POLS 351 THEORIES OF POLITICAL ECONOMY
Spring 2013
JavedMaswood
HUSS 2021
Email: javedmaswood@aucegypt.edu
Course Objectives
Political economy examines the relationship between politics and economics and assumes that a
perfectly laissez faire economic system is non-viable and impossible. There is of course ongoing debate as to the extent politics should intrude in the economy and market, and to
understand this fully, we will look at the work of several important economists, such as Adam
Smith, Marx, John Maynard Keynes, Schumpeter, Hayek and others. The second half of the
course will look at contemporary issues, including a review of globalization and economic
development.
Assessment
The breakdown of marks is as follows:
Attendance and participation
20 per cent
Term Paper
30 per cent
Mid Term examination
25 per cent
Final Examination
25 per cent
Participation is extremely important and that will be the primary determinant of marks for this
part of the assessment schedule. Of course, in order to participate, you will have to attend and it
is important that you do not miss too many classes. I will take attendance most class and will not
make any changes after the fact.It is your responsibility to ensure you are marked present on the
day.
Ask questions, whether in class or in my office. I am here to help in whatever way I can but you
must take the initiative to approach me. Feel free to knock on my door, during or outside of
office hours.
The essay has to be structured around a hypothesis and it is advisable that you submit a statement
of your hypothesis and its significance by end of February. This should be no more than a 100
words.
Please remember also that you are ultimately the master of your grades. My only purpose is to
confirm your level of performance. Do not expect me to alter grades unless you can show I have
been unfair.
Academic Integrity Policy
The University has a zero-tolerance policy on cheating and plagiarism. Academic integrity is
important and you should abide by established policy and guidelines. You can read the code of
ethics at http://www.aucegypt.edu/resources/academicintegrity/
Course Outline and Reading
1. Introduction to course
2. Political Economy: An introduction
The Debate Within Economics
3. An Overview of the Debate Through History
4. Laissez Faire and its Variants : The Science of Adam Smith
Caporaso J. and David Levine, Theories of Political Economy, pp. 33-54
5. Marxist political economy
Brue, S. and Randy Grant, The Evolution of Economic Thought, pp. 171-92
6. Alfred Marshall rediscovers economics as science
Brue, S. and Randy Grant, The Evolution of Economic Thought, pp 275-300
7. The Great Depression
Kindleberger, C., The World in Depression,
8. Keynes and the new debate in economics
Cord, R., Reinterpreting the Keynesian Revolution, pp 1-11
9. Schumpeter
10. Hayek and Milton Friedman
Brue, S. and Randy Grant, The Evolution of Economic Thought, pp. 497-503
11. Krugman and his contemporaries
12. Discussion
Politics Weighs In
13. Politics in Turbulent Times: 1970s and early 1980s
14. Developmental States: Bringing the State Back In
Ziya, O. “The Logic of the Developmental State” Comparative Politics, Oct 1991
15. Asian Financial Crisis and End of Developmental States
Maswood, S., "Developmental States in Crisis", in Beeson, M. (ed.), Reconfiguring East
Asia: Regional Institutions and Organisations After the Crisis, Curzon, London, 2002.
16. IMF Structural Adjustment: Nailing the Coffin
Maswood, S., Int Political Econ. And Globalization, pp 83-123
17. Discussion: Triumph of Economic Liberalism and Muted Laissez Faire
Issues in Contemporary Political Economy
18. Fiscal Crisis of the State
O’Connor, J., The Fiscal Crisis of the State, pp xiii-12
19. Globalization
Rodrik, D., The Globalization Paradox, pp. ix-23
20. Crises in the Global Economy: Role of Governments in Turbulent Times
Rodrik, D., The Globalization Paradox, pp 207-232
21. Review