COURSE COMPACT

Faculty: Faculty of Social Sciences

Department: Political Science
Programme: B.Sc. Political Science
Course Code: POS 216
Course Title: Foundations of Political Economy
Units: 2
Course Lecturer: Ishola, Ebenezer B. (Mr.)
Semester/Session: First
Session: 2019/2020
Location: LR 1

A. Brief Overview of Course

This course introduces students to the sphere of political economy emphasizing the
intersection between politics and economy, as well as its implications for issues in the
society. On the ontology of political economy, attention is paid to the contributions of
leading lights such as Adam Smith, David Ricardo, Karl Marx, John Keynes, among others.
The course further examines conceptual issues in political economy as well as the utilization
of the political economy analytical framework in interrogating germane issues in the society.

B. Course Objectives/Goals
At the end of this course, students should be able to:
 Comprehend the meaning of political economy
 Explain central concepts in political economy such as labour power, means of
production, social relations of production, mode of production, social formation,
among others.
 Situate the role of agencies like the state, market and class in political economy
 Utilize the political economy framework in understanding issues in the society

C. Methods of Lecture Delivery/Teaching Aids

 Lecture Delivery Methods
o Interactive classroom session
o Individual assignments
o Lecture notes
 Teaching Aids
o Multimedia projection

D. Course Outlines
 Details of Topics

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 MODULE I – NATURE OF POLITICAL ECONOMY
Week 1: Definition of Political Economy
Week 2 & 3: Perspectives on Political Economy – Adams Smith, David Ricardo,
Thomas Malthus, Karl Marx, John Keynes, V.I. Lenin, Claude Ake
Week 4 & 5: Approaches to Political Economy
CONTINUOUS ASSESSMENT ONE (CA1)
MODULE 2 – CONCEPTS IN POLITICAL ECONOMY
Week 6 & 7: Basic concepts in Political Economy – Labour power, Means of labour,
Object of labour, Productive forces, Mode of production, Social relations of
production, economic system, social formation
MODULE 3 – PERIODIZATION OF MODES OF PRODUCTION
Week 8 & 9: Epochs in Political Economy – Primitive Communalism, Slavery,
Feudalism, Capitalism, Socialism, Scientific Communism
CONTINUOUS ASSESSMENT TWO (CA2)
MODULE 4 – ISSUES IN POLITICAL ECONOMY
Week 10: Understanding State, Market and Class in Political Economy
Week 11: Political Economy Concerns – Accumulation, Imperialism, Globalization and
the Political Economy of the African Crisis
Week 12: Revision

E. Structure of the Programme/Method of Grading

 Continuous Assessment
o Class tests 20% Marks
o Assignment 10% Marks

 Examination 70% Marks

TOTAL 100%

F. Ground Rules & Regulations

o 75% attendance is required to be eligible for examination
o Prompt submission of assignments is vital
o Class participation is required

G. Topics of Term Papers/Assignment/Student Activities

 To be provided as the lectures progress

H. Contemporary Issues/Industry Relevance

This course introduces students to the framework of political economy and its importance
for political analysis. In this regard, students are required to be able to adequately
interrogate issues of political economy such as development, imperialism, accumulation,
globalization, among others.

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I. Ground Rules & Regulations
o 75% attendance is required to seat for the examination.
o Assignments must be submitted as at when due.
o Contributions to group discussion and class work are noted.

J. Recommended Reading/Texts
a) Ake, C. (1981). Political economy of Africa. London: Longman.
b) Marx, K. (1986). Capital: A critique of political economy. Moscow: Progress
Publishers.
c) Oloruntoba, S. & Falola, T. (2020). The Palgrave handbook of African
political economy. Cham: Palgrave Macmillan
d) Onimode, B. (1985). The political economy of the African crisis. London: Zed
Books Ltd.
e) Stilwell, F. (2012). Political economy: The contest of economic ideas, 3rd ed.
Oxford University Press: Melbourne.