Msc Political Science And Political Economy political economy

He believed in utilitarianism—that actions that lead to people’s goodwill are right and that those that lead to suffering are wrong. Liberal economists believe that economics can benefit everyone and that society can progress with the improvement in the standard of living. “urban political economy,” The New Palgrave Dictionary of Economics, 2nd Edition.

  • All taught courses are required to include formative coursework which is unassessed.
  • As a result, we expect you to have either previous exposure to key mathematical concepts , or to be willing to invest some additional time in developing those skills (for instance through the ‘maths camp’ offered prior to the beginning of the Michaelmas term).
  • It rejects the interest of the market and political institutions and upholds the purpose of political and economic systems solely for society’s welfare.
  • Similarly, an influential study by Helen Milner and Keiko Kubota argues that factor endowments explain why developing countries liberalize their trade after they democratize .
  • Poststructuralist political economy is, in this sense, an umbrella term for the analysis of economy fostered by many of the critical paradigms that have arisen to counter the universalizing tendencies of modernity.
  • Production relations between men, which develop in dependence upon the development of the productive forces, themselves in turn actively affect the productive forces.

After World War II, the Bretton Woods system was established, reflecting the political orientation described as Embedded liberalism. In 1971 President Richard Nixon ended the convertibility of gold that had been established under the IMF in the Bretton Woods system. Nonetheless, until 2008 the trend has been for increasing liberalization of both international trade and finance. From later 2008 world leaders have also been increasingly calling for a New Bretton Woods System. Another key dilemma in monetary policy is that governments have to balance the inflation rate and the exchange rate .

Poststructural Political Economy

Ideology allows an individual to decide what they should do in order to remain consistent with their basic values and beliefs. Incorporating ideology into economic models allows some political action to be guided by factors other than self-interest. Some people want to enter politics simply because they want to make a change in the world. New political economy which may treat economic ideologies as the phenomenon to explain, per the traditions of Marxian political economy. Thus, Charles S. Maier suggests that a political economy approach “interrogates economic doctrines to disclose their sociological and political premises…. in sum, regards economic ideas and behavior not as frameworks for analysis, but as beliefs and actions that must themselves be explained”. This approach informs Andrew Gamble’s The Free Economy and the Strong State , and Colin Hay’s The Political Economy of New Labour .

The MSc Political Science and political economy provides a sound professional training in formal political science and in quantitative-oriented approaches to political economy. Benjamin Cohen provides a detailed intellectual history of IPE identifying American and British camps. The Americans are positivist and attempt to develop intermediate level theories that are supported by some form of quantitative evidence. A special edition of New Political Economy has been issued on The ‘British School’ of IPE and a special edition of the Review of International Political Economy on American IPE.

Fourth, PSPE is emerging from its practices—from the doing of knowledge production. These tuition fees may be subject to additional increases in subsequent years of study, in line with King’s terms and conditions. If you are taking the part-time course, the Department will allow you to select how many optional modules you wish to take during Year 1 and during Year 2. Students may take a maximum of 30 out of the 90 optional credits from level 7 modules outside of their programme’s approved module list, subject to approval by the Programme Director.

Current Approaches

Larner’s subsequent work focused attention on relational agency and the generative potential of assembling the unlikely in order to subvert the status quo. In more everyday terms, Larner gave a new generation of economic geographers fixated on what had been lost in the rise of neoliberalism, a license to dare to make a difference and to ask “how can we make the worlds we live in different? For geographers like Larner, such questions are geographically specific and require a situated knowledge and politics. She has remained emphatic in her view that while the analytical concept of the political project is of universal value, PSPE is situated knowledge where the imperative of politics and thought outside the universal box is a distinguishing feature. Over the past two decades, these research directions have begun to theorize a richer, “situated” economic geography and to identify far more embodied and embedded material economic geographies. The table details examples of expansionary lines in economic geography and the emphases, subjects, and objects of interest and the political or ontological projects to which they are connected.

The output generated by a free economy is always greater than that of a state-regulated economy. Political economy as an academic discipline dates back to the span from 16th to 18th century, during the period of mercantilism. It is an economic system advocating the idea of maximizing exports and minimizing imports for the economic prosperity of the nation. Mercantilists also believed that state action is necessary to optimize the stock of assets of a country.

Originating in the 16th century, it is the precursor to the modern discipline of economics. political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and economics. The programme offers courses in political economy, elections, legislature, executive governments, public policy, development, and international political economy within the framework of a political science-oriented programme. This MSc will provide a set of skills which are highly sought after in public policy making, policy analysis, business, political consultancy and public affairs.

Production relations between men, which develop in dependence upon the development of the productive forces, themselves in turn actively affect the productive forces. The instruments of production, by means of which material wealth is produced, and the people who set these instruments in motion and accomplish the production of material values, thanks to the production experience and habits of work which they possess, constitute the productive forces of society. Labour power is man’s ability to work, the sum total of the physical and spiritual forces of man, thanks to which he is able to produce material wealth.