Political Economy

SAMPOL214 is a course that provides a rigorous survey of studies in and perspectives on the relationship between the state and the economy under capitalism. The readings and topics are drawn from the disciplines of both political science and economics. A wide range of methodological, ideological, and theoretical approaches will be studied, with an effort to consider the contemporary relevance of each respective perspective. Following Part I of the course, which provides an introduction to the nature of political economy, Part II will introduce rational choice theory and some applications in the study of political phenomena. Part III of the course introduces the problems that occupy the attention of macroeconomic theory as well as the major theoretical/methodological/ideological/policy approaches of the Chicago School, Keynesianism, and Marxism. Part IV presents the Phillips Curve and general debates concerning the potential unemployment/inflation trade-off, following by studies that consider the impact of public policy upon the distribution of income. This section also incorporates political actors and governments under democracy and the relationship between their electoral interests and the macroeconomic policy choices that they make. Part V moves on to the study of business cycles and economic crises under capitalism, placing particular emphasis upon the contemporary global economic downturn, its nature, and the role of the state in affecting the severity and longevity of economic downturns.

Upon completion of the course the student should be able to:

Knowledge

• discuss and debate key rival perspectives in macroeconomic theory, including fiscal and monetary policy;
• demonstrate a familiarity with the history of economic ideas in the twentieth century and their manifestation in public policy;
• understand and apply rational choice models to key research questions in political science;
• analyse the sources and consequences of the global economic crisis of 2008.

Skills

• demonstrate an understanding of formal economic logic, concepts and models and their relevance for political science;
• assess claims made by politicians, policy makers and researchers concerning the efficacy and consequences of alternative economic policy approaches.

General competence

• critically analyse and evaluate the ideological and theoretical foundations of alternative economic models and policies and engage in discussions and analyses of the consequences of such models and policies for economic outcomes and social well-being.

Spring - irregular (the course is offered in spring 2017)