Economics 7004
Political Economy / Critique II
Spring 2009, Tu/Th 10:30am-12:00pm, BUC 306, Credit Hours: 3
Professor: Minqi Li
Office: Kendall D. Garff 306
Office Hours: Thursdays 12:00-2:00pm
E-mail: minqi.li@economics.utah.edu
Webpage: http://www.econ.utah.edu/~mli/index.htm
Course Content / Description
The course discusses and engages in critical evaluation of modern Marxian economics,
world system approach, global environmental issues (energy and climate change), and
other important contemporary issues in theories of political economy.
Course Objectives
1. Apply theories of political economy to the understanding of historical dynamic of
capitalism
2. Engage in critical evaluations of alternative theories of political economy
3. Deepen and broaden the understanding of important issues in today’s global
political economy (neoliberalism, stages of capitalist development, US hegemony,
socialism, peak oil, and climate change, etc.)
Textbooks
1. Robert C. Tucker (ed.), The Marx-Engels Reader, Second Edition, W.W. Norton
& Company (1978).
2. Immanuel Wallerstein, The Essential Wallerstein, The New Press (2000).
Course Requirement
Attendance and Participation: 10%
Presentation / Short Paper: 25%
Term Paper: 30%
Final Exam: 35%
Presentation / Short Paper
Each student is going to give one presentation on one of the weekly topics (see below)
and lead the class discussion. To prepare for the presentation, the student should write
out a 5-page, double-spaced short review paper on the article / reading the student is
going to present and the paper is due on the same day as the presentation.
Term Paper
Each student should complete a 15-20 page, double-spaced paper that applies Marxist
theoretical approaches (Monopoly Capitalism, SSA, Rising Organic Composition of
Capital, etc.) and / or World System approaches (Wallerstein, Arrighi) to analyze
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capitalist development over a certain historical period in a country, a region, or the
capitalist world system.
In your paper, you should
(a) Define and describe the prevailing institutions / social relations of production
(b) Discuss the historical origin of the prevailing institutional structure
(c) Discuss the contradictions / historical dynamics of the prevailing institutional
structure
(d) Discuss the factor that led to (or will possibly lead to) the demise of the prevailing
institutional structure
The paper is due in the last class.
Grading Schedule:
A: 90-100%
A-: 85-89.9%
B+: 80-84.4%
B: 75-79.9%
B-: 70-74.9%
C+: 65-69.9%
C: 60-64.4%
C-: 55-59.9%
D+: 50-54.9%
D: 45-49.9%
D-: 40-44.9%
E: 0-39.9%
The University of Utah seeks to provide equal access to its programs, services and
activities for people with disabilities. If you will need accommodations in the class,
reasonable prior notice needs to be given to the Center for Disability Services, 162
Union Building, 581-5020 (V/TDD). CDS will work with you and the instructor to make
arrangements for accommodations.
Accommodations Policy
Some of the readings, lectures, films, or presentations in this course may include material
that may conflict with the core beliefs of some students. Please review the syllabus
carefully to see if the course is one that you are committed to taking. If you have a
concern, please discuss it with the instructor at your earlier convenience. For more
information, please consult the University of Utah’s Accommodations Policy, which
appears at: http://www.admin.utah.edu/facdev/accommodations-policy.pdf.
Faculty Responsibilities
This instructor will:
1. Convene classes at their scheduled time unless a valid reason and notice is given.
2. Perform & return evaluations in a timely manner.
3. Inform students at the beginning of class of the following:
a. General content
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b. Course activities
c. Evaluation methods
d. Grade scale
e. Schedule of meetings, topics, due dates.
4. Ensure that the environment is conducive to learning.
5. Enforce the student code.
Should the instructor be late for class due to weather or other reasons, the department
will be notified and a departmental representative will meet the class and inform students
regarding when the class will begin. If the instructor is late, students may inquire by
calling the economics department at 581-7481.
All students are expected to maintain professional behavior in the classroom setting,
according to the Student Code, spelled out in the student handbook. Students have
specific rights in the classroom as detailed in Article III of the Code. The Code also
specifies proscribed conduct (Article XI) that involves cheating on tests, plagiarism,
and/or collusion, as well as fraud, theft, etc. Students should read the code carefully and
know they are responsible for the content. According to Faculty Rules and Regulations,
it is the faculty responsibility to enforce responsible class behaviors, and the instructor
will do so, beginning with verbal warnings, and progressing to dismissal from class, to a
failing grade. Students have the right to appeal such action to the student behavior
committee.
