Learning Objectives
5 objectives- Understand the interdisciplinary nature of political economy and its significance in analyzing economic outcomes.
- Examine and compare major theories and frameworks explaining the relationship between politics and economics.
- Analyze the impact of different economic systems and political regimes on development and social structures.
- Evaluate the role of institutions, power distribution, and governance in shaping economic policies and outcomes.
- Assess the influence of globalization, environmental issues, and economic crises within political economy contexts.
Content Outline
PreviewUnit 2501: Political Economy
1. Introduction to Political Economy
- Definition and scope of political economy
- Interdisciplinary approach: economics and political science
- Key questions and concepts: institutions, behavior, policies, outcomes
2. Theories of Political Economy
- Liberalism
- Core principles: free markets, individual liberty
- Political and economic implications
- Mercantilism
- Historical overview and focus on state power
- Trade and protectionism
- Marxism
- Class struggle and economic determinism
- Critique of capitalism
- Institutionalism
- Role of institutions in economic performance
- Formal and informal institutions
3. Economic Systems and Political Regimes
- Economic Systems
- Capitalism: private ownership, market-driven
- Socialism: state ownership, planned economy
- Mixed Economies: blend of market and state
- Political Regimes
- Democracy: participatory governance
- Dictatorship: centralized control
- Authoritarianism: limited political freedoms
- Interaction between economic systems and political regimes
- Implications for social welfare and development
4. Power and Distribution in Political Economy
- Concepts of power and influence
- Wealth and resource distribution mechanisms
- Role of elites and interest groups
- Social inequalities and their political-economic roots
- Case studies illustrating power dynamics
5. Globalization and International Political Economy
- Definition and dimensions of globalization
- Impact on national economies and sovereignty
- Trade policies and agreements
- Role of international institutions (IMF, World Bank, WTO)
- Power relations between developed and developing countries
6. Development Economics and Political Economy
- Economic development theories: modernization, dependency, world-systems
- Political institutions and development outcomes
- Policies for poverty reduction and sustainable growth
- Governance challenges in developing countries
7. Institutions and Governance in Political Economy
- Definition and types of institutions
- Legal systems, property rights, and regulatory frameworks
- Institutional quality and economic performance
- Governance models and accountability
- Political actors and institutional behavior
8. Public Policy and Political Economy
- Policy areas: taxation, welfare, healthcare, education
- Political considerations shaping policy decisions
- Economic goals and trade-offs in policy design
- Impact of public policies on society and economy
9. Environmental Economics and Political Economy
- Relationship between environment and economy
- Sustainability and resource management
- Political debates on climate change
- Role of governments and international cooperation
- Economic incentives and regulatory approaches
10. Economic Crises and Political Economy
- Types and causes of economic crises
- Financial meltdowns, recessions, debt crises
- Political decisions affecting crises management
- Consequences for economic and social systems
- Case studies of major economic crises
- Policy responses and reforms
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