IRS 206: Foundations of Political Economy

Learning Outcomes

At the end of the course, the students should be able to:

1. analyse how political economy has passed through different stages of development from classical to Marxist and Neo-Marxist Political Economy;
2. explain how according to Marx, relations of production is the fundamental cause of class and class struggle;
3. identify the five pillars of the Marxist political Economy; and
4. discuss political economy as an approach and a mode of analysis.

Course Contents

Relationship between politics and economics. Economics and determinants of politics with emphasis on the material basis of political actions. Different phases in the development of political economy from classical to Marxist and neo-Marxist political economy. Relations of production which according to Marx is the fundamental cause of class and class struggle in society. The five pillars of the Marxist political economy. The modern political economy as an approach and a mode of analysis.