EU491      Half Unit
Political Economy in Theory and History

This information is for the 2019/20 session.

Teacher responsible

Dr Johann Basedow CBG 6.11


This course is compulsory on the MSc in The Global Political Economy of China and Europe (LSE and Fudan). This course is available on the MSc in European Studies (Research), MSc in Political Economy of Europe and MSc in Political Economy of Europe (LSE and Sciences Po). This course is not available as an outside option.

Course content

This course tries to assess how the relation between state and economy in both Western Europe and Central and Eastern Europe has evolved over the post-war period and how historical political-economic development and theories of the political economy have interacted throughout that period. The course examines the key question of how capitalism and democracy were reconciled in different European socio-economic models and what role European integration played in their evolution.


10 hours of lectures and 15 hours of seminars in the MT. 1 hour of lectures in the ST.

Formative coursework

Students will be expected to produce 1 essay in the MT.

Indicative reading

  • De Grauwe P. (2014), The Economics of Monetary Union, Oxford University Press (10th edition)
  • Dinan D. (2010), Ever Closer Union: an introduction to European integration, Palgrave MacMillan (4th edition) [Course collection HC241.2 D58]
  • Durlauf S. and Blume L. (eds) (2008+), The New Palgrave Dictionary of Economics Online [see for instance entries by De Grauwe on monetary union, Gaspar and Issing on ECB monetary policy, Pelkmans on the single market, Swinbank on the CAP, etc.]
  • Eichengreen B. (2007), The European Economy Since 1945: coordinated capitalism and beyond, Princeton University Press
  • Ekiert G. and Hanson S. (eds) (2003): Capitalism and Democracy in Central and Eastern Europe: Assessing the Legacy of Communist Rule, Cambridge University Press. [Helpful to understand where the CEECs come from and how this past has been overcome – or is still shaping their experience]
  • Hall P. and Soskice D. (eds.) (2001): Varieties of Capitalism: The institutional foundations of competitiveness. Oxford University Press. [Introduction, a key text on the different combinations of institutions we find in European economies, an effective riposte to the claim that we all have to become the same because of globalisation]
  • Hancké B., Rhodes M. and Thatcher M. (eds), (2007), Beyond Varieties of Capitalism: Conflict, Contradictions, and Complementarities in the European Economy, Oxford University Press.
  • Hay C. and Wincott D. (2012) The Political Economy of European Welfare Capitalism, Basingstoke: Palgrave [an up-to-date version of the comparative institutional analysis of Hall and Soskice, including the welfare state]
  • Hemerijck A. (2012) Changing Welfare States, Oxford: OUP [Full of policy ideas on the welfare state]
  • Majone, G. (2014) Rethinking the Union of Europe Post-Crisis: Has Integration gone too far?, Cambridge: CUP [One of the leading contributors to understanding of the trajectory of European integration raises awkward questions about the limits of integration]
  • Wiener, Antje, and Thomas Diez. European Integration Theory. 2nd ed. Oxford: Oxford University Press, 2009.


Online assessment (100%) in the ST.

Key facts

Department: European Institute

Total students 2018/19: Unavailable

Average class size 2018/19: Unavailable

Controlled access 2018/19: No

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Application of information skills
  • Communication