ART101 Museum and Image WebsitesMuseum and Image Websites 1..docx

ART101 Museum and Image Websites
Museum and Image Websites
1. Art and artists | Tate(http://www.tate.org.uk/art)
2. Art Institute of Chicago(http://www.artic.edu/)
3. Art Renewal Center Artist
Index(http://www.artrenewal.org/pages/artistindex.php)
4. The Frick Collection ( http://www.frick.org/art)
5. Google Art Project(http://www.googleartproject.com/)
6. Guggenheim(http://www.guggenheim.org/)
7. Louvre Museum Official Website(http://www.louvre.fr/en)
8. The Metropolitan Museum of
Art(http://www.metmuseum.org)
9. MoMA | The Museum of Modern
Art(https://www.moma.org/collection/)
10. National Gallery of
Art(https://www.nationalgallery.org.uk/paintings
11. The San Francisco Museum of Modern Art
(SFMOMA)(https://www.sfmoma.org/artists-artworks/
12. SIRIS – Smithsonian Institute Research Information
System(https://sirismm.si.edu/siris/ariquickstart.htm)
13. Smithsonian Cooper-Hewitt, National Design Museum in
New York(http://www.cooperhewitt.org/)
14. The State Hermitage Museum, St. Petersburg,
Russia(http://www.hermitagemuseum.org/)
15. Uffizi, Uffizi gallery, Florence(http://www.uffizi.com/)
16. Vatican Museums – Official web
site(http://mv.vatican.va/3_EN/pages/MV_Home.html)
17. Victoria & Albert Museum(http://www.vam.ac.uk/)
18. Web Gallery of Art(http://www.wga.hu/)
19. WebMuseum: Famous Artworks
exhibition(http://www.ibiblio.org/wm/paint/)
20. Whitney Museum of American Art(http://whitney.org/)

Essay questions
1. What causes financial instability/fragility? Stated otherwise,
what are the main
factors/drivers of asset price inflation and financial bubbles?
Discuss with reference
to a case study (e.g. a financial bubble/crisis).
2. What gives value to the Dollar? Why is it accepted as the
world reserve and vehicle
currency? Provide an analysis of Dollar hegemony/power in the
post-Bretton Woods
global order.
3. What do big banks do today? How has banking evolved in the
last decades?
4. Why have states partly lost their ability to tax? How have
governments been
compensating for their fiscal faults? Discuss the fiscal crisis of
states with reference
to at least one case study.
5. Are central banks market-neutral agencies? Discuss central
bank monetary

governance with reference to at least one case study and/or in a
specific historical
context.
6. Are central banks monetary regulators or active market
players? Discuss
unconventional central banking since the 2007-08 crisis.
7. Why do publicly traded companies engage in stock
repurchases? Discuss the
shareholder value revolution in corporate governance.
8. Why has U.S. household debt dramatically increased in the
last forty years? Who
borrows and why? Discuss the emergence of a finance culture
among U.S. households.
9. What is securitisation? How does it contribute to creating and
sustaining the global
financial system? What are the socio-economic implications of
securitisation? Discuss
with reference to a case study.
10. What are financial markets? Who are the main financial
market players? What are
their different objectives? Provide an analysis of the global
financial ecology today.

Essay writing tips
Week 9
IP3024
Dr Stefano Sgambati
Lecturer, Dept. of International Politics
Email:
[email protected]
Office Hours:
Wednesdays 14:00-16:00, D503
Formulating the essay question
First, you must choose a topic (e.g., central banking).
Second, you must ask a question about the topic at
hand (e.g. how has central banking changed since the
last crisis).
Thinking about topic & question
The topic:
• It must be related to at least one of the lecture topics for
each week.

The question:
• It cannot be a theoretical (conceptual, philosophical, ethical)
puzzle (e.g. should central banks bail out banks? Should
governments spend more?).
• Instead, it must be a practical (historical, empirical) puzzle
(e.g. why has the Fed carried out QE? Why have European
governments enforced balanced budgeting since the
1990s?).
The essay structure
Three core elements, besides introduction and
conclusion:
Literature review
Analysis
Discussion
1. Literature Review
The literature review is meant to present the state of art on the
topic, hence introduce the reader to some of the main
perspectives and ideas about the issue at hand.
❖ Core readings are a necessary component of a literature
review of
one of the lecture’s topics.

❖ However, they are not a sufficient component. You should
also
consult some of the additional readings (especially the ones
marked
by an asterisk * on the syllabus).
The Literature Review is key
• Besides clarifying (to yourself and to the reader) the state of
art on the topic, the literature review helps you identifying
gaps and contradictions in the field which altogether feed
into and shape your research question.
• An excellent literature review offers a reasoned discussion of
contending views and gives you a solid ground for
formulating working hypotheses on how to address an
otherwise vague, blurred, unfocused essay question.
• An OK literature review does not identify gaps and
contradictions but at least offers a coherent theoretical
framework for making sense of the topic at hand.
2. Analysis
• Once you have set the ground by presenting different views or
theories, you can move onto producing your own analysis.
• The analysis is when you tell your story. This story cannot be
general, abstract, speculative. While the literature review
deals with theories, the analysis deals with facts (unless you
are analysing theories with the purpose of producing a
critique of the latter).

• Remember, you are a political economist. Your analysis must
meet the following criteria: 1) it must be grounded on a clear
socio-historical context; 2) it must rely on solid empirical
evidence; 3) it must demonstrate a sensitivity to the power
dimension, not simply to the economic one.
3. Discussion
• Literature review deals with theories, analysis deals with
facts.
The discussion deals with both!
• The purpose of the discussion is to test your hypotheses on the
basis of your empirical-historical findings. Alternatively, the
discussion should offer a reflection on the significance of your
findings and a look at the bigger picture.
• What have you learned from your analysis? This is the
moment
you make your voice heard. You are now in the position to give
more than a simple opinion: you can finally formulate a
scholarly
argument.
Two types of discussions
1. One way of discussing your findings is to reflect on the
broader
socio-economic implications of your analysis. For instance, if
with your analysis of central bank monetary governance you
have succeeded with demonstrating that central banks are not

