Political Economy taking a look at the way specifically that goods services money etc.
Political economy it's interaction of politics and economics. power and money go together.
politics is study of power and economics is study of the creation and distribution of wealth then political economy is about how different state and power structures will lead to different kinds of creation and wealth distribution system and as a matter of fact also the different kinds of idelogies.
Key Concept of economy politics:
- Markets - buying and selling behaviour so what are people buying, what are people selling and when you aggregate that among lots of people are buying and selling, you have a market
- Property - is the ability to do with what you want with an object so if I own this Ipad that I'm using to create this class the extent that I get to decide what to do with it to the exclusion of other I have private property of property right
- Public Goods - they're things that are diffused to everyone and they usually come from a state mechanism
Theories of political economy:
- Liberalism - free market view. it thinks that you should have property and be able to do things with which you want to do with those things
- Merchantilism - the state should have the most power so that economies and money you know gold should be coming back to increase the power
- Communism argues that everyone should have equal amounts and that eventually stageful wither away as the result of people jointly owned any everything
- Social Democracy is kind of mix of liberalism and communism says you're gonna have a market but it needs to be a regulated one and that Government is gonna provide a lot of social services to make up for the issues in the share market now.
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