Capitalism: Beyond States and Markets - POL00072I
Module summary
This module moves beyond ‘states’ and ‘markets’ to study capitalism as a deeply political social order that permeates all aspects of modern life. In doing so we explore the class, gendered, racial and global divisions of labour, wealth, and power in modern society; the role of free markets in coordinating complex societies and preserving liberty; the economic and political foundations of the state; and the ecological and social limits to capitalism.
Module will run
| Occurrence | Teaching period |
|---|---|
| A | Semester 2 2025-26 |
Module aims
The module aims to provide students with an overview of the development of the main competing traditions in modern political economic thought, from its inception in the work of Adam Smith up until the present.
The module investigates the global processes of social production and reproduction that form the basis of world capitalist society. In doing so we addresses a series of central questions to the study of political economy such as: is capitalism a system of individual liberty or one of systemic exploitation? Are free markets ‘natural’ or a political project? What is the role of the state (if any) in economic planning? Why do we have economic crisis and what should we do about it? Are there social and ecological limits to the pursuit of profit? Is capitalism compatible with democracy?
This module thus seeks to demonstrate the need to think ‘beyond’ the opposition between states and markets, to a more fulsome understanding of the interrelations between state, economy, and society. Through this, it is expected that the module will foster and develops students’ capacity to critically evaluate normative accounts of capitalism and its critique.
Module learning outcomes
On completing the year/module students will be able to:
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Demonstrate detailed knowledge of the origins, evolution and contemporary dynamics of politics economy with an in-depth engagement with its international dimensions (PLO 1).
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Apply with minimum guidance theories, concepts and methods to aspects of politics and/or international relations, using critical reasoning and (where appropriate) empirical testing to evaluate their strengths and weaknesses (PLO 2).
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Work with minimum guidance to address problems in politics economy, working towards solutions through the creative application of appropriate theoretical and practical perspectives, and analysis of empirical data (PLO 4)
- Communicate arguments effectively and fluently, translating detailed ideas through appropriate media (PLO 5)
Module content
Likely structure to include:
Week 1. Classical Political Economy: Adam Smith and the Wealth of Nations
Week 2. Karl Marx’s Critique of Political Economy
Week 3. Social Reproduction and the Feminist Critique of Capital
Week 4. Imperialism and the Racial Division of Labour
Week 5. Financialisaton and the Limits to Accumulation
Week 6. Keynes, Sun-Yat Sen and State Intervention
Week 7. Hayek, Schumpeter and Economic Planning
Week 8. Polanyi and the Disembedding of the Economy
Week 9. The Problem of Democracy
Week 10. Foucault: Neoliberalism and Governmentality
Week 11. Feedback Week
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 after submission; 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
Adam Smith, The Wealth of Nations
Karl Marx, Value, Price and Profit
Sivia Federici, Revolution at Point Zero
Cedric Robinson, Black Marxism
David Harvey, The Enigma of Capital
JM Keynes, The General Theory of Employment, Interests, and Money
FA Hayek, The Road to Serfdom
Schumpeter, Capitalism, Socialism, and Democracy
Karl Polanyi, The Great Transformation
Foucault, The Birth of Biopolitics