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The assessment for this module is made up of a coursework component (90%) and an Attendance and Participation element (10%).

In order to complete the coursework element of the assessment students must submit two coursework essays. The word limit for each essay is 1750 words. Each essay will be worth 45% of the overall assessment for the module. Together the marks for the two essays will then constitute 90% of the overall assessment for the module.

The second coursework essay should address one of the following questions.

  1. “On Hayek’s account the coordinating power of the market emerges as people’s interactions are structured by certain formal and informal rules. He sees a market society as a free society because it imposes no compulsory collective goals on its members. What Hayek fails to recognise is that the endless accumulation of capital is a compulsory collective goal imposed upon participants in a market society”. Discuss.


  1. Outline Keynes’s explanation for the volatility of stock market prices set out in Chapter 12 of his General Theory of Employment, Interest and Money. Carefully identify both the role that conventions play in and the policy proposals Keynes draws from his analysis of the stock market.


  1. “Superior economic performance does not depend simply upon extending competitive relations but often requires the promotion of co-operation between firms”. Discuss referring to relevant case study evidence.


  1. “The quasi-market structures introduced into the UK broadcasting sector since the early 1990s have eroded the strength of its production base, its quality standards and public service orientation”. Discuss.

Your essay must be handed in electronically via Turn-it-in by 10am on 18th January 2016. [For Study Abroad Students returning to home institutions at the end of semester 1 the deadline is 10am on Thursday 17th December 2015.] Any essays handed in after the deadline will be awarded a mark of zero. However, if you feel you have legitimate reasons for submitting your coursework late you may make an appeal in accordance with the procedures set out in the Department of Management Undergraduate Handbook. If an electronic version is not submitted by the deadline stated above you will be awarded a mark of zero.

When handing in your essay you must not include your name on the essay or cover sheet only your candidate number. Please note that you must include a word count on the coversheet of the essay and, in accordance with Departmental policy as set out in the Department of Management Undergraduate Handbook, penalties for exceeding word limits will apply. The bibliography and any appendices are not included in the word limit of 1750 words.

For illustrative initial readings see below. For relevant reading also refer to the course outline and relevant detailed lecture outlines.

Initial readings

Essay 1:

  1. Hayek, F, 1968, ‘Competition as a Discovery Process’, reprinted in Hayek, F., 1978, New Studies in Philosophy, Politics and Economics, Routledge and Keegan Paul. As reprinted in Initial Readings Pack.
  2. Hayek, F, 1945, ‘The Use of Knowledge in Society’, American Economic Review, Vol XXXV, No 4. Reprinted in Putterman, L. and Kroszner, R, eds, 1996, The Economic Nature of the Firm: A Reader, Cambridge University Press, Cambridge.

3.Pennington, M, 2007, ‘Hayek on Socialism’. Available at reprinted in Initial Readings Pack.

Essay 2:

  1. Keynes, J. M, 1936, The General Theory of Employment, Interest and Money. Reprinted as The Collected Writings of John Maynard Keynes: The General Theory, Royal Economic Society, Vol VII, Macmillan, London. Chapter 12.
  2. Lawson, T, 1995, ‘Expectations and Economics’ in Dow, S and Hillard, J. eds, Keynes, Knowledge and Uncertainty, Edward Elgar, Aldershot.
  3. Peukert, H, 2011, ‘Dysfunctional aspects of contemporary financial markets: diagnosis and prescription’, European Journal of Law and Economics

Essay 3.

  1. Powell, W, W, 1996, ‘Trust-Based Forms of Governance’ in Kramer, R, M, and Tyler, T, R, eds, Trust in Organizations, Sage, London.
  2. Belussi, F and Caldari, K, 2009, ‘At the origin of the industrial district: Alfred Marshall and the Cambridge School’, Cambridge Journal of Economics, Vol 33, No 2.
  3. De Propris, L and Lazzeretti, L, 2007, ‘The Birmingham Jewellery Quarter: A Marshallian Industrial District’, European Planning Studies, Vol 15 pp 1295-1325.

Essay 4.


1.Deakin, S and Pratten, S, 2000, ‘Quasi Markets, Transaction Costs and Trust: the Uncertain Effects of Market Reforms in British Television Production’, Television and New Media, Vol 1, No 3.

  1. Deakin, S, Lourenco, A and Pratten, S, 2009, ‘No ‘third way’ for economic organization? Networks and quasi-markets in broadcasting’, Industrial and Corporate Change, Vol 18, no 1.
  2. Born, G, 2004. Uncertain Vision: Birt, Dyke and the Reinvention of the BBC, Secker and Warburg, London. 

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