Defence Against the Dark Arts (British Political Economy) - 40N0025
Module summary
Since the Global Financial Crisis in 2008 we have collectively faced a much darker world. In several countries the politico-economic consensus of the last forty years has collapsed and, generally speaking, a drift to authoritarian and xenophobic politics has come in its place. This module helps explain how we got here, and starts to give an idea of the challenges we face in the future.
It does this from the perspective of institutional political economy. In short, institutional political economy is a framework that holds that politics (and the struggle for power inherent in politics) creates law, and law creates the economic system in which individuals act. The economy (or "market") then is not separate to politics and the state, but intimately entwined with both. The shape of the economy too will continually be subject to change, rather than running on universal laws. Thankfully, this position is in contrast to orthodox economics (so there's no need for number-crunching) and instead draws upon literature from political science, sociology, economics, history, and legal studies, among others.
Module will run
| Occurrence | Teaching period |
|---|---|
| A | Spring Term 2022-23 to Summer Term 2022-23 |
Module aims
This course will primarily be taught through a mixture of lectures and seminars. Additionally, part of the seminars will consist of a whole course simulation of British parties (played by the students) seeking election while having to formulate popular policies to economic issues.
1. Political Economy and Economic Theory
This section serves as an introduction to both political economy and to distinct economic ideologies. The main point is show that the exploration of economic issues need not been abstract, mathematical and scary, but, instead, can be grounded in everyday experience and needs to involve a consideration of politics.
2. Crisis and Austerity
This section explores the origins of, and British political response to, the Global Financial Crisis. Here we explore why the UK was so affected by the sub-prime crisis in the US and how the crisis was exploited politically. This section sets the backdrop for our consideration of contemporary events.
3. Inequality and Corporate Power
Here we explore two well-established trends of the British economy that have intensified since 1979 (and perhaps even more so post-2008). Inequality, in its several forms, will be investigated, as will the influence of corporations on British politics, and the problematic relationship between capitalism and democracy more broadly.
4. The Free Market, and the Environment
Finally, we look to the future of the British political economy. Two main problems are explored. Firstly, the issue of where the free market ends/what regulation is justifiable is explored through looking at the Trans-Atlantic Trade and Investment Partnership. Secondly, the carbon bubble will be explored and the challenge of decarbonisation.
Module learning outcomes
Upon successful completion of this module you will:
- Demonstrate an understanding of basic politico-economic issues and ideas
- Be able to analyse new developments in the British political economy
- Have an enhanced understanding of British politics
- Be able to create structured and critical arguments, drawing on relevant academic literature
Indicative assessment
| Task | % of module mark |
|---|---|
| Essay/coursework | 100 |
Special assessment rules
None
Indicative reassessment
None
Module feedback
Formative: During the teaching period, you will write a draft version of your essay upon which you will receive written comments within 2 weeks of submission. You will also have a one-to-one tutorial with their tutor regarding their feedback. The purpose of feedback is to inform your future work; it is provided in a pedagogical spirit, and the NSC also offers you help in learning from your feedback.
You will receive written feedback on summative assessments within six weeks of submission.
Indicative reading
A week-by-week reading list is provided at the start of the course, and a larger annotated bibliography will be available for research essays. The best book for the foundational weeks of the course, and for getting a sense of the approach of the course, is H.J. Chang, Economics: The User's Guide.