The State and the Market, Understanding Modern Capitalism

Introduction

This course is for students who want to understand political economy and the role of the state and politics in capitalism. This course's key concepts and insights will prove valuable in understanding and navigating a turbulent world. The course uses history to introduce core concepts in political economy relating to capitalism, democracy, institutions, and policy options. The course concentrates on how democracy and capitalism have developed together, how the relationship varies with time, place, and technology. It narrows in on key industrial cases to investigate how the state and politics interact with the market.

Course content

1. Introduction to the course and key Concepts
2. The historical roots and development of capitalism
3. Varieties of Capitalism I  – Nordic model
4. Varieties of Capitalism II – corporate governance and state ownership
5. Externalities and market failures
6. The interface between state and business, the policy toolkit.
7. Political case: Resource rent tax on aquaculture
8. Case: Norwegian oil industry
9. Case: The political roots of big tech in the US
10. Capitalism and democracy
11. Globalization and de-globalization
12. Summary