| Political economy examines the relationship between politics and economic forces. Political economists address matters of abstraction (such as human ?nature?) as well as specific policy issues. Moreover, political economists understand their social world through their commitment to particular values, such as efficiency, growth, social equality, political participation, or ecological sustainability.
This course serves as an introduction to political economy, but it is informed by the following question: is democracy compatible or incompatible with market capitalism? In light of recent events, many politicians, journalists, and academics contend that both systems are compatible. The Cold War is over, global markets are expanding, and former communist regimes are trying to make a transition to representative democracy. This course, nevertheless, places this conventional wisdom under critical scrutiny.
We will question the compatibility of democracy and capitalism with readings that cover the foundations, analytical tools, and selected policy debates in political economy. Beginning with Adam Smith and Karl Marx, the authors we read are informed either by a neoliberal or neomarxist bias, and we will critically examine these ideological frameworks as we proceed.
Specific topics include welfare reform, NAFTA, and the ?New Economy.? Our discussions of these topics will illustrate the constraints and opportunities market capitalism places on democratic ideals, institutions, and practices. Our discussions of neoliberalism and neomarxism will reveal each ideology?s insights and limitations to understanding the relationship between capitalism and democracy. |
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