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Encyclopedia > Political economy

Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. It developed in the 18th century as the study of the economies of states (also known as polities, hence the word "political" in "political economy"). In contradistinction to the theory of the Physiocrats, in which land was seen as the source of all wealth, some political economists proposed the labour theory of value (first introduced by John Locke, developed by Adam Smith and later Karl Marx), according to which labour is the real source of value. Many political economists also attracted attention to the accelerating development of technology, whose role in economic and social relationships grew ever more important..[citation needed] The Politics series Politics Portal This box:      Politics is defined as a group of people who are influenced to change laws and other such things to make the world a better place the process by which groups of people make decisions. ... Consent of the governed is a political theory that says a governments legitimacy and moral right to use state power is, or ought to be, derived from the people or society over which that power is exercised. ... Information on politics by country is available for every country, including both de jure and de facto independent states, inhabited dependent territories, as well as areas of special sovereignty. ... The Politics series Politics Portal This box:      Political history is the narrative and analysis of political events, ideas, movements, and leaders. ... The Politics series Politics Portal This box:      Political philosophy is the study of fundamental questions about the state, government, politics, liberty, justice, property, rights, law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate, what... The Politics series Politics Portal This box:      Political Science is the field concerning the theory and practice of politics and the description and analysis of political systems and political behaviour. ... The Politics series Politics Portal This box:      International relations (IR), a branch of political science, is the study of foreign affairs and global issues among states within the international system, including the roles of states, inter-governmental organizations (IGOs), non-governmental organizations (NGOs), and multinational corporations (MNCs). ... Main International Relations Theories and derivates Realism & Neorealism Idealism, Liberalism & Neoliberalism Marxism & Dependency theory Functionalism & Neofunctionalism Critical theory & Constructivism International relations theory attempts to provide a conceptual model upon which international relations can be analyzed. ... This is a list of notable political scientists. ... Comparative politics is a huge subfield of political science that studies the various forms of government found throughout the world. ... The Politics series Politics Portal This box:      Public administration can be broadly described as the study and implementation of policy. ... The Politics series Politics Portal This box:      Bureaucracy means political rule of offices. ... Street-level bureaucracy is a term used to refer to a public agency employee who actually performs the actions that implement laws. ... The Politics series Politics Portal This box:      Separation of powers a term coined by French political Enlightenment thinker Baron de Montesquieu[1][2], is a model for the governance of democratic states. ... The Politics series Politics Portal This box:      In law, the judiciary or judicial is the system of courts which administer justice in the name of the sovereign or state, a mechanism for the resolution of disputes. ... A legislature is a type of representative deliberative assembly with the power to adopt laws. ... Sovereignty is the exclusive right to exercise supreme political (e. ... The psychodynamics of decision-making form a basis to understand institutional functioning. ... The Politics series Politics Portal This box:      Politics is defined as a group of people who are influenced to change laws and other such things to make the world a better place the process by which groups of people make decisions. ... An election is a decision making process where people choose people to hold official offices. ... Voting is a method of decision making wherein a group such as a meeting or an electorate attempts to gauge its opinion—usually as a final step following discussions or debates. ... Political federalism is a political philosophy in which a group of members are bound together (Latin: foedus, covenant) with a governing representative head. ... A form of government (also referred to as a system of government or a political system) is a system composed of various people, institutions and their relations in regard to the governance of a state. ... Political Ideologies Part of the Politics series Politics Portal This box:      An ideology is an organized collection of ideas. ... Political campaign Part of the Politics series Politics Portal This box:      A political campaign is an organized effort to influence the decision making process within a group. ... Political parties Part of the Politics series Politics Portal This box:      A political party is a political organization that seeks to attain political power within a government, usually by participating in electoral campaigns. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... The labor theory of value (LTV) is a theory in economics and political economy concerning a market-oriented society: the theory equates the value of an exchangeable good or service (i. ... This article is about John Locke, the English philosopher. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ... By the mid 20th century humans had achieved a mastery of technology sufficient to leave the surface of the Earth for the first time and explore space. ...


