POLITICAL ECONOMY II


  

Course Description

Employing perspectives from alternative schools of thought, this course explores the development of the structure and institutions of capitalist economies and their
relationship to social and political forces. Students are expected to read some classic texts as well as more recent commentaries.

Course Outline

1. Analysing Social Change in Historical Perspective
The method of historical materialism; the transition from feudalism to capitalism;
capitalism as a historical process – alternative perspectives.

2. Capitalism as an Evolving Economic System
Basic features; accumulation and crisis; the modern corporation; monopoly capitalism
alternative perspectives.

3. The State in Capitalism
The state and the economy – contestation and mutual interdependence; the state as an
arena of conflict; imperialism – the basic foundations.



THIS SECTION COMPRISES PREVIOUS YEAR PAPERS OF POLITICAL ECONOMY.



THIS SECTION COMPRISES STUDY MATERIAL OF POLITICAL ECONOMY.



Readings:

1. J. Gurley, "The Materialist Conception of History", Ch.2.1 in R. Edwards, M.
Reich and T. Weisskopf (ed.), The Capitalist System, 2nd edition, 1978.

2. O. Lange, Political Economy, vol. 1, 1963, Chapters 1 and 2.

3. E.K. Hunt, History of Economic Thought, M.E. Sharpe, Indian edn, Shilpi
Publications, 2004.

4. Irfan Habib, 1995, "Capitalism in History", Social Scientist, Vol. 23: 15-31.
5. R.L. Heilbroner, "Capitalism", in The New Palgrave Dictionary of Modern Economics, Macmillan, 1987. Also reprinted as Chapter 2 in Behind the Veil of Economics by R.L. Heilbroner, W.W. Norton, 1988.

6. P. Sweezy, The Theory of Capitalist Development, Monthly Review Press, 1942, chapters 2, 4, 5, 6, 8 and 10.

7. Anwar Shaikh, Entries on "Economic Crises" and "Falling Rate of Profit" in T.
Bottomore et al (eds.), The Dictionary of Marxist Thought, OUP, Indian edition, Maya Blackwell, 2000.

8. Vamsi Vakulabharanam, 2009, ―The Recent Crisis in Global Capitalism: Towards
a Marxian Understanding‖, Economic and Political Weekly, March 28, Vol. 44:
144-150.

9. J. Schumpeter, Capitalism, Socialism and Democracy, George Allen and Unwin
1976, Chapters 6, 7 and 8.

10. P. Baran (1957), The Political Economy of Growth, Chapter 3, Pelican edition,
1973.

11. R. Heilbroner, ―The Role of the State‖, Ch.4 in The Nature and Logic of
Capitalism, 1985.

12. M. Kalecki, ―Political Aspects of Full Employment‖, in E.K. Hunt and J.G.
Schwarz (eds.), A Critique of Economic Theory, Penguin Books, 1972.

13. Amit Bhaduri, ―Nationalism and Economic Policy in the Era of Globalization‖, Ch. 2 in Deepak Nayyar (ed), Governing Globalization: Issues and Institutions, OUP, 2002 [also WIDER Working Paper no.188, WIDER website (2000)].

14. Prabhat Patnaik, ―“Lenin’s Theory of Imperialism Today”, in K.S. Jomo (ed.) The Long Twentieth Century: The Great Divergence: Hegemony, Uneven Development and Global Inequality, OUP.

15. James O'Connor, "The Meaning of Economic Imperialism," in Robert Rhodes, ed., Imperialism and Underdevelopment, New York: Monthly Review Press,
1970, pages 101 to 111.




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