“market-neutrals”, you can then discuss what this means for the
economy, the financial system and/or society at large.
2. Alternatively, you can discuss the conceptual-theoretical
implications of your analysis. Again, if you have shown that
central banks are not market-neutral regulators, then you can
speak back to the literature on central banking, position
yourself in (partial) agreement or disagreement with existing
theories of central banking, fill gaps and resolve contradictions
that have emerged from the literature review.
Remember:
While your argument/analysis does not need to be
original in itself, your thinking/discussion should.
Show the reader your creative ability to combine diverse
materials and critically engage with different texts to
provide a coherent story about one of the lecture’s
topics.
Last but not least
Conclusion:
The conclusion is a summary of your discussion, stressing how
your overall argument is important and why it makes sense.
Introduction:
Write the introduction at the very end. The introduction is very
important. It consists of two fundamental components:

1. A captivating presentation of your topic/puzzle (that shows
its
importance and sparks curiosity in the reader).
2. A clear, concise exposition of your main thesis/argument as
well as a brief summary of the essay’s structure.
1
Department of International Politics
City, University of London
IP3024
Global Money and Finance
Autumn Term 2019-2020
Dr Stefano Sgambati, Course Convenor
[email protected]

2
1. Course Description
The main aim of this course is to introduce students to complex
issues with regards to money,
finance and banking in global capitalism. Aimed at students
from a wide variety of backgrounds,
the course will help students build an understanding of the
political and social foundations of
global financial markets, learn about theories of finance and
speculation, and become
acquainted with studies of financialisation. The course will
address both theoretical and
practical questions about the nature and production of money,
its linkages with debt, banking
and speculation in financial markets, and explore how different
classes of economic agents have
become entangled with the upper layers of global finance.
In order to facilitate a better insight into the operations of
global financial markets, the course
is structured as follows: after exploring key concepts about
money and finance, and
reconstructing a history of their contemporary context, the
course will focus on the ways in
which different agencies and structures – states, corporations,
households, banks and related
financial agencies operating in the shadows – have become
‘financialised’ starting from the
1970s.

2. Teaching, Learning and Assessment
On completion of this module, students will:
• Be familiar with major changes in global capitalism that have
propelled the financial
sector to its leading position today;
• Demonstrate theoretical and empirical knowledge about the
operation of global
financial markets and monetary systems;
• Be able to draw lessons from the recent outbreaks of financial
volatility and crises.
3. Assessment
The assessment for this module has two components:
1. The New Bretton Woods Conference role game (case study
pitch 15% + role game
15%) = 30% of final mark
2. Essay (3,000 words) = 70% of final mark
4. About the role game
The world needs a new global monetary architecture and a new
type of finance to address the
urgent socio-economic and environmental problems of the
present – stagnation, debt, austerity,

inequality, poverty, environmental destruction,
authoritarianism, involution of democratic
institutions. Each tutorial group will form a team of private
consultants and/or civil servants
with knowledge of financial matters. The teams will organise
(in week 10) and run (in week 11)
a 50-minute session on macro themes part of the global agenda
for a New Bretton Woods.
The main objective of the conference sessions is not to offer a
comprehensive plan for a New
Bretton Woods but rather to (a) inform the New Bretton Woods
Executive Committee (chaired
3
by the course convenor plus other international delegates from
City) about the cogent financial
problems of the day and (b) present prospective solutions,
guidelines, reform proposals or at
least a list of priorities for the Committee to take under
consideration in view of reaching the
new agreements.
The role game is split into two parts – ‘case study pitch’ and
‘conference session’ – that will
take place over week 10 and week 11 respectively. They are
each worth 15% of the final module
mark (30% altogether).
In preparation for week 10, students in each tutorial group will
autonomously form small
teams of civil servants and/or private consultants. Each team (4
to 6 people) will be responsible

for pitching a case study and present it in week 10. The two
teams that will score the highest
points win the Case Study Pitch. The winning pitches will be
the main themes of the New
Bretton Woods conference session to be held in week 11.
On week 10, mini teams will receive grades on their pitch
(worth 15% of final mark).
On week 11, students will receive grades on their performance
for the role game proper (worth
another 15% of final mark). While the work on both parts of
the game has to be team-led, marks
will be individual.
For more detail, please consult the Role Game Guide.
5. About the final essay
Final Essay: 3,000-word essay on the topic of your choice but
authorised by the module leader.
The topic must be broadly in line with at least one of the
lectures’ main themes. The essay is
worth 70% of the final mark.
Deadline: Please follow the information in student handbook.
All essays need to be uploaded
on Moodle.
6. Attendance
Attendance of lectures and participation in tutorials and class

assessments are compulsory.
Please notify me in advance in case of legitimate reason for
absence.
7. Plagiarism
Please consult Student Handbook on Academic Misconduct
policy.
When writing your essay, DO NOT:
• Copy, cut and paste
• Copy stuff from your other essays
• Cut and paste references you have no idea about (page
numbers are essential)
• Commission others to write your work
4
8. Reflective Learning Week
Please note that there will be no lectures or tutorials in week 6.
There will be department wide
activities for students this week. It also provides you with an
opportunity to catch-up on
coursework and to begin thinking about your assessed essay
topic.

Course Outline
Week 1 Introduction
Finance, Politics and Crisis
Week 2 Understanding Money and Finance
Banking, Leverage and Financial Bubbles
Week 3 The Globalisation of American Money and Finance
Reorganising World Money After Bretton Woods
Week 4 The Fiscal Crisis of States
Consolidating Public Debts in the Neoliberal Era
Week 5 The Rise and Fall of Central Bank Governance
From Inflation Targeting to Quantitative Easing
Week 6 Reading Week
Week 7 The Financialisation of Corporate Management
The Stock Market as a Predatory Arena
Week 8 The Making of the Indebted Household
Portfolio Society and the Everyday Politics of Securitisation

