Website: www.george.irvin.com/sussex/
1. ‘WHAT DO WE MEAN BY WEALTH? The history of global
economics'
SESSIONS:
Political Economy is all around us; globalisation, growth, environment etc; the early political economists; contemporary Conservatives, Liberals and Socialists; the end of history?
Are all our notions ‘social constructs’? Paradigms in the social sciences (feudalism-capitalism-socialism v globalisation crisis). Popper and ‘falsifiability’; paradigm-shifts and research agendas.
Mercantilism: trade and the acquisition of bullion as wealth; the French physiocrats and the circular flow of income; wealth as ‘capital’
Adam Smith’s critique of mercantilism; the division of labour; the ‘hidden hand’; labour value; power relations between capital and labour.
Corn laws and landlords; Ricardo’s view of trade (comparative advantage) and why it is relevant today; Ricardo’s view of income distribution; Malthus and the ‘iron law’ of wages; how do wages grow?
Marx: philosopher, political pamphleteer and economist; ‘Kapital’ and ‘scientific’ socialism as social theory; is Marx still relevant or just a silly old man? (see Suggested Readings below for Web References)
How modern economics grew at the end of the 19th century; Marshall and the first economics textbook; economics as micro-economics. Does anybody remember Keynes? What has his view of capitalism? What is a business cycle? Can an economy be controlled by interest-rate policy; should government balance the budget?
Keynes again; the rise of monetarism (Milton Friedman); ‘rules based’ monetary policy; Thatcher & Reagan; the new macro-economic orthodoxy; Brown, the prudent Keynesian.
What is the Washington consensus; the IMF’s recipe; some examples of what has gone wrong: capital market deregulation and the Asian financial crisis; why Argentina collapsed; will Japan ever grow? Can the world economy be stabilised?
2. PUBLICITY DESBRIPTION
Want to know more about Smith, Ricardo and Marx, or whether Keynes is still relevant to the IMF, or even to Gordon Brown? An economics degree isn’t needed to enjoy this course.
3. COURSE DESCRIPTION
This is a short course in political economy for non-economists, or even for those economists who want to refresh their knowledge of major economic doctrines. The course will stimulate your knowledge and wish to study---and it’s conveniently located at the Friends’ Centre. We start by looking at the meaning of political economy, its philosophical basis, its evolution over the centuries and its relation to contemporary politics and the globalisation (and environmental) debate. The course goes on to examine how the notion of ‘wealth’ changed with the coming of the industrial revolution. Separate sessions are accorded to discussing the ‘classical’ political economy of Smith, Ricardo and Marx. (Did you know for example that Smith was far more critical of the market than most suppose, or even that Marx saw capitalism as a force for progress?) The late 19th century saw profound changes in economic theory---the neoclassical revolution---much of which remains today. Equally, the course traces the influence of Keynes, whose writings in the pre-war period changed the management of post-war market economies, and it looks at the return of conservative economic doctrine during the Thatcher-Reagan years. The final sessions are devoted to understanding the use and limitations of modern economic policy-making, whether in Britain under Gordon Brown or in the global economy strongly influenced by the doctrines of the IMF. You’ll examine the meaning of the term ‘Washington consensus’ and its impact on the globalisation process; or for that matter, what the WTO does or whether Britain should join the euro. The reading list is sensible and assessment is by essays. The course is taught by George Irvin and Pam Shaw, both highly experienced university teachers. So whether you’re interested in mercantilism, Marx or how today’s money markets work, you’ll find plenty of stimulating material here.
4. SUGGESTED READINGS
1.
What is Political Economy?
Chomsky, N (1999) Profit over People: neo-liberalism and the global order New York: Seven Stories Press.
*Griffin, Keith (2003) ‘Economic Globalisation and Institutions of Global Governance’ Development and Change, Vol 34 (5), November
Herderson, Hazel (1999) Beyond Globalisation: shaping a sustainable global economy New York: Kumarian Press
Hirst, P. and G. Thompson (1999) Globalisation in Question (2nd edn) London: Polity Press; Chaps 1 and 6.
2. How Thinking Changes: Scientific
Discovery
Blaug, M. (1980) The Methodology of Economics, (2nd edn. 1992) Cambridge: Cambridge University Press.
*Easlea, B. (1973) Liberation and the Aims of Science Sussex: Chatto & Windus.
Kuhn, T. (1962) The Structure of Scientific Revolutions Cambridge MA: Harvard Univ. Press.
Popper, K (1959) The Logic of Scientific Discovery London: Hutchinson.
