Political Economy - 2026-2027
Section outline
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We are witnessing "Great changes unseen in a century"?Since the Covid pandemic, hardly a year goes by without another major event that is massively disrupting the "liberal international order" (LIO) which was constructed progessively during the second half of the 20th century. The most significant background development to these changes has been the unparalleled economic development of China - following other parts of Asia, and more lately the rise of India. But more recent events, including terrible wars in Europe and West Asia, are undermining the international political architecture, while the Trump administration has brought naked and aggressive nationalism to the fore in its international relations, not least with its allies. The economic rationale which underpined the LIO, and which stretches back to the origins of "political economy" in the late 18th century is being profoundly challenged by events. This class seeks to shed some light on why and how these processes are unflolding.1 September 2026What is Political Economy?Wikipedia gives quite a good, broad definition of what Political Economy is. Academics are usually sceptical about Wikipedia, although some students have told me it is their most trusted source of information. Wikipedia does have the advantage of being permanently reviewed, and it is of course incredibly international. You can read more here: https://en.wikipedia.org/wiki/Political_economy.
Course Outline
The following is a course outline of what we will look at in class, and more detail is given in the sections of this Epi below. These will be steadily amended during the semester, which lasts for twelve weeks. Each section will therefore be covered in two weeks.
1/ Economics in times of crisis:1a) What is economics? What is capitalism? How do they respond to crises?1b) The contribution of complexity theory to understanding crises: an introduction2a) The post-World War II world and the Keynesian settlement. The "shocks" of the 1970s and paradigm change.
2b) A brief review of French Régulationist theory. The Covid-19 crisis and the wars in Ukraine and Gaza in a historical perspective.THE RISE OF THE (NEO)LIBERAL INTERNATIONAL ORDER
2/ The neoliberal paradigm
1a) "Tax revolts" and the primacy of monetary policy, and the Jackson Hole consensus;
1b) Market deregulation, privatisation and the weakening of labour;
2a) Why does public spending tend to rise?2b) New Public Management.
3/ The "Washington Consensus", the "End of history" and "varieties of capitalism"
1a) From dependency theory and alternative development theories to the Washington Consensus.1b) The "End of History" and the emergence of "varieties of capitalism" literature.2a) The traditional literature on "varieties of capitalism".2b) New varieties of capitalism across the globe.THE FALL OF THE (NEO)LIBERAL INTERNATIONAL ORDER
4/ Money, financial globalisation and financial crises1a) The nature of money (the forgotten core of capitalism); the function of banks;1b) The rise of global finance;
2a) The 2007-2008 global financial crisis (GFC) and managing Covid;2b) From "secular stagnation" to dealing with inflation again.
5/ The changing International Political Economy (IPE)
1a) A review of the historical concepts of IPE (the mercantilist/realist, liberal/rules-based, and Marxist/radical schools);
1b) Dany Rodrik's "Globalisation Paradox";
2a) The end of the liberal, rules-based system: Trump(ism) and Brexit;
2b) Covid, war in Ukraine, and the new rivalry between China and the United States.
6/ The contributions of some women economists1a) An introduction to feminist economics.
1b) The Social Provisioning Approach
2a) A brief review of work by Elinor Ostrom and Esther Duflo.
2b) A presentation of Kate Raworth's "Doughnut Economics", Kate Soper and "alternative hedonism", Noreen Hertz's "The Lonely Century", etc. -
This section deals with the following (updated 19/01/2023):1a) What is economics? What is capitalism? How do they respond to crises?1b) The contribution of complexity theory to understanding crises: an introduction2a) The post-World War II world and the Keynesian settlement. The "shocks" of the 1970s and paradigm change.
2b) A brief review of French Régulationist theory. The Covid-19 crisis and the wars in Ukraine and Gaza in a historical perspective. -
This section examines three broad issues
1a) "Tax revolts" and the primacy of monetary policy, and the Jackson Hole consensus;
1b) Market deregulation, privatisation and the weakening of labour;
2a) Why does public spending tend to rise?2b) New Public Management and beyond. -
3) The "Washington Consensus", the end of alterantive development theories, the "End of History" and "varieties of capitalism"
1a) From dependency theory and alternative development theories to the Washington Consensus.1b) The "End of History" and the emergence of "varieties of capitalism" literature.2a) The traditional literature on "varieties of capitalism".2b) New varieties of capitalism across the globe. -
1a) The nature of money (the forgotten core of capitalism); the function of banks;1b) The rise of global finance;
2a) The 2007-2008 global financial crisis (GFC) and managing Covid;2b) An era of ongoing crises and the challenges to policy. -
This unit will provide a short overview of some of the key elements of International Political Economy. Part of the unit will look in greater detail at recent work by Dany Rodrik.
1a) A review of the historical concepts of IPE (the mercantilist/realist, liberal/rules-based, and Marxist/radical schools);
1b) Dany Rodrik's "Globalisation Paradox";
2a) The end of the liberal, rules-based system: Trump(ism) and Brexit;
2b) Covid, war in Ukraine, and the new rivalry between China and the United States.FOR INFO: you can find a whole lecture cycle on international political economy given by Christakis Georgiou at the University of Geneva here.
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I) An introduction to feminist economics.
ii) The Social Provisioning Approach
III) A brief review of work by Elinor Ostrom and Esther Duflo.
IV) A presentation of Kate Raworth's "Doughnut Economics", Kate Soper and "alternative hedonism", Noreen Hertz's "The Lonely Century", etc.
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