Enrollment by application only. Students should submit their applications by August 1, and will be informed of their registration status by August 15.

This course seeks to explore the theory, history, and state structures of capitalism; examine its manifestations in several national contexts; and understand the ways in which systemic changes to market capitalism are likely to both demand and cause systemic political change as well.

Course Content and Objectives

Capitalism today is under attack, criticized from many quarters as being the source of societal ills that range from inequality and systemic racism to climate change and labor market disruption. The goal of CATS is both to examine these criticisms and, more importantly, interrogate the deep and fundamental connections between the market structures of capitalism and the political structures of the states that seek to support and nourish this system. What are the political prerequisites of a working capitalist system, the course will ask. What are the political risks inherent in a market economy, and what kinds of solutions, both economic and political, are best suited to address the current slate of concerns?

CATS is considerably more theoretical than most courses at HBS. The materials are non-case based, and draw from a combination of book chapters, academic articles, journalistic essays, videos, and podcasts. The reading load is relatively heavy (particularly for the first several sessions of the course), and students should be prepared to engage in conversations that are both philosophical and practical. After an introductory class that highlights several contemporary critiques of our market system, the course dives deep into some of the foundational theories of capitalism (John Locke’s Second Treatise, Adam Smith’s Wealth of Nations, and Karl Marx’s Communist Manifesto) and the capitalist state (F.A. Hayek’s Road to Serfdom, Milton Friedman’s Capitalism and Freedom, and Karl Polanyi’s Great Transformation). We will then examine several critical tenets of market economies – including property rights and competition – and several of the most pressing problems that are allegedly inherent in their development. After reviewing some of capitalism’s most important international variants, the course will conclude by examining a range of solutions currently being offered to address capitalism’s ills and discuss their feasibility within various political structures.

Course Administration and Grading

Students will be asked to write two short analyses of weekly course materials and a final paper on a topic of their choice (together worth 50% of their grade). The remainder of their grade (50%) will be based on class participation.

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