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The following is a list of the classes for my course on the "Anglo-Saxon Economic Model". Each class has a short bibliography, which I will be updating over the weeks ahead.


A selected bibilography of key texts can also be found at the end of the web page in Unit 15. This is followed by an archive of on-line texts, Unit 16.

Nicholas Sowels
3 February 2013
(nicholas.sowels@univ-paris1.fr)


00 - Exam paper June 2012
24 mars 2013

The Word file below is the exam paper given in June 2012.

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01 - Class No 1: Introduction
11 janvier 2013

This class seeks to address a number of basic questions, such as:

What do we mean by Anglo-Saxon?
What do we mean by an economic model in this case?
Does the model still exist?
What about US exceptionalism?

Some basic indicators of the AS countries.
The exceptional position of the United States.

-The OECD's factbook data for all member countries: OECD Factbook.
-The English-speaking world at the peak of its model: Paul Krugman, "Want Growth? Speak English THAT CERTAIN JE NE SAIS QUOI OF LES ANGLOPHONES", Fortune, April 26, 1999 at: CNNMoney.
-Philip Stephens, "How a self-sufficient America could go it alone", The Financial Times, January 12, 2012.

For an overview of the issue, see also, Le modèle anglo-saxon en question, Travail élaboré par : Abdelmounim BELALIA (voir les fichiers html et pdf ci-dessous).

The dangers of "cultural" explanations of development are shown by the following quote from Jagdish Bhagwati from a report written in 1915 of an Australian expert invited by the Japanese government:

"My impression as to your cheap labour was soon disillusioned when I saw your people at work. No doubt they are lowly paid, but the return is equally so; to see your men at work made me feel that you are a very satisfied easy-going race who reckon time is no object. When I spoke to some managers they informed me that it was impossible to change the habits of national heritage." (Quoted by Srinivasan, T.N. in Meier, G., and Seers, D., (eds), Pioneers in Development, a World Bank Publication, OUP, 1984, p53).

The limits of "positive" - empirical - economics may be shown by the work of Milton Friedman. He wrote a very strong re-statement of the need to be objective (positive) in economic research. http://www.ppge.ufrgs.br/GIACOMO/arquivos/eco02036/friedman-1966.pdf
This did not prevent him from holding extreme, "neo-liberal" views on the role of government: http://www.youtube.com/watch?v=prmggcDVe6w

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02 - Class No 2: Political, Economic and Legal Institutions
11 janvier 2013

This course examines briefly the essential functioning of government, before going on to look at the main actors of macroeconomic policy: the central banks and the fiscal authorities.

It also looks at the effects which having a common law system has on the Anglo-Saxon countries.

Wikipedia provides good general information about the political systems.
US Federal Digital System provides US government information, including the Budgets submitted by the White House to Congress (see link in top, right of homepage).
Federal Reserve (see structure and monetary policy)
HM Treasury (look for fiscal policy framework) Bank of England (see "What do we do")
Australia's system of Government

New Zealand's system of Government
The System of Government in Ireland

For a brief review of government in the United States, Australia and the United Kingdom see Don Russell, "The Role of Executive Government in Australia", Papers on Parliament, No 41, 2003.

A very brief introduction to public choice theory can be found in The Economist's obituary of James Buchanan who died in January 2013, "The voice of public choice", January 19, 2013. The webpage gives links to key works by Buchanan, including the Calculus of Consent, written with Gordon Tullock.

There is an abundant literature on the relationship between legal systems (especially common law vs. codified law) and economic performance.

For the argument that common law is more conducive to growth see:
Mahoney, P.G., "The Common Law and Economic Growth: Hayek Might be Right", University of Virginia Law School, Legal Studies Working Paper No. 00-8, January 2000.

For an analysis reviewing the theoretical and empirical literature on the links between legal systems and economic growth see:
Zywicki, T.J, Stringham, E.P, "Common Law and Economic Efficiency", George Mason University Law and Economics Research Paper Series 10-43, September 8, 2010.

