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Cambridge Seminars

Contemporary Capitalism
This course begins with an analysis of the classic accounts of capitalism found in the works of Adam Smith, Karl Marx, Max Weber, Joseph Schumpeter, and John Maynard Keynes. Drawing on these analyses the second part of the course offers an account of the basic institutions and their interconnections: markets; the monetary system; enterprise production and consumer demand; capital and financial markets; the role of the state. Emphasis is placed on capitalism's fundamental monetary and financial fragility. Attention is given to the great inflation of the 1970s; the ‘dotcom' bubble of the late 1990s; and the current financial turmoil in the aftermath of the ‘subprime' crisis in 2007.

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Geopolitics in the 21st Century
This seminar examines post Cold War international politics in the light of the rising tide of ethnicity, radical nationalism and religious fervour. The implications for order/disorder will be examined in the context of the passing of a bipolar system and the arrival of a unipolar but multinuclear world. International law must adapt to the growing priorities of the new strategic environment in the 21 st . century with considerable attention being given to the role of war since September 2001.

The role of the UN, the International Criminal Court, the OSCE, NATO, and the EU in peacekeeping and peace enforcement will be discussed in relation to specific case studies. The position of the USA as the principal contributor to international peace and security will be discussed in relation to the recent military action against Iraq and Afghanistan.

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The Political Economy of China
Since the late 1970's China's economy has become one of the fastest growing in the world. It is almost certain that by the middle of the twenty first century it will be an economic giant. This will have immense implications for the global economy and for international political relationships. The course seeks to understand this remarkable phenomenon in the light of basis economic principles and of the specific nature of China's history. It examines China's economic revolution in four unequal parts. It begins with a brief analysis of the nature of traditional Chinese political economy before the European industrial revolution. It then looks briefly at the way in which China responded to the ‘challenge' of western imperialism from the 1840's to the 1940's. The main body of the course is concerned with the evolution of the Chinese economy under Maoist planning from 1949 to 1976, a period which included the disaster of the Great Leap Forward and the turmoil; of the Cultural Revolution. The course concludes with an extensive evaluation of the remarkable growth of the Chinese economy in the period of ‘economic reform' since 1976 with particular emphasis on China's global position in today's world.

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The Political Economy of the European Union
This course examines the origins and evolution of the European Union since its inception with particular reference to structural changes since the end of the Cold War. The impact of the Single European Act (SEA) and the Maastricht, Amsterdam, Nice and Lisbon treaties will be assessed in relation to the tension between supra-national and intergovernmental perspectives.

Is Europe likely to become a fully fledged federation, a confederation, or something else?

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Western Europe and the USA Since 1918
This course will explore the nature of Atlanticism and ask whether it was a response to a unique set of economic, political and security circumstances which are now in the process of decline. The course will examine European and American approaches to collective security and international organization; the breakdown of the international economy between the wars, Europe, the USA and the drift to war, collapse of the European balance of power and the onset of the Cold War. The Atlanticist order including Bretton Woods, Marshall Plan and the Atlantic Treaty will be considered as well as US attitudes toward decolonization and US and European Integration. Lastly, consideration will be given to the emergence, since the 1960's, of tensions the breakdown of the postwar economic order, US unilateralism, European autonomy and the post 9.11 world and its implications.

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Modern British Fiction
The purpose of the course is to work closely with the texts of some key modern authors and to explore the ways in which the formal innovations of their writing may be related to developments in cultural history. Arguments about history, sexuality, language, politics and economics may be traced, in varying proportions, in both the matter and the manner of construction of all the specified texts, which have been chosen in order to demonstrate a characteristic variety of artistic and political outlooks.

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Money and Banking
Prerequisites: Introductory Micro- and Macroeconomics, Introductory Finance

This course on money, monetary policy, and financial institutions will examine the role of money in the macroeconomy with particular reference to recent UK and USA experience. Topics covered will include: the transmission mechanism of monetary policy; theories of the demand for money; empirical evidence on the role of money in the economy; and the money supply and its determinants. The course will be amply illustrated from the practice of monetary policy in the UK and USA in recent years. Here, attention will focus on the rise and fall of monetarism in the UK; changes in British banking; the effects of financial innovation on monetary policy; recent financial crises; and prospects for the future. Attention will be drawn to the significance of the institutional context for the theory and practice of monetary policy.

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Economic Theory: The Cambridge Tradition
Prerequisites: Introductory Micro- and Macroeconomics.
In the last quarter of the nineteenth century, the Cambridge economist Alfred Marshall dominated the "classical schools" of economic theory, centered on the analysis of marginal choices and on the efficiency of market outcomes. Half a century later, a pupil of Marshall's, John Maynard Keynes, explained the economic chaos which characterized the period between the two world wars by means of a theory which dominated policy making for decades to come.

Both Marshall and Keynes built upon foundations laid by the fathers of English and Scottish Political Economy, Adam Smith and David Ricardo above all. Keynes's successors integrated the Classics' "Theory of value and distribution" with Keynes's explanation of the overall level of economic activity, extending the theory from the "short run" to economic growth and structural change. Cambridge economists also brought formidable insights to the analysis of the international economy (trade policy, economic integration, financial instability).

A thematic course on the "Cambridge Tradition" in political economy, therefore, offers a unique historical insight into the fundamental concepts in economic analysis: exchange and production, general equilibrium and exogenous influences, perfect competition and modern theories of the firm, steady state growth and structural change, functional income distribution and inflation, automatic external adjustment and balance of payments policy. Participants will gain a deeper and more balanced understanding of the economist's standard analytical toolkit.

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Cambridge Supervisions

The Theory of Finance
Prerequisites: Basic Calculus, Intro-Microeconomics, Statistics and Probability and a GPA of 3.2 or higher in a relevant major.

Supervisions in the Theory of Finance aim to provide students with a broad introduction to the process underlying investment and financial decision-making by investors (either firms or individuals). The material covered will be broken down into two main areas - investment decision making and corporate finance. During the first part of the supervision - investment decision-making - attention is focused on the microeconomic aspects of decision making under uncertainty. Topics such as time value of money, utility functions, modern portfolio theory, and capital assets pricing model (CAPM) will be covered. The second part of the supervision covers issues such as the optimal capital structure of a firm and corporate financing decisions.

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International Economic Issues
Prerequisites: Introductory Micro- and Macroeconomics and a GPA of 3.2 or higher in a relevant major.

This supervision aims to provide students with the opportunity to explore a number of topical issues and current debates in international economics. With the acceleration in international integration and the globalization many of these issues have moved center stage in discussions of macroeconomic policy. The supervision is not a textbook course but rather aims to show students how basic economic analysis can be used to address and analyze important issues in international economics that bear on macroeconomic policy and wider questions relating to national economic development. For each topic the course material is structured to acquaint students with the relevant economic theory, empirical evidence and the implications for government policy.

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Shakespeare
Prerequisites: A GPA of 3.2 or above in English

Plays that will be under consideration:
- Twelfth Night
- Henry V
- Macbeth
- Coriolanus
- King Lear
- The Winter's Tale


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