Week 9 Global Banks, Money Managers and Financial Markets
The Global Banking Industry Today
Week 10 Role Game (Part 1)
The New Bretton Woods – Case Study Pitch
Week 11 Role Game (Part 2)
The New Bretton Woods – The Conference Panels
5
Some books on global money and finance*:
- Admati, A. and Hellwig, M. (2013), The Bankers' New
Clothes. What's Wrong with Banking and
What to Do About It, Princeton: Princeton University Press.
- Aglietta, M. (2018) Money. 5,000 Years of Debt and Power,
London: Verso.
- Amato, M. and Fantacci, L. (2012) End of finance, Polity
Press.
- Lysandrou, P. (2018) Commodity. The Global Commodity
System in the 21st Century, London:
Routledge (Chapter 5: Control).
- Mattli, Walter (2019) Darkness by Design. The Hidden Power

in Global Capital Markets,
Princeton University Press.
- Mellor, M. (2010) The future of money. From financial crisis
to public resource, London: Pluto
Press.
- Rethel, L. and Sinclair, T. (2013) The Problem with Banks,
London: Zed Books (Chapter 5:
Problems with reform proposals).
- Ricks, M. (2016) The money problem. Rethinking financial
regulation, Chicago, IL: University of
Chicago Press.
- Weber, Beat (2018) Democratising money? Debating
Legitimacy in Monetary Reform Proposals,
Cambridge University Press.
- Wray, R. (2012) Modern Money Theory. A primer on
macroeconomics for sovereign monetary
systems, Basingstoke: Palgrave Macmillan.
* All books contain a chapter on reform proposals and/or
guidelines for the future.

6
Week 1
Introduction
Finance, Politics and Crisis
Introductory Reading
- Van der Zwan, N. (2014) Making sense of financialisation,
Socio-Economic Review, 12: 99-129.
- Thompson, F. and Dutta, S. (2016) Financialisation: A Primer.
Available at:
https://www.tni.org/en/publication/financialisation-a-primer
Week 2
Understanding Money and Finance

Banking, Leverage and Financial Bubbles
Keywords
Money – banking – leverage – financial bubbles – liquidity –
Minsky – financial instability –
Ponzi finance
Questions
• Where does money come from?
• Are banks mere financial intermediaries?
• Why is modern finance inherently unstable and fragile?
Required Reading
- Bezemer, D. and Hudson, M. (2016) Finance is not the
economy: reviving the conceptual
distinction, Journal of Economic Issues 50(3): 745-768.
- Nesvetailova, A. (2007) Fragile Finance: Debt, Speculation
and Crisis in the Age of Global Credit,
Basingstoke: Palgrave Macmillan (Chapter 4).
- Sgambati, S. (2016) Rethinking banking. Debt discounting and
the making of modern money
as liquidity, New Political Economy, 21 (3): 274-290.

7
Further Reading
*- Admati, A. and Hellwig, M. (2013), The Bankers' New
Clothes. What's Wrong with Banking and
What to Do About It, Princeton: Princeton University Press
(Chapters 2, 3).
- Bjerg, O. (2014), Making money. The philosophy of crisis
capitalism, London: Verso.
- Bryan, D. and Rafferty, M. (2006) Capitalism with
Derivatives. A Political Economy of Financial
Derivatives, Capital, and Class, Palgrave Macmillan.
- Chick, V. (1992) The evolution of the banking system and the
theory of saving, investment and
interest, in Chick, V. (author), Arestis, P. and Dow, S. (eds.),
On Money, Method and Keynes.
Selected Essays, St. Martin’s Press.
- Christophers, B. (2013) Banking across boundaries. Placing
finance in capitalism, Chichester:
Wiley-Blackwell.
- Di Muzio, T. and Robbins, R. (2017) An Anthropology of
Money. A Critical Introduction,
Routledge.
- Dodd, N. (2014) The social life of money, Princeton &
Oxford: Princeton University Press
- Hicks, J. (1989) A Market Theory of Money, Oxford
University Press.

- Hudson, M. (2012) The Bubble and Beyond, Dresden: Islet.
- Ingham, G. (2004) The nature of money, Polity Press.
- Kindleberger, C. (1978) Manias, Panics and Crashes: A
History of Financial Crises, Palgrave
Macmillan.
- Knafo, S. (2009) Liberalisation and the Political Economy of
Financial Bubbles, Competition &
Change, 13 (2): 128-144.
- Knafo, S. (2013) Financial crises and the political economy of
speculative bubbles, Critical
Sociology 39(6): 851-869.
- McKenzie, R. (2011) Casino capitalism with derivatives:
fragility and instability in
contemporary finance, Review of Radical Political Economics,
43(2): 198-215.
- Mellor, M. (2010) The future of money. From financial crisis
to public resource, London: Pluto
Press.
- Minsky, H. (1986) Stabilising an Unstable Economy, Yale
University Press.
- Pettifor, A. (2017) The production of money: how to break the
power of bankers, London: Verso.
- Ryan-Collins, J. et al (2014) Where Does Money Come From?
A Guide to the UK Monetary &
Banking System, New Economics Foundation.

8
- Werner, R. (2005) New Paradigm in Macroeconomics,
Basingstoke: Palgrave Macmillan.
- Werner, R. (2014) Can banks individually create money out of
nothing? The theories and the
empirical evidence, International Review of Financial Analysis,
36: 1-19.
- Wray, R. (2012) Modern Money Theory. A primer on
macroeconomics for sovereign monetary
systems, Basingstoke: Palgrave Macmillan.
- Wray, R. (2013) What do banks do? What should banks do? A
Minskian perspective,
Accounting, Economics and Law, 3(3): 277-311.
Week 3
The Globalisation of American Money and Finance
Reorganising World Money After Bretton Woods
Keywords
Dollar hegemony – monetary power – international reserve
currency – Eurodollar market –
floating exchange rates – capital flows – currency swaps – the

money market
Questions
• What’s the power of the Dollar?
• Has this power increased or diminished since the collapse of
the Bretton Woods system?
• What are Eurodollar markets and how did they emerge?
Required Reading
- Burn, G. (1999) The State, the City, and the Euromarkets,
Review of International Political
Economy, 6(2): 225-261.
- Cohen, B. (2015) Currency Power. Understanding Monetary
Rivalry, Princeton University Press
(Chapters 3 and 4: Monetary Power; From Currency to Power).
- Schwartz, Herman M. (2019) “American Hegemony:
Intellectual Property Rights, Dollar
Centrality, and Infrastructural Power”, Review of International
Political Economy, 26(3): 490-
519.
9

Further Reading
*- Aglietta, M. (2018) Money. 5,000 Years of Debt and Power,
London: Verso (Chapter 7:
International Currency Faced with the Test of History).
- Brenner, R. (2000) The Boom and the Bubble, New Left
Review 6: 5-43.
- Burn, G. (2006) The re-emergence of global finance,
Basingstoke: Palgrave Macmillan.
- Gowan, P. (1999) The Global Gamble. Washington's Faustian
Bid for World Dominance, London:
Verso.
- Green, J. (2016) Anglo-American Development, the
Euromarkets and the Deeper Origins of
Neoliberal Deregulation, Review of International Studies 42:
425-449.
- Helleiner, E. (1994) From Bretton Woods to Global Finance.
A world turned upside down, in
Stubbs, R. and Underhill, G. (eds.), Political Economy and the
Changing Global Order, Macmillan,
163-175.
- Helleiner, E. (1995) Explaining the globalisation of financial
markets: bringing states back in,
Review of International Political Economy 2(2).
- Helleiner, E. (1996) States and the Re-emergence of Global
Finance, Cornell University Press
(Chapter 6: Four Turning Points in the late 1970s and early
1980s).