For a more general overview of how legal systems have developed in history and how the emanate from, and shape the relationship between individuals, firms, government and private property see:
Beck, T., "Legal Institutions and Economic Development", Tilburg University - European Banking Center, CentER, August 31, 2010, CentER Discussion Paper Series No. 2010-94.


03 - Class No 3: Comparative capitalisms: Part 1 - a brief view of key comparative studies
11 janvier 2013

This class starts the presentation of some existing comparative analyses of capitalism. It begins by presenting two studies put forward by more mainstream economists, notably Michel Albert's work on "Capitalisme contre capitalisme", (1991), and the major collective work edited by Peter Hall and David Soskice, Varieties of Capitalism (see below: the introductory chapter of this book may be consulted on-line).

The class continues by presenting two critical views of different types capitalism, which draw more on the Marxist tradition of analysing capitalism. These include the landmark study by Gosta Esping Andersen of The Three Worlds of Welfare Capitalism, which analyses welfare sytems in particular, and  The study by David Coates, Models of Capitalism (Cambridge: Polity Press, 2000).

Lastly, the more recent empirical typology by Bruno Amable (see below) is also presented.


04 - Class No 4: Comparative capitalisms: Part 2 - a brief view of key comparative studies
11 janvier 2013

Work started in the previous class is continued, including a presentation of an updated review of "The Evolution of Varieties of Capitalism in Europe", by Peter Hall, 2007. 

Martin Schröder of the Max Planck Institute provides both a summary and synthesis of the typologies examined in this course, and he explains how they can be combined, see "Integrating Welfare and Production Typologies: How Refinements of the Varieties of Capitalism Approach call for a Combination of Welfare Typologies", Jnl Soc. Pol, 38 1, 19-43, 2008.

 

The analysis concludes with a more radical examination of capitalisms, stressing their essential similarities.


05 - Class No 5: Neoliberal Reform in the United States and the United Kingdom
5 mars 2014

This course discusses the liberalisation of the US and UK economies from the 1970s through to the mid-2000s (ie. prior to the sub-prime/financial/economic crisis).  The full text of the course is available in pdf format below, see: télécharger.

-Brown, G., Mais Lecture, 19 October 1999 setting out the evolution of economic policy in the United Kingdom and the emergence of Britain's current macroeconomic policy framework, available on Internet at: http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/1999/press_168_99.cfm

- Krugman, P., "Reagan Did It", New York Times, May 31, 2009. http://www.nytimes.com/2009/06/01/opinion/01krugman.html

-McLaughlin, M., "Clinton, Republicans agree to deregulation of US financial system", World Socialist Web Site, 1 November 1999, available on Internet at: http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml

 -Wikipedia key words: Bretton Woods system; Carter; Reagan; Clinton; monetarism; supply-side economics; UK miners' strike (1984-1985).

Youtube links to TV coverage of events at the time:
Nixon announces end of dollar-gold link, August 15, 1971.
Reagan criticises government, at his inaugurtion in January 1981, and previously.

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06 - Class No 6: Neoliberal Reform in Australia, Canada, Ireland and New Zealand
5 mars 2014

Same as Course 6 for the other countries of the group.  The full text of the course is available in pdf format below, see: télécharger.

