Political Economy is especially relevant for bringing in the world powers together to adopt a policy beneficial to all.
History of the term - Political Economy
The term 'political economy' made its inception in England in the 18th century. The study was meant to analyze the conditions under which production was carried out in the nation states under the capitalist regime. The propounder of the theory of political economy included Adam Smith, David Ricardo, Karl Marx and Thomas Malthus.
The Scope of political economy
Political economy , basically studies the development process of a polity, i.e. whether the polity is undergoing a surplus or a deficit.
Political economy is also concerned with the study of human activity in shaping the material world and the mechanism of distributing the surplus or deficit generated from such activities.
The disciplines that are related to the political economy are history, economics, law, human geography, ecology and international relations.
More information on the political economy is as follows:
Studies in Political Economy
Studies in political economy can be simply defined as by Adam Smith, is production and distribution of “wealth” in an economy through the “invisible hand”
Principles of Political Economy
Principles of Political Economy deals with the logic of understanding the economic and political relationship among various nations or states. Find detailed on the principles of political economy.
African Political Economy
African Political Economy has been focusing on various issues on politics of imperialism, developmental issues, agrarian economy development, the socio-economic aspects of class and gender in the recent years. Get detailed information on the African Political Economy.