IR209: International Political Economy: States and Markets in the 21st Century

How is Artificial Intelligence transforming the global political economy? How will the geopolitical rivalry between China and the United States reshape global trade, technology, finance and business? Is globalisation responsible for the rise of populism in the West? Why is effective international action on climate change so difficult to achieve?

The study of International Political Economy (IPE) examines the interactions between markets and politics and helps us understand some of the most important questions shaping the global economy today.

This course introduces you to the dynamic interaction between the pursuit of wealth and the pursuit of power in the global economy. You will explore the key concepts and theories of IPE and learn how to use them to understand pressing real-world political and economic challenges. Throughout the course, we examine how governments, firms and citizens respond to a global economy that creates both opportunities and conflicts over who gains, who loses and who sets the rules.

Engaging with leading faculty and your peers, you will examine some of the most pressing challenges facing the world today. You will analyse key empirical cases and develop the critical thinking skills needed to evaluate the complex relationship between markets and politics. Drawing on cutting-edge research, by the end of the course you will be able to develop compelling arguments about major debates in the global political economy and apply the tools of IPE to understand a rapidly changing world.

Prerequisites: At least one introductory course in either social science (e.g. political science, international relations, sociology, economics), history or law.

Level: 200 level. Read more information on levels in our FAQs

Fees: Please see Fees and payments

Lectures: 36 hours

Classes: 18 hours

Assessment: One examination and one essay

Typical credit: 3-4 credits (US) 7.5 ECTS points (EU)

Please note: Assessment is optional but may be required for credit by your home institution. Your home institution will be able to advise how you can meet their credit requirements. For more information on exams and credit, read Teaching and assessment

This course is suitable if you want a comprehensive interdisciplinary understanding of the political and institutional context in which the world economy operates. It is especially well suited to you if you are targeting a career in research, policy development, government or consulting. It is equally applicable if you would like to develop the skills needed for further academic studies.

• Explain the main perspectives in IPE and why the relationship between markets and politics is complex
• Analyse how Artificial Intelligence is reshaping the political and institutional context of the global economy
• Analyse how Sino-American geopolitical rivalry is reshaping global trade, technology and business
• Analyse the main barriers to global environmental cooperation and explain why international agreement on climate change is difficult to achieve
• Explain the international role of key currencies, including the US dollar, Chinese renminbi and euro, and assess the implications of monetary power for the global economy
• Evaluate the role of the WTO, IMF and World Bank and debate whether their governance structures are legitimate or require reform
• Assess the political and economic consequences of Brexit and the politics of austerity
• Explain the political and institutional factors that contribute to financial fragility and shape the practice of central banking
• Analyse the role of multinational corporations in the global economy and their impact on development
• Develop and present a coherent argument that engages with competing academic perspectives
• Use case study material and statistical evidence to construct a persuasive, evidence-based essay on key topics in IPE

The design of this course is guided by LSE faculty, as well as industry experts, who will share their experience and in-depth knowledge with you throughout the course.