COURSE DURATION : Comparative Economic Systems: Mirroring Contemporary

Economies
(2 credits).
COURSE TITLE : 1hr and 30 mins. per week for 12 weeks

COURSE OBJECTIVE:
The aims of this course are to:
• Introduce students to the comparative study of economic systems drawing on literature from
economics and history;
• Develop a critical understanding of different explanations of long term economic
transformations, alternative ways of assessing economic performance and alternative forms of
coordination.
FOCUS
The spotlight will be to:
• Understand the main theoretical explanations of economic transformation;
• Demonstrate knowledge of the early histories of capitalism and Soviet socialism and of recent
developments in the economies of Russia, Eastern Europe and etc
FORMAT
The objectives would be achieved by following a mixed pedagogy consisting of:
• Lectures supported by Case Discussion
• Term Paper
EVALUATION PATTERN:
End Term assessment: 100 marks
Incase of projects and presentations, students necessarily need to create archives for all such
projects undertaken and submit it to the academics division at the end of every trimester.
End Term assessment could be a subjective or objective type question paper or a combination of
both. The final discretion lies with the faculty.

ACCOMPANIMENT READINGS

• John Gurley: “The Materialist Conception of History”, Chapter 2.1 from R.Edwards, Mreich
and T Weisskopf, The Capitalist System, 1978
• M.Kalecki: “Political Aspects of Full Employment” in E. Hunt and J.Schwartz ed. “A Critique of
Economic Theory”
• Prabhat Patnaik: “Globalization of Capital and the Theory of Imperialism” Social Scientist,
November-December 1996
• Stephen Hymer: “The Multinational Corporation and The Law of Uneven Development”, Part I
only
• Peter Evans: “Transnational Corporations and Third World States” in R. Kozul Wright and R.
Rowthorn
• Essay titled “The Role of State” in “The Nature and Logic of Capitalism”, by Robert Heilbraner
• J.Bernliner: “Innovation, the Soviet Union and Market Socialism” in P. Bardhan and J.Roemer,
(eds.) Market Socialism, Oxford University Press
• J. Kornai: “Some Properties of the Eastern European Growth Pattern”, World Development,
Volume. 91, pp. 965-70m 1981
• Essay titled ‘The Nature and Logic of Capitalism’ in “Beyond the Veil of Ecconomics”, edited
by Robert Heilbraner
• Chapter titled “Institutional Resilience of Capitalist System: Innovation” in “Capitalism,
Socialism and Democracy” by Joseph A Schumpeter
• Chapters 2 and 3 in “The New Industrial State” by Prof. J.K. Galbraith
 INDICATIVE LIST OF TOPICS

PART-A
Unit - 1
Economic Systems: Marxist Theory of History

PART-B
Unit - 2
Capitalism
The Nature and Logic of Capitalism
Institutional Resilience of Capitalist System: Innovation

Unit - 3
The Emergence of Corporations and Multinational National Corporations (MNCs)
The Logic of Corporation
The Political Economy of MNCs

Unit - 4
The Nature/ Role of State in a Capitalist Society

Unit - 5
Imperialism in the Modern World

PART-C

Unit – 6
Socialism
Marx’s Analysis of Socialism

Unit - 7
Debates in Socialism
Old Debates in Socialism (Rational Allocation)
Modern Debates in Socialism (Macro Economic Failures; Technological Changes)