Dr David Woodruff

This course is available on the MSc in Political Science (Conflict Studies and Comparative Politics), MSc in Political Science (Global Politics), MSc in Political Science (Political Science and Political Economy) and MSc in Political Theory. This course is available with permission as an outside option to students on other programmes where regulations permit. This course uses controlled access as part of the course selection process. For information on controlled access courses, including eligibility, application processes, deadlines, and departmental contact details, please refer to the Controlled Access Courses webpage.

How to apply: To apply for a place on this course, please submit a short statement of no more than 200 words via LfY. Your statement should outline your reasons for applying and explain how the course will support your academic and/or career goals. If applicable, you should also demonstrate how you meet any pre-requisites listed in the course guide. If the course is compulsory for your programme, no written statement is required.

Priority for places on Government (GV) courses will be given first to students for whom the course is compulsory. Where applicable, priority will then be given to students on the Department of Government programmes listed in the ‘Availability’ section of the course guide, followed by students on other programmes listed in that section. Students on all other programmes will be considered next, where a course is available as an outside option. You should ensure that you meet any pre-requisites listed in the course guide before applying. Places on capped courses cannot be guaranteed. Where a course is oversubscribed, places will be allocated based on programme priority and the written statement.

Deadline for applications: The deadline for applications is 12:00 noon on Friday 25 September 2026. You can expect to be informed of the outcome of your application by 12:00 noon on Monday 28 September 2026. Any places remaining after this date will be allocated based on priority and written statement - up until course selection closes.

For queries contact: gov.msc@lse.ac.uk.

Available as an outside option for students on other programmes with the teacher's consent. This course is capped. In previous years we have been able to provide places for all students that apply, but that may not continue to be the case.

This course examines the uneasy interaction between the two dominant concepts underpinning political and economic institutions in advanced industrial societies. It addresses questions about the relationship of capitalism to democracy, both conceptually and empirically. We consider whether democracy undermines or supports capitalism, focusing on policies relating to central banking, redistribution, and property rights, as well as how inequality affects elections and policymaking. We also examine how capitalism may undermine or sustain democracy and what circumstances heighten the tension between democracy and capitalism.

15 hours of lectures and 15 hours of seminars in the Winter Term.
1.5 hours of lectures in the Spring Term.

This course has a reading week in Week 6 of Winter Term.

Essay.

All students are expected to submit one non-assessed essay.

Schumpeter, Capitalism, Socialism, and Democracy. Holmes, 'Precommitment and the Paradox of Democracy'. Mill, Considerations on Representative Government. Lohmann, ‘An Information Rationale for the Power of Special Interests’. McNamara, ‘Rational Fictions: Central Bank Independence and the Social Logic of Delegation’. Beard, An Economic Interpretation of the Constitution of the United States. Kenworthy and Pontusson, 'Rising Inequality and the Politics of Redistribution in Affluent Countries'. Ferguson, ‘Deduced and Abandoned: Rational Expectations, the Investment Theory of Political Parties, and the Myth of the Median Voter’. Hopkin and Blyth, ‘The Global Economics of European Populism: Growth Regimes and Party System Change in Europe'.

Exam (100%), duration: 180 Minutes in the Spring exam period.