Elective course; Governance specialization
In this course, we seek to gain an in-depth understanding of the evolution, the contemporary dynamics and the future prospects for governing the global political economy. We will proceed in four steps. First, we discuss the historical evolution and conceptual foundations of global governance including the growing asymmetry between on the one hand a globally integrated economy and on the other nation states that remain trapped by their own territorial sovereignty. This includes an examination of the role of “global value chains” and “global wealth chains”. Second, we examine a range of policy responses at the disposition of policy makers to address this asymmetry. Third, we analyze the rise of a parallel even competing institutional order led by China and explore how these geopolitical shifts impact global governance. Fourth most recently, rising populism manifested in events such as Brexit and the election of Donald Trump are challenging the very foundation of the global institutional order that is supposed to address an increasing functional need for global governance and the growing demand for global public goods. We scrutinize populism’s rationales and its proposed policies responses to globalization.