Political Economy: Major Themes (GS 6272 3.0, Graduate)

At the dawn of the 21st century, more and more people realize that ‘economics’ and ‘politics’ are intimately related. And yet, these two aspects of social existence are usually studied as separate ‘disciplines,’ each with its own categories, language, and theories. Can this departmentalization be overcome? Should it? And if so, how? The seminar deals with these questions by critically examining major themes of political economy. Topics are divided into three major categories: (1) elements; (2) aggregates; and (3) global formations. In the first part, students examine closely the origin and implications of concepts such as supply and demand, equilibrium, utility and productivity, market organization, and the role of power. Part two, focusing on aggregates, covers the issues of national accounting, theories of prosperity and crisis, money and finance, economic policy, as well as ‘anomalies’ such as stagflation. The third part, dealing with global formations, examines trade, capital flows and exchange rates, imperialism, and different aspects of globalization. Throughout the seminar, the emphasis is not only on the ‘how,’ but also on the ‘why.’ Where have the concepts and theories come from? Why have they risen to prominence, and what brought them down? Who benefited from them and who paid the price? Do they help us understand the world, or do they serve to conceal it? In these explorations, special emphasis is put on methodology, as well as the importance of empirical/historical analysis.