The State and the Market: Core Concepts in Political Economy

Introduction

This course provides students with an introduction to the concepts at the core of political economy in general, in terms of institutions, policymaking, and market regulation. It focuses on business and politics at the national level. The course covers several fundamental core concepts in political economy relating to the operation of the state and the market. The central themes include political and market institutions, the rationale for market regulation and public services, the Nordic Model, policymaking and resource allocation, and the deliverance of public and private goods.

Course content

1. Introduction to political economy and the state-market relationship
2. Market failures, state failures and the supply of public, private and strategic goods
3. Political and market institutions, decision-making, lobbying, and public choice analysis
4. Institutional, network and governance analyses of the policy process
5. The relationship between states and markets, democracy and capitalism, accountability and efficiency, sustainability and economic growth.