The content for option B, Major B2 is provided in the tables below. It is composed of blocks of courses for all the corresponding cohort and of blocks in which students can choose between different special focuses (SF).
1st year at Kingston University
Students choosing “option B” (Major B2) spend one year at Kingston University. The year will be structured in five blocks aimed at providing in-depth skills in political economics and finance.
The first block deals with “Macroeconomics and economic policy”. It comprises courses given by E. Stockhammer, a world leading economist working on the determinants of European unemployment, the demand effects of changes in income distribution, and the macroeconomics effects of financialisation. He will emphasise theoretical and political questions related to macroeconomic activity and the economic / financial / social crises in the context of globalisation. This block includes the following courses.
- “Macroeconomics”. This module covers macroeconomic model building and analysis. It deals with the fundamental issues of growth, unemployment and inflation in the context of an open economy.
- “Topics in economic policy”. The module discusses selected issues in current economic policy, and illustrates how different economic theories apply to these issues. Topics may include unemployment, financial stability and the causes and effects of changes in income distribution.
The second block addresses “Political economy” issues. It aims at providing a large and pluralist theoretical framework and to develop students’ critical thinking on major economic issues. It puts into perspective theoretical approaches to the current economic situation. This block includes two courses.
- “Paradigms in political economy” (by J. Wells). This module presents the major alternative paradigms of political economy, which are Classical, Marxist, Austrian, Neo-Classical, Keynesian, Kaleckian and Institutionalist Political Economy, and compares their analyses of the production process, the labour market, the financial sector and economic growth.
- “Advanced political economy” (by E. Stockhammer). This module looks at advanced models in the contemporary academic political economy literature. It will be based on post-Keynesian and Marxian theory and will cover issues of demand formation, unemployment, capital accumulation and income distribution.
The third block deals with “Economic policy in the age of globalization and financialisation”. It specifically addresses the changes that occur in the economy and in world governance with the development of finance and trade. It includes two courses.
- “Economic policy/political economy of finance” (by F. Murphy). Recent financial theory characterises contemporary institutional developments in finance as a ‘revolution’ whose significance is comparable to that of the Industrial Revolution. The aim of this module is to trace the roots of these changes; to revisit the basic historical patterns that emerged after the decomposition of Bretton Woods regime; to understand the mechanics of these changes and their place in contemporary post-industrial capitalist societies; and to shed light on the spatial aspects of contemporary global finance.
- “Political economy of globalisation” (by D. Sotiropoulos). The module aims to examine critically the social and political significance of accelerated global economic integration. The implications of enacting policies that either promote or resist globalisation, and their influence on the globalisation process will be highlighted and addressed. The organisation of work and production in the global economy and its impact on labour will be discussed. The contribution of global and corporate governance to the current level of global integration will be assessed in the context of international trade and development issues.
The fourth block deals with “Political theory and economic history”. It is composed of two courses.
- “State Politics” (by R. Cinpoes). This module outlines a number of key orthodox and critical paradigms in political theory. It also examines different normative approaches to state politics within in an evolving global politics. Theories and ideologies of global politics are approached historically and thematically. The module will provide scope for exploring the state from an institutional perspective highlighting – among other things – its external dimension in relation to international law and war.
- “Rise of Capitalism” (by P. Auerbach). Dr. Auerbach is a specialist in industrial change and development. This module develops a historical and analytical narrative of the rise of capitalism from the early modern to the contemporary period.
The fifth block is related to the study of languages. Introduction to French will be mandatory for students with no knowledge of the French language. There will be opportunities to study advanced English (including academic writing).
These initial five blocks will provide consistent and high-level training in political economics and finance on an interdisciplinary basis (economics, political science, history). They will enhance students’ understanding of economic policy interdependencies in a globalised world.
All the Master’s courses delivered at Kingston University will be taught in English.
Course details (teaching hours, ECTS, teaching staff) for the 1st year.
Semester 3 at the University of Paris 13
“Option B” students will have to choose between two special focuses (SF): macroeconomic policy and financial regulation. Similar to the other options, the 3rd semester for “option B” is divided into five blocks (+ the “induction month”), characterised by an important focus on macroeconomic and financial policies. The participation of professionals (from banks for the special focus on financial regulation) and world famous external academics (especially for the focus on macroeconomic policy) will be special features of this semester.
