The Nature of Political Economy

The Nature of Political Economy - The Nature of Political...

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The Nature of Political Economy Robert Gilpin Relationship between economic and politics is a reciprocal one. Economic and technological forces created an interdependent world economy, but the nation- states continue to be the unit of political decision making. The author examines 3 major ideologies of political economy. The meaning of political economy The relationship between economic and politics translates into that of wealth and power. Wealth is anything that can generate income (capital, land, or labour); physical assets and human capital are part of it Basic concept of political science: power (military, economic and psychological). Power is the means to achieve state’s goals (welfare, security, prestige). Force is the ultimate form of power. Economics: science of wealth Politics: science of power Three conceptions of political economy Liberalism Marxism Mercantilism Nature of economic relations Harmonious Positive-sum game More efficient use of world’s scarce resources
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The Nature of Political Economy - The Nature of Political...

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