-Darwall, R., "Market Reform: Lessons from New Zealand", Policy Review, No 117, April-May 2003, Hoover Institution, available on Internet at: http://www.hoover.org/publications/policyreview/3449581.html
- De Brouwer, G., "Economic Reform and Growth in Australia", paper prepared for the Australian Studies Association of Japan, Symposium in Nagoya, 14-15 June 2003, available here.
- Dupuis, J., The Evolution of Federal Government Finances, 1983-2003, Library of Parliament, 8 June 2005, available on Internet at: http://www.parl.gc.ca/information/library/PRBpubs/prb0540-e.pdf.
- Jackson, A., "Paul Martin's Economic Record: Living Standards of Working Families and Prospects for Future Prosperity", Canadian Centre for Policy Alternatives, December 2003, available on Internet: http://www.policyalternatives.ca/documents/National_Office_Pubs/paul_martins_record.pdf.
- James, S., "Ireland's dilemma after rejection of European Union budget", World Socialist Web Site, 30 June 2005, available on Internet at: http://www.wsws.org/articles/2005/jun2005/irel-j30.shtml
- Kirby, P., Raymond Crotty, Development Theory and the Celtic Tiger, Working Papers in International Studies, Centre for International Studies, Dublin City University, Working Paper 2 of 2003, available on Internet, here.
- Quiggin, J., Free market reform in New Zealand: an Australia perspective, Department of Economics, Faculty of Economics and Commerce, Australian National University, 2 June 2000, available on Internet http://www.uq.edu.au/economics/johnquiggin/JournalArticles00/NZVUW00.pdf.

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08 - Class No 8 : Monetary and Fiscal policy
1 avril 2011

-Miles, David, "Money, banks and quantitative easing", speech at Meeting of the 14th Annual Northern Ireland Economic Conference, Member of the Monetary Policy Committee, Bank of England, 2009. www.bankofengland.co.uk/publications/speeches/2009/speech404.pdf

-Janssen, J., "New Zealand's Fiscal Policy Framework: Experience and Evolution", TREASURY WORKING PAPER, 01/25, 2001. http://www.treasury.govt.nz/publications/research-policy/wp/2001/01-25/twp01-25.pdf

-Svensson, L., "Independent Review of the Operation of Monetary Policy in New Zealand: Report to the Minister of Finance", Institute for International Economic Studies, Stockholm University, February 2001. http://www.treasury.govt.nz/publications/reviews-consultation/monpolreview/indrevopmonpol.pdf

-Murray, J., "Why Canada needs a flexible exchange rate", Working Paper 99-12 / Document de travail 99-12, Bank of Canada, 1999, available here.

-Traclet, V., Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?, Bank of Canada Banque du Canada, Working Paper 2004-28 / Document de travail 2004-28, available here

-Yellan, J., "Challenges Confronting Monetary Policy", speech by Fed Vice-Chair, 4 March 2013.

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09 - Class No 9: The Present Crisis 1: Financial Deregulation and Banking Systems
25 mars 2014

An excellent general presentation of the origins of the financial crisis and the Great Recession may be found in:
André ORLEAN, Chapitre 1, "De l'euphorie à la panique", pp 37-116, in Askenazy, P. et Cohen, D., (sld), 16 nouvelles questions d'économie contemporaine, coll Pluriel, Albin Michel, 2010.

The disintermediation of mortgage finance in the US
-Bernanke, B., "Housing, Housing Finance, and Monetary Policy", Speech at the Federal Reserve Bank of Kansas City's Economic Symposium, Jackson Hole, Wyoming, August 31, 2007:  http://www.federalreserve.gov/newsevents/speech/bernanke20070831a.htm

The development of international finance and investment
-Greenspan, A., "Stability and Economic Growth: The Role of the Central Bank", Remarks before the Banco de Mexico's 80th Anniversary International Conference, Mexico City (via videoconference), November 14, 2005, http://www.federalreserve.gov/boarddocs/speeches/2005/20051114/default.htm

The relationship between finance and growth:
Levine, R., "Finance and Growth: Theory and Evidence", NBER WORKING PAPER SERIES, Working Paper 10766, September 2004, available here.
See also the relevant chapters in Hall & Soskice (Introduction) and Plihon (Ch IV).

Has Financial Development Made the World Riskier?
Raghuram RAJAN, paper based on his speech at Jackson Hole in August 2005, in which he very clearly warns about the systemic risks of the internatioanl financial system. Available here.

