Political Economy: Approaches, Concepts and Issues

Module description

 This module introduces a number of approaches to understanding the relationship between politics and economics, the state and markets. The module focuses on different perspectives on, and key concepts in, political economy, as emphasised or challenged in major works in the field. The themes which the module looks at include (i) the role of class and interests, (ii) culture and the economy, (iii) the embeddedness of markets, (iv) markets versus hierarchy, (v) the role of institutions, and (vi) the distribution of capital. Within each theme, we will discuss key contributions to the different approaches, including works by Smith, Marx, Weber, Keynes, Polanyi, Hayek, Olson, Ostrom, and Piketty. We will focus on the main arguments of these authors, their underlying assumptions, their methodology, and their contribution to our understanding of the field. We will also link the (modern) classics to contemporary applications of the different approaches.

 

Assessment details

2500-word essay (50%) & 2-hour online exam (50%)

Educational aims & objectives

This module is designed to introduce students to the basic concepts and issues in contemporary political economy, with a particular focus on the political economy of the contemporary social democratic state. The module will aim to:

• Introduce students to the concepts of economic analysis and the relevance of these concepts to the study of government and politics
• Provide students with an understanding of the problems of market failure and government failure and provide a scholarly framework to comparatively evaluate these problems
• Provide students with a familiarity with a number of classic and key contemporary readings in political economy.

Learning outcomes

By the end of this module students will be able to:

• Demonstrate an understanding of the key concepts and issues in contemporary political economy
• Show an understanding of the problems of market failure and government failure
• Demonstrate an ability to assess the policy implications that follow from the existence of market failure and government failure. 

Module description disclaimer

King’s College London reviews the modules offered on a regular basis to provide up-to-date, innovative and relevant programmes of study. Therefore, modules offered may change. We suggest you keep an eye on the course finder on our website for updates.

Please note that modules with a practical component will be capped due to educational requirements, which may mean that we cannot guarantee a place to all students who elect to study this module.

Please note that the module descriptions above are related to the current academic year and are subject to change.