Political economy can be described as the study of institutions and modes of governance. It attempts to capture different models of how society’s politics and economy are intertwined. It is also a discerning look at the language, models and actual history of social change. There are many ‘schools’ within the field of political economy attempting to describe issues such as the role of the state, the optimal path to development and the most equitable forms of redistribution. These also comprise strong behavioral and institutional assumptions about locality and nationality and how to run urban and other development projects.
This course was essential for the international development planning specialization. It provided skills to analyze any development approach and an understanding of the limitations and opportunities in project planning.