Housing wealth effects
Calomiris, C., Longhofer, S., Miles, W., "The (mythical?) housing wealth effect", 6 July 2009, VOX, available here.


10 - Class No 10: The Present Crisis 2: The Policy Response so Far
2 avril 2014 - 24 mars 2013

- *CEPII, Focus, "Unconventional Monetary Policies: Monetary policy in exceptional Times", The CEPII Newsletter, No 51, 4th quarter 2012.

- * Johnson, S, "The Economic Crisis and the Crisis in Economics", speech for the Presidential Address to the Association for Comparative Economics, San Francisco, January 4, 2009: http://www.iie.com/publications/papers/paper.cfm?ResearchID=1090

-* Stevens, G., The State of Things, address to Australian Business in Europe - United Kingdom, 9 March 2011. (You can also listen to this speech in mp3 format: go to sound file.)

Lessons from history
-* Reinhart, C., Rogoff, K., "The Aftermath of Financial Crises", paper for presentation at the American Economic Association meetings in San Francisco, January 3, 2009: http://www.economics.harvard.edu/files/faculty/51_Aftermath.pdf


11 - Class No 11: Labour markets, Poverty and Social Exclusion
24 mars 2013

-Glennerster, H., Hills, J., Piachaud, D., Webb, J., One Hundred Years of Poverty and Policy, Joseph Rowntree Foundation, 2004, http://www.jrf.org.uk/bookshop/eBooks/1859352227.pdf.

-Piketty, T., Saes, E. "Income Inequality in the United States, 1913-1998", The Quarterly Journal of Economics, Vol CXVIII, February 2003, Issue 1.

-Pikerty, T., Saes, E, "Top Incomes and the Great Recession: Recent Evolutions and Policy Implications", Paper presented at the 13th Jacques Polak Annual Research Conference, Hosted by the International Monetary Fund, Washington, DC─November 8–9, 2012

- * Pusey, An Australian Story: the Troubling Experience of Economic Reform, Lectures in the [Australian] Senate Occasional Lecture Series, 2002-2003.

-Dew-Becker, I., Gordon, R.J., "Where did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income", Paper to be presented at the 81st meeting of the Brookings Panel on Economic Activity, 2005:2, Washington DC, September 8-9, 2005. http://faculty-web.at.northwestern.edu/economics/gordon/BPEA_Meetingdraft_Complete_051118.pdf

Youtube videos:
Lyndon Johnson is much remembered as the President who went to war in Vietnam. But he was also the President who launched the War on Poverty: see this documentary.


12 : Class No 12: Some ideas on crises of capitalism and Exceptional US Power in the Anglo-Saxon world
5 mars 2014

Ideas on crises:

- Easterling, S., "Marx's theory of economic crisis", International Socialist Review, Issue 32, November-December 2003 (online).

-* Streeck, W., "La crise de 2008 a commencé il y a quarante ans", Le Monde Diplomatique, janvier 2012.

 Ideas on US exceptional power

-Huntingdon, S., "The Clash of Civilisations?", Foreign Affairs, Summer 1993, republished 2003.

- Kagan, R. "Supremacy by Stealth", The Atlantic Monthy, July/August, 2003.

- * "Oliver Stone explore la face cachée de l'Amérique", entretien dans Téléobs, 16 janvier 2014. Oliver Stone décrit ici comment le capital a détruit les mouvements ouvriers aux Etats-Unis et comment le pays cherche à projeter son pouvoir sur le monde. (A noter, une erreure, c'est le Parti social démocrate allemande qui a voté en faveur de la guerre en 1914 et non pas le Parti national-socialiste (Nazi). Aussi, le mot "liberal" en anglais américain veut dire progressiste.)

- The Washington Consensus as reviewed the author of the expression, John Williamson, "What Washington Means by Policy Reform", speeches and papers, Petersen Institute for International Economics, November 2002.


