Lecturer: Dr. Massimo De Angelis
Room 2062
ext. 2254
e-mail: M.Deangelis@uel.ac.uk
Web page: http://homepages.uel.ac.uk/M.DeAngelis/
AIMS
This unit aims to provide a general understanding of the different approaches to political economy. Emphasis will be put on the methodological framework of different paradigms and historical context in which they have originated. It will also aim to make students appreciate the heuristic values of various theories.
LEARNING OUTPUT
At the end of this unit, students will be able to:
1. understand and evaluate different paradigms in political economy;
2. describe, analyse and critically understand the historical evolution of thinking about the economy in relation to different social and economic organizations and interests within society.
3. apply basic research methods to the analysis of issues in the history of political economy.
4. analyse essay topics and compile well-structured and coherent responses to them.
5. compile and set out in an acceptable form research bibliographies.
ASSESMENT METHODS AND ASSOCIATED LEARNING OUTPUTS
One 2000 word essay (LO2, LO3, LO4, LO5), 30 % of total mark.
3 hours examination Exam (LO1, LO2, LO3), 70% of total mark.
SEMINAR WORK
Seminar work is based on group presentation and review questions. The seminar will be split into few small groups. At times I will distribute to each group one copy of either primary sources or important critical studies a week ahead of discussion. It is the task of the students within the group to make sure that every member has a copy. Group presentations are based on readings that I will distribute. It is the responsibility of the groups to report on these in the following week. It is expected that all students will actively participate in the general discussion.
ASSIGNMENT
There is one assignment that, together with active participation in seminar work, will contribute to 30% of the final mark. It consists of a paper discussing a classic novel, a classic essay or a film from the list provided in separate sheet. You will propose the book or film title during the seminar in the third week of lectures
by Thursday 10 October.
Once you have selected the work you want to focus on, you must read the book selected or view the film having in mind that you want to do two things: 1) you want to understand what the book/film is talking about because you will have to provide a short summary in your paper. Also, 2) you must offer an interpretation of the book/film representation of economic issues borrowing from your knowledge of political economy. Make sure that in the process of reading the book or viewing the film you take notes, annotate relevant passages, report page numbers and quotations that seem to you have some "political economic" relevance and think about how to interpret them: what is the author trying to say here? Do the fictional characters portrayed and set in historical contexts different from our own have something to tell us about our lives today? If yes or no, do you have some evidence to make your claim? To find "evidence" you must search for parallel issues as those narrated by the autho rs you are discussing. Thus, not only you must browse secondary literature on the book or film; but also do some research on the topic your book or film deals with in contemporary contexts. For example, the novel Jungle discusses awful work condition in meatpacking in the late XIX century. So in the back of your mind questions such as: Is meatpacking much better today? Is manufacturing work much better? Are there sweatshops in the world that are similar to those described in the novel? And if so, what theories can help us to explain their existence after so many years? And so on.
Word limit is 2000 words. Do not forget that often good book reviews make use of references and discuss the content within a general historical and/or cultural context. Also, you can work in team for both the research necessary for the compilation and for facilitating the brainstorming of ideas regarding the book. However, the writing up must be individual.
ASSESMENT CRITERIA
In marking essays credit is given for:
* An accurate and clear understanding of the main arguments and issues of the book reviewed;
* Showing evidence of wide reading and ability to set the book reviewed against a wider cultural and/or historical context.
* A clear exposition, and a good standard of written English.
N.B. employers expect graduates to be able to demonstrate a high level of literacy skills. Note also that sticking too closely to the wording of your sources may be interpreted as 'cheating by copying'.
EXAMINATION
The formal conventional EXAMINATION will be of three hours duration and will require four essay style answers.
LECTURE PROGRAMME
WEEK 1. Behind economics 1: narratives, self-referentiality and social norms
WEEK 2. Behind economics 2: Discursive practices, power and paradigm shifts.
WEEK 3. Precapitalist "economics"
WEEK 4. The big "paradigm shift" and the "invention of the economy": Mercantilism.
WEEK 5. Economic liberalism 1: Adam Smith.
WEEK 6. Economic liberalism 2: Thomas Malthus, David Ricardo and industrial capitalism.
WEEK 7. Critics of capitalism 1 – Utopian socialists.
WEEK 8. Critics of capitalism 2 - Karl Marx
WEEK 9. Critics of capitalism - Thorstein Veblen
WEEK 10. Marginalist revolution.
WEEK 11. The great depression and the Keynesian Revolution: the battles of ideas and social forces.
WEEK 12. The neo-liberal counter-revolution and Von Hayek.
VARIOUS READINGS
There are two main sets of reading for this course. One is the book by Robert Heilbroner, The Worldly Philosophers, which is available in the library in the short loan section. The other is the set of notes I will be posting weekly on the web page at the address http:// homepages.uel.ac.uk/M.DeAngelis/213ntlst.htm. In these notes I will provide web links to original texts and secondary sources. It will be indicated when you will be encouraged or required to read the texts linked. In any case, remember that there is no substitute to the reading of actual original texts of classic authors.
Specifically for Lecture 1, a part from the notes I will post, your must read Chapter 1 of John McMurtry (1998) Unequal Freedoms. The Global Market as an Ethical System. Toronto: Garamond Press. The other required reading for the same subjects is a set of lecture notes that I will make available.
For week 11 you can read chapters 2 and 10 of Massimo De Angelis. 2000. Keynesianism, Social Conflict and Political Economy. London: MacMillan (available in the library 330.156/DEA). You are also recommended to read chapters 3, 4, 5, 9 and 7.
All the other topics are covered to various extents by the following works.
*E.K.Hunt, Property and Prophets. The Evolution of Economic Institutions and Ideologies.
Short survey of different paradigm from pre-capitalist Europe to contemporary America. There is also one chapter on Veblen and American Institutionalism.
*E.K. Hunt, History of Economic Thought.
Larger then the previous but still approachable and readable manual. The first part of this book is a reprint of the former. The other two parts are on micro and macro theory.
*Mark Blaug, Economic Theory in Retrospect
Technical but often useful, especially for a sharp illustration of Ricardo's argument of declining marginal return of land.
*William Barber, A History of Economic Thought.
Short outline of economic thought. Useful as a first introduction for further readings.
Claudio Napoleoni, Smith Ricardo Marx.
Concise and good review of these authors' theory. It may be somewhat difficult at times, especially if you have not done any other reading on these authors.
Isaac Illyich Rubin, A History of Economic Thought.
This book is exclusively about the classical authors and modern pre-classical. Good relation between historical circumstances and economic theory. For a summary of the classical period read the concluding chapter
Henry William Spiegel, The Growth of Economic Thought
From the Bible to modern Econometrics. This book is a general well readable survey of economic thought which could help students to put things in historical perspective.
*Schumpeter, Joseph A, History of economic analysis, edited from manuscript by Elizabeth Boody Schumpeter, Allen & Unwin, 1954.
This is a classic and it is very informative. His approach however differs quite substantially from the one used in the lectures. Worth a good look.
* indicates books are available in the library
For further readings and research material you can browse the History of Economics Society home page at http://www.eh.net/~HisEcSoc/
Even better organized is the History of economic thought site at the New School in New York. http://cepa.newschool.edu/het here you will find a lot of original texts organized in alphabetical order.