Political Economy Theory Explained Training

Objectives:
• Define political economy and its scope.
• Identify the key classical thinkers.
• Explain the relationship between politics and economics.

Topics:
• What is political economy?
• Origins and evolution of the field
• Overview of classical political economy
• Key concepts: power, markets, state
• Introduction to Adam Smith, Karl Marx, and John Maynard Keynes

Objectives:
• Explain Smith's theory of moral sentiments.
• Describe the invisible hand and market mechanisms.
• Analyse the division of labour and its implications.

Topics:
• The Wealth of Nations
• Theory of Moral Sentiments
• Division of labour
• Invisible hand and self-interest
• Laissez-faire and limited government

Objectives:
• Understand Marx's critique of capitalism.
• Explain surplus value and exploitation.
• Analyse class struggle and historical materialism.

Topics:
• Marx's dialectical materialism
• Surplus value and exploitation
• Class struggle
• Alienation
• The Communist Manifesto

Objectives:
• Differentiate neoclassical from classical economics.
• Explain marginal utility and equilibrium.
• Critically assess the assumptions of neoclassical theory.

Topics:
• Marginal revolution
• Utility and demand
• Supply and equilibrium
• Methodological individualism
• Critique of neoclassical assumptions

Objectives:
• Understand Keynes's critique of classical economics.
• Explain aggregate demand and fiscal policy.
• Discuss the rise of the welfare state.

Topics:
• The General Theory
• Aggregate demand and employment
• Fiscal and monetary policy
• The welfare state
• Criticisms of Keynesianism

Objectives:
• Describe the role of institutions in economic outcomes.
• Explain path dependence and institutional change.
• Compare evolutionary economics with neoclassical models.

Topics:
• Old and new institutional economics
• Path dependence
• Institutional change
• Evolutionary economics
• Veblen and Commons

Objectives:
• Analyse the falling rate of profit.
• Discuss imperialism and dependency theory.
• Evaluate contemporary Marxist perspectives.

Topics:
• Falling rate of profit
• Imperialism and Lenin
• Dependency theory
• World-systems theory
• Contemporary Marxism

Objectives:
• Explain Austrian subjectivism and entrepreneurship.
• Describe the critique of socialism.
• Analyse the rise of neoliberalism.

Topics:
• Mises and Hayek
• Subjectivism and entrepreneurship
• Socialist calculation debate
• Neoliberalism: theory and practice
• Critiques of neoliberalism

Objectives:
• Understand theories of economic development.
• Explain the role of the state in development.
• Discuss the Washington Consensus and its alternatives.

Topics:
• Modernisation theory
• Dependency and world-systems
• State-led development
• Washington Consensus
• Post-Washington Consensus

Objectives:
• Analyse global trade and finance regimes.
• Explain the role of international institutions.
• Discuss globalisation and its discontents.

Topics:
• Bretton Woods system
• WTO, IMF, World Bank
• Global trade and finance
• Globalisation and inequality
• Financial crises

Objectives:
• Understand feminist critiques of mainstream economics.
• Explain the concept of unpaid labour.
• Analyse gender inequality in the economy.

Topics:
• Feminist economics
• Unpaid labour and care work
• Gender wage gap
• Intersectionality
• Policy implications

Objectives:
• Discuss the relationship between capitalism and environment.
• Explain ecological economics.
• Analyse climate change as a political economic issue.

Topics:
• Capitalism and ecological crisis
• Ecological economics
• Climate change politics
• Green growth vs degrowth
• Environmental justice

Objectives:
• Differentiate Post-Keynesian from mainstream Keynesianism.
• Explain endogenous money and effective demand.
• Assess the contributions of heterodox schools.

Topics:
• Post-Keynesian theory
• Endogenous money
• Effective demand and uncertainty
• Minsky's financial instability hypothesis
• Other heterodox approaches

Objectives:
• Analyse labour markets from a political economy perspective.
• Explain the concept of precarious work.
• Discuss trade unions and collective bargaining.

Topics:
• Labour theory of value revisited
• Precarious work and gig economy
• Trade unions and labour movements
• Class analysis today
• Labour in global supply chains

Objectives:
• Apply theories to real-world cases.
• Analyse the political economy of South Africa.
• Evaluate policy debates using theoretical frameworks.

Topics:
• South African political economy
• The political economy of China
• European Union integration
• Case: The 2008 financial crisis
• Case: Austerity policies

Objectives:
• Discuss current debates in political economy.
• Evaluate the relevance of classical theories today.
• Explore future trajectories of the discipline.

Topics:
• Modern monetary theory
• Universal basic income
• Platform capitalism
• Post-capitalism
• The future of work

Objectives:
• Synthesise key concepts from the course.
• Apply political economy analysis to a capstone project.
• Reflect on the practical relevance of the theories.

Topics:
• Review of major themes
• Capstone project presentations
• Group discussion on applications
• Course evaluation and feedback