NYU Stern School of Business

Undergraduate College


Fall 2010

Instructor Details

Foudy, Joseph


Tuesdays 3:30-5:30

KMEC 7-66


Course Meetings

R, 9:30am to 10:45am

KMC 3-90

Final Exam:

Schedule exceptions
    Class will not meet on:
    Class will meet on:


Course Description and Learning Goals

Course Description


The course is designed to be a capstone to your learning experience during the World Studies Track and draw on all your coursework and experiences since joining the program.  As part of the class, you will write 4 papers reflecting on what you have learned during the program and focusing on important areas of international business, finance and globalization.   The course has two objectives/learning goals:


Students will analyze some of the most important global challenges facing the United States and world.  Classroom discussions each week will focus on different challenges facing the world today, with a focus on current economic and business issues.  For example, students will discuss the causes and implications for business of the current global financial crisis, the impact of immigration and outsourcing, the economic and political implications of the rise of China, the impact and extent of globalization, future global demographic challenges (e.g. aging and pension funding) and problems in managing the environment.  Readings and discussions will illustrate the nature of these problems with an eye toward potential solutions. 


Second, an important additional goal of the course is to sharpen students’ writing skills.  Consistent feedback from alumni and graduating seniors has been that students have received insufficient opportunities to write individual assignments during their studies.  This ability to write clearly, logically and persuasively is a critical skill for your future and the seminar will help you hone your writing ability.


Course Pre-Requisites

Senior Status in World Studies Track


Course Outline

Seminar Meetings


Sept 9 / Session 1              Introduction , No Readings



Sept 16 / Session 2              The US After the Crisis, Global Imbalances


Where do you see the US after this Crisis?  Do you agree with the arguments in reset?   After spending time in China, London and elsewhere, how does it affect your view of the U.S. and the Global Economy?


Read 4 of 6

Bill Gross (PIMCO) “On the ‘Course’ to a New Normal,” PIMCO, September 2009

Scott Mather (PIMCO) “Turning Japanese:  The Risk of US Deflation”, PIMCO, August 2010

Richard Florida, “How the Crash Will Reshape America,” The Atlantic, March 2009

Raghuram Rajan, “Rebalancing the World Economy,” The New York Times, August 10, 2010

Mandel Posting on Consumer Spending

C Fred Bergsten, “The Dollar and the Deficits:  How Washington Can Avert the Next Crisis,” Foreign Affairs, November/December 2009


Sept 23 / Session 3              The Future of China


What do you see as the future relationship between the state and the economy in China?  What is the future of the CCP and Will China democratize? Is China friendly to foreign investment?


Read 3 of 4

Shujie Yao, “Can China Really Become the Next Superpower?”  China Policy Institute, April 2007

Yang Yao, “The End of the Beijing Consensus,” Foreign Affairs, January/February 2010

Michael Wines, “China Fortifies State Businesses to Fuel Growth,” The New York Times, August 29, 2010

Daniel Blumenthal, “Is the West turning on China?,” Foreign Policy Posting, March 28, 2010




Susan Shirk, China:  Fragile Superpower (New York:  Oxford University Press, 2008), selected pages

Peter Hessler, Country Driving:  A Journey from Farm to Factory (New York:  Harper, 2010), selected pages



Sept 30 / Session 4             Foreign Policy, Globalization and Global Disorder


As the relative economic importance of the US declines, what is the future role of the US in the world economy and global diplomacy?  Does a decline in the role of the US entail a rise of other states?  If so, whom and how will the emergence of new powers alter the political and economic landscape?


Jorge Castanada, “Not Ready for Primetime, “ Foreign Affairs, Sep/Oct 2009

Josef Joffe, “The Default Power, “ Foreign Affairs, Sep/Oct 2009

Niall Ferguson, “Complexity and Collapse,” Foreign Affairs, Mar/Apr 2010



Zonis, Lefkowitz and Wilkin, The Kimchi Matters:  Global Business and Local Politics in a Crisis Driven World, (Agate, 2005), selected pages

Fareed Zakaria, The Post American World, (New York:  W.W. Norton), selected pages


Oct 7 / Session 5              Causes of the Crash, Problems with Markets


How have your views of the efficiency or markets changed since the crisis?  What lessons do you draw from the current crisis and research in behavioral economics?


