Political Economy provides a crucial framework for understanding the intricate relationship between politics and economics. Rooted in the intellectual debates of the 18th and 19th centuries, from Adam Smith’s liberalism to Marx’s radical critiques, it emphasizes the need to analyze social orders and institutions as interconnected systems. This approach recognizes the influence of power dynamics within the broader political and economic landscape where these institutions operate. Political economy, often abbreviated as IPE in an international context, delves into the interactions between states and markets, examining both structural forces and the agency of various actors. Ultimately, it seeks to comprehend how societies function, how they could function, and how they should function.
While Political Economy stands as a cornerstone in political science and international studies, it’s not monolithic. Similarly, International Political Economy (IPE), sometimes referred to as module Po230 in university course catalogs, lacks a single, universally accepted set of principles or theoretical foundations. It’s more accurately described as a dynamic field of inquiry, driven by a core set of questions and areas of investigation. IPE can be seen as a ‘hosting metaphor’ for exploring the complex interplay between power and wealth on a global scale. The study of States and Markets forms the bedrock of international political economy, applying political economy insights in a comparative manner and firmly within an international setting.
This module, PO230, is structured across two terms. The first term introduces students to the foundational thinkers of political economy, connecting their classic theories to contemporary economic discussions. The second term explores central themes and issues within IPE, often using case studies from diverse countries and regions, leveraging the expertise of the module’s teaching team. The module benefits from team teaching, drawing upon the extensive research interests of the department’s faculty. Guest lecturers, specialists in their respective fields, contribute to topics that align closely with their research and expertise.
Module Aims: Unpacking International Political Economy
The PO230 module is designed with the following core aims:
- Introduce Core Concepts: To familiarize students with the fundamental concepts and key theoretical debates within International Political Economy (IPE).
- Develop Theoretical Awareness: To cultivate an understanding of the diverse and often competing theoretical perspectives that shape IPE.
- Explore State-Market Relations: To investigate the complex relationships between states and markets through the lens of key theories, issues, and case studies in political economy.
- Evaluate Theoretical Contributions: To assess the value of different theoretical approaches and perspectives in political economy for interpreting contemporary IPE.
Outline Syllabus: A Journey Through IPE
Please note: This syllabus provides an indicative overview of topics. Actual session content may be subject to change.
Term One: Foundations and Classic Theories
This term of PO230 lays the groundwork by examining the historical roots and core theoretical frameworks of political economy. It connects classic ideas to modern economic challenges.
- Week 1: Introduction to Studying IPE: Setting the stage for the module and defining the scope of International Political Economy.
- Week 2: The Invisible Hand of Merchant Capitalism: Exploring the early stages of capitalism and its theoretical underpinnings.
- Week 3: Capitalism and Empire: Analyzing the historical relationship between capitalist development and imperial expansion.
- Week 4: Polanyi on Planned Laissez Faire in Liberal Britain: Examining Karl Polanyi’s critique of laissez-faire economics in 19th-century Britain.
- Week 5: Adam Smith, Liberalism and Empire: A deeper dive into Adam Smith’s theories, liberalism, and their connection to empire.
- Week 6: Reading Week: Dedicated time for independent study and catching up on readings.
- Week 7: The Imperial Politics of Liberal Free Trade: Investigating the political dimensions of liberal free trade policies in an imperial context.
- Week 8: Marx’s “Demystification” of Industrial Capitalism: Exploring Karl Marx’s critical analysis of industrial capitalism.
- Week 9: The Gendered Development of Capitalism: Analyzing the role of gender in shaping the development of capitalism.
- Week 10: Economic Nationalism and Building Economic Muscle: Examining the theories and practices of economic nationalism.
Term Two: Contemporary Issues and Global Challenges
Building on the foundations of Term One, PO230 delves into contemporary themes and issues in IPE, using case studies to illustrate theoretical concepts.
- Week 11: The Comparative and International Political Economy of the Developmental State: Analyzing the role of the state in promoting economic development in different countries.
- Week 12: Popular Classical Feminist Economics: Exploring feminist perspectives within classical economics.
- Week 13: The Marginalist Revolution: Examining the shift towards marginalist economics.
- Week 14: Keynesianism: Ideas and Practice: Studying Keynesian economic theory and its practical applications.
- Week 15: The Rise and Demise of Bretton Woods: Analyzing the history of the Bretton Woods system of international monetary management.
- Week 16: Reading Week: Independent study and reading consolidation.
- Week 17: Neoliberalism in Theory and Practice: Examining the theory and practice of neoliberalism.