In late 19th century, the term "political economy" was generally superseded by the term economics, which was used by those seeking to place the study of economy on a mathematical and axiomatic basis, rather than studying the structural relationships within production and consumption. (See marginalism, Alfred Marshall) This article needs additional references or sources for verification. ... Marginalism is the use of marginal concepts within economics. ... Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ...


In the present, political economy refers to a variety of different, but related, approaches to studying economic and political behavior, which range from combining economics with other fields, to using different fundamental assumptions which challenge those of orthodox economics:

  • Political economy is most commonly used to refer to interdisciplinary studies that draw on economics, law, and political science to explain how political institutions, the political environment, and capitalism influence each other. More narrowly construed, it may refer to applied topics in economics implicating public policy, such as monopoly, protection, government fiscal policy,[1] and rent seeking[2].
  • Within political science, the term refers to modern liberal, realist, Marxian, institutionalist and constructivist theories concerning the relationship between economic and political power among and within states.[citation needed]
  • Historians have employed the term to explore the various ways in the past that individuals or groups with common economic interests have utilized the political process to effect change over time that is beneficial to their interest.[citation needed]
  • "International political economy" is an interdisciplinary field comprising a variety of approaches that are concerned with international trade and finance, and state policies that affect international trade, such as monetary and fiscal policy. In the U.S. these approaches are associated with the journal International Organization, which became the leading journal of international political economy in the 1970s under the editorship of Robert Keohane; subsequent editors Peter J. Katzenstein and Stephen Krasner. They are also associated with the journal The Review of International Political Economy.
  • Economists and political scientists often associate the term with approaches using rational choice assumptions, particularly game theory, to explain phenomena beyond the standard remit of economics. In this context, the term "positive political economy" is common.[3]
  • Others, especially anthropologists, sociologists and geographers, use the term "political economy" to refer to neo-Marxian approaches to development and underdevelopment set forth by Andre Gunder Frank and Immanuel Wallerstein.
  • Some contemporary students of political economy treat economic ideologies as the phenomenon to be explained, following the traditions of Marxian political economy but lacking its deterministic class war assumptions. Thus, Charles S. Maier suggests that a political economy approach “interrogates economic doctrines to disclose their sociological and political premises.... in sum, [it] regards economic ideas and behavior not as frameworks for analysis, but as beliefs and actions that must themselves be explained.” [4] This approach informs research such as Andrew Gamble's The Free Economy and the Strong State (Palgrave Macmillan, 1988) and Colin Hay's The Political Economy of New Labour (Manchester University Press, 1999). This approach also informs much of the work published in New Political Economy an international journal founded in 1996 by scholars at Sheffield University in the UK. [5]

Contents

This article needs additional references or sources for verification. ... Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ... The Politics series Politics Portal This box:      Political Science is the field concerning the theory and practice of politics and the description and analysis of political systems and political behaviour. ... The phenomenon of rent-seeking was first identified in connection with monopolies by Gordon Tullock, in a paper in 1967. ... The Politics series Politics Portal This box:      Political Science is the field concerning the theory and practice of politics and the description and analysis of political systems and political behaviour. ... Look up liberal on Wiktionary, the free dictionary Liberal may refer to: Politics: Liberalism American liberalism, a political trend in the USA Political progressivism, a political ideology that is for change, often associated with liberal movements Liberty, the condition of being free from control or restrictions Liberal Party, members of... It has been suggested that Defensive realism be merged into this article or section. ... Note: Marxian is not restricted to Marxian economics, as it includes those inspired by Marxs works who do not identify with Marxism as a political ideology. ... Institutional political economy refers to a body of political economic thought stemming from the works of Thorstein Veblen, John Commons, Wesley Mitchell, John Dewey and more recent political economists such as Geoffrey Hodgson, Jonathan Nitzan and Shimshon Bichler. ... Main International Relations Theories Politics Portal This box:      In international relations, constructivism is the application of constructivist epistemology to the study of world affairs. ... An historian is someone who writes history, a written accounting of the past. ... International political economy (IPE) is a perspective in the social sciences and history that analyzes international relations in combination with political economy. ... International Organization is a peer-reviewed academic journal that covers the entire field of international affairs. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Peter Katzenstein (b. ... Stephen Krasner is currently the Director of Policy Planning at the United States Department of State. ... Rational choice theory assumes human behavior is guided by instrumental reason. ... Game theory is often described as a branch of applied mathematics and economics that studies situations where multiple players make decisions in an attempt to maximize their returns. ... Economic development is a sustainable increase in living standards that implies increased per capita income, better education and health as well as environmental protection. ... Underdevelopment is the state of an organism or of an organisation (e. ... Andre Gunder Frank (Berlin, February 24, 1929 – Luxembourg, April 23, 2005) was a German economic historian and sociologist who was one of the founders of the Dependency theory and the World Systems Theory in the 1960s. ... Immanuel Maurice Wallerstein (born 28 September 1930, New York City) is a U.S. sociologist by credentials, but a historical social scientist, or world-systems analyst by trade. ...