15 - Bibliography - selected core texts
25 mars 2014

References marked with an asterisk ( * ) are essential reading.

- * Amable, B., Les cinq capitalismes : Diversité des systèmes économiques et sociaux dans la mondialisation, Paris, Seuil, 2005. (The first 3 chapters are essential reading.)

- * Abdelmounim BELALIA, "Le modèle anglo-saxon en question", summary of key issues. This article can be downloaded from the Course 01 section above.

-Beck, T., "Legal Institutions and Economic Development", Tilburg University - European Banking Center, CentER, August 31, 2010, CentER Discussion Paper Series No. 2010-94.

-Bergsten, C. Fred, "The Current Account Deficit and the US Economy", Testimony before the Budget Committee of the United States Senate, February 1, 2007. http://www.iie.com/publications/papers/paper.cfm?ResearchID=705

- * Brittan, S., The USA and Europe: Two, three or more economic cultures? Gulbenkian Foundation Conference, Lisbon, 21/10/03: http://www.samuelbrittan.co.uk/spee29_p.html

- * The Economist, "Central banks: The monetary-policy maze", print edition 23 April 2009: http://www.economist.com/displaystory.cfm?story_id=13527329

- * Hall, P., and Soskice, D., (eds), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford, Oxford University Press, 2001. (The introductory chapter of this book is essential reading, and may be consulted on-line at: http://fds.oup.com/www.oup.co.uk/pdf/0-19-924774-9.pdf)

-Hall, P., "Evolutions of Varieties of Capitalism in Europe," January 2007, in Beyond Varieties of Capitalism, by Hancké, B., Rhodes, M., and Thatcher, M. Oxford University Press 2007.

-IMF, World Economic Outlook, Chapter 3, "The Changing Housing Cycle and Implications for Monetary Policy", April 2008,  http://www.imf.org/external/pubs/ft/weo/2008/01/index.htm

-Lorenzi, J-H. et le Cercle des économistes, La guerre des capitalismes aura lieu, Perrin, Paris, 2008.

-OECD, "Public Sector Modernisation: The Way Forward", Policy Brief, The Observer, 2005, http://www.oecd.org/dataoecd/40/33/35654629.pdf.

- * Orléan, A., Chapitre 1, "De l'euphorie à la panique", pp 37-116, in Askenazy, P. et Cohen, D., (sld), 16 nouvelles questions d'économie contemporaine, coll Pluriel, Albin Michel, 2010.

-Plihon, D., Le nouveau capitalisme, Paris, La Découverte, coll Repères, 2003, 2004.

- * Pusey, An Australian Story: the Troubling Experience of Economic Reform, Lectures in the [Australian] Senate Occasional Lecture Series, 2002-2003.

- * Quiggin, J., Free market reform in New Zealand: an Australia perspective, Department of Economics, Faculty of Economics and Commerce, Australian National University, 2 June 2000, available on Internet http://www.uq.edu.au/economics/johnquiggin/JournalArticles00/NZVUW00.pdf.

- * Rajan, R., Has Financial Development Made the World Riskier?
Paper based on his speech at Jackson Hole in August 2005, in which he very clearly warns about the systemic risks of the internatioanl financial system. Available here.

-* Reinhart, C., Rogoff, K., "The Aftermath of Financial Crises", paper for presentation at the American Economic Association meetings in San Francisco, January 3, 2009: http://www.economics.harvard.edu/files/faculty/51_Aftermath.pdf

-*Schröder, M., "Integrating Welfare and Production Typologies: How Refinements of the Varieties of Capitalism Approach call for a Combination of Welfare Typologies", Jnl Soc. Pol, 38 1, 19-43, 2008.

 

 


16 - Archive of on-line documents and other documents quoted in class
24 mars 2013

Bank of England, Financial Stability Report, October 2008, Issue No 24: http://www.bankofengland.co.uk/publications/fsr/2008/fsrfull0810.pdf.

