Economic Policy: States, Markets, Institutions

About

This course offers an in-depth analysis of the pivotal framework of economic policy: the state - marketsnexus. We start with the introduction of the basic concepts and schools of economic policy. In doing so, special attention is payed to the historical evolution of the role of states in market economies advocated by the actual mainstream school of economics. Thereafter, we discuss how globalization has reshaped the room for maneuver of national governments in pursuing their own policy goals in the recent decades. We investigate the inherent instability of financial markets by studying the recent financial crises and their lessons. The course also includes instructive country studies on the contemporary nexus between states and markets. We discuss the notion of state capitalism in conjunction with the most recent empirical results. In the final block of the course, we offer a deep understanding of why institutions do matter for economic performance and how these contemporary institutions have been shaped by historical events taking place several hundred years ago.

Course leader

Ákos Dombi is an associate professor and the head of the Department of Comparative Economics at ELTE.

Target group

BA and MA students, recent graduates

Course aim

• describe the differences between the major schools of economic policy
• understand the process of globalization and its constraints for economic policies
• summarize the major lessons of recent financial crises
• develop a critical, unbiased approach toward the role of states in market economies
• interpret current trends in Hungarian, Russian, and German economic policies
• understand the impact of contemporary institutions on economic development
• see the importance of knowing the past in understanding present socio-economic outcomes

Fee info