Weekly Discussion Topics
1. Marx / Engels
2. The Capitalist World-Economy
3. Long Waves and Stages of Capitalist Development
4. Neoliberalism and Global Economic Crisis
5. Hegemonies and Systemic Cycles
6. Global Environmental Crisis and the Limits to Growth
7. Peak Oil and Global Energy Crisis
8. Climate Change: Socialism or Barbarism?
9. Historical Socialisms
10. Historical Possibilities of the 21st Century
Reading List
1. Marx and Engels
The Following are from Robert C. Tucker (ed.), The Marx-Engels Reader, Second
Edition, W.W. Norton & Company (1978)
Karl Marx, “Preface to A Contribution to the Critique of Political Economy,” pp. 3-6.
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Karl Marx and Friedrich Engels, “Manifesto of the Communist Party,” pp. 469-500.
Friedrich Engels, “Socialism: Utopian and Scientific,” pp. 687-717.
2. The Capitalist World-Economy
Immanuel Wallerstein, “The Rise and Future Demise of the Capitalist World System:
Concepts for Comparative Analysis,” in The Essential Wallerstein (The New Press,
2000), pp. 71-105.
Giovanni Arrighi et al., “Historical Capitalism, East and West” (1999).
3. Long Waves and Stages of Capitalist Development
Immanuel Wallerstein, “Long Waves as Capitalist Process,” in The Essential Wallerstein
(The New Press, 2000), pp. 207-220.
The Following are from The Imperiled Economy, Book 1 (Macroeconomics from a Left
Perspective), published by the Union for Radical Political Economics (1987)
James N. Devine, “An Introduction to Radical Theories of Economic Crises,” pp. 19-32.
David Laibman, “Technical Change and the Contradiction of Capitalism,” pp. 33-42.
David M. Gordon, Thomas E. Weisskopf and Samuel Bowles, “Power, Accumulation,
and Crisis: the Rise and Demise of the Postwar Social Structure of Accumulation,” pp.
43-58.
John Bellamy Foster, “What Is Stagnation?” pp. 59-70.
Minqi Li et al., “Long Waves, Institutional Changes, and Historical Trends” (2007).
4. Neoliberalism and Global Economic Crisis
James Crotty, “Trading State-Led Prosperity for Market-Led Stagnation” (2000).
David Felix, “The Contribution of Financial Globalization to the Current Crisis” (2003).
David Kotz, “Accumulation and Crisis in the Contemporary U.S. Economy” (2005).
Minqi Li, “US, China, and the Unraveling of Global Imbalances” (2007).
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5. Hegemonies and Systemic Cycles
Immanuel Wallerstein, “The Three Instances of Hegemony in the History of the
Capitalist World-Economy,” in The Essential Wallerstein (The New Press, 2000), pp.
253-263.
Immanuel Wallerstein, “America and the World: Today, Yesterday, and Tomorrow,” The
Essential Wallerstein (The New Press, 2000), pp. 387-415.
Giovanni Arrighi, “Hegemony Unravelling I” and “Hegemony Unravelling II” (2005).
6. Global Environmental Crisis and the Limits to Growth
Huesemann, “The Limits to Technological Solutions to Sustainable Development” (2003).
7. Peak Oil and Global Energy Crisis
Energy Watch Group, “Crude Oil: The Supply Outlook” (2007).
Energy Watch Group, “Coal: Resources and Future Production” (2007).
Energy Watch Group, “Uranium Resources and Nuclear Energy” (2006).
Jean Laherrere, “Future of Natural Gas Supply” (2004).
Lightfoot and Green, “Potential Contribution of Renewable Energies” (2002).
Lightfoot and Green, “Energy Intensity Decline Implications” (2002).
8. Climate Change: Socialism or Barbarism?
James Hansen, “Target Atmospheric CO2: Where Should Humanity Aim?” (2008).
Spratt and Sutton, “Climate Code Red” (2007).
Minqi Li, “Climate Change and the Imperative for Socialism” (2008).
9. Historical Socialisms
Immanuel Wallerstein, “Social Science and the Communist Interlude, or Interpretations
of Contemporary History,” in The Essential Wallerstein (The New Press, 2000), pp. 374386.
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Giovanni Arrighi, “World Income Inequalities and the Future of Socialism,” New Left
Review 189: 39-66 (September / October 1991).
Vicente Navarro, “Has Socialism Failed? An Analysis of Health Indicators under
Capitalism and Socialism,” Science & Society 57(1): 6-30 (Spring 1993).
David Kotz, “Lessons from the Demise of State Socialism” (1999).
Minqi Li, “The Rise of Modern China” (2008).
10. Historical Possibilities of the Twenty-First Century
Immanuel Wallerstein, “The Agonies of Liberalism: What Hope Progress,” in The
Essential Wallerstein (The New Press, 2000), pp. 416-434.
Immanuel Wallerstein, “Peace, Stability, and Legitimacy, 1990-2025/2050,” in The
Essential Wallerstein (The New Press, 2000), pp. 435-453.
Minqi Li, “Historical Possibilities of the Twenty-First Century” (2008).
David Kotz, “What Economic Structure for Socialism?” (2008).
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