Introduction to Political Economy

This course is intended as a critical introduction to political economy. Students will evaluate these questions by reading selected writings from major figures in the field. We begin with extracts from Adam Smith’s The Wealth of Nations, introducing such complex notions as the labor theory of value, the benefits of free trade, productivity, and the division of labor. Although Smith grounded his claims in self-interest and market exchange (what he called the human “propensity to truck, barter and exchange”), he does offer a more nuanced view of welfare, progress and self-interest than is usually acknowledged.

After beginning our first week with Smith, we will turn in quick succession to a series of thinkers who have both extended and critiqued the foundations of political economy, from Smith’s time up to the present day. Drawing on readings from Marx, Polanyi, Keynes, Piketty and others, we will investigate the distinguishing characteristics of the “market society”; whether a high concentration of capital and rising wealth inequality are deep-seated trends of capitalism; and the role played by market failures and financial crises. Throughout the course, we ponder what conceptual framework can be formulated for a system of production, distribution and exchange.

Note:
There *is* no physical Brooklyn Institute. We hold our classes all over (thus far) Brooklyn and Manhattan, in alternative spaces ranging from the back rooms of bars to bookstores to spaces in cultural centers, including the Center for Jewish History, the Goethe-Institut, and the Barnard Center for Research on Women. We can (and do) turn any space into a classroom. You will be notified of the exact location when you register for a class.