GRA 5916 The State and the Market, Understanding Modern Capitalism
GRA 5916 The State and the Market, Understanding Modern Capitalism
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.
Students will learn key concepts related to political economy and the relationship between the state and the market. Students will explore why and how capitalism varies in time and place - and in doing this, the course will highlight the roots and core elements of the Nordic Model and different corporate governance models. Students will learn about the role of politics and the state in modern capitalism, both by looking into cases where the state and politics have been essential for capitalism, and by highlighting crucial interfaces between the state and the market. It uses the concepts from the course to address and discuss the present key challenges, such as geopolitical tension and anti-democratic sentiment.
- Students will learn key concepts and insights from political economy, democracy, and capitalism.
- Students will attain an ability to engage in analyses and discussions in political economy, relating to taxation, industrial policy, the decline of democracy, and a new geopolitical regime.
- Students will gain a thorough understanding of research frameworks in public policy, governance, political economy, and comparative politics, and be in a position to engage critically with the research-based literature in this field.
- Students will get a solid historical understanding of political economy and capitalism.
- Students will develop skills in analysing and writing texts relating to political economy
- Students will be in a position to assess the economic, ethical, social, and political dimensions of political economy
- They will understand variations and developments within political economy and capitalism
- As a consequence, they will develop robustness and preparedness in facing present challenges.
- Introduction to the course and key Concepts
- The historical roots and development of capitalism
- Varieties of Capitalism I – Nordic model
- Varieties of Capitalism II – corporate governance and state ownership
- Externalities and market failures
- The interface between state and business, the policy toolkit.
- Political case: Resource rent tax on aquaculture
- Case: Norwegian oil industry
- Case: The political roots of big tech in the US
- Capitalism and democracy
- Globalization and de-globalization
- Summary
The class sessions consist of lectures, case-based group work, application of analytical frameworks, and student presentations.
It is the student’s own responsibility to obtain any information provided in class.
Re-sit students must be aware that the content and the exam format have been updated and changed.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
| Assessments |
|---|
Exam category: Submission Form of assessment: Submission PDF Exam/hand-in semester: First Semester Weight: 100 Grouping: Individual Duration: 8 Hour(s) Comment: Home exam Exam code: GRA 59162 Grading scale: ECTS Resit: Examination when next scheduled course |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 36 Hour(s) | Lectures |
Prepare for teaching | 20 Hour(s) | |
Student's own work with learning resources | 120 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.