Blundell, M. The Anglo-Saxon Model Wears French Clothes, International Herald Tribune, 8 June 2005.

Cato Institute, "The American Anti-Statist Tradition", a discussion between Seymour Martin Lipset and Aaron L. Friedberg, published by the Cato Institute (a libertarian, pro-free market think tank).

- Financial Times (The) is currently running a series of articles on The Future of Capitalism. These articles provide much useful information related to this course: http://www.ft.com/indepth/capitalism-future

- Fromm, E., The Sane Society, New York, Fawcett Premier, 1955.

- Galbraith, J.K., The New Industrial State, 1967.

-Greenspan, A., "Global Finance: Is It Slowing?", Remarks by Chairman Alan Greenspan at the Banque de France International Symposium on Monetary Policy, Economic Cycle, and Financial Dynamics, Paris, France (via satellite), March 7, 2003: http://www.federalreserve.gov/boarddocs/speeches/2003/20030307/default.htm

- Eric Hobsbawm, The Age of Extremes: The Short Twentieth Century, 1941-1991, 1994 (US - Vintage Books, UK - Michael Joseph)

-Jeremy Jennings,Peut-on parler d'un modèle anglo-saxon? (Contribution à une histoire de nos préjugés), Notes de recherche / Working Papers n°20, Janvier 2007, CEVIPOF, Sciences Po.

-Kahn, A., "Airline Deregulation", The Concise Encyclopaedia of Economics, The Library of Economics and Liberty, available on Internet at: http://www.econlib.org/LIBRARY/Enc/AirlineDeregulation.html.

-Mead, Walter Russell, God and Gold: Britain and America and the Making of the Modern World, London, Atlantic Books, 2008.

-Moore, T. G., "Trucking Deregulation", The Concise Encyclopaedia of Economics, The Library of Economics and Liberty, available on Internet at: http://www.econlib.org/library/Enc/TruckingDeregulation.html.

-"Myth: Deregulation promotes competition", available on Internet at http://www.huppi.com/kangaroo/L-deregulation.htm.

- Perelstein, J.S., Macroeconomic Imbalances in the United States and Their Impact on the International Financial System", Working Paper No 554, the Levy Economics Institute of Bard College, January 2009.

-Tawney, R.H., Religion and the Rise of Capitalism, London, Penguin, 1990 (1922).

  -Townsend, I., Income, Wealth & Poverty, House of Commons Research Paper 04/70, 15 September 2004. http://www.parliament.uk/commons/lib/research/rp2004/rp04-070.pdf

 

Global imbalances
- * Perelstein, J.S., Macroeconomic Imbalances in the United States and Their Impact on the International Financial System", Working Paper No 554, the Levy Economics Institute of Bard College, January 2009: http://www.levyinstitute.org/pubs/wp_554.pdf
-IMF, Chapter 3, "Chapter 3. Exchange Rates and the Adjustment of External Imbalances, World Economic Outlook, April 2007. http://www.imf.org/external/pubs/ft/weo/2007/01/index.htm
-Bergsten, C. Fred, "The Current Account Deficit and the US Economy", Testimony before the Budget Committee of the United States Senate, February 1, 2007. http://www.iie.com/publications/papers/paper.cfm?ResearchID=705
-Cline, W., "The Case for a New Plaza Agreement", Policy Briefs in International Economics, Institute for International Economics, December 2005. http://www.iie.com/publications/pb/pb05-4.pdf
-IMF, Chapter 2, "Global Imbalances: a saving and investment perspective", World Economic Outlook, September 2004.
http://www.imf.org/Pubs/FT/weo/2005/02/index.htm

International repercussions
Bello, W., "Asia: The Coming Fury", Foreign Policy Focus, Global Policy Forum, February 9, 2009, http://www.globalpolicy.org/socecon/crisis/financial/2009/0209fury.htm



 
 
 

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UFR 02 : Economie

Economie

Mention : Economie

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