History of the term

The term political economy originally meant the study of the conditions under which production was organized in the nation-states of the new-born capitalist system.[citation needed] The term was first used in England in the 18th Century, to replace the earlier approach of the (French) physiocrats. The main exponents of Political Economy are Adam Smith, David Ricardo and Karl Marx. In 1805 Thomas Malthus became Britain's first professor of political economy at the East India Company College at Haileybury in Hertfordshire. The world's first professorship for political economy was established in 1763 at the University of Vienna, with Joseph von Sonnenfels as the first professor. The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... David Ricardo (18th April, 1772–11th September, 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ... 1805 was a common year starting on Tuesday (see link for calendar). ... Robert Thomas Malthus, FRS (13th February, 1766 – 29th December, 1834), usually known as Robert Malthus, although he preferred to be known as Thomas Malthus, was an English demographer and political economist. ... The East India Company College was from 1805 to 1858 the college of the British East India Company (EIC). ... Haileybury is a name used by various places and institutions: Places Haileybury, Ontario in Canada Institutions Haileybury and Imperial Service College, a coeducational English public school Lambrook Haileybury junior school at Winkfield Row, Bracknell, Berks. ... Hertfordshire (pronounced Hartfordshire and abbreviated as Herts) is an inland county in the United Kingdom and part of the East of England Government Office region. ... 1763 was a common year starting on Saturday (see link for calendar). ... The University of Vienna (German: Universität Wien) in Vienna, Austria is the oldest university in the current Austro-Hungarian domain; it formally opened in 1365. ... Joseph von Sonnenfels (1732, Nikolsburg/Mikulov, Moravia - April 25, 1817, Vienna) was an Austrian and German jurist and novelist He is a son of Perlin Lipmann, and brother of Franz Anton von Sonnenfels. ...


In America, political economy was first taught at the College of William and Mary in 1784; Adam Smith's Wealth of Nations was a required textbook. [1]. Glasgow University, where Smith held the chairs of Logic and Moral Philosophy, changed the name of its Department of Political Economy to the Department of Economics (ostensibly to avoid confusing prospective undergraduates) in academic year 1997-98, leaving the class of 1998 as the last to graduate with a Scottish MA degree in Political Economy. The College of William and Mary (also known as William & Mary, W&M or The College) is a small, selective, coeducational public university located in Williamsburg, Virginia, United States. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ...


Disciplines which relate to political economy

Because political economy is not a unified discipline, there are a variety of studies that use the term which have overlapping subject matter, but radically different viewpoints.


Sociology is the study of the effects of involvement in society on individuals as members groups, and how this changes their ability to function. Many sociologists begin from a framework of production determining relationship drawn from Karl Marx. This article does not cite any references or sources. ... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ...


Anthropology often studies political economy by studying the relationship between the world capitalist system and local cultures. Anthropology (from Greek: ἀνθρωπος, anthropos, human being; and λόγος, logos, knowledge) is the comparative study of the physical and social characteristics of humanity through the examination of historical and present geographical distribution, cultural history, acculturation, and cultural relationships. ...