The first block deals with “Macroeconomic and financial policies”. It comprises five courses:
- “International macroeconomics” (by D. Lang) which is a common course for students taking options B and C (see the above description). All “option B” students will automatically be integrated with the second year level (which complements the courses taught in Berlin during the first year).
- “Financial instability and international regulation” (by G. Dymski and H. Tordjman). The course will focus on the financial dimensions of globalisation and is aimed at providing a good understanding of the mechanisms behind financial crises, and presenting major trends towards financial regulation at the European and international levels. The major issues that will be addressed are: the theories of financial crises, the different paradigms and the recent debate on the causes of crises in developed countries and emerging market economies, the instability of finance-led capitalism, new trends in regulation in the aftermath of the subprime crisis, the role of central banks with respect to financial stability.
- “Institutions and international finance” (by R. Guttmann) addresses the institutions involved more specifically in financial regulation. It includes three interrelated topics: the international monetary system and the sources of its instability, finance-led capitalism, and systemic crises in finance-led capitalism. Management of crises, the impact on the Eurozone and possible reforms are discussed in detail
- “Financial strategies and international accounting” (by T. Auvray and Y. Biondi). This course will be given by a CNRS researcher, a former financial analyst and project manager in the executive managerial team of a leading Milan bank (European Bank Group, Corporate Headquarters) where he acquired sophisticated skills in risks assessment, structured finance, and financial-economic modelling of investment projects. This course will provide important skills and knowledge on both theoretical and practical aspects. It will address control, governance and regulation of business and non-business organisations in the global arena. International accounting standards, financial performance analysis and measurement, financialisation of corporate governance and behaviour, and financial-economic engineering arrangements will be discussed in order to understand current corporate and regulatory practices and regulations, their transformation over time, and their implications for public policy, socio-economic development and public interest. The course will be organised to include general courses with academic teachers, case studies and invited speaker courses (auditors, financiers, regulators, financial analysts, policy-makers…).
- “Variations of capitalism” (by C. Durand).This module introduces the recent development of Western Critical Theory and Political Economy about contemporary capitalism and its spatio-temporal variations. Throughout some contributions of leading theorists, we will contrast the invariants of capitalism with the specificities of neoliberalism, the politico-institutional unfolding of globalization, and the persistence of national varieties. Insights about stagnation tendencies, ecological crisis and the mutation of productive forces will also be discussed..
The second block deals with « Econometrics and quantitative methods for research » (by. H. Harari-Kermadec). It includes panel data, time series, sequence analysis…
The third block includes three special focuses to allow students to deepen their expertise on one of the fields related directly to their option:
- SF1-B: “Post-Keynesian economics” (by M. Lavoie) is related to the study of international institutions and post-Keynesian economics (continuing the courses taught in Berlin). It will provide training in the analysis of macroeconomic cycles and crises. It covers the role played by the financial and banking sectors in globalised economies, the nature of the finance-led growth regime and the recent crisis, international disequilibria and their persistence. The role of income distribution and other economic policies to help prevent such events are emphasised relying on the latest post-Keynesian developments. A special focus on the relationship between macroeconomic modelling and an explanation of business cycles, and between Kaleckian models of growth and income distribution and Kaldorian models with path dependency and cumulative causation.
- SF2-B: “Financial theory and portfolio management” (by N. Rey).
- SF3-B: “Labour and discriminations” (by A. Ghirardello and A.Rébérioux) addresses the question of the impacts of inequalities and discriminations in a globalised context: labour market inequalities (unemployment, wages, working conditions), discrimination (from a theoretical perspective and with an emphasis on the developed countries), health and labour, segregation. The related philosophical (Rawls, Sen, Honneth, and others) and sociological (Bourdieu, Boltanski and Dubet) issues will be discussed in order to provide an interdisciplinary approach.
As for the other options, students will attend “joint seminars” (4th block) and optional training in languages (5th block). The philosophy is the same than for the other options (provide interdisciplinary approach and skills through the participation of professionals, same language policy).
All mandatory courses will be taught in English (i.e. blocks 1, 2 and 4). At least one of the special focuses (block 3) will be taught in English, allowing students that want to study only in English to do so.
Course details (teaching hours, ECTS, teaching staff) for Semester 3.
Semester 4: Master’s dissertation.