Introductory description

Political Economy as an intellectual tradition was already vibrant in the 18th & 19th Centuries, with the disputes between Adam Smith’s liberal vision, Mercantilists such as List, and radicals such as Marx. Its starting point is the recognition that social orders, and the institutions which make them up, need to be studied as complex wholes in order to understand the interrelationships between the political and economic aspects. Political economy is also interested in the power relationships that characterise the broader political and economic context in which particular institutions are embedded. Political economy focuses attention on the interaction of states and markets, and on the interplay of structures and the role of agency. It is political economy because concerned with how a particular social order works –and with how it might work, how it should work.

Political Economy, although a core approach and area of investigation in politics and international studies, does not constitute a single approach. Similarly, International Political Economy (IPE) does not have a clear, universally agreed set of concerns, assumptions, or theoretical underpinnings. It has been variously characterised as a ‘field of inquiry’, ‘set of questions’ ‘area of investigation’. IPE might be termed a ‘hosting metaphor’ – connoting the exploration of the relationship between power and wealth. States and Markets conceives of international political economy as the application of the insights of political economy in a comparative way, and explicitly situated within an international context. Term one covers the classic theorists of political economy and relates these issues to contemporary debates about the economy . Term two explores themes and issues – through a range of country / region cases, selected according to the expertise of those engaged in the team teaching of the module. The module is team taught, and exploits considerable research interests amongst many staff in the department. ‘Guest’ lecturers contribute on themes and issues which marry closely with their areas of research interest and expertise.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Term one covers the classic theorists of political economy and relates these issues to contemporary debates about the economy . Term two explores key IPE themes and issues – sometimes through a range of country / region cases.

Week 1: Introduction to Studying IPE
Week 2: The Invisible Hand of Merchant Capitalism
Week 3: Capitalism and Empire
Week 4: Polanyi on Planned Laissez Faire in Liberal Britain
Week 5: Adam Smith, Liberalism and Empire
Week 6: Reading Week
Week 7: The Imperial Politics of Liberal Free Trade
Week 8: Marx's "demystification" of Industrial Capitalism
Week 9: The Gendered Development of Capitalism.
Week 10: Economic Nationalism and Building Economic Muscle.

Week 11: the Comparative and International Political Economy of the Developmental State
Week 12: Popular Classical Feminist Economics
View only 'Topic 13'
Week 13: The Marginalist Revolution
Week 14: Keynesianism: Ideas and Practice
Week 15: The Rise and Demise of Bretton Woods
Week 16: Reading Week
Week 17: Neoliberalism in Theory and Practice.
Week 18: Neoliberal Capitalist Restructuring in the Anglo-American Heartlands and Beyond
Week 19: The IMF and the Politics of Global Economic Governance
Week 20: The Political Economy of the Ecological Crisis of Capitalism

Learning outcomes

By the end of the module, students should be able to:

• Demonstrate an appreciation of the key concepts and theoretical debates in international political economy.
• Critically evaluate the merits of competing explanations and theoretical perspectives in accounting for developments in contemporary political economy.
• Explore the relationships between states and markets through a study of key theories and issues in political economy.
• Apply political economy insights to analyse particular themes and cases.
• Demonstrate good written communication skills.
• Demonstrate good investigative and retrieval skills.

Indicative reading list

Ben Clift Comparative political economy: states, markets and global capitalism (2021)
Susan Strange States and Markets (1994)
Matthew Watson Foundations of international political economy (2005)
Darel E. Paul; Abla Amawi The theoretical evolution of international political economy: a reader (2013)
Robert L. Heilbroner The worldly philosophers: the lives, times, and ideas of the great economic thinkers (2000 )
Walter Rodney How Europe underdeveloped Africa (2018)
Karl Polanyi The great transformation: the political and economic origins of our time (2001)

View reading list on Talis Aspire

Subject specific skills

understanding of poltical economy

develop awareness of competing theoretical perspectives on IPE

understanding key insights from the classic theorists of political economy and exploring how these relate to contemporary issues and debates in IPE

the application of the insights of political economy, and IPE theorising, in a comparative way, and explicitly situated within an international context.

Transferable skills

The module provides students with opportunities to acquire or develop the following key skills:
Oral communication
Communication skills
Lateral thinking skills
Skills in the distillation and application of complex information and ideas
Critical thinking
Analytical skills
Independent research skills
Reflecting on what makes 'good' supporting evidence
Problem solving
Time management
Information Technology
Skills in academic practice
Awareness of, and sensitivity to, diversity
Decision making
Educational self-awareness skills
Awareness of, and sensitivity to, the relation of knowledge to the context in which it is generated