Justin Fox, “The Myth of the Rational Market,” Time Magazine, June 22, 2009 (short version of his book The Myth of the Rational Market:  A History of Risk, Reward, and Delusion on Wall Street)

Simon Johnson, “The Quiet Coup,” The Atlantic, May 2009

Henry Blodget, “How Wall Street Always Blows It,” The Atlantic, December 2008

Dan Ariely, “The End of Rational Economics,” Harvard Business Review, July-August 2009



John Cassidy, How Markets Fail:  The Logic of Economic Calamaties, (New York:  Ferrer, Strauss, 2009), selected pages

Dan Ariely, The Upside of Irrationality, Chapter 1, part of Chapter 2






Oct 21 / Session 6              Business in a Re-regulating World, The Threat from the State


The role of the state in the economy has widely been seen as declining from the 1970s until recently.  Is that changing, if so how?  How does a growing role for the state in business affect corporate strategies, especially in emerging markets?


Ian Bremmer, “State Capitalism Comes of Age,” Foreign Affairs, May/June 2009

Jerry Z. Muller, “The Democratic Threat to Capitalism,” Daedalus, Summer 2007

HBS Case:  “Russia:  Revolution and Reform,” Harvard Business School



Oct 28 / Session 7            A Look at Some Other BRICS


How did India reform economically?  What are the major challenges it faces today?  What has been the role of the government in the economy?


Edward Luc, In Spite of the Gods:  The Strange Rise of Modern India, Chapters 1 and 2

HBS Case:  “Brazil under Lula:  Off the Yellow BRIC road,”  Harvard Business School



Nov 4 / Session 8            Economic Development / Frontier Markets


What is a frontier market?  How are these markets different than other states?  How can developed states and firms from those countries aid development?  What and possibilities and limits of microfinance and other such initiatives?


Paul Collier, The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It, (Oxford:  Oxford University Press, 2007), selected pages.

Richard Rosenberg, “Does Microcredit Really Help Poor People?” Focus Note 59, CGAP, 2010.

James Surowiecki, “What Microloans Miss,” The New Yorker, March 17, 2008

William Easterly, White Man’s Burden, Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good, Selected Pages



David Bornstein, How to Change the World, Social Entrepreneurs and the Power of Ideas, (New York:  Oxford University Press, 2009), selected pages

C.K. Prahalad, The Fortune at the Bottom of the Pyramid, (Philadelphia:  Wharton Publishing), selected pages



Nov 11 / Session 9             Demographics, Pensions and Immigration


Is population growth or lack of such growth a challenge for states?  How so?  What is the impact of demographics on economic development?


Jack Goldstone, “The New Population Bomb,” Foreign Affairs, January/February 2010

Michael Meyer, “Birth Dearth,” Newsweek , September 27, 2004

Nierenberg and MacDonald, “The Population Story… So Far,” World Watch Magazine, 2004

Charles Westoff, Immigration and Population Change in America, (Princeton University, Unpublished Paper)



Philip Martin, Manolo Abella and Christianne Kuptsch, Managing Labor Migration in the Twenty-first Century, (New Haven:  Yale University Press, 2005), selected pages

Global Population Profile: 2002, U.S. Agency for International Development (Issued 2004), selected pages



Nov 18 / Session 10            Inequality, Trade and Globalization


How has inequality grown in recent decades and why?  What has been the impact of trade for business and politics?  How has globalization transformed domestic business?


Robert Samuelson, “Trickle Up Economics:  Our growing inequality problem,”  The Washington Post, September 27, 2006

Alan Blinder, “Fear of Offshoring,”  Unpublished Paper, 2005

Peter Hessler, Country Driving:  A Journey from Farm to Factory (New York:  Harper, 2010), selected pages





Ron French, Driven Abroad:  The Outsourcing of America, (RDR Books, 2007), selected pages

Devesh Kapur and John McHale, Give Us Your Best and Brightest: The Global Hunt for Talent and Its Impact on the Developing World, (Washington, DC:  Center for Global Development, 2005), selected pages






Dec 2 / Session 11            Managing the Global Environment


What are the major environmental challenges facing the world today?  What potential solutions are there to managing global pollution?  What will be the impact on business?


Joel Kurtzman, “The Low Carbon Diet:  How the Market Can Curb Climate Change,” Foreign Affairs, September/October 2009

Thomas Freidman, How Flat and Crowded:  How we need a green revolution, (New York:  Farrar, Strauss), selected pages

Robert Laughlin, “What the Earth Knows,” The American Scholar, Summer 2010

HBS CASE:  The Political Economy of Carbon Trading




Ken Conca and Geoffrey Dabelko, Green Planet Blues: Environmental Politics from Stockholm to Johannesburg, (Boulder:  Westview Press, 2004), Chapters 3,4,5



Dec 9 / Session 12              Culture and Global Business


How important is culture in international relations and business?  How has globalization affected traditional cultures?  Is a global culture emerging? 