3. Mercantilism;
Cipolla, C.M., Ed. (1972) The Fontana Economic History of Europe: The Middle Ages, London, Collins
Milton, G. (1999) Nathanial’s Nutmeg: How One Man’s Courage Changed the Course of History, London, Hodder & Stoughton [background reading]
Peet, R. (1991) Global Capitalism: theories of
societal development, London, Routledge, pp 115 - 130
Routh, G. (1984) Economics: an alternative
text, London, MacMillan Press Ltd. ch 3
http://cepa.newschool.edu/het/thought.htm
4. Adam Smith and the Market Economy.
*Barber, W. J. (1967) A History of Economic Thought, London, Penguin Books Ltd, Part One
Brett, E.A. (1985) The World Economy since the War: The Politics of Uneven Development, Basingstoke, Macmillan Press Ltd, pp 30-47
Cipolla, C.M. Ed. (1972) The Fontana Economic History of Europe: The Industrial Revolution,London, Collins
Dowd, D. (2000) Capitalism and its Economics; a critical history, London, Pluto Press. Part 1
Skinner, A. Editor (1970) Adam Smith: The Wealth of Nations. Books I-III, Harmondsworth, Penguin Books Ltd
http://cepa.newschool.edu/het/profiles/smith.htm
5. Reading week (use this time to supplement your reading drawing from the texts shown)
6. David Ricardo: Founder of Modern
Economics
*Barber, W. J. (1967) A History of Economic Thought, London, Penguin Books Ltd, Part One
Napoleoni, C. (1975) Smith, Ricardo, Marx Oxford: Basil Blackwell.
Roll, E (1978) A History of Economic Thought (4th Edn) London: Faber & Faber.
Screpanti, E and S. Zamagni (1995) An Outline of the History of Economic Thought Oxford: Clarendon.
http://cepa.newschool.edu/het/profiles/ricardo.htm
*Barber, W. J. (1967) A History of Economic Thought, London, Penguin Books Ltd, Part Two.
Crane, G T and Amawi, A [eds] (1991) The Theoretical Evolution of International Political Economy, 2nd Ed, Oxford, OUP. Ch 3
Brett, E.A. (1985) The World Economy since the War: The Politics of Uneven Development, Basingstoke, Macmillan Press Ltd, pp 56-61
http://cepa.newschool.edu/het/profiles/marx.htm
Brooks,
M (2000) An Introduction to Marx’s Theory of
Value
Marx,
K (1859) Extract from The Preface to A
Critique of Political Economy
Engels, F (1877) From Karl Marx
8. The Rise of Neo-classical economics and
Keynes
D. Dowd, (2000) Capitalism and its Economics; a critical history, London, Pluto Press. Part 2
*W. J. Barber (1967) A History of Economic Thought, London, Penguin Books Ltd, Parts 3 & 4
M. Blaug (1997) Economic Theory in Retrospect, 5th edition, Cambridge University Press
Brett, E.A. (1985) The World Economy since the War: The Politics of Uneven Development, Basingstoke, Macmillan Press Ltd, pp 47-51
http://cepa.newschool.edu/het/profiles/keynes.htm
9.
From Keynes to Gordon Brown
Freeman, Richard B. (1999) The New Inequality Boston: Beacon Press
Huhne, Chris and James Forder (2001) Both sides of the Coin: the arguments for and against the Euro London: Profile
*Krugman, Paul (1994) Peddling Prosperity New York: Norton: Part I: ‘The rise of conservative economics’
Smith, John Grieve (2001) There is a Better Way: a new economic agenda London: Anthem Press
Stewart, Michael (1988) Keynes and After, London: Penguin Books.
Thompson, N (2003) ‘That stakeholder moment: New Labour’s embrace of the Anglo-American model’ Renewal Vol 11, no 4.
10.
‘Washington Consensus’ Economics
Chang, H-J (2002) Kicking away the ladder: development strategy in historical perspective London: Anthem Press, Chap 3.
Hari, Johann (2003) “The International Monetary Fund believes in free market capitalism – but only for the developing world, not for rich countries; Joseph Stiglitz” The Guardian, 9 November 2003.
Standing, G. (2000) ‘Brave New Words? A critique of Stiglitz’s World Bank Economic Rethink’ Development and Change 31, pp 737-763
Stiglitz, Joseph (2002) Globalisation and its Discontents London: Penguin Books
*Stiglitz, Joseph (2003) “Ethics, Market and Government failure, and Globalization,” presented to the Vatican Conference at the Ninth Plenary Session of the Pontifical Academy of Social Sciences, Casina Pio IV, 2-6 May, 2003
Williamson, J. ed (1990) Latin American Adjustment: how much has happened? Washington DC: Institute for International Economics
General
References:
Strange, S. (1988) States and Markets: An Introduction to International Political Economy, London, Pinter Publishers Ltd
5. EVALUATION.
In general, you are required to submit your course notes towards the end of the course and to write a 1000 word essay on a topic to be chosen from a list to be circulated. For details click here.