Political Economy and the World of Work (10 credit points)

Content of Course

1. An Introduction to Classical Political Economy and Its Critique – An examination of medieval feudal arrangements and the rise of a new powerful merchant class, who felt constrained by the old order. The need to develop a new ‘science’ of politics and economy to challenge the old order.

2. Adam Smith’s World – His life and the importance of other ’Enlightenment’ thinkers in Scotland and France in developing a new perspective on history and society. A quick look at Smith’s first book: A Theory of Moral Sentiments.

3. The Wealth of Nations [1] – Examining the early analytical chapters of The Wealth of Nations, and understanding Smith’s key concepts of classification (labour, capital and land) and why he emphasises the role and organisation of labour in the ‘Pin Factory’ example.

4. The Wealth of Nations [2] – A look at later chapters of The Wealth of Nations and some of Smith’s predictions, including the predicament of the labouring classes, the growing strength of the capitalist class, and the requirement for state intervention in education to enable people to see the ‘bigger picture’.

5. Smith’s Legacy – How is Smith’s work viewed today, in both popular knowledge and why is he viewed this way? Is this image accurate? An review of different perspectives on Smith, including Karl Marx’s view of him. An overview of the ‘other’ classical political economists: David Ricardo, Thomas Malthus and James Mill.

6. Karl Marx’s World – His life and the three great influences on his thinking, including ‘English’ political economy. An examination of his other ‘most known’ work, The Communist Manifesto, and how this early work relates to his magnus opus: Capital.

7. Capital [1] – From commodities to exploitation, we follow a sketch of the argument from chapters 1 to 9 in Capital. How work and struggles over the length of the working day come to play the pivotal role in social development.

8. Capital [2] – From everyday work to the social fabric of exploitation, we follow the argument of the later chapters in explaining how the worker is exploited even before they reach the factory gates.

9. Marx’s Legacy - How is Marx’s work viewed today, and why? As with Smith, are popular perceptions accurate? Might we consider that Smith and Marx have more in common than they have differences?

10. From Critique of the Old Order to Self-critique – A review of the course and a chance to examine the essay questions after having climbed the ladder.

Teaching method(s)

9 weeks of lessons involving and mix of PowerPoint lectures, class discussions, short readings and some group work. 1 week specifically focused on revision and key skills in essay preparation and writing.

Learning outcomes

By the end of the course students will be able to:

• Define and explain key concepts in classical political economy, such as labour power, the labour theory of value, class, profit, rent, capital, and exploitation.

• Describe the different historical context s in which Smith and Marx researched and published.

• Outline the personal lives, works and legacies of Smith and Marx

• Identify other classical political economists (Malthus, Ricardo, James Mill) and where the approach differed from the later neo-classical school.

• Understand and describe ‘the labour process’ (or ‘world of work’) and why it changes so rapidly under capitalism.

Sources

Core Readings

Essential:

• Smith, A., 1776, The Wealth of Nations, Vol. 1. London: Penguin.

• Marx, K., 1867, Capital: A Critique of Political Economy, Vol. 1. London: Penguin.

Recommended:

• Hakkonssen, K., ed., 2006, The Cambridge Companion to Adam Smith. Cambridge: Cambridge University Press.

• Terrell, C., ed., 1992, The Cambridge Companion to Karl Marx. Cambridge: Cambridge University Press.

Web Sources

There are a number of works by both Smith and Marx available in free editions given the legacy nature of the material. I will either direct students to these or distribute them in PDF format. This includes items such as The Communist Manifesto and sections of A Theory of Moral Sentiments. Works by Malthus, Ricardo and Mill are also available.

The University Library also has electronic access to the complete collection of Cambridge Companions, including those on Smith and Marx. Matriculated students (studying for credit) would have access to these.

Class Handouts

Any PowerPoint presentations will be distributed by email. A few handouts with ‘extracts’ will be used for some group work / reading. Students will need a copy of both key texts so they can be referred to chapters, sections and pages.

Assessments

10 credit courses have one assessment. Normally, the assessment is a 2000 word essay, worth 100% of the total mark, submitted by week 12. To pass, students must achieve a minimum of 40%. There are a small number of exceptions to this model which are identified in the Studying for Credit Guide.

Studying for Credit

If you choose to study for credit you will need to allocate significant time outwith classes for coursework and assessment preparation. Credit points gained from this course can count towards the Certificate of Higher Education.

Queries

If you have questions regarding the course or enrolment, please contact COL Reception at Paterson's Land by email COL@ed.ac.uk or by phone 0131 650 4400.

Student support

If you have a disability, learning difficulty or health condition which may affect your studies, please let us know by ticking the 'specific support needs' box on your course application form. This will allow us to make appropriate adjustments in advance and in accordance with your rights under the Equality Act 2010. For more information please visit the Student Support section of our website.