Dr Joachim Wehner

This course is available on the MSc in Political Science (Global Politics), MSc in Political Science (Political Behaviour), MSc in Political Science (Political Science and Political Economy), MSc in Public Policy and Administration and MSc in Regulation. This course is freely available as an outside option to students on other programmes where regulations permit. It does not require permission. 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 write a short statement of 200 words (max) outlining the specific reasons for applying and how the course will benefit your academic/career goals. Priority will be given to students on the programmes listed in the ‘availability’ section of the course guide. You should check that you meet any pre-requisites in the course guide before applying (where applicable). Places on capped courses cannot be guaranteed.  

Deadline for application: 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.

Mutually exclusive courses:

This course cannot be taken with PP4J5 at any time on the same degree programme.

How do political factors shape economic policy? And what are the political consequences of economic policy decisions? This course explores these questions with reference to fiscal and monetary policy and related outcomes. We examine key theoretical perspectives, questions of institutional design, who makes economic policy, and the politics of crisis and reform. Topics covered include: The common pool problem; veto players and delayed adjustment; political and electoral cycles; crisis and austerity; the politics of economic reform; economic effects of constitutions; central bank independence; economic policymakers; populism and economic policy. The empirical focus is broad, with evidence from across OECD countries and beyond.

30 hours of seminars in the Winter Term.

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

Students will be taught in one large group with up to 40 students in a three-hour block. The first half of the session will typically be lecture-style, the second half seminar-style with group work activities that expand on the topic of the week. There will be a break of approximately 10-15 minutes in between the first and the second part.

Written test.

The formative assessment consists of a practice exam answer, to be submitted via Moodle after reading week. Students will receive individual feedback as well as an answer guide before the end of the term. The individual feedback will be shared with each student, and the general answer guide will be posted on Moodle. In addition, students will receive a practice exam. Put together, the formative assessment, the seminar worksheets, and the practice exam constitute a comprehensive package to support exam preparation and revision.

• Adolph, C. (2013). Bankers, bureaucrats, and central bank politics: the myth of neutrality. Cambridge University Press.
• Berman, E. P. (2022). Thinking like an economist: how efficiency replaced equality in US public policy. Princeton University Press.
• Blyth, M. (2013). Austerity: the history of a dangerous idea. Oxford University Press.
• Edwards, S. (2023). The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism. Princeton University Press.
• Hallerberg, M., Rainer Strauch, R., & Hagen, J. von. (2009). Fiscal governance in Europe. Cambridge University Press.
• Jabko, N. (2026). Technocrats in Turmoil: The Fed, the ECB, and the Changing Politics of Money. Cambridge University Press.
• Johnson, J. (2016). Priests of Prosperity: How Central Bankers Transformed the Postcommunist World. Ithaca, N.Y., Cornell University Press.
• Persson, T., Tabellini, G. E. (2003). The economic effects of constitutions. MIT Press.
• Tucker, P. M. W. (2019). Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State. Princeton University Press.
• Tufte, E. R. (1978). Political control of the economy. Princeton University Press.
• Varoufakis, Y. (2017). Adults in the room: my battle with Europe’s deep establishment. The Bodley Head.

Exam (85%), duration: 120 Minutes, reading time: 15 minutes in the Spring exam period.

Presentation (15%).

This component of assessment includes an element of group work.

Group presentation (15%): Presentations are prepared and delivered in small groups of around 3-4 students and serve to deepen a particular topic with a data-analytic and/or policy-related task. The presentation is assessed collectively, but with the possibility to vary an individual mark.

Written exam (85%): The exam will consist of two equally-weighted parts. Part A contains several short answer questions and Part B offers a choice of long answer questions.