Frank Roosevelt

Course Description

Today, most of the nations that were once labeled “socialist” or “communist” are, in one way or another, either capitalist or in transition to capitalism. As a result the world economy has been—and continues to be—transformed. In this course, we will review the origins of capitalism and trace its development into the system that rules the globe today. We will study the history and theoretical frameworks of various economic models (Adam Smith, Karl Marx, J.M. Keynes, feudalism, capitalism, socialism). Considerable attention will be focused on the advanced capitalist countries (e.g., the U.S., Japan, France, Germany, and Sweden) in which most of the world’s rich people live, noting differences in institutional structures and policies. Also important will be an evaluation of the various development strategies currently being pursued in poorer nations in Africa, Asia and the Americas. After examining the rise and demise of Soviet-style “socialism” we will look at countries still governed by Communist regimes (e.g., China, Cuba, Vietnam, North Korea) and ones that are now in transition to capitalism (e.g., Poland, Hungary, the Czech Republic and the states that were previously within the Soviet empire). A central concern will be the continuing ideological and political conflicts over the appropriate roles of markets and governments in shaping social relationships and allocating economic resources. This will lead to consideration of the arguments in favor of new forms of socialism, such as “market socialism.” The context for all of our studies will of course be the global capitalist economy: we must ask whether any alternative to capitalism can be successfully established and sustained while capitalist globalization continues to spread without effective opposition. For conference work, students will be expected to focus on the history, present arrangements, and options for the future of a particular country other than the US. Prior study in history, public policy or the social sciences is required.