Module description
This is an introductory module specially designed to give our International Political Economy (IPE) students the chance to get a firmer grasp on some of the fundamental concepts of economic theory. To this end, it contrasts different economic theories and takes a critical look at a number of essential topics: an overview of Marxist, neoclassical and Keynesian theories, and a discussion of income distribution, unemployment, monetary policy and financial stability trade, development and international economic relations. The module is designed to act as general and thorough introduction to the theoretical analysis of these aspects of the international political economy, and does not require any prior knowledge of economic theory or assume any previous mathematical training.
*Please note that module information is indicative and may change from year to year.
Assessment details
One 1,000-word book review (30%) and one 2,000-word essay (70%)
Educational aims & objectives
The Module seeks:
- To give students additional theoretical and analytical background in the economic issues at the hear of International Political Economy, introducing essential concepts and forms of analysis in economics;
- To give students the ability to understand and evaluate economic information and ideas at a general level, and to give students the ability to articulate economic information and opinions of use, in particular, for their study of IPE;
- To make students aware of the methodological distance between IPE and Economics, and to cover the basic economic concepts and models while critically assessing their broader scientific status;
- To address some of the main economic controversies surrounding the topics covered and reinforcing the sense of political and ideological plurality within the discipline;
- To enhance analytical, reading and writing skills at MA in particular as regards economic terminology, explanations and information.
Learning outcomes
By the end of the module students will be able to:
- Understand key economic concepts and some of the major debates surrounding them
- Be able to critically assess theoretical positions in economics
- Evaluate policy issues using the different theoretical perspectives discussed at national, regional and international levels
- Be able to appreciate the political role of economic knowledge and use that appreciation in study on other MA IPE modules
- Develop essay-writing and presentational skills through coursework and feedback
Teaching pattern
Two hours per week, one lecture and one seminar
Indicative teaching schedule
Week 1: Historical overview: economic theories and capitalist development
Week 2: Classical and Marxist Political Economy
Week 3: Neoclassical theory
Week 4: Keynesian theory
Week 5: Contemporary debates in macroeconomics
Week 6: Unemployment, wages
Week 7: Inequality
Week 8: Money, finance, financial stability
Week 9: Growth, development, trade
Week 10: International finance, exchange rate regimes
Note that this teaching schedule is indicative and subject to change.
Suggested reading list
Please be aware that core texts are only part of the readings for this module.
- Stilwell, F. (2012) Political Economy: The Contest of Economic Ideas
- Ingham, G. (2008) Capitalism (Cambridge: Polity)
- Fischer, L,Hasell, J, Proctor, J, Uwakwe, D, Ward Perkins, Z, Watson, C (eds) Rethinking Economics. An Introduction to Pluralist Economics, Routledge
- Eichengreen, B. (2008) Globalizing Capital (Princeton University Press)
- Skidelsky, R. (2009) Keynes: the return of the master (London: Allen Lane)