"Political economy is a branch of political science and economics studying economic systems and their governance by political systems."
Political economy and globalization is the study of the reciprocal relationship between politics and economics, particularly focusing on the interplay between state policies, market forces, and international dynamics in shaping global economic systems.
Globalization: The process by which the world becomes increasingly interconnected economically, socially, culturally, and politically.
Political economy: The study of how political and economic forces interact to shape the distribution of power and resources.
Trade: The exchange of goods and services between countries, and the factors that affect it, such as tariffs, trade agreements, and global supply chains.
Capitalism and socialism: Economic systems that differ in the organization of production, distribution, and ownership of resources.
Markets: The allocation of goods and services through voluntary exchange, and the role of government in regulating them.
Development: The process of economic growth and social change, and the factors that influence it, such as investment, education, and technological innovation.
Multinational corporations: Large companies that operate in multiple countries, and the impact they have on the economies and societies in which they operate.
The role of the state: The ways in which governments use their power to influence economic outcomes, including taxation, regulation, and public spending.
International organizations: Institutions such as the World Bank, International Monetary Fund, and United Nations that facilitate cooperation among nations on economic, social, and political issues.
Inequality: The distribution of resources and opportunities within and between societies, and the factors that contribute to it, such as education, race, and gender.
Classical Political Economy: Classical Political Economy refers to the study of the relationships between economic systems, societal organizations, and political power during the modernization period, focusing on the ideas and theories of influential economic thinkers such as Adam Smith, David Ricardo, and Karl Marx.
Marxist Political Economy: Marxist Political Economy is an approach that analyzes the relationship between economic systems, specifically capitalism, and political power through the lens of Marxist theory.
Neoclassical Political Economy: Neoclassical Political Economy is a theoretical approach that applies economic principles to analyze political behavior and institutions, emphasizing rational decision-making, market efficiency, and limited government intervention.
Keynesian Political Economy: Keynesian Political Economy is an economic theory that emphasizes government intervention and spending to stabilize the economy and promote growth.
Institutional Political Economy: Institutional Political Economy examines the interaction between political institutions and economic systems to understand how these institutional arrangements shape economic outcomes and vice versa in a globalized world.
Feminist Political Economy: Feminist Political Economy critically examines the intersection of gender, economics, and power in order to understand and address the gendered dynamics of economic systems and policies.
Global Political Economy: Global Political Economy refers to the interdisciplinary study of the political and economic dynamics that shape and are shaped by globalization, analyzing how power relations, institutions, and policies influence the distribution of resources, wealth, and global development.
Developmental Political Economy: Developmental Political Economy is the study of how politics and economics interact to shape the development outcomes of countries, focusing on the role of the state in promoting economic growth and industrial transformation.
Comparative Political Economy: Comparative Political Economy refers to the study of how different political systems shape and are shaped by economic policies and outcomes, allowing for cross-country comparisons of political and economic dynamics.
Green Political Economy: Green Political Economy refers to the study of the intersection between environmental sustainability, economic systems, and political governance, focusing on the integration of ecological concerns into economic theory and policy-making.
"Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade."
"These economic systems are shaped by institutions, laws, and government policy."
"Political economy originated in the 16th century."
"The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo."
"The work of the French physiocrats, such as François Quesnay and Anne-Robert-Jacques Turgot, preceded the British scholars."
"The term 'economics' gradually began to replace the term 'political economy' in the late 19th century."
"This shift was driven by the increasing consensus of classical liberalism as natural-law, and persisted despite evidence to the contrary during the First World War."
"The term 'economics' usually refers to the narrow study of the economy absent other political and social considerations."
"The term 'political economy' represents a distinct and competing approach that takes into account political and social considerations alongside economic factors."
"Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics."
"Phenomena such as growth, distribution, inequality, and trade" are areas of interest.
"Economic systems are governed by political systems, including law, institutions, and government."
"The British scholars Adam Smith, Thomas Malthus, and David Ricardo played influential roles."
"Political" signifies the Greek word for "polity" and "economy" signifies the Greek word for "household management."
"The rise of mathematical modeling coinciding with the publication of an influential textbook by Alfred Marshall in 1890 contributed to the dominance of 'economics.'"
"William Stanley Jevons advocated economics for brevity and with the hope of the term becoming 'the recognised name of a science.'"
"The term 'economics' refers to the narrow study of the economy, absent other political and social considerations."
"Political economy represents a distinct and competing approach that considers political and social factors alongside economic factors."
"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."