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Political Economy

Module description

A decade and a half of crisis – characterised by financial instability, recession, deglobalisation, rapid technological change, social contestation, pandemic, geopolitical conflict and, now, stagflation and cost-of-living increases – has exposed to scrutiny the underpinning political-economic conditions of contemporary capitalism. Specifically, successive crises have laid bare how different theories of value shape the way governments, businesses and other actors appraise state policies, economic activities, industrial sectors and social groups as productive or unproductive. This module explores the practical consequences of these concepts and their critique, investigating the uncertain context within which firms and workers operate and politicians and policymakers govern and regulate.

Module aims - intentions of the module

This module aims to equip you with empirical, theoretical and historical resources for understanding issues in contemporary political economy, with a focus on debates in and about British capitalism. It familiarises you with analytical frames of reference rooted in the different approaches to value found in classical, critical and neoclassical political economy. From these approaches you will acquire tools for the development of critical perspectives on topics including industrial strategy, financialisation, technological innovation and the relationship between the state and markets. In turn, the module explores how these analytical frames can help inform practical political and policy responses to contemporary challenges faced by businesses, industries and workers. You will explore these challenges, develop analyses and formulate policy responses based on of a diverse range of cases and examples.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Demonstrate understanding of the different ways in which value is conceived in political economy.
• 2. Apply concepts and theories to analyse case studies about contemporary political-economic issues
• 3. Analyse real-world examples of political-economic challenges to propose potential policy responses

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 4. Work independently and collaboratively to research and communicate relevant empirical insights
• 5. Conduct rigorous, independent analysis using a variety of relevant sources or evidence
• 6. Evaluate the strengths and weaknesses of different analyses and policy responses

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 7. Display understanding, sensitivity and communication skills liaising with external businesses/bodies
• 8. Construct a reasoned and logical argument supported by evidence
• 9. Work independently and collaboratively to articulate practical solutions to real-world problems

Syllabus plan

Whilst the content may vary from year to year, it is envisioned that it will cover some or all of the following topics:

• Labour and Value
• Money and Exchange
• States and Markets
• Finance and Crises
• Manufacturing and Supply
• Technology and Innovation
• Public and Private Sectors
• Futures and Alternatives

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Deferral – if you miss an assessment for certificated reasons judged acceptable by the Mitigation Committee, you will normally be either deferred in the assessment or an extension may be granted. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to submit a further assessment as necessary. If you are successful on referral, your overall module mark will be capped at 40%.

Indicative learning resources - Basic reading

Mariana Mazzucato (2019) The Value of Everything: Making and Taking in the Global Economy. Penguin.

Mark Carney (2022) Value(s): An Economist’s Guide to Everything that Matters. William Collins.

Andy Haldane, Michael Gove (2021) Levelling Up the United Kingdom. HM Government.

Indicative learning resources - Other resources

As well as journal articles and other resources, the indicative basic readings will be augmented with journal articles, popular media pieces (Economist, FT) and films/documentaries from the Learning on Screen/Box of Broadcasts archive of UK television programming.

Key words search

Political Economy, Value, Labour, Finance, Economics, Technology, Innovation, Crisis, Business, Policy, Industrial Strategy, State, Markets