Unit 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