The course is open for the Global Political Economy -track students of the GPC programme (they have priority) and other GPC students. If there are places left, the course is also open for other master’s level students and exchange students.
After completing the study unit, the student will have deepened his or her knowledge about the fundamental questions of economy theory and their relationship to global political economy and world politics. By the end of the course, the student will have become familiar with the post-Keynesian idea of monetary sovereignty and with classical political economy alternatives to (or qualifications of) it. Moreover, s/he will have obtained an advanced level understanding of both theories of global regulation and IR-based Global Political Economy theories. S/he will have the capacity to contrast claims drawn from different theoretical, pragmatic and political traditions and to resolve subsequent aporias.
1st year, period 3
While post-Keynesian economic theory has been probably the best known strand of heterodoxy during the last few decades, recent theoretical discussions have also encouraged a return to classical political economy. The regulation approach, in turn, looks at capitalist economies as a function of social and institutional systems organized, in large part, regionally and globally. IR-based Global Political Economy theories focus on understanding and explaining these systems in terms of hegemony and power-relations and their political economy underpinnings.
Lectures, group work, assignments and discussions. Obligatory literature will be examined as a separate book in Examinarium, except Mitchell et.al., which will be examined as part of the course.
- Mitchell, William, Wray, L. Randall & Martin Watts: Modern Monetary Theory and Practice: An Introductory Text (first edition Centre of Full Employment and Equity, University of Newcastle 2016, for info see http://e1.newcastle.edu.au/mmt/; Palgrave Macmillan is publishing the next version of this probably in September 2017)
- Shaikh, Anwar: Capitalism. Competition, Conflict, Crises (Oxford University Press 2016; parts to be read: ch 1; ch 2, sections I, VIII, IX; ch 3, sections IV-VI; ch 11; ch 13, section III.5; chs 15-17)
- O'Brien, R & Williams, M: Global Political Economy: Evolution and Dynamics, revised and up-dated 5.ed. (Palgrave MacMillan 2016)
- P.A. O'Hara: Growth and Development in the Global Political Economy. Social Structures of Accumulation and Modes of Regulation (Routledge 2004 or 2006 [no differences between the two])
And one of the following:
- Martins, Nuno Ornelas: The Cambridge Revival of Political Economy (Routledge 2013)
- Hodgson, Geoffrey M.: Conceptualizing Capitalism: Institutions, Evolution, Future (The University of Chicago Press 2015)
Grading scale 0-5 (0=fail, 1=passable,2=satisfactory, 3=good, 4=very good, 5=excellent)