*- Konings, M. (2007) The institutional foundations of US
structural power in international
finance: from the re-emergence of global finance to the
Monetarist turn, Review of International
Political Economy, 15(1): 35-61.
- Konings, M. (2011) The Development of American Finance,
*- Palan, R. (1998), Trying to have your cake and eating It:
how and why the state system has
created offshore, International Studies Quarterly 42: 625-644.
- Panitch, L. and Gindin, S. (2008) Finance and American
Empire, in Panitch, L. and Konings, M.
(eds.), American Empire and the Political Economy of Global
Finance, Palgrave, 17-47.
- Seabrooke, L. (2001) US Power in International Finance. The
Victory of Dividends, Palgrave.
- Varoufakis, Yanis (2015) And the Weak Suffer What They
Must, Penguin Vintage (chapters 2
and 3).

10
Week 4
The Fiscal Crisis of States
Consolidating Public Debts in the Neoliberal Era
Keywords
Taxation – public debt – government spending – sovereign debt
management – bond market –
state creditworthiness – fiscal consolidation – austerity
Questions
• Why have states partly lost their ability to tax?
• How do governments compensate for their fiscal faults?
Required Reading
- Roos, Jerome (2019) Why Not Default? The Political Economy
of Sovereign Debt, Princeton
University Press (Chapters 2 and 3).
- Streeck, W. (2015) The Rise of the European Consolidation
State, Discussion Paper 15/1, Max
Planck Institute for the Study of Societies.

- Wray, R. and Nersisyan, Y. (2015) Understanding Money and
Macro-Economic Policy, The
Political Quarterly, 86(S1).
Further Reading
- Clarke, S. (1988) Keynesianism, Monetarism and the Crisis of
the State, Edward Elgar
Publishing.
- Davis, A. and Walsh, C. (2016) The role of the state in the
financialisation of the UK economy,
Political Studies 64(3): 666-82.
- Dowling, E. (2017) In the Wake of Austerity: Social Impact
Bonds and the Financialisation of
the Welfare State in Britain, New Political Economy 22 (3):
294-310.
- Dutta, S. (2017) Sovereign debt management and the
globalisation of finance: recasting the
City of London’s Big Bang, Competition & Change.
*- Fastenrath, F. et al (2017) Where States and Markets Meet:
The Financialisation of Sovereign
Debt Management, New Political Economy 22 (3): 273-293.
11
- Hager, S. (2015) Corporate ownership of the public debt:
mapping the new aristocracy of

finance, Socio-Economic Review 13(3): 505-523.
- Hager, S. (2016) Public Debt, Inequality and Power. The
Making of a Modern Debt State,
University of California Press.
- Hardie, I (2011) How Much Can Governments Borrow?
Financialisation and Emerging
Markets Government Borrowing Capacity, Review of
International Political Economy 18(2):
141-167.
*- Konings, M. (2010) Neoliberalism and the American State,
Critical Sociology, 36(5): 741-765.
- Lagna, A. (2016) Derivatives and the Financialisation of the
Italian State, New Political
Economy 21 (2): 167-186.
- Lazzarato, M. (2015) Neoliberalism, the financial crisis and
the end of the liberal state, Theory,
Culture and Society 32(7-8): 67-83.
- Mehrling, P. (2000) The state as financial intermediary,
Journal of Economic Issues 34(2): 365-
368.
*- Preunkert, J. (2017) Financialisation of Government Debt?
European Government Debt
Management Approaches, 1980-2007, Competition & Change
21(1): 27-44.
- Salsman, R. (2017) The Political Economy of Public Debt.
Three Centuries of Theories and
Evidence, Cheltenham UK: Edward Elgar.

- Streeck, W. (2014) Buying Time. The Delayed Crisis of
Democratic Capitalism, London: Verso.
- Streeck, W. (2014) The Politics of Public Debt: Neoliberalism,
Capitalist Development and the
Restructuring of the State, German Economic Review 15: 143-
165.
- Wang, Y. (2015) The Rise of the ‘Shareholding State’:
Financialisation of Economic
Management in China', Socio-Economic Review 13(3): 603-625.
12
Week 5
The Rise and Fall of Central Bank Governance

From Inflation-Targeting to Quantitative Easing
Keywords
Central bank independence – monetarism – inflation-targeting –
ZIRP (zero interest rate policy)
– QE (quantitative easing) – lender of last resort – open market
operations – dealer of last
resort.
Questions
• What are central banks for? How are they linked to
governments?
• Are central banks mere financial regulators or active market
players?
• How has central banking changed since the 2007-08 crisis?
Required Reading
- Bowman, A. et al (2013) Central bank-led capitalism?, Seattle
Univ. Law Rev. 36: 455-487.
- Jones, E. and Matthijs, M. (2019) Rethinking Central-Bank
Independence, Journal of
Democracy, 30(2): 127-141.
- van’t Klooster, J. and Fontan, C. (2019) The Myth of Market
Neutrality: A Comparative Study

of the European Central Bank’s and the Swiss National Bank’s
Corporate Security Purchases,
New Political Economy,
https://doi.org/10.1080/13563467.2019.1657077
Further Reading
- Braun, B. (2015) Governing the future: the European Central
Bank's expectation management
during the Great Moderation, Economy and Society 44(3): 367-
391.
- Braun, B. (2016) Speaking to the people? Money, trust and
central bank legitimacy in the age
of Quantitative Easing, Review of International Political
Economy, 23(6): 1064-1092.
- Braun, B. (2018) Central banking and the infrastructural
power of finance: the case of ECB
support for repo and securitisation markets, Socio-Economic
Review, 1-24.
- Capie, F., Goodhart, C., Fischer, S. and Schnadt, N. (1995)
The Future of Central Banking,
13
- Dow, S. (2014) The relationship between central banks and
governments: what are central
banks for?, in Goodhart, C., Gabor, D., Vestergaard, J. and

