Political Economy political economy

Marxist-Leninist political economy is built up by applying the fundamental propositions of dialectical and historical materialism to the study of the economic structure of society. The productive forces are the most mobile and revolutionary factor in production. The development of production begins with changes in the productive forces-first of all with changes and development in the instruments of production, and thereafter corresponding changes also take place in the sphere of production relations.

In the 1970s, US hegemony appeared to be on the decline, which prompted scholars to consider the likely effects of this decline. Robert Keohane coined the term Hegemonic stability theory in a 1980 article for the notion that the international system is more likely to remain stable when a single nation-state is the dominant world power, or hegemon. Keohane’s 1984 book After Hegemony, used insights from the new institutional economics, to argue that the international system could remain stable in the absence of a hegemon. The liberal view point generally has been strong in Western academia since it was first articulated by Smith in the eighteenth century. Only during the 1940s to early 1970s did an alternative system, Keynesianism, command wide support in universities.

Lenin, founder of the Communist Party and the Soviet State, brilliant continuer of the work of Marx and Engels. In his work of genius, Capital, Marx revealed the laws of the rise, development and’ downfall of capitalism; and showed, the economic grounds for the inevitability of socialist revolution and the establishment of the dictatorship of the proletariat. Marx and Engels worked out in general terms the theory of the transition period from capitalism to socialism and of the two phases of communist society. Lenin pointed out that political economy must be expounded in the form of the characterisation of the successive periods of economic development. In conformity with this, in the present course of political economy, the basic categories of political economy -commodity, value, money, capital, etc.- are examined in the historical order of succession in which they arose at different stages in the development of human society.

The first edition of the Political Economy textbook, published at the end of 1954 in over six million copies, was rapidly sold out. Besides the Russian original, there were versions in many of the languages of the peoples of the U.S.S.R., and the book was also published in a number of foreign countries. In particular, the political economy of extraction remained a primary logic of accumulation in the postcolony. If you are a current King’s student in receipt of theKing’s Living Bursary you are not required to pay a deposit to secure your place on the programme. Please note, this will not change the total fees payable for your chosen programme. Please note that modules with a practical component will be capped due to educational requirements, which may mean that we cannot guarantee a place to all students who elect to study this module.

Scholars have questioned the empirical validity of the models derived from OEP scholarship on money and trade, as well as questioned the ability of OEP scholarship to explain momentous events in global political economy. Challengers to the OEP framework include behavioral approaches , and economic geography approaches. According to Stephanie Rickard, OEP scholars have modified their models to incorporate incomplete information and economies of scale . Erica Owen and Stephanie Walter similarly argue that “second-generation” OEP frameworks incorporate both material and ideational preferences. Consequently, the development of the various social formations is governed both by their own specific economic laws and also by those economic laws which are common to all formations, e.g., the law of obligatory correspondence of the production relations to the character of the productive forces.

Msc Political Science And Political Economy

Alongside with formal economic theories of international economics, trade, and finance, which are widely utilised within the discipline, IPE thus stresses the study of institutions, politics, and power relations in understanding the global economy. In the monetary field there is the interaction between the sovereign debt crisis in the Eurozone, the political responses to the crisis and the institutional reforms that the evolving crisis have imposed on the Eurozone. In the field of international political economy we focus on the EU’s foreign economic policies and the EU’s role in shaping global economic regimes such as the international investment regime or the World Trade Organization. We study how different social models affect the workings of capitalism and how the different varieties of capitalism in turn influence social models. Another area of research relates to the interaction between the labour market institutions and the economic governance of the EU and the Eurozone.

  • It was created as a means of combining political and economic analyses of capitalism which were viewed by the founders to be insufficient as independent disciplines in explaining the 2008 financial crisis.
  • In consequence, the products of labour belong to the working people themselves.
  • The table details examples of expansionary lines in economic geography and the emphases, subjects, and objects of interest and the political or ontological projects to which they are connected.
  • Capitalism is an economic system whereby monetary goods are owned by individuals or companies.

As such, rural places are hybrids of human and nonhuman, and local and global, components, which can look different from different vantage points—including the perspectives of “othered” rural residents. Furthermore, the scope of political economy is not only confined to the boundaries of a country but also extends to an international approach. Globalization has increased the need to comprehend the relations between two nations on the grounds of the political environment as well as trade exchanges. The growth of multi-national companies has been synonymous with growth in employment generation. But government supervision is necessary to safeguard the interests of the workers as well. This leads to the formulation of labour protection laws and their proper execution.

What Is The Primary Concern Of Political Economy?

The material premises for the replacement of old production relations by new ones arise and develop within the womb of the old formation. The new production relations open up scope for the development of the productive forces. Yet, the United States remains one of the least regulated markets among high-income countries and is one of only a small number of high-income countries not to have ratified the Framework Convention on Tobacco Control. These various political and economic factors interact to shape the health of Americans unevenly, contributing to the country’s extensive health disadvantage. For example, unhealthy products not only increase the overall burden of chronic diseases in the United States but also directly contribute to inequalities in these diseases since less advantaged population groups (e.g., those experiencing poverty) are more vulnerable.

People outside the government are often more concerned with the outcome of the economic policies implemented. This research project investigates and compares the business models of forced labour within global agricultural supply chains led by UK-based companies, focusing on case studies of tea and cocoa. The project’s partners include Yale University and the International Labour Organization. The degree to which Ricardo-Viner and Heckscher-Ohlin are correct is conditioned by whether workers have profit-sharing institutions or are unionized . He has also challenged Milner and Kubota’s study on trade liberalization in developing countries, as he shows that democratic developing countries frequently repressed labor unions amid trade liberalization. This basic economic law expresses the essence of the given mode of production and determines its main aspects and line of development.