Political Economy of Development

Catalog description

It is now widely acknowledged that politics plays a central role in influencing economic development. This makes the political economy of development a central area of research. While a student with an introductory background to political economy will have familiarity with theories based on voting, this course stresses a variety of other factors that explain why some countries are rich and democratic while others are poor, corrupt, and unstable. After discussing the real meaning of development, the course surveys classical and contemporary theories of economic growth and development ranging from neoclassical to structural to recent endogenous growth theories. Specific topics reviewed in the second part of the course include population growth, migration, the security of property rights, the creation of market and non-market institutions, lobbying and rent-seeking, corruption, social conflict, and the political economy of redistribution. Examples from historical experience as well as modern developing countries would be used throughout the course.