Samuel Huntingdon, The Clash of Civilizations, Foreign Affairs, Summer 1993

Benjamin Barber, Jihad vs. McWorld, The Altantic, March 1992

Clotaire Rapaille, The Culture Code, Selected Pages.



Dec 14 / Session 13            Concluding Session




Required Course Materials

All materials will be handed out to students in class or be available on blackboard.


Assessment Components

Course Requirements


The course requirements include class participation and the preparation of 3 short papers   Given the seminar format of the course, this classwill require your active participation every week. Doing the assigned readings and being prepared to contribute in class will, therefore, be an important part of your grade.  Please also feel free to come to our meetings with questions, comments and topics that will generate interesting discussions.  Separately, each student should also be prepared to serve as a discussion leader for those weeks where they will be writing a paper on the issue area at hand


As well as being based on participation in class discussions, participation will be based on contributions to the class discussion boards on our Blackboard Site.  Discussion boards will be set up for articles and cases. Idea contributions in the form of postings on these discussion boards each week are required.  The hope is that when we can come to class, we will already have in mind the controversies and questions that the various books and articles generate.



Grading Guidelines


Class Participation and Attendance                                                20%

Paper #1  Reflection Paper (due 9/27)                                    25%

Paper #2  Issue Paper 1 (due 10/25)                                                25%

Paper #3  Issue Paper 2 (due 11/29)                                                30%





Assignment #1            Reflection on what you have learned over the course of WST.  The focus is on the time spent abroad and the impact it has had on your maturity, interests, career goals and outlook on world.  Suggested length is 5 pages.


                                    (See attached assignment detail.)


Assignments #2-3             Reaction papers responding to the topics of throughout the semester.  Students choose 2 issue areas corresponding to the different meetings of the seminar.  Students will write papers that react and enlarge on the issues presented that week.  Suggested length is 5-6 pages for each paper.



At NYU Stern we seek to teach challenging courses that allow students to demonstrate their mastery of the subject matter.  In general, students in undergraduate core courses can expect a grading distribution where: 

Note that while the School uses these ranges  as a guide, the actual distribution for this course and your own grade will depend upon how well  you actually perform in this course.



The process of assigning grades is intended to be one of unbiased evaluation. Students are encouraged to respect the integrity and authority of the professor’s grading system and are discouraged from pursuing arbitrary challenges to it.

If you believe an inadvertent error has been made in the grading of an individual assignment or in assessing an overall course grade, a request to have the grade re-evaluated may be submitted. You must submit such requests in writing to me including a brief written statement of why you believe that an error in grading has been made.


Professional Responsibilities For This Course




In-class contribution is a significant part of your grade and an important part of our shared learning experience. Your active participation helps me to evaluate your overall performance.
You can excel in this area if you come to class on time and contribute to the course by:




Classroom Norms


Stern Policies

General Behavior
The School expects that students will conduct themselves with respect and professionalism toward faculty, students, and others present in class and will follow the rules laid down by the instructor for classroom behavior.  Students who fail to do so may be asked to leave the classroom. 


Collaboration on Graded Assignments
Students may not work together on graded assignment unless the instructor gives express permission. 


Course Evaluations
Course evaluations are important to us and to students who come after you.  Please complete them thoughtfully.


Academic Integrity

Integrity is critical to the learning process and to all that we do here at NYU Stern. As members of our community, all students agree to abide by the NYU Stern Student Code of Conduct, which includes a commitment to:

The entire Stern Student Code of Conduct applies to all students enrolled in Stern courses and can be found here:

Undergraduate College: http://www.stern.nyu.edu/uc/codeofconduct
Graduate Programs: http://w4.stern.nyu.edu/studentactivities/involved.cfm?doc_id=102505

To help ensure the integrity of our learning community, prose assignments you submit to Blackboard will be submitted to Turnitin.  Turnitin will compare your submission to a database of prior submissions to Turnitin, current and archived Web pages, periodicals, journals, and publications.  Additionally, your document will become part of the Turnitin database.


Recording of Classes

Your class may be recorded for educational purposes


Students with Disabilities

If you have a qualified disability and will require academic accommodation of any kind during this course, you must notify me at the beginning of the course and provide a letter from the Moses Center for Students with Disabilities (CSD, 998-4980, www.nyu.edu/csd) verifying your registration and outlining the accommodations they recommend.  If you will need to take an exam at the CSD, you must submit a completed Exam Accommodations Form to them at least one week prior to the scheduled exam time to be guaranteed accommodation.


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