ADM 4117 Political Economy of the South

Middle East Technical University

Faculty of Economics & Administrative Sciences

Department of Political Science and Public Administration

Adm 4117 Political Economy of the South

Spring 2013

Instructor: Dr. Galip Yalman


Purpose and Requirements of the Course


After a brief introduction to the different methodological approaches in the field of international political economy so as to highlight the alternative conceptualisations of the state-market relationships, this course will undertake a comparative analysis of alternative strategies of capitalist development and/or modes of integration into the world economy with special reference to Latin America, South and East Asia.


There will be one mid-term exam and a final exam.  It is important that the students get acquainted with the reading material. They may also prepare an optional short term-paper. Their contribution and performance during the classes will be taken into account at the end of the term.


Organisation of the Course and the Reading List


  1. I.                   Introduction to Alternative Schools of Political Economy


Boyle, C. (1994): “Imagining the World Market: IPE and the Task of Social   Theory”,

Millennium, Vol.23, No.2.

Burnham, P. (1994): “Open Marxism and Vulgar International Political Economy”, Review

of International Political Economy, Vol.1, No.2.

Gray, J. (1998): “From the Great Transformation to the Global Free Market”, False Dawn,


Rosenberg, J. (1994): The Empire of Civil Society, Verso, pp.123-35.

Tooze, R. (1988): “Liberal International Political Economy” in B. Jones (ed.), The Worlds of

Political Economy, Printer Publishers.

Wood, E.M. (1994): “From Opportunity to Imperative: The History of the Market”, Monthly

Review, July-August.

Yalman, G. (2008) “Aydınlanmadan Günümüze Siyasal İktisat”.


  1. II.                The Post-War International Economic Order in a Historical Perspective


Carr, E.H. (1964): The Twenty Years’ Crisis 1919-1939, pp.41-88.

Cohen, B. (1995): “A Brief History of International Monetary Relations” in Frieden &

Lake (eds), International Political Economy, pp.209-228.

Geldart, C. & P. Lyon (1981): “The Group 77: A Perspective View”, International Affairs,

Vol.57, No.1.

Ruggie, J. (1982) "Embedded Liberalism" International Organisation, Vol. 36, No.2.

Panitch, L.& S.Gindin (2004) “Global Capitalism and American Empire”, Socialist Register.


  1. III.             Strategies of Industrialisation and Modes of Integration with the World Economy
A.                 Latin America


Bruton, H. (1989): “Import Substitution” in H. Chenery & T. Srinavasan (eds.), Handbook of

Development Economics, Vol.II.

Hirschman, A. (1968): “The Political Economy of Import-Substituting Industrialisation in

Latin America”, Quarterly Journal of Economics, Vol.82, No.1.

Pinto, A. (1978): “False Dilemmas and the Real Options in Current Latin American Debate”,

CEPAL Review, No.6, pp.27-44.

Rowland, B. (1973): “Economic Policy and Development: The Case of Latin America”, in R.

Osgood et al (eds), Retreat from Empire? John Hopkins.

Waterbury, J. (1999) “The Long Gestation and Brief Triumph of Import-Substituting

Industrialization” World Development, Vol. 27, Issue 2, 323-341.

Yalman, G. (1984): “Gelişme Stratejileri ve Stabilizasyon Politikaları: Bazı Latin Amerika

Ülkelerinin Deneyimleri Üzerine Gözlemler”, Türkiye’de ve Dünyada Yaşanan Ekonomik Bunalım içinde, pp.83-94.


  1. B.                 East Asia

Amsden, A. (1989): “Getting Relative Prices ‘Wrong’: A Summary”, in Asia’s Next Giant:

South Korea and Late Industrialisation, Oxford UP, Chap. 6, pp.139-155.

Amsden, A. (1990): “Third World Industrialisation: ‘Global Fordism’ or a New Model”, New

Left  Review, 182.

Chibber, V. (2003) Locked in Place, Princeton UP, pp.51-84, 222-243.

Jenkins, R. (1991): ‘The Political Economy of Industrialisation: A Comparison of Latin

American and East Asian Newly Industrialising Countries”, Development and Change, Vol.22, No.2.

Song, Hae-Yung (2010) “The Developmental State and the Neoliberal Transition in S.Korea”

in Alfredo Saad-Filho & G.Yalman (eds), Economic Transitions to Neoliberalism in Middle-income Countries, Routledge, 141-153.

World Bank (1993): The East Asian Miracle, Oxford UP, pp.79-103.


  1. IV.              The Neoliberal Hegemony in Economic Policy-Making: The End of History or History in the Making?


A. Adjustment Strategies and the Debt Crisis of the 1980s.


Balassa, B. (1982): “Structural Adjustment Policies in Developing Economies” World

Development, Vol.10, No.1.

Frenkel, J. & M. Khan (1993): “The IMF’s Adjustment Policies and Economic Development”

in D. K. Das (eds), International Finance: Contemporary Issues, Routledge.

Harris, L. (1988): “The IMF and Mechanism of Integration” in Survival and Change in the

Third World, pp.310-330.


B.  Washington Consensus and the  Changing Role of the State


Gore, C. (2000) “The Rise and Fall of Washington Consensus as a Paradigm for Developing

Countries”, World  Development, Vol. 28, No. 5.

Öniş, Z. & F.Şenses (2003) “Rethinking the Emerging Post-Washington Consensus”, Development and Change, vol. 36, no 2, pp. 263-290.

Williamson, J. (2002): “Did the Washington Consensus Fail?” Institute for International


Williamson, J. (2004) “The Washington Consensus as Policy Prescription for Development”,

A lecture in the series "Practitioners of Development" delivered at the World Bank on January 13, 2004.


C. Financial Crises in the Age of Globalisation


Aguiar de Medeiros, C. (2009) “Asset-Stripping the State”, New Left Review 55.

Sader, E. (2008)“The Weakest Link? Neoliberalism in Latin America”, New Left Review 52.

Stiglitz, J. (2000) “Capital Market Liberalization, Economic Growth and Instability”, World 

Development, Vol. 28, No.6.

Jayasuriya, K & A.Rosser (2001): “Economic Orthodoxy and the East Asian Crisis”, Third

World Quarterly, Vol 22, No 3.

Wade, R. & F. Veneroso (1998): “The Asian Crisis: The High Debt Model Versus the Wall

Street-Treasury-IMF Complex”, New Left Review, 228.

Weisbrot, M. (2006) “Latin America The End of an Era”.

Yalman, G. (2003): “Neoliberal Hegemonya ve Siyasal İktisat: Latin Amerika Dersleri”,

A.H.Köse vd. (der), Küresel Düzen: Birikim, Devlet ve Sınıflar, İletişim Yayınları, ss.453-474.