Psychology is frequently the fulcrum around which political economy centers, in that it deals with decision making, not as being a black box whose effects are seen only in price decisions, but as being a source of study, and therefore the assumptions in a model of political economy. Psychology (from Greek: ψυχή, psukhē, spirit, soul; and λόγος, logos, knowledge) is an academic / applied discipline involving the scientific study of mental processes and behavior of humans and animals. ...


History since it documents change over time, is often used as a means of arguing in political economy, and often historical works have a framework of political economy which they assume or argue as the basis for the narrative structure. The title page to The Historians History Of The World. ...


Economics because political economy grows out of an economic framework. This article needs additional references or sources for verification. ...


Law since it concerns the creation of policy, or the mediation of policy ends through political acts which have specific individual results, is seen, in political economy, as both political capital and social infrastructure, on one hand - and as the result of the sociology of a society on the other. Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ...


Human Geography is concerned, amongst others, with economic and political processes with an emphasis on spatial and environmental aspects thereof. Population density by country, 2006 Human geography is a branch of geography that focuses on the study of patterns and processes that shape human interaction with the environment, with particular reference to the causes and consequences of the spatial distribution of human activity on the Earths surface. ...


Ecology is often involved in political economy, because human activity is one of the single largest effects on the environment, and because the suitability of the environment for human beings is a central concern. The ecological effects of economic activity on the environment have spurred research on changing incentives in the market economy. This article or section does not cite any references or sources. ...


International Relations often uses political economy to study political and economic development. The Politics series Politics Portal This box:      International relations (IR), a branch of political science, is the study of foreign affairs and global issues among states within the international system, including the roles of states, inter-governmental organizations (IGOs), non-governmental organizations (NGOs), and multinational corporations (MNCs). ...


References

  1. ^ Groenwegen (1987, p. 906).
  2. ^ Anne O. Krueger, "The Political Economy of the Rent-Seeking Society," American Economic Review, 64(3), June 1974, pp. 291-303
  3. ^ Alt, James E. and Kenneth Shepsle (eds.) (1990), Perspectives on Positive Political Economy (Cambridge [UK]; New York: Cambridge University Press).
  4. ^ Charles S. Mayer "In search of Stability: Explorations in Historical Political Economy", Cambridge University Press, Cambridge, 1987, pp. 3-6.
  5. ^ See for instance: David Baker, "The political economy of fascism: Myth or reality, or myth and reality?" New Political Economy, Volume 11, Issue 2 June 2006, pp. 227 – 250.
  • Groenwegen, Peter (1987). "'political economy' and 'economics'," The New Palgrave: A Dictionary of Economics, v. 3, pp. 904-07.
  • Winch, Donald, Riches and poverty : an intellectual history of political economy in Britain, 1750-1834 Cambridge [etc.] : Cambridge U.P., 1996.
  • Winch, Donald, "The emergence of Economics as a Science 1750-1870". In: The Fontana Economic History of Europe, Vol. 3. London: Collins/Fontana, 1973.

See also

The economic theory of collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior. ... Public choice theory is a branch of economics that studies the decision-making behavior of voters, politicians and government officials from the perspective of economic theory. ... The European Association for Evolutionary Political Economy (EAEPE) is a pluralist forum of social scientists that brings together the theorists and theoretical traditions to develop a more realistic and adequate approach to theory and policy. ... This article does not cite any references or sources. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Institutional economics focuses on understanding the role of human-made institutions in shaping economic behavior. ... This is a list of important publications in economics, organized by field. ... Socioeconomics or Socio-economics is the study of the relationship between economic activity and social life. ... Social capital is a core concept in business, economics, organizational behaviour, political science, and sociology, defined as the advantage created by a persons location in a structure of relationships. ...

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  Results from FactBites:
 
Political economy - Wikipedia, the free encyclopedia (4120 words)
Political economy, then, studies the mechanism of human activity in organizing material, and the mechanism of distributing the surplus or deficit that is the result of that activity.
Political economy, because it is concerned with a view of underlying reality, is often required to be multi-disciplinary in its approach.
Ecology is often involved in political economy, because human activity is one of the single largest effects on the environment, and because it is the suitability of the environment for human beings which is one of the central concerns of most human beings.
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