peer assessment and lecturer feedback will take place from time to time
after exercises, and at the end of each session students will be given an opportunity to reflect
on what they have learnt during the course of that session.
• Formal assessment
• Assessment will take FOUR forms: Random Assessment Tests, Individual
Assignment, Continuous Assessment Tests and a Final Examination.