This course presents key economic models, concepts and tools that managers need to master to analyse, understand and predict trends affecting the corporate environment. We address the major contemporary macroeconomic issues with the objective to enhance the capability of each participant to imagine how they may affect their own business environment.
All cases need to be read and prepared in advance. Textbook chapters are not mandatory but are highly recommended for students without a strong background in economics. I’ve also provided a few videos and quizzes which should be helpful.
I believe that the term “neoliberalism” is a valid one, both as a concept and as an ideology. In other words, it can be used in a descriptive and neutral sense, and also the thing that it describes is (relatively) desirable. I am one of very few academics to hold both of these positions!
Indeed I am an early pioneer of using the term “neoliberal” in a non-pejorative way, with my co-authored book from 2009 “The Neoliberal Revolution in Eastern Europe“. Since then, it has become more common, and I continue to do research on neoliberal ideas and neoliberalism as a distinct political and economic philosophy.
Managerial Economics shows the application of economic principles and methodologies to key management decisions within organizations. It provides a better understanding of the external business environment in which an organization operates and the understanding of the principles relevant to foster the goals of the organization.
Notes: Sessions marked with an asterix (*) have a lecture handout available in advance, which can be downloaded. Cases marked with a pound sign (£) are available via Blackboard. Follow the + links for additional resources.
Collective (2020) – a heart wrenching account of how public officials and investigative journalists sought to bring awareness and justice for the 64 people who were killed, and 146 who were injured, in a preventable nightclub fire in 2015.
How did Ceaușescu’s rule of Romania come to an end? – a 20 minute account of the Timisoara uprising that led to the toppling of the Ceausescu regime.
To see Ceausescu’s speech on December 21st and the exact moment where he realised that it was all over, see here; to see him being tried, and shot, see here.
Welcome to my four part series on transition. Join me to understand more about the transition from communism to capitalism in Central and Eastern Europe, and the battle between the Russian oligarchs and the current Putin regime.
To listen to the lectures as a podcast just paste this RSS feed into your favourite podcast app (if you use Apple Podcasts select Library > … (More) > Follow a show by URL.
Part 1: “Steps in the Dark: Why socialist calculation is impossible” (YouTube | Vimeo | SoundCloud)
In the first of this four part series we see why capitalism became the only economic system left standing.
Part 2: “Economic transition in Central and Eastern Europe: Shock therapy or gradualism?” (YouTube | Vimeo | SoundCloud)
In the second of this four part series we understand more about the circumstances following the end of the USSR, and the alternative transition strategies that former communist countries faced.
Part 3: “The Oligarchs: How the new tycoons rose to power” (YouTube | Vimeo | SoundCloud)
In the third of this four part series we look at how a new type of business leader emerged in Russia and took advantage of the transition process.
In the fourth of this four part series we uncover how Putin came power, how he gained control of the Russian economy, and how he has disrupted the global geopolitical order.
Credits: Thank you to Simulus for recording and editing the content.
Here are two videos defining capitalism and liberal democracy:
I have another lecture in this series, on Fukuyama’s ‘End of History’ thesis and how this relates to Eastern Europe, identity politics, and populism. I intend to record that as a live talk, so if you’re interested in hosting me get in touch!
2025, “Revealing the Benefits of Trade to University Students” in Rangley, Max, and Hannan, Daniel, (Eds.) Free Trade in the Twenty-First Century, Springer (with Wioletta Nawrot)
2015, “The financial crisis in the United Kingdom. Uncertainty, calculation and error” in Boettke, Peter J., and Coyne, Christopher J., (Eds.) The Oxford Handbook of Austrian Economics, Oxford University Press
From time to time I decide to host a public webinar. They are typically based on content that I wouldn’t use in any of my formal courses, but I want to make sense of by presenting to an audience. The topics are often a result of a request or an offshoot from another lecture.
These events and are not intended to be sharp and insightful and I do not profess to have an original take or an important perspective. In most cases I am just trying to make sense of a topic, and am arranging what I’ve read about it. But if you like me lecture style and want the chance to sample some deeper but less rehearsed content then this might be for you.
Unlike my online teaching you do not need video or engagement. You can dip in and out and are welcome to leave when you need to. Consider it a drop in clinic. The format is simple: 1 hour talk, and I’ll stick around for any questions.
Although many markets today are virtual, it is important to recognise the culture and tradition contained within long standing physical market places. Known as one of the biggest open air markets in Europe, Porta Palazzo is also one of Turin’s most popular tourist attractions. It contains a wide range of different stalls, exemplifying the bustle and atmosphere of routine commercial activity. It has historically been the centre for people’s livelihoods, their access to goods and services, and their social identity. The market serves multiple purposes:
Food distribution
Tourist attraction
Community resource
I’ve been coming to teach in Turin for many years, but only found out about Porta Palazzo when I read Rachel E. Black’s anthropological study. So on my visit in November 2023, I took a quick taxi ride from the ESCP campus to have a look around. The outdoor market meets the covered part at its entrance:
The inside section is a labyrinth with multiple vendors selling whatever meats, fish and bread you can imagine. Behind the counters some stalls have ladders leading up to their hidden storage areas, and vendors serve you from a height.
I was particularly impressed by the variety of animals and cuts of juicy meat!
There is a “new” section of the market, which is modern, quieter, and more civilised. But it’s familiar and a little boring.
Across the road there is the open air market, and at first I made my way through stalls selling household items.
I even found a Porta Palazzo truck!
The most colorful and lively area by far contains the fruit and vegetable stands. Here, vendors are at the same level as their customers, and there is much greater noise and discussion.
Here are some of the orange and clementine stalls:
Like many markets, the pace of activity changes throughout the course of the day. It tends to be busiest around meal times, and better deals are made just before it closes. Across Italy, people are most likely to visit markets on weekends, but they are usually closed on Sundays.
Notice how many shoppers – especially older ones – wheel a trolley bag with them. Some of the younger customers appeared to be buying in bulk for commercial purposes.
There are several reasons why markets such as this have an older demographic. It can often be a combination of factors such as:
Low prices
Habit
More free time
Social aspects
Convenience
I also noticed younger vendors on the periphery of the market, selling mint and other fresh herbs.
These tended to be immigrants, who are becoming an increasingly important source of custom for markets across Italy.
I’ll finish this photo essay with the words of Rachel Black:
Although it is easier to focus on the big picture of the market as an institution, the complexity, personalities, and passions of the people who participate make markets truly extraordinary places. Through the people and their daily interactions, the marketplace takes on life and meaning. The time I spent in markets taught me that these are not waning sites of tradition and history; they are dynamic places of lively sociability that resist homogenization and remain open to the general public. Markets have always embraced globalization as a force that creates diversity and encourages social, economic, and cultural exchanges across borders and barriers, making them extremely timely institutions that have the potential to bring people together and help create community. Black, 2012, p. 180-181
This course presents key economic models, concepts and tools that managers need to master to analyse, understand and predict trends affecting the corporate environment. We address the major contemporary macroeconomic issues with the objective to enhance the capability of each participant to imagine how they may affect their own business environment.