Erturk, I. (2014) Central Banking at the
Crossroads. Europe and Beyond, London: Anthem Press.
- Dow, S. (2017) Central banking in the twentieth first century,
Cambridge Journal of Economics
41: 1539-1557.
- Dyson, K. and Marcussen, M., eds. (2009) Central Banks in
the Age of the Euro. Europeanization,
Convergence and Power, Oxford University Press.
- Gabor, D. and Ban, C. (2016) Banking on bonds. The new
links between states and markets,
Journal of Common Market Studies 54(3): 617: 635,
- Goodhart, C., Gabor, D., Vestergaard, J. and Erturk, I. (2014)
Central Banking at the Crossroads.
Europe and Beyond, London: Anthem Press.
*- Jacobs, L. and King, D. (2016) Fed Power. How Finance
Wins, Oxford University Press.
*- Krippner, G. (2007) The Making of US Monetary Policy:
Central Bank Transparency and the
Neoliberal Dilemma, Theory and Society 36: 477-513.
*- Mehrling, P. (2011) The New Lombard Street. How the Fed
Became the Dealer of Last Resort,
Princeton University Press.
- Polillo, S. and Guillén, M. (2005) Globalisation pressures and
the state: The Worldwide Spread
of Central Bank Independence, American Journal of Sociology
110(6): 1764-1802.
- Quaglia, L. (2008) Central Banking Governance in the

European Union. A Comparative Analysis,
London: Routledge.
- Tymoigne, E. (2014) Modern money theory, and interrelations
between Treasury and Central
Bank: the case of the U.S., Journal of Economic Issues 48(3):
641-662.
Week 6 – Reading Week
Please note that there will be no lectures or tutorials in week 6.
There will be department wide
activities for students this week. It also provides you with an
opportunity to catch-up on
coursework and to begin thinking about your assessed essay
topic.
14
Week 7
The Financialisation of Corporate Management
The Stock Market as a Predatory Arena

Keywords
Shareholder value – financialised managerialism – mergers and
acquisitions – leveraged
buyouts – corporate raiders – activist shareholders – corporate
buybacks – EBITDA – stock
market bubbles
Questions
• How do corporations generate profits?
• Why do corporations engage in stock repurchases?
• Is the stock market a source of financing for capital formation,
‘real’ investments and
industrial production?
Required Reading
- Hudson, M. (2012) The Bubble and Beyond, Dresden: Islet
(Chapter 9: Junk Bonding Industry).
- Knafo, S. and Dutta, S. (2019) The Myth of the Shareholder
Revolution and the Financialisation
of the Firm, Review of International Political Economy.
https://doi.org/10.1080/09692290.2019.1649293
- Lazonick, W. (2014) Profits without Prosperity, Harvard
Business Review 47-55.

Further Reading
- Aglietta, M. and Breton, A. (2001) Financial Systems,
Corporate Control and Capital
Accumulation, Economy and Society 30(4): 433-66.
- Boyer, R. (2005) From Shareholder Value to CEO Power. The
Paradox of the 1990s,
Competition & Change 9(1): 7-48.
- Cheffins, B. (2015) Corporate Governance Since the
Managerial Capitalist Era, Business History
Review 89(4): 717-744.
- Deeg, R. and Hardie, I. (2016) What is Patient Capital and
Who Supplies It? Socio-Economic
Review 14(4): 627-645.
15
- Dumenìl, G. and Levy, D. (2015) Neoliberal Managerial
Capitalism, International Journal of
Political Economy 44: 71-89.
- Heilbron, J. et al (2014) The Origins and Early Diffusion of
‘Shareholder Value’ in the US, Theory
and Society 43: 1-22.
- Knafo, S. and Dutta S. (2016) Patient Capital in the Age of
Financialised Managerialism, Socio-
Economic Review 14 (4): 771-788.

- Knafo, S., Dutta, S., Lane, R. and Wyn-Jones, S. (2019) The
Managerial Lineages of
Neoliberalism, New Political Economy, 24(2): 235-251.
*- Krippner, G. (2005) The Financialisation of the American
Economy, Socio-Economic Review
3: 173-208.
*- Lazonick, W. (1992) Controlling the Market for Corporate
Control: The Historical Significance
of Managerial Capitalism, Industrial and Corporate Change
1(3): 445-488.
- Lazonick, W. (2017) The New Normal Is ‘Maximising
Shareholder Value’: Predatory Value
Extraction, Slowing Productivity, and the Vanishing American
Middle Class, International
Journal of Political Economy 46: 217-226.
- Lazonick, W. and O’Sullivan, M. (2000) Maximising
Shareholder Value: A New Ideology for
Corporate Governance, Economy and Society 29: 13-35.
- Newberry, S. and Robb, A. (2008) Financialisation:
Constructing Shareholder Value...For Some,
Critical Perspectives on Accounting 19: 741-763.
- Soederberg, S. (2010) Corporate Power and Ownership in
Contemporary Capitalism. The Politics
of Resistance and Domination, London: Routledge.

16
Week 8
The Making of the Indebted Household
Portfolio Society and the Everyday Politics of Securitisation
Keywords
Securitisation – household debt – mortgages – subprime
borrowers – uncollateralised debt –
credit cards – student loans – ABSs and CDOs – SIVs and SPEs
Questions

• Why do banks lend to subprime borrowers?
• What is securitisation about?
Required Reading
- Appel, H. (2015) You are not a loan. Strike debts and the
emerging debtors movement, Tikkun
Magazine 30(1).
- Cooper, Melinda (2017) Family Values. Between
Neoliberalism and the New Conservatism, Zone
Books (Chapter 4: ‘The return of inherited wealth: asset
inflation and the economic family’).
- Fligstein, Neil and Adam Goldstein (2015) “The emergence of
a finance culture in American
households, 1989-2007”, Socio-Economic Review 13(3): 575-
601.
- Soederberg, S. (2014) Student loans, debtfare and the
commodification of debt: the politics of
securitization and the displacement of risk, Critical Sociology
40 (5): 689-709.
Further Reading
- Aalbers, M. (2015) Financialisation of Housing, Routledge.
- Ascher, I. (2016) Portfolio Society. On the Capitalist Mode of
Prediction, Zone Books.

