Critical Theories of International Political Economy - POL00006M

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Module will run

Occurrence	Teaching period
A	Semester 1 2024-25

Module aims

The module introduces critical theories of International Political Economy, focusing on Adam Smith’s contribution to classical political economy, Marx’s critique of political economy, neo-classical economics, Keynesianism, neo-liberalism, and contemporary Marxist critique of the state. Throughout the module, we will ask about the political in political economy, and the economic in political economy, and underlying notions of capital, state, class, value, production, exchange, economic purpose.

Module learning outcomes

On completion of this module, students should be able to distinguish between distinct critical theories of international political economy, explain the difference between classical political economy, Marx’s critique of political economy, neo-classical economics, and neo-liberalism.

Module content

1. Introduction to Critical theories of International Political Economy

2. Classical Political Economy: Adam Smith and the Wealth of Nations

3. Critique of Political Economy I: Karl Marx’s Capital - On Value and Surplus Value

4. Critique of Political Economy II: Karl Marx’s Capital - Accumulation and Crisis

5. Feminist Critique of Political Economy: Capital and Social Reproduction

6. Keynesian Political Economy: The State and Economic Interventionism

7. Hayek: Neoliberalism, Free Economy, and Strong State

8. Foucault: Neoliberalism, Capital, and the Subject

9. Globalisation I: State, Economy, and Class

10. Globalisation II: State, Economy, and the Globalisation of Value

Indicative assessment

Task	% of module mark
Essay/coursework	100

Special assessment rules

None

Indicative reassessment

Task	% of module mark
Essay/coursework	100

Module feedback

Students will receive written timely feedback on their formative assessment. They will also have the opportunity to discuss their feedback during the module tutor’s feedback and guidance hours.

Students will receive written feedback on their summative assessment no later than 25 working days; and the module tutor will hold a specific session to discuss feedback, which students can also opt to attend. They will also have the opportunity to discuss their feedback during the module tutor’s regular feedback and guidance hours.

Indicative reading

D. Dowd, Capitalism and its Economics, Pluto, 2000

R. L. Heilbronner, The Worldly Philosophers, 7th ed. Penguin 2000 (or earlier).

E K Hunt and H Sherman, Economics: an Introduction to Traditional and Radical Views, Part I, 4th ed. Harper and Row, 1991.

J Robinson, Economic Philosophy, Penguin, 1964.

W K Tabb, Reconstructing Political Economy, Routledge 1999.