"The Nature of Political Economy”

The international political economy can be defined as having three different ideologies, Liberalism, Mercantilism, and Marxism. I personally believe the economic liberalism ideology is superior to the others due to its success. In order to understand why economic liberalism is the most convincing ideology of the international political economy we must look not only at the core principles of said ideologies but towards the history of the international political economy and the flaws and shortcomings of them.

Global Political Economy is essentially a study of a political battle between the winners and losers of global economic exchange. In fact, understanding global economy relies on a clear knowledge of the process of political competition. Political power possessed by actors regulates economic activity and in turn this creates the basis for and affects political power. Through, critical analysis of the concept of global political economy it becomes clear that there are three prominent theories that form GPE, mercantilism, economic liberalism and Marxism.

The language of the article is politically based, and there are vocabulary words that are not common knowledge. The article is broken down by headings, which makes the document easily navigated. The graphics within the article give the readers a visual break, but they also show the text in picture form, which is sometimes easier to understand. The graphs that the author uses are prevalent in the field of political science, however they are not always helpful to non-intellectuals’ because they are data driven. A benefit of this article is that it is relatively concise and does not have many unnecessary phrases. A downside of this article is that it is formatted with text in columns, which decreases comprehensiveness and

Gerson P. Lima stresses that the economic policy has been commanded by the central banks´ shareholders, since the supposed core of the democratic political power, the Congress, transferred to them the exclusive political power of printing money. It may be expected that whoever has the power of printing money do it for the own sake and who has sufficient money has the power to buy everything one desires, like a powerful army, a communication vehicles worldwide system, the pharmaceutical industry, universities, economic think tanks, man´s conscience, convenient laws, etc., and use them to reach whatever the one´s ends may be. So, the contribution of economics to a democratic economic policy should be a sound real world economic theory. Therefore, Lima proposes “an attempt to present a modern version of an old theory, with the aid of an experiment” then “suggesting a starting point to the development of a real world economic theory reliable enough to replace the

As a result, these people might subsequently believe that the translation of ideology described in this paper was driven by the same economic and corporate reasons. This paper will not get so radical as to support these theories, and any corporate/economic/conspiracy theories relating to the desire to intervene will be disregarded.

International political economy is an important subdiscipline of international relation. It has three main ideologies, Liberalism, Mercantilism and Marxism. In this essay there will be three parts, first part is to demonstrate what the Liberalism and Mercantilism are on the perspective of international political economy and then the second part is to compare and contrast these two ideologies of political economy. At last, give a conclusion to the Liberalism and Mercantilism.

What distinguishes political science as an academic discipline is its emphasis on government and power. However, the study of government and power is not confined to political science, it naturally permeates into other cross-disciplinary connections as well. Economic and political processes are closely related because the actions expand and, or constrain economic activity. For examples, Republicans are more likely to promote free-market policies such as tax breaks and business deregulation, while Democrats favor business regulation and government intervention. Additionally, economic conditions have had a direct influence on political institutions throughout history. The outcomes of numerous presidential and congressional elections have been determined based on the economy. Too many political quarrels are economic and in short, based on Laswell's "Who gets what?" theory, an argument of Who gets What, When and How?

Throughout history, countries have developed economic systems according to their political ideology. The nation’s ideology directly influences and becomes entrenched in economic decisions of the state. Whether a country develops a free market, a mixed, or a command economy, the foundation of the system lies in how to people choose to use and distribute resources.

The Global Financial Crisis, also known as The Great Recession, broke out in the United States of America in the middle of 2007 and continued on until 2008. There were many factors that contributed to the cause of The Global Financial Crisis and many effects that emerged, because the impact it had on the financial system. The Global Financial Crisis started because of house market crash in 2007. There were many factors that contributed to the housing market crash in 2007. These factors included: subprime mortgages, the housing bubble, and government policies and regulations. The factors were a result of poor financial investments and high risk gambling, which slumped down interest rates and price of many assets. Government policies and regulations were made in order to attempt to solve the crises that emerged; instead the government policies made backfired and escalated the problem even further.

Romer, David. “Misconceptions and Political Outcomes.” Economic Journals, Royal Economic Society, vol. 113(484), pages 1-20, January 2003

The definition of political economy is not simple. This essay uses the definitions given by Vincent Mosco and explores its origin in Greek and inspiration from the Classical Political Economy. Apart from the Classical Political Economy, this essay also describes other forms of this approach, such as Critical Political Economy and Neoclassical Political Economy. Latter the characteristics of political economy study are also discussed based on Vincent Mosco’s work in the 1990s.

According to the specialists, there are many reasons for this global financial crisis. We try to focus some prime reasons behind this

Due to the rapid process of globalization, the issue of whether socio-economic institutions and policies are converging or diverging across different nations has become controversial. Various literatures on comparative institutional studies has been developed, in which the Varieties of Capitalism approach by Hall and Soskice (2001) is one of the most significant concepts that is being widely discussed. According to Hall and Thelen (2005), the ‘varieties of capitalism’ is a firm-centered approach where firm is placed as a key actor and is being considered relational. It emphasizes the concept of institutional complementarities, which ‘…one set of institutions is complementary to another when its presence raises the returns

Political economy is the study of production and trade and their links with custom, government and law. It is the study and use of how economic theory and methods influence and develop different social and economic systems, such as capitalism, socialism and communism, and it analyzes how public policy is created and implemented. Since various individuals and groups have different interests in how a country or economy is to develop, political economy as a discipline is a complex field, covering a broad array of potentially competing interests (Investopedia).

There are many differences between mainstream economics/neoclassical economics and political economics. Currently, mainstream