- Week 18: Neoliberal Capitalist Restructuring in the Anglo-American Heartlands and Beyond: Analyzing the impact of neoliberal restructuring in major economies.
- Week 19: The IMF and the Politics of Global Economic Governance: Investigating the role of the International Monetary Fund in global economic governance.
- Week 20: The Political Economy of the Ecological Crisis of Capitalism: Addressing the relationship between capitalism and environmental challenges.
Learning Outcomes: Skills and Knowledge Gained
Upon successful completion of module PO230, students will be able to:
- Demonstrate Conceptual Understanding: Show a strong grasp of the key concepts and theoretical debates within international political economy.
- Critically Evaluate Explanations: Assess the strengths and weaknesses of competing theoretical explanations for developments in contemporary political economy.
- Analyze State-Market Relationships: Investigate the interactions between states and markets through the study of core theories and issues in political economy.
- Apply IPE Insights: Utilize political economy perspectives to analyze specific themes and real-world cases.
- Communicate Effectively in Writing: Demonstrate strong written communication abilities.
- Develop Research Skills: Exhibit effective investigative and information retrieval skills.
Indicative Reading List: Key Texts in IPE
- Clift, B. (2021). Comparative political economy: states, markets and global capitalism.
- Strange, S. (1994). States and Markets.
- Watson, M. (2005). Foundations of international political economy.
- Paul, D. E., & Amawi, A. (2013). The theoretical evolution of international political economy: a reader.
- Heilbroner, R. L. (2000). The worldly philosophers: the lives, times, and ideas of the great economic thinkers.
- Rodney, W. (2018). How Europe underdeveloped Africa.
- Polanyi, K. (2001). The great transformation: the political and economic origins of our time.
Subject Specific Skills: Mastering Political Economy
Module PO230 will enable students to develop:
- A comprehensive understanding of political economy principles.
- Awareness of diverse theoretical perspectives within IPE.
- Key insights from classic political economy theorists and their relevance to contemporary IPE debates.
- The ability to apply political economy and IPE theories in a comparative and international context.
Transferable Skills: Skills for Academic and Professional Success
This module provides opportunities to enhance crucial transferable skills, including:
- Oral and written communication proficiency.
- Lateral and critical thinking abilities.
- Skills in distilling and applying complex information.
- Analytical and problem-solving skills.
- Independent research and time management skills.
- Information technology competence.
- Academic practice and educational self-awareness.
- Sensitivity to diversity and the context of knowledge generation.
- Decision-making skills.
Study Time: Module Workload
| Type | Required |
|---|---|
| Lectures | 22 sessions of 1 hour (50%) |
| Seminars | 22 sessions of 1 hour (50%) |
| Total | 44 hours |
Private Study: Independent Learning
Details regarding private study expectations will be provided.
Costs: Additional Expenses
No additional costs have been identified for this module.
Assessment: Module Evaluation
To successfully pass module PO230, students must pass all assessment components. Students may register for the module without taking assessments.
Assessment Group A1
| Weighting | Study time | Self-certification Eligible |
|---|---|---|
| Assessment Component | ||
| Timed Essay Portfolio (40%) 2500 word essay – covering 2 x term 1 topics; title released 5 days pre-submission. |
40% | 30 hours |
| Reassessment component is the same | ||
| Assessment Component | ||
| Timed Essay Portfolio (40%) 2500 word essay – covering 2x term 2 topics; title released 5 days pre-submission. |
40% | 30 hours |
| Reassessment component is the same | ||
| Assessment Component | ||
| Book Review (20%) Book review of 1 or a small number of selected key texts – due in December (end of term 1). Focused on relating book(s) to core module themes. |
20% | 10 hours |
| Reassessment component is the same |
Feedback on Assessment
Student feedback for PO230 essays is provided via PAIS assessment forms on Tabula, supplemented by face-to-face feedback during tutor advice hours upon request.
Courses: Module Availability
This module is Core optional for:
- Year 2 of UPOA-M16A Undergraduate Politics and International Studies
- Year 2 of UPOA-M168 Undergraduate Politics and International Studies with Chinese
- Year 2 of UPOA-M169 Undergraduate Politics and International Studies with Chinese (3 year)
This module is Optional for a wide range of programs including Economics, Philosophy, Politics and Economics (PPE), and more. Please refer to the original module description for a comprehensive list of optional program availability.
This module is also listed under Unusual option, Core option list A, Core option list C, Option list A, Option list B, Option list C, Option list D, and Option list E categories for various undergraduate programs. Consult the detailed course listings for specific program requirements and options.
