IAS 3594 - The Wheels Of Commerce: From The Industrial Revolution To Global Capitalism
John Maynard Keynes once said, "The ideas of economists and political philosophers both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." In this course we will focus our attention on the blind spot that Keynes so astutely identified. We will study seminal works in the history of political economy (Smith, Malthus, Marx, Keynes, Krugman, etc.) and explore the social, economic, and political histories in which they were grounded. We will begin with the Industrial Revolution in Britain, the works of Adam Smith, and the emergence of political economy as a field of inquiry. We will end with the globalization of the 1970s, the works of Joseph Stiglitz, and the challenges that a more interconnected world has posed for both the organization of the economy and the practice of economics as a discipline.