Lecture 2 - 1/24/08 Political Economies Relationship...

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1/24/08 Political Economies Relationship between economies and society Looks at the problems of the origins of the economy and its relation to society Econ – what happens Political econ – why it happens Econ as a science? Law-like patterns in the way people act Can be put into models of an abstract nature No real way to test with all variables in place Based on observation and not experimentation (most of the time) Assumes the abstract models of human nature Why are economists not in charge of the economy? Politicians in charge though they are advised by economists Often do things with other rational that has nothing to do with the science of econ Political economy discusses the relationship between science and power Not interested in building abstract models of the world Interested in explaining the nature of power and the economy Studies interaction between power and various economic ideologies Polanyi “Our Obsolete Market Mentality” The 130 year experiment of trying to build a world market/economy has come to an end The international economy disintegrated completely after the WWII This was the end to the ideal of the free market and the resurgence of the idea of planned economies of different types
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The idea of the free market as the chief unifying ideology of the world discredited itself and was left for dead o 30 years after the publication his assessment was proved false 2 nd school of thought (Huntington) Claims that the post cold war world (1990-) is the end of the economy
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Lecture 2 - 1/24/08 Political Economies Relationship...

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