International Political Economy

Degree Programme: Social Administration (5th semester – elective)

Degree Programme : Political Science (5th semester – elective)

Teaching hours: 3 per week – ECTS: 5

Course Tutors: Christos Papatheodorou, Professor

Stefanos Papanastasiou, Dr



Course website:

Description and Aims:

International Political Economy (IPE) was mainly developed as a heterodox approach, to the mainstream economics, for studying the international economic and political relations. It came forth during the ‘70s, when the oil crisis of 1973 and the collapse of the Bretton Woods system undermined the global capitalist system. The development of IPE corresponds to the recognition of the complex linkage and interaction between the economic, social and political dimensions of modern international relations. Central issue of IPE is the interaction between domestic and supranational factors. In this context, particularly important is the investigation of the relationship between the state and the global economy, the basic principle of the latter is the free movement of capital, technology, products, services, and up to a point, labor. The analysis of IPE reveals the contradictions between the state and the market: the state is a specific spatial entity, whereas the market within the global economy does not have any spatial restrictions. In this context, IPE studies the interaction between the state and the multinational corporations, which are the global actors that the state has to encounter or collaborate with.


  • Introduction: What is IPE
  • The world economy before and after the 2nd World War: The Bretton Woods Treaty and the emergence of the supranational institutional bodies (IMF, WB)
  • Mercantilism – Economic Nationalism
  • Realism – Neorealism
  • Liberalism – Neoliberalism
  • Marxism – Structural Marxism
  • The relations between the North and the South: The principal actors of the world economy and the interaction with the less developed nations
  • Globalization: The social, economic, political and cultural processes that take place on a local and hyper-local level and directly affect nations and peoples
  • The world economy during the 21st century: The flexible exchange rate regime, the regionalization, the debt crisis and the role of the supranational organizations.
  • Assessment of the development of IPE: Theoretical and empirical issues.

Learning Outcomes:

Upon completion of the course students should be able to:

  • comprehend the basic thematic fields of IPE as well as the theoretical and methodological problems faced in the study of the modern international economic and political relations.
  • delve into the manner in which international and domestic economic and political factors meet the various challenges of global economy and interact for achieving certain outcomes.
  • understand how these processes affect people at a local and global level.
  • develop critical thinking and acquire and practice skills in writing and presenting a research paper.


A written assignment (course work) and its public presentation with oral examination (100%).



  • Cohn, T (2008) Global Political Economy: Theory and Practice (6th Edition), Longman. [in Greek: Cohn T, (2009), Διεθνής πολιτική οικονομία: Θεωρία και πράξη, Αθήνα: Gutenberg]
  • Μαυρουδέας Σ, (2006), Η πολιτική οικονομία και η κριτική της, Αθήνα: Τυπωθήτω – Γιώργος Δάρδανος
  • Βλάχου Α. (επιμ.), 2009, Πολιτική οικονομία του καπιταλισμού, Αθήνα: Κριτική
  • Lecture notes and additional bibliography in electronic form (course website)


  • Βλάχου Α., Θεοχαράκης Μ. & Μυλωνάκης Δ. (επιμ.), 2011, Οικονομική κρίση και Ελλάδα, Αθήνα: Gutenberg
  • Bowles S., Edwards R. and Roosevelt F., 2005, Understanding Capitalism: Competition, Command, and Change, (third edition), Oxford: Oxford University press [in Greek: Bowles S & Edwards R, Roosevelt, F. 2014, Κατανοώντας τον καπιταλισμό: Ανταγωνισμός, εντολή και μεταβολή στην οικονομία των ΗΠΑ , (2η συμπληρωμένη έκδοση), Αθήνα: Gutenberg]
  • Gilpin R, 2001, Global Political Economy: Understanding the International Economic Order, Princeton: Princeton University Press. [in Greek: Gilpin R, 2002, Παγκόσμια πολιτική οικονομία: Η διεθνής οικονομική τάξη, Αθήνα: Ποιότητα]
  • Gouverneur, J., 1999, Ανακαλύπτοντας την οικονομία: Ορατά φαινόμενα και κρυμμένες πραγματικότητες, Αθήνα: Τυπωθήτω – Γιώργος Δαρδανός.
  • Keynes, J.M., 1920. The Economic Consequences of the Peace, New York: Harcourt Brace. [in Greek; Keynes J.M., 2009, Οι Οικονομικές Συνέπειες της Ειρήνης, Αθήνα: Παπαζήσης].