HA.S28 - Emerging Markets - Societies in Transition*

Faculty
Anthony P. D’Costa, Niels Mygind, Yang Jiang

Course Coordinator
Anthony P. D’Costa

All undergraduates, with some basic economics background preferred.

The course provides students with knowledge of the key economic, political, and social dynamics in emerging markets. The emphasis is on large Asian economies such as India, China, and other smaller economies. Brazil and Eastern European countries are also included due to their size, similar late industrialization experience, and challenges in transitioning to market economies. Students are at liberty to choose any emerging market and a theme for their projects. The course adopts an interdisciplinary framework to focus on institutions, how they have changed, how they contribute to economic growth and development, and how they continue to act as barriers to change.

The course will prepare students to understand:

The course gives an overview of recent political, institutional and economic developments in selected emerging markets. The focus is on the interaction between politics, economics, and society, with an emphasis on the relation between business and their relationship to society

Preliminary Course Outline:

1. The role of political, economic, and social institutions, a model for analyzing societies

2. Varieties of capitalism and national business systems

3. Role of states in late industrialization and development

4. Globalization and economic integration

5. Stabilization – the role of macroeconomic variables

6. Institutional challenges to globalization

7. Economic Transition: Liberalization, Privatization and Restructuring

8. The role of foreign trade and FDI on national development

9. The role of technology and talent for competitiveness

10. Global and regional integration under international organizations

The course is lecture-based and complemented by class discussions, especially country-cases related to the themes in the outline. The course leads towards a project prepared by student teams on an emerging market of their choice. Presentations, literature, data and case materials are accessible through SiteScape.

Learning Objectives:

After having attended the course, the student must be able to:

The project involves analyzing one of the issues related to emerging markets. The specific theme will be based on the various topics and theoretical frameworks presented in the course and applying them to the experiences of selected emerging markets. The course-readings are important introductions to the subject of institutions in emerging markets and ought to be complemented with specialized literature on the country-cases. There will be team projects. However, individual project will be accepted as well with equivalent amount of work as the team. Each project team will comprise 2 students, with 10 pages per student.

Students at the HA programme are able to write their bachelor project in connection with this course: Yes

Branstetter L. and N. Lardy (2006): China’s embrace of globalization, NBER working paper series no. 12373 pp 3-56

D’Costa, A.P. 2005, State, Embourgeoisment, and Market Development in India, in D’Costa, A.P. 2005, The Long March to Capitalism: Embougeoisment, Internationalization, and Industrial Transformation in India, Basingstoke Houndmills: Palgrave Macmillan, pp. 46-69.

Desai, M. (2003): India and China – an essay in comparative political economy, Centre for the

Study of Global Governance, London School of Economics, 20 p.

Deutsche Bank Research: (2006): Brazil: O pais do futuro? – Economic scenarios for the next 15 years. pp 1-10. www.dbresearch.de

Deutsche Bank Research: (2005): India rising: A medium-term perspective – India Special, pp

3-15. www.dbresearch.de

Dore, R. (2002) Debate: Stock market capitalism vs. welfare capitalism, New Political Economy, Vol. 7, No. 1, 115-121.

EBRD: Transition report 2008, London,

Evans, P. 1997 “The Eclipse of the State? Reflections on Stateness in an Era of Globalization,” World Politics, Vol. 50, No. 1, pp. 62-87.

Hall, P.A. and Soskice, D. (2001) “An Introduction to Varieties of Capitalism” in Hall, P.A. and Soskice, D. (eds.) Varieties of Capitalism: The Institutional Foundation of Comparative Advantage, Oxford: Oxford University Press (pp.1-68).

http://fds.oup.com/www.oup.co.uk/pdf/0-19-924774-9.pdf

IMF (2005) Building Institutions, World Economic Outlook, September 3, Chapter 3, Building Institutions, pp. 125-153, www.imf.com

McMillan J. and B. Naughton (1992): How to reform a planned economy: les­sons from China, Oxford Review of Economic Policy, vol 8(1) pp 130-143

Meyer, Klaus and Camilla Jensen (2005): ‘Foreign direct investment and government policy in Central and Eastern Europe’, in (ed. Grosse) International Business and government Relations in the 21stCentury, Cambridge University Press, pp 119-145

Mukherji, J. “The Indian Economy” in Ayres, Alyssa and Oldenburg, Philip (eds.) 2002, India Briefing: Quickening the Pace of Change, Armonk, NY: M.E. Sharpe. (pp. 55-90).

Mygind N. (2008): Transition from plan to market – an overview, CEES/CBS, (16 pages) January 2008. www.cbs.dk/cees

Mygind, N. (2007): The PIE Model: Politics, Institutions, Economy, A Simple Model for Analysis of the Business Environment, CEES/CBS (26 pages), www.cbs.dk/cees

OECD: 2003: The role of FDI in China’s economic development, ch. 2, in 56 Investment Policy Reviews, China, Progress and reform challenges, pp 29

Poon, J.P.H. and Thompson, E.R. (2004), Convergence or Differentiation: American and Japanese Corporations in the Asia-Pacific, Geoforum, 35, 111-25.

UNCTAD (2007): World Investment Report.

Whitley, R. (1998) “Internationalization and Varieties of Capitalism: The Limited Effects of Cross-national Coordination of Economics Activities on the Nature of Business Systems,” Review of International Political Economy, 5 (3), 445-481.