Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


Upon successful completion of this course, the student is able to:

  1. identify the transformations of capitalism, technological development, markets, and
  2. understand the role of key economic and political players and their interaction in the functioning and development of global markets and economies;
  3. apply key concepts of global political economy drawing from economics, political science, international relations, sociology  and critical theory;
  4. address and act on global grand challenges and megatrends and understand their impact on societies, business and responsible management practices across countries.

Credits: 6

Schedule: 07.09.2022 - 13.10.2022

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Tiina Ritvala

Contact information for the course (applies in this implementation):

Professor of Practice Sami Itani 

Meeting by appointment 


Executive in Residence Esko Aho 

Associate Professor Tiina Ritvala 

Meeting by appointment 


Teaching Assistant Emilia Eräpolku 


CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    The course consists of three modules: 1) The Evolution of Capitalism: Historical, Ideological and Technological Perspectives; 2) Key Actors and Power in the Global Political Economy; and 3) Global Grand Challenges and Megatrends. 

    The first module begins with an introduction to the historical and ideological evolution of capitalism and discusses the role of technological progress. It then delves into geopolitics, (de-)globalization and economic nationalism. It emphasizes the changing geopolitical state in the trade between the EU, the US, Russia and China ​without a strong normative stance on what is essentially "right" or "wrong".

    The second module focuses on the key players in global markets and society. It engages the students to reflect upon the increasing power of multinational corporations in the organization and orchestration of global value chains, international regulations at the nexus of business and government relations and the role of non-governmental organizations. This module also envisions the nature of post-pandemic global financial system.

    The third module is dedicated to global grand challenges and megatrends such as climate change, demographic changes, diversity and inclusion, as well as digitalization. It challenges the students to suggest future-oriented solutions to promote the global sustainability agenda and the UN sustainable development goals.

  • applies in this implementation

    The student is expected to attend 7/10 sessions of the lectures and the final presentations session in order to pass the course. Class attendance and active participation are considered integral parts of learning. Therefore, regular class session attendance is expected of all students.

Assessment Methods and Criteria
  • valid for whole curriculum period:


  • applies in this implementation

    The assessment of this course is based on individual assignments (50%), team assignments (50%) and giving course feedback via the standard system (1 bonus point). 

    Individual assignments (50%) 

    • Mid-course paper (Pass/fail) 

    • Final paper, including a reflective diary (50%) 

    Team assignments (50%) 

    • Pre-tasks for selected sessions (Pass/fail) 

    • Team project (50%)

  • valid for whole curriculum period:

    Contact teaching

    Independent work

  • applies in this implementation

    Lecture hours 30 h 

    Class preparation 30 h 

    Teamwork 50 h 

    Final paper 50 h 

    Total 160h (6 ECTS)


Study Material
  • applies in this implementation

    The readings and pre-class assignments are available through the MyCourses site before each session.

Substitutes for Courses
SDG: Sustainable Development Goals

    5 Gender Equality

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure

    10 Reduced Inequality

    13 Climate Action

    17 Partnerships for the Goals


Further Information
  • valid for whole curriculum period:

    Teaching Language : English

    Teaching Period : 2022-2023 Autumn I
    2023-2024 Autumn I

    Enrollment :

    This course is exclusive to the students of the Master's Programmes in: 1. Global Management and 2. People Management and Organizational Development.

Details on the schedule
  • applies in this implementation

    Date & time

    Topic & speakers (Classroom R038/U006) 

    Wed 7.9.


    Course Introduction

    What is global political economy as a field of study?

    Esko Aho, Sami Itani, Tiina Ritvala

    Tue 13.9.

    14:15 -17:00

    Geopolitics and Business

    Esko Aho

    Guest speaker: Igor Podoliev

    Thu 15.9.

    14:15 – 17:00

    The Historical and Ideological Evolution of Capitalism and People Management

    Sami Itani

    Tue 20. 9.


    Multinational Corporations and Global Value Chains

    Tiina Ritvala, Sami Itani

    Guest speaker: Sari Baldauf

    Thu 22.9.

    14:15 – 17:00

    Non-governmental Organizations and International Development

    Sami Itani

    Tue 27.9.

    14:15 – 17:00

    Global Regulatory Interdependence and the Brussels Effect

    Esko Aho

    Guest speaker: Professor Anu Bradford, Columbia Law School

    Thu 29.9.

    14:15 – 17:00


    Financial Crises and Post-pandemic Global Financial System

    Sami Itani

    Guest speakers: Professor Vesa Puttonen, Piia-Noora Kauppi

    Tue 4.10.

    14:15 – 17:00


    Diversity, Equity and Inclusion, Future of work
    Sami Itani

    Guest speaker: Yacine Samb, Google

    Thu 6.10.

    14:15 – 17:00


    Digital Transformations and Consequences for Societies and Individuals

    Esko Aho

    Tue 11.10.



    Climate Change Politics and Corporate Approaches for Reaching Net-zero 

    Tiina Ritvala

    Guest speaker: Jussi Nokkala, PWC: Decision support for reaching Net-Zero: corporate approach 

    Thu 13.10.

    Team Project Presentations

    Q&A for the Final Paper