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Political Economy and Society (11.405)
(M, W, 2-3:30pm; Room 9-451)
Preliminary Course Outline
Prof. J. Phillip Thompson (DUSP)
9-513
Phone: 617-452-2813, jt71@mit.edu
Dr. Katrin Kauefer (Guest Lecturer)
Administrative Support:
Harriette Crawford
617-253-7736, hcrawfor@mit.edu
Description:
The theme of this course will be “the connection between mind (theory) and matter
(lived experience) in the evolution of the economy and society.” The course will
examine basic tenets of classical and recent political economic theories and their
explication in ideas of market economies, centrally planned economies, social
market economies, and co-creative economies. Attention will be given to recent
economic trends and crises. In all cases, theories will be assessed according to their
relation to the lived experiences of people in communities and workplaces. The
course is geared towards PhD and advanced MCP students having an interest in
theory and innovation.
Schedule: Mondays, Wednesdays – 2 - 3:30pm
Requirements:
Students are required to do readings and discuss them in class. All students will be
required to do classroom presentations of selected readings and to participate in
class discussions (50% of grade). Students are required to either write a final paper
(20-30 pages) or undertake a project (in consultation with professors) that will
count for 50% of the grade.
Readings (Articles/case studies will be available on Stellar):
Anderson, C. (2012). Makers: The New Industrial Revolution. New York, Crown
Publishing Group.
Blasi et al. (2013). The Citizen’s Share: Putting Ownership Back in Democracy. New
Haven, Yale University Press.
Crouch, C. Making Capitalism Fit for Society. Malden, Ma., Polity Press.
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Foley, D. K. (2006). Adam's Fallacy: A Guide to Economic Theology. Cambridge,
Harvard University Press.
Mellor, M. (2010). The Future of Money: From Financial Crisis to Public Resource.
New York, Pluto Press.
Nembhard, J.G. Collective Courage: A History of African American Cooperative
Economic Thought and Practice. University Park, Pa., Penn State Press.
Polanyi, K. (1944). The Great Transformation: the political and economic origins of
our time. Boston, Beacon Press.
Pollin, R. (2012). Back to Full Employment. Cambridge, MIT Press.
Scharmer, O. and K. Kaufer (2013). Leading from the Emerging Future: From Egosystem to Eco-system Economies. San Francisco, Berrett-Koehler Publishers.
Schlefer, J. (2012). The Assumptions Economists Make. Cambridge, Harvard
University Press.
Stilwell, F. (2002). Political Economy: The Contest of Economic Ideas. New York,
Oxford University Press.
WeeklClass Topics
1. Introduction to the Class
2. The Problem We Seek to Tackle
Read: Stilwell, Part I, pg. 3-34.
3. Classical Economic Theory
Read Duncan Foley, chapter 1, “Adam’s Vision”; chapter 2, “Gloomy Science”;
chapter 3, “The Severest Critic.”
Read Schefler, chapter 1-4.
Read Stilwell, chapters 8-17.
4. The Welfare State
Read Polanyi, K. , chapter 6, “The Self-regulating Market and the Ficticious
Commodities: Labor, Land, and Money; chapter 7, “Speenhamland,”; chapter 8,
“Antecedents and Consequences.”
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Read Foley, chapters 4, “On the Margins”; chapter 5, “Voices in the Air”; chapter 6,
“Grand Illusions”.
Read Schlefer, chapters 5-8.
Read Stilwell, chapters 18-23.
5. Origins of the Current Crisis: Money
Read Mellor, the entire book
6. The Economy and Technology: Social and Physical
Read Anderson, the entire book.
7. The Idea of Full Employment
Read Pollin, the entire book.
8. 7. Society 4.0 (Social Technology: Society 4.0)
Read Otto Scharmer and Katrin Kaufer, the entire book.
9. Origins of the Current Economic Crisis: Politics
Read Crouch, the entire book.
10. Constructing An Alternative Finance System: The Global Alliance for Banking
on Values
Read case studies, available on Stellar
11. The Idea of Redistributing Ownership
Read Blasi et al, selections tbd.
12. The Cooperative Model
Read Nembhard, selections tbd.
13. Class Exercise with GABV
14. Class Investment Strategy with GABV
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