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Comparative Political Economy: Varieties of Capitalism

Module description

This module has been designed to offer you an introduction to the field of Comparative Political Economy (CPE). The study of cross-national variation in economic institutions matters because it reveals how politics shapes market outcomes, forging different responses to global challenges. Three main questions are addressed throughout the module: (1) to what extent has global neoliberalism led countries to build similar institutions? (2) what are the main features of capitalism in different regions of the world? (3) how does institutional variation explain the different patterns of stability and crisis in advanced and developing economies?

No pre-requisite or co-requisite modules are required to take this module, but some previous knowledge of political economy is desirable.

Module aims - intentions of the module

This module aims to provide you with the analytical tools to compare national economic institutions around the world.

Whilst module content may vary year on year, the module aims to cover the following topics:

The module will be divided into three parts. The first part addresses the implications of globalisation and neoliberalism for national economies, exploring what drives variegation and uniformization. Moreover, it distinguishes between international and comparative political economy, discussing what ideas, interests, and institutions mean for political economy research.

In the second part, we will engage with multiple theoretical perspectives (e.g. Varieties of Capitalism, Growth Models, Dependency Theory) that seek to describe and explain cross-national variation in economic institutions. We will reflect on how different perspectives rely on distinct theoretical assumptions about the degree of stability of economic institutions, the importance of distributive conflict for institutional change, and the role of international constraints in shaping national decision-making. Moreover, we will illustrate these theoretical differences by analysing the cases of advanced economies like United States, United Kingdom, and European Union members.

In the third part of the module, going beyond the usual focus on advanced economies, we will discuss how the aforementioned perspectives shed light on the evolution of economic institutions in emerging and developing economies, covering cases in regions like Latin America, Southeast Asia, Southern Africa, East-Central Europe, among others.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

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

• 1. Understand and apply the main concepts of comparative political economy
• 2. Critically analyse the main theoretical perspectives on comparative political economy
• 3. Apply and evaluate the acquired theoretical frameworks to the analysis of economic institutions in different national contexts

ILO: Discipline-specific skills

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

• 4. Identify, analyse and evaluate the key assumptions of a given theoretical framework
• 5. Identify and critically analyse similarities and differences across different national and regional contexts

ILO: Personal and key skills

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

• 6. To successfully work independently and in a group
• 7. Communicate professionally and confidently to critically engage with scholarly work
• 8. Gather and evaluate sources to critically engage with public debates about political economy topics

Syllabus plan

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

Key concepts

• Differences between comparative and international political economy
• Ideas, institutions, and interests in political economy research
• The repercussions of globalisation and neoliberalism for national economic institutions

Main theoretical perspectives

• Varieties of Capitalism: liberal market economies versus coordinated market economies
• Growth Models: consumption-led versus export-led growth
• Dependency Theory: comparing financial and productive integration

Expanding theoretical and geographical frontiers

• Latin America: hierarchical market economies, commodity-led growth, and neo-extractivism
• Asia: the rise and fall (?) of Developmental States
• Central and Eastern Europe: dependent market economies and post-socialist varieties of neoliberalism
• Africa: financial subordination and developmental patrimonialism
• BRICS: state-permeated capitalism, catching-up, and new forms of dependency

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 redo the assessment(s) as defined above. If you are successful on referral, your overall module mark will be capped at 40%.

Indicative learning resources - Basic reading

• Amsden, A. (2001). The Rise of the Rest: Challenges to the West from Late-Industrializing Economies. NY: Oxford University Press.
• Baccaro, L. et al. (2022). Diminishing Returns: the new politics of growth and stagnation. Oxford: Oxford University Press.
• Clift, B. (2014). Comparative Political Economy. Bloomsbury.
• Hall, P.; Soskice, D. (2001). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press.
• Menz, G. (2017). Comparative Political Economy. Oxford.

Key words search

Political Economy; Varieties of Capitalism; Growth Models; Dependency Theory; Emerging and Developing Economies