- Christophers, B. (2016) For real: land as capital and
commodity, Transactions of the Institute
of British Geographers, 41(2): 134-148.
*- Davis, G. (2009) Managed by markets. How finance reshaped
America, Oxford University Press
(Chapter 6: from Employee and Citizen to Investor: How Talent,
Friends and Home became
Capital’).
17
- Eaton, C. et al (2016) The financialisation of US higher
education, Socio-Economic Review
13(3): 507-35.
- Fernandez, R. and Aalbers, M. (2016) Financialisation and
Housing: Between Globalisation and
Varieties of Capitalism, Competition & Change 20(2): 71-88.
- Fields, D. and Uffer, S. (2016) The Financialisation of Rental
Housing: A Comparative Analysis
of New York City and Berlin, Urban Studies 53(7): 1486-1502.
- Hudson, M. (2012) The Bubble and Beyond, Dresden: Islet
(Chapter 8: The Real Estate Bubble
at the Core of Today’s Debt-Leveraged Economy).
- Krippner, G. (2016) Democracy of credit: ownership and the
politics of credit access in late
twentieth-century America, American Journal of Sociology
123(1): 1-47.

- Langley, P. (2008) Sub-prime Mortgage Lending: A Cultural
Economy, Economy and Society 37
(4): 469-494.
- Langley, P. (2009) The Everyday Life of Global Finance.
Saving and Borrowing in Anglo-America,
Oxford University Press.
- Lazzarato, M. (2011) The Making of the Indebted Man,
Semiotext(e).
- Leyshon, A. and Thrift, N. (2007), The Capitalization of
Almost Everything: The Future of
Finance and Capitalism, Theory, Culture & Society 24 (7-8):
97-115.
- Montgomerie, J. (2009) The pursuit of (past) happiness?
Middle-class indebtedness and
American financialisation, New Political Economy 14 (1): 1-24.
- Montgomerie, J. and Büdenbender, M. (2015) Round the
Houses: Homeownership and
Failures of Asset-Based Welfare in the United Kingdom, New
Political Economy 20 (3): 386-405
*- Ross, A. (2013) Creditocracy. And the case for debt refusal,
London: OR Books.
- Ryan-Collins, J. et al (2017) Rethinking the Economics of
Land and Housing, Zed Books.
- Seabrooke, L. (2010) What Do I Get? The Everyday Politics of
Expectations and the Subprime
Crisis, New Political Economy 15(1): 51-70.

- Soederberg, S. (2013) The US Debtfare State and the Credit
Card Industry: Forging Spaces of
Dispossession, Antipode 45 (2): 493-512.
18
Week 9
Shadow Banking, Money Managers and Financial Markets
The Global Banking Industry Today
Keywords
Asset management – hedge funds – money market funds –
institutional investors – shadow
banking – cash equivalents – repos – capital market – money
market.
Questions
• How do global banks make money?

• What role do money managers and institutional investors play
in the global financial
system?
• What are financial markets and how do global banks dominate
them?
Required Reading
- Balluck, K. (2015) Investment banking: linkages to the real
economy and the financial system,
Bank of England Quarterly Bulletin Q1.
- Mattli, Walter (2019) Darkness by Design. The Hidden Power
in Global Capital Markets,
Princeton University Press (Introduction).
- Ricks, M. (2016) The Money Problem. Rethinking Financial
Regulation, Chicago, IL: University
of Chicago Press (Chapter 1: Taking the Money Market
Seriously).
- Sgambati, S. (2019) The Art of Leverage. A Study of Bank
Power, Money-Making and Debt
Finance, Review of International Political Economy, 26(2): 287-
312.
Further Reading
- Claessens, S., Pozsar, Z., Ratnovski, L., and Singh, M. (2012)
Shadow banking: economics and

policy, IMF Staff Discussion Note, International Monetary
Fund.
- Christophers, B. (2015) Against (the idea of) financial
markets, Geoforum 66: 85-93.
- Engelen, E. et al (2011) After the Great Complacence.
Financial crisis and the politics of reform,
Oxford: Oxford University Press (chapter 4: Banks
misunderstood).
19
- Erturk, I. and Solari, S. (2007) Banks as continuous
reinvention, New Political Economy 12(3):
369-388.
- Erturk, I., Leaver, A. and Williams, K. (2010) Hedge funds as
war machine: making the position
work, New Political Economy 15(1): 9-28.
- Fernandez, R. and Wigger, A. (2016) Lehman Brothers in the
Dutch offshore financial centre:
the role of shadow banking in increasing leverage and
facilitating debt, Economy and Society
45(3-4): 407-430.
- Gabor, D. (2016) The (impossible) repo trinity: the political
economy of repo markets, Review
of International Political Economy 23(6): 967-1000.
- Gabor, D. and Vestergaard, J. (2016) Towards a theory of
shadow money, New York, NY:

Institute for New Economic Thinking, INET working paper.
- Guttman, R. (2018) The transformation of banking, in
Nesvetailova, A. (ed.), Shadow Banking:
Scope, Origins and Theories, Routledge.
- Hardie, I., Howarth, D., Maxfield, S. and Verdun, A. (2013)
Banks and the false dichotomy in the
comparative political economy of finance, World Politics 65(4):
691-728.
- Helgadόttir, O. (2016) Banking upside down: the implicit
politics of shadow banking expertise,
Review of International Political Economy, 23(6): 915-940.
- Lysandrou, P. (2012) The primacy of hedge funds in the
subprime crisis, Journal of Post
Keynesian Economics 34(2): 225-253.
- Lysandrou, P. (2018) Commodity. The Global Commodity
System in the 21st Century, London:
Routledge (Chapter 5: Control).
- Lysandrou, P. and Nesvetailova, A. (2015) The role of shadow
banking entities in the financial
crisis: a disaggregated view, Review of International Political
Economy 22(2): 257-279.
- Michell, J. (2017) Do shadow banks create money?
‘Financialisation’ and the monetary circuit,
Metroeconomica 68(2): 354-377.
*- Murau, S. (2017) Shadow money and the public money
supply: the impact of the 2007-2009
financial crisis on the monetary system, Review of International
Political Economy, 24(5): 802-

