This course examines the interaction between politics and markets, both in theory and in practice, linking classic works on political economy (Smith, Marx, List) with current policy debates. It emphasizes the ways in which markets are embedded in social and political institutions. We study how political systems and markets are organized in a wide range of different national settings, looking both at history and contemporary issues. Topics include: 1) Early industrialization in Britain and the United States, 2) Late industrialization in Continental Europe and Japan, 3) The varieties of capitalism in the industrialized countries, 4) The Newly Industrializing Economies of Latin American and East Asia, 5) The problems of development, 6) The transition from communism to the market economy in Eastern Europe and China. We conclude the course with a review of recent developments in the global economy.
No pre-requisites, but some background in economics recommended.