ECOP3019: Semester 1, 2021

Units ECOP3019 Semester 1 2021 [Normal day]

Unit outline_

ECOP3019: Political Economy of Money and Finance

Semester 1, 2021 [Normal day] - Camperdown/Darlington, Sydney

Overview

Capitalism is organised through the circulation and pursuit of money. The financial system is neither a parasite on nor a veil over the 'real economy', but its organiser and disciplinarian. It also breaks down from time to time, sometimes spectacularly. This unit explores money and finance from a political economy perspective. It covers the evolution of money from the gold standard to the present, the institutions, instrument and markets of modern finance, with a special focus on financial innovation and its challenges. It introduces mainstream and critical theories of finance, and applies them to understanding real world structures and events.

Unit details and rules

Academic unit	Political Economy
Credit points	6
Prerequisites ?	12 credit points at 2000 level in Political Economy
Corequisites ?	None
Prohibitions ?	ECOP3009
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Bill Dunn, bill.dunn@sydney.edu.au

Type	Description	Weight	Due	Length
Assignment	Take home assignment Take home assignment	40%	Formal exam period Due date: 15 Jun 2021 at 23:59	1800 words
Outcomes assessed:
Assignment	Essay Essay	20%	Week 06 Due date: 12 Apr 2021 at 23:59	900 words
Outcomes assessed:
Assignment	Essay Essay	40%	Week 12 Due date: 24 May 2021 at 23:59	1800 words
Outcomes assessed:

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction - money and finance in history and society	Lecture (2 hr)
Week 02	1. Money in the mainstream; 2. Heterodox theories of money	Lecture (2 hr)
Week 02	What is money, from where does it come, what does it do?	Tutorial (1 hr)
Week 03	Inflation: theory, evidence and politics	Lecture (2 hr)
Week 03	What causes inflation and who gains?	Tutorial (1 hr)
Week 04	Credit and debt	Lecture (2 hr)
Week 04	Credit and debt	Tutorial (1 hr)
Week 05	Financial instruments and institutions	Tutorial (1 hr)
Week 05	Financial instruments and institutions	Lecture (2 hr)
Week 06	The global financial architecture	Lecture (2 hr)
Week 06	The global financial architecture	Tutorial (1 hr)
Week 07	Financialization this time	Lecture (2 hr)
Week 07	Financialization this time	Tutorial (1 hr)
Week 08	Finance and development	Lecture (2 hr)
Week 08	Finance and development	Tutorial (1 hr)
Week 09	Changing financial geograhpy	Lecture (2 hr)
Week 09	Changing financial geography	Tutorial (1 hr)
Week 10	Redistributing risk and responsibility	Lecture (2 hr)
Week 10	Redistributing risk and responsibility	Tutorial (1 hr)
Week 11	Financial crises in history and in theory	Lecture (2 hr)
Week 11	Financial crises in history and in theory	Tutorial (1 hr)
Week 12	The sub-prime and Eurozone crises	Lecture (2 hr)
Week 12	The sub-prime and Eurozone crises	Tutorial (1 hr)
Week 13	Alternative ways of doing money and finance	Lecture (2 hr)
Week 13	Can we do better?	Tutorial (1 hr)

Attendance and class requirements

Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold. If a unit of study has a participation mark, your attendance may influence this mark. For more information on attendance, see http://sydney.edu.au/policies/showdoc.aspx?recnum=PDOC2014/345&RendNum=0.
Lecture recordings: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on Canvas. However, you should not rely on lecture recording to substitute your classroom learning experience.
Online components: This unit requires regular use of Canvas. You will need reliable access to a computer and the internet to use Canvas. The University uses learning analytics to understand student participation on Canvas and improve the student learning experience.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All the prescribed readings for this unit can be accessed on the Library ‘Reading List’ link available on Canvas.

The ‘Reading List’ also links to suggested further readings. You are not expected to read all of these, nor to restrict your reading to these.

There is no Textbook for the unit.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. understand trends and debates in the world of finance
LO2. demonstrate an understanding of the evolution of the current financial system
LO3. interpret and evaluate evidence and arguments about trends in international money and finance
LO4. draw conclusions based on an analysis of evidence
LO5. develop relevant arguments based on available evidence and use these to argue positions
LO6. apply economic theories and concepts to problems and practice
LO7. critically evaluate underlying theories, concepts, assumptions, limitations and arguments
LO8. develop coherent arguments when recommending solutions and critically evaluating
LO9. appreciate the advancing nature of knowledge frontiers through research
LO10. conduct research using archives, libraries, the web and other sources of information.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Assessment tasks have been changed, eliminating the in-class presentation and replacing the formal exam with a take-home essay. Otherwise no substantive changes have been made since this unit was last offered.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links