838.
- Nesvetailova, A. and Palan, R. (2013) Minsky in the shadow:
securitization, Ponzi finance, and
the crisis of Northern Rock, Review of Radical Political
Economics, 45 (3): 349-368.
- Nesvetailova, A. (2015) A crisis of the overcrowded future:
shadow banking and the political
economy of financial innovation, New Political Economy 20(3):
431-456.
- Nesvetailova, A. (ed.), Shadow Banking: Scope, Origins and
Theories, Routledge.
20
- Palan, R. and Wigan, D. (2018) The economy of deferral and
displacement. Finance, shadow
banking and fiscal arbitrage, in Nesvetailova, A. (ed.), Shadow
Banking: Scope, Origins and
Theories, Routledge.
- Pozsar, Z. (2014) Shadow banking: the money view,
Washington, DC: Office of Financial
Research, working paper.
*- Rethel, L. and Sinclair, T. (2013) The Problem with Banks,
London: Zed Books (Chapter 5:
Problems with reform proposals).
- Sweeney, R. (2017) Global banks or global investors? The
case of European debt flows,

Competition & Change 21(5): 364-387.
- Thiemann, M. (2012) Out of the shadows? Accounting for
special purpose entities in European
banking systems, Competition and Change 16(1): 37-55.

21
Week 10
Organising the New Bretton Woods
Case Pitch
In preparation for week 10
STEP1
Form a small team (4 to 6 people) with other students in your
tutorial class.
• Students should autonomously form teams by the end of week
9.
• Each team should work on a case study pitch to be presented
on week 10.
STEP 2
The team must choose one thematic area among the ones below:
1. Governments (States)
2. Central Banks (Expertise)

3. Corporations (Business)
4. Households (Society)
5. Banks, Money Managers and Financial Markets (Finance)
STEP 3
The team must choose the focus of analysis:
• Country level (e.g. US, UK, China, Germany, etc.);
• Regional level (e.g. EU, BRICS, Asia, North America, South
America);
• World level;
• Sector/size (option only available to teams that have opted for
‘expertise’);
• Class/group (option only available to teams that have opted
for ‘society’).
Please note, step 1, step 2 and step 3 must be completed
BEFORE week 10.
On week 10 (part 1: presenting the pitch)
Each team will have 12 to 15 minutes (depending on how many
teams have formed) to present
their pitch, inform their choices and thus provide an overview
of their case study.
• Please note, the teams do no need to tell the class ALL there is
to know about the case
study but, instead, they should explain why it is relevant and
useful to look at into in
more detail in view of the New Bretton Woods conference.

The two teams that score top points win the Case Study Pitch.
22
• If both winning teams have opted for the same macro theme,
then the conference session
will revolve around that one macro theme (though it might
encompass different levels
of analysis).
• If winning teams have opted for two different macro themes,
then the conference
session will include an overview, analysis and discussion of
both macro themes.
• Please note, there will be advantages and disadvantages in
both cases. Presenting on
one macro theme would entail more in-depth research on the
topic. Presenting on two
macro themes would entail drawing connections between them.
The course convenor will evaluate the presentations, give the
scores and provide each team
with a feedback form. Please refer to the assessment criteria
table below.
• Please note, the presentation of the case study cannot fall on
the shoulders of a selected
few. All team members are expected to present, everyone must
actively contribute to the
case study pitch prior to the presentation in class.

On week 10 (part 2: organising the session)
STEP 4
After the Case Study Pitch is completed, the mini-teams are
dismissed. Now all students in the
tutorial class constitute one big team responsible for preparing
the conference session to be
held in week 11.
The tutorial team must choose the format of the session:
• The team can opt for the ‘open debate’ format (level: hard) or
the ‘structured
presentation’ (level: easy) or a mixture of both, i.e.
presentations followed by open
debate (level: medium).
STEP 5
The team must create mini-groups, assign tasks and roles.
• To this purpose, the team will split into 3 to 5 mini-groups,
each of which will be assigned
a specific task (e.g. to produce an analysis of the problem with
banks) and/or role (e.g.
to act as a delegation of central bankers or Treasury officials).
• The creation of groups and the assignment of role and tasks
should be done
autonomously by team members. The course convenor will only
intervene in case

agreement will not be found.
• Finally, the team will appoint a chair for the conference
session. This can be done
informally or via election. It will be the chair’s responsibility to
open the session with a
few introductory words, moderate the debate and make sure that
each
presentation/intervention stays within the time limits.
23
Week 11
Presenting at the New Bretton Woods
Conference Sessions
Each team will run a 50-min thematic panel at the New Bretton
Woods conference. All team
members are supposed to participate by either presenting,
chairing, illustrating graphs and
figures, or by intervening in the open debate (also depending on
the format of the session). The
chair will be responsible for moderating the session.
Please note, students will have to present and discuss problems
and solutions with regards to
their case study based on information and analyses available in

the academic literature. At the
same time, they are permitted to rely on media and other
sources including video resources. At
any rate, the role game is based on students’ own previous
research and understanding of the
case, as matured through the entire module.
The course convenor and the other guest delegates from the
Dept. of International Relations
will not intervene, or interfere, for the duration of the role
game.
Participation in the Conference Panel is worth half of the Role
Game exercise, or 15% of the
final mark for the module. All students will receive individual
marks given by at least two
members of staff present at the final session.
MODULE SPECIFICATION – UNDERGRADUATE
PROGRAMMES
KEY FACTS
Module name Global Money and Finance

Module code IP3024
School School of Arts and Social Sciences
Department or equivalent International Politics
UK credits 15
ECTS 7.5
Level 6
Delivery location (partnership
programmes only)
N/A
MODULE SUMMARY
Module outline and aims
We are accustomed to think that banks, markets and financial
institutions create wealth in our
societies. We are often told that financial crises occur because
of human failures such as greed,
ineptness or fraud. We are also led to believe that the objective
of a business enterprise or a
sovereign state is to ‘make money,’ and that too much debt is
detrimental to economic
prosperity. How much truth is in these beliefs? In this module,
you will address these questions.
You will delve in the problems of money and the financial
system in the global economy. You will
explore the origins and different meanings of ‘money’. You will
analyse the workings of the
financial system, you will study the approaches to financial
instability and regulation, and
examine some of the current policy dilemmas related to the
workings of money and banking,
financial institutions and financial systems, in different
economic contexts.

Indicative outline
• Money, wealth and value
• The monetary affairs of the state
• From ‘money’ to finance: the risk-trading industry
• Understanding the financial system
• Financialisation
• Financial crises
• The shadow banking system
• Regulating finance I
• Regulating finance II
WHAT WILL I BE EXPECTED TO ACHIEVE?
On successful completion of this module, you will be expected
to be able to:
Knowledge and understanding:
• Be familiar with major changes in global capitalism that have
propelled the financial
sector to its leading position today
• Conceptualise and understand financial fragility, crisis and
financialisation
• Analyse the vast approaches to monetary policy and financial
regulation, and account
for the substantial dilemmas the global financial system is
facing
Skills:

• Demonstrate theoretical and empirical knowledge about the
origins and problems of
‘money’, banking and the financial system
• Draw lessons from the recent outbreaks of financial volatility
and crises
• Be aware of, and critically engaged with, the on-going debate
on the regulation of the
global financial system and problems with its implementation.
Values and attitudes:
• Appreciate the relevance of a variety of financial structures
and processes in shaping
the working of the contemporary international financial system
• Investigate the way in which global money and finance have
been addressed
• Account for the key global challenges that the financial
system is yet to pose
• Produce an essay indicating precisely and honestly what is
your own work and what is
attributable to others, so that the offence of plagiarism is not
committed
HOW WILL I LEARN?

Acquisition of knowledge and understanding is promoted
through a combination of lectures and
interactive classes with a strong emphasis on students'
participation. You are encouraged to
undertake extensive reading and independent study in order to
understand the topics covered in
lectures and classes and to broaden and deepen your knowledge
of the subject. You also, in
consultation with module leader, devise your own essay
question for the 3500 word research
essay due at the end of the course.
Teaching pattern:
Teaching
component
Teaching
type
Contact
hours
(scheduled)
Self-directed
study hours
(independent)
Placement
hours
Total student
learning hours
Lecture Lecture 10 30 40

Seminar
sessions,
presentations
Seminar 10 100 110
Totals 20 130 150
WHAT TYPES OF ASSESSMENT AND FEEDBACK CAN I
EXPECT?
Assessments
One 3000 word essay: 70%
Case study pitch: 15%
Role game: 15%
The country pitch during Part 1 of the role game will be done as
follows. The class will be split
into 4 competing groups, each group pitching their chosen
country as a case study for the whole
class to play through next week. Groups will then assign points
to each other (on the range of 1
to 4, 4 being the maximum score given). The pitch that scored
most points wins, and becomes
the country for the case study. Everyone in the winning group
gets an ‘A+ (>75%).’ The next
runner up gets A; the next A- (>70%), etc. No group can vote
for themselves.
Assessment pattern:
Assessment

component
Assessment
type
Weighting Minimum qualifying
mark
Pass/Fail?
Essay (3000 words) Written
assignment
including
Essay
70% 0 N/A
Case Study Pitch Oral
Assessment
and
presentation
15% 0 NA
Role Game Practical Skills
assessment
15% 0 NA
Assessment criteria
Assessment Criteria are descriptions of the skills, knowledge or
attributes you need to

demonstrate in order to complete an assessment successfully
and Grade-Related Criteria are
descriptions of the skills, knowledge or attributes you need to
demonstrate to achieve a certain
grade or mark in an assessment. Assessment Criteria and
Grade-Related Criteria for module
assessments will be made available to you prior to an
assessment taking place. More
information will be available from the module leader.
Feedback on assessment
Following an assessment, you will be given your mark and
feedback in line with the Assessment
Regulations and Policy. More information on the timing and
type of feedback that will be
provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 40%. Any minimum qualifying
marks for specific assessments
are listed in the table above. The weighting of the different
components can also be found
above. The Programme Specification contains information on
what happens if you fail an
assessment component or the module. Resit mechanism for the
case study component: for
those who fail/ are not able to attend the country pitch and role
game, the resit will constitute a
written piece of assessment (1000 words essay) on a country
case study on the topic of
“Lessons of the global for … (country’s name)”.

INDICATIVE READING LIST
• Assassi, L., A. Nesvetailova and D. Wigan, 2007, Global
Finance in the New Century.
Beyond Deregulation, Palgrave Macmillan.
• Bryan, D., Rafferty. N., 2006, “Financial Derivatives: Bubble
or Anchor?”, in Assassi et al ,
Global Finance in the New Century.
• Daniel Kuehn, 2012, “A note on America’s 1920–21
depression as an argument for
austerity”, Camb. J. Econ. (2012) 36(1): 155-160
doi:10.1093/cje/ber028
• Eatwell and Taylor, 2000, Global Finance at Risk, Chapter 3.
• Livingston, J., 2010, “Their Great depression and Ours”, in M.
Konnings, ed., The Great
Credit Crash, London: Verso.
• MacKenzie, D., 2006, “Globalization, efficient markets and
arbitrage”, in Assassi,
Nesvetailova, Wigan (eds), Global Finance in the New Century,
Palgrave.
• Minsky, H., 1982, Can It Happen Again?, New York: M.E.
Sharpe.
• Nesvetailova, A., 2007, Fragile Finance. Debt, Speculation
and Crisis in the Age of Global
Credit, Palgrave Macmillan.
• Polillo, S., 2011, “Wildcats in banking fields: the politics of
financial inclusion”, Theoretical
Sociology, 40, 347–383. Available on MOODLE
• Ryan-Collins, J., T. Greenham, R. Werner and A. Jackson,

2011, Where does Money Come
From? London: NEF (The New Economics Foundation).
• Soppe A., 2010, “023n3Finance: Servant or Deceiver?
Financialization at the Crossroads,
Observatoire de la Finance 2009”, JOURNAL OF BUSINESS
ETHICS, 91:3.
Version: 2.1
Version date: February 2019
For use from: 2019-20
Appendix:
CODES
HESA Code Description Price Group
128 Politics and International Studies D
JACS Code Description Percentage (%)
L240 International Politics 100

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