Changes in the contemporary structural composition of the global political-economy increasingly impact all facets of state-market relations, not least the reach, power and authority of the state in terms of policy making processes and the means via which public policy is realized. Understanding the forces precipitating this change comprises the principal rationale of this course. The fundamental question the course deals with is the distribution of power in the international system and its consequences for public governance and state capacity.
• Is there a fundamental change occurring in the power relations between states are markets and between public and private sector actors in the international system?
• What new forms of governance are emerging as a consequence of this process?
• What is the magnitude of this change and what are its implications for public sector capacity and governance?
To help address these questions the course is thematically structured into three parts.
First, the course begins with an outline of the dominant modes of thinking about international political and economic relations and of the relationships between states and markets and their implications for state capacity and public sector management. This part of the course surveys the main theoretical schools of thought as they have evolved over the last several decades. It addresses conventional realist, neorealist and liberal perspectives and looks at a series of variants in these theories.
The second part of the course turns to address the emergence of international institutions and private sector authority in the international system. This part of the course surveys some of the recent empirical developments among these actors in terms of their influence, spatial reach and extensity. This part of the course then asks students to reflect on these developments in terms of the mainstream theoretical literatures and assess the merits of these literatures in light of emerging trends.
Third and finally, the last part of the course addresses the implications of these developments in terms of the functional – management issues these developments pose for regulators, the regulatory reach of the state and public sector management. In particular, the course will address the advent of risk associated with un-regulated international markets and private sector
actors and how they influence the behaviour of states, market structures and change the risk universe public actors are forced to deal with.