What Is Political Economy, and Why Does It Matter?

By Jonas Bunte

I recently had the pleasure of joining Willy Geiger for an episode of his podcast series Ackerdemics, which has now been published online. Willy is a lecturer in the WU course “Zukunftsfähiges Wirtschaften – Vertiefung und Anwendung,” which encourages students to critically examine the complex relationships among economy, society, and agriculture through discussion, reflection, and engagement with practitioners and experts.

Beyond his teaching activities, Willy is also the founder of BauertothePeople, a project dedicated to fostering dialogue about food systems, society, and sustainability. He describes his own approach as one of “constructive cluelessness” (“konstruktive Ahnungslosigkeit”) — the idea that every apparent answer opens up new perspectives and further questions. This spirit of curiosity and open exchange strongly shaped our conversation, which was recorded live in front of students as part of the course. The episode explores a broad range of questions related to international political economy, sustainability, and the future of economic systems, while also offering listeners an accessible introduction to some of the core themes we discuss in our teaching and research at the Institute for International Political Economy.

During the conversation, we discussed what political economy actually is and how it differs from more traditional approaches in economics. Rather than viewing markets as isolated mechanisms, political economy asks who shapes the rules of the economy, whose interests prevail, and how political and economic power interact. We also reflected on what “future-oriented” or sustainable economic systems might look like and examined these questions from different perspectives — ranging from individuals and consumers to companies, governments, and international institutions. Topics included the “citizen-consumer gap,” corporate social responsibility, international debt politics, and the role of states in shaping economic development. Throughout the discussion, students actively participated through live polls and questions, creating a highly interactive and engaging atmosphere.

What I particularly appreciated about the conversation was its openness and curiosity. Rather than searching for simple answers, the discussion focused on how we can ask better questions about the economic and political challenges societies currently face. We also spoke about the role universities can play as spaces for dialogue, reflection, and constructive disagreement. I am grateful to Willy Geiger for the invitation and for creating a format that brings academic ideas into a broader public conversation. Students and readers interested in topics such as political economy, global debt, and economic transformation may enjoy listening to the episode. Check it out here.

Sign up for our mailing list for regular updates from the Institute. You can find the Subscription form here: Subscribe to the newsletter.