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30-511: The establishment of the program was controversial, with several professors sending a letter to CMC president Pamela Gann saying they were concerned that the gift would "distort the college into a single focus trade school." In 2007, the founder and Chairman of Trust Company of the West and Trustee and former Chairman of the Board of Trustees of Claremont McKenna College , Robert A. Day (’65), made

60-490: A $ 200 million individual gift, the largest donation ever made to a liberal arts college at the time, to Claremont McKenna College for the purpose of creating a one-year graduate program that would emphasize finance, accounting, organizational behavior and leadership as well as a scholarship for seniors at the Claremont Colleges. While both programs share the same name, the master's program is an addition, rather than

90-476: A 31% interest in the firm. As of June 30, 2024, TCW had $ 197 billion of assets under management or committed to management. The President and CEO of The TCW Group is Katie Koch. Political economy Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies ) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within

120-644: A change, to the established undergraduate program which offers majors in both economics and economics-accounting as well as a financial economics sequence that students can earn in addition to any major. The master's program accepted the first students, 20 members of the class of 2010, in the beginning of 2009. At the undergraduate level, the Robert Day School offers a broad array of coursework in economics, finance, and accounting. The undergraduate majors build of theoretical foundations of microeconomics and macroeconomics , and stress applications of theory to

150-410: A co-curricular program of leadership development workshops, which are designed to develop students’ understanding of the importance of a strong ethical foundation in decision-making settings as well as to broaden their skill sets in areas regarding leadership and communications. The Robert Day School's faculty has 30 full-time tenured or tenure-track faculty members in residence. Faculty offer courses in

180-500: A controlling interest in The TCW Group. On February 24, 2010, TCW announced the completion of its acquisition of Metropolitan West Asset Management LLC (MetWest), a leading fixed income investment management firm. In February 2013, TCW management and alternative asset manager The Carlyle Group acquired TCW Group from Société Générale. As a result of the transaction, TCW management and employees increased their ownership in

210-471: A modern precursor to Classical Economic thought. Leading on from this, the French physiocrats were the first major exponents of political economy, although the intellectual responses of Adam Smith , John Stuart Mill , David Ricardo , Henry George and Karl Marx to the physiocrats generally receive much greater attention. The world's first professorship in political economy was established in 1754 at

240-457: A thesis in their respective major, which is a requirement for graduation. The school offers undergraduates a one-year master's degree in finance. The program consists of a combination of coursework and co-curricular activities. The graduate curriculum is a set of courses in financial economics that leads to a Master of Arts in Finance. Historically, there are between 20 and 25 students pursuing

270-416: A variety of topics, as reflected in over 40 upper-level courses. Many students choose to double major in subjects such as mathematics, psychology, or history. Another popular option is to augment the major with a sequence. Students may participate in research with faculty, sponsored by the various research institutes on campus, and all students conduct their own research with a faculty advisor that culminates in

300-651: Is a microfoundations theory closely intertwined with political economy. Both approaches model voters, politicians and bureaucrats as behaving in mainly self-interested ways, in contrast to a view, ascribed to earlier mainstream economists, of government officials trying to maximize individual utilities from some kind of social welfare function . As such, economists and political scientists often associate political economy with approaches using rational-choice assumptions, especially in game theory and in examining phenomena beyond economics' standard remit, such as government failure and complex decision making in which context

330-631: Is an asset management firm based in Los Angeles , California . Founded by Robert Addison Day in 1971 and headquartered in Los Angeles, TCW manages a broad range of investment products. The TCW Group was originally known as Trust Company of the West . TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as foreign investors and high-net-worth individuals. In 2001, Société Générale (SocGen) acquired

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360-667: The University of Naples Federico II in southern Italy . The Neapolitan philosopher Antonio Genovesi was the first tenured professor. In 1763, Joseph von Sonnenfels was appointed a Political Economy chair at the University of Vienna , Austria. Thomas Malthus , in 1805, became England's first professor of political economy, at the East India Company College , Haileybury, Hertfordshire . At present, political economy refers to different yet related approaches to studying economic and related behaviours, ranging from

390-595: The political business cycles , central-bank independence and the politics of excessive deficits. An interesting example would be the publication in 1954 of the first manual of Political Economy in the Soviet Union, edited by Lev Gatovsky , which mixed the classic theoretical approach of the time with the soviet political discourse. A rather recent focus has been put on modeling economic policy and political institutions concerning interactions between agents and economic and political institutions , including

420-607: The FEI sponsors a trip that allows Claremont McKenna College students to visit some of the leading financial institutions in New York City. The Lowe Institute supports individual faculty research covering a broad range of topics in political economy . The Institute sponsors a scholars program for independent student research, brings speakers to campus, as well as sponsors workshops and conferences. Research results are published in professional journals. TCW Group TCW Group

450-555: The Robert Day School include the Financial Economics Institute and the Lowe Institute of Political Economy. The Financial Economics Institute (FEI) administers a unique curricular program, the financial economics sequence, which is distinguished both by its liberal arts emphasis and quantitative orientation. FEI provides databases and other resources to support faculty and student research. Each year,

480-547: The administration of states' wealth; political signifying the Greek word polity and economy signifying the Greek word οἰκονομία ; household management. The earliest works of political economy are usually attributed to the British scholars Adam Smith , Thomas Malthus , and David Ricardo , although they were preceded by the work of the French physiocrats , such as François Quesnay and Anne-Robert-Jacques Turgot . In

510-554: The combination of economics with other fields to the use of different, fundamental assumptions challenging earlier economic assumptions. Political economy most commonly refers to interdisciplinary studies drawing upon economics , sociology and political science in explaining how political institutions, the political environment, and the economic system — capitalist , socialist , communist , or mixed —influence each other. The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1)

540-587: The discipline are systems such as labour markets and financial markets , as well as phenomena such as growth , distribution , inequality , and trade , and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics . Political economy originated within 16th century western moral philosophy , with theoretical works exploring

570-556: The distinction between "profit" and "sustenance", in modern political economy terms, surplus and that required for the reproduction of classes respectively. He also calls for the creation of a science to explain society and goes on to outline these ideas in his major work, the Muqaddimah . In Al-Muqaddimah Khaldun states, "Civilization and its well-being, as well as business prosperity, depend on productivity and people's efforts in all directions in their own interest and profit" – seen as

600-462: The firm to approximately 40% on a fully diluted basis, better aligning interests with clients. Equity for the investment came from two Carlyle investment funds and from TCW management. In December 2017, Nippon Life Insurance Company purchased a 25% minority stake in TCW from The Carlyle Group. As a result of the purchase, ownership by TCW management and employees increased to 44%, while Carlyle maintains

630-421: The importance of institutions , backwardness , reform and transition economies , the role of culture , ethnicity and gender in explaining economic outcomes, macroeconomic policy , the environment , fairness and the relation of constitutions to economic policy , theoretical and empirical. Other important landmarks in the development of political economy include: Because political economy

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660-408: The late 19th century, the term economics gradually began to replace the term political economy with the rise of mathematical modeling coinciding with the publication of the influential textbook Principles of Economics by Alfred Marshall in 1890. Earlier, William Stanley Jevons , a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of

690-704: The master's degree in finance through the one-year program. Following graduation, students have continued on to get their PhDs or to work at firms in investment banking, private wealth management, and others. The Robert Day Scholars Program is a fellowship program for both undergraduate and graduate students who pursue coursework combining economics, accounting, finance and leadership studies. The Scholars program provides merit-based tuition scholarships to approximately 20 undergraduates and 25 graduate students per year. This program prepares students for leadership roles in business, finance, government, and non-profit organizations . The Robert Day Scholars are also provided with

720-478: The primary fields of economics. Notable faculty members include William Ascher , Brock Blomberg , and Eric Helland . Since its founding, the Robert Day School has appointed two deans, Janet Smith (2007–2010) and Brock Blomberg (2010–present). Claremont McKenna College has ten research institutes that serve to enrich the curriculum and provide research opportunities for students working closely with faculty scholars. Institutes of particular relevance to

750-557: The role of government and/or class and power relationships in resource allocation for each type of economic system ; (2) international political economy , which studies the economic impacts of international relations ; and (3) economic models of political or exploitative class processes. Within the field of political science, there is generally a distinction between international political economy (studied by international relations scholars) and comparative political economy (studied by comparative politics scholars). Public choice theory

780-476: The seeming discrepancy of economic policy and economist's recommendations through the lens of transaction costs . From the mid-1990s, the field has expanded, in part aided by new cross-national data sets allowing tests of hypotheses on comparative economic systems and institutions. Topics have included the breakup of nations, the origins and rate of change of political institutions in relation to economic growth , development , financial markets and regulation,

810-413: The term political economy represents a distinct and competing approach. Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis on economics, which comes from the Greek oikos (meaning "home") and nomos (meaning "law" or "order"). Political economy

840-409: The term "positive political economy" is common. Other "traditional" topics include analysis of such public policy issues as economic regulation , monopoly , rent-seeking , market protection , institutional corruption and distributional politics. Empirical analysis includes the influence of elections on the choice of economic policy, determinants and forecasting models of electoral outcomes,

870-404: The term becoming "the recognised name of a science". Citation measurement metrics from Google Ngram Viewer indicate that use of the term economics began to overshadow political economy around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term economics usually refers to the narrow study of the economy absent other political and social considerations while

900-607: Was thus meant to express the laws of production of wealth at the state level, quite like economics concerns putting home to order. The phrase économie politique (translated in English to "political economy") first appeared in France in 1615 with the well-known book by Antoine de Montchrétien , Traité de l'economie politique . Other contemporary scholars attribute the roots of this study to the 13th Century Tunisian Arab Historian and Sociologist , Ibn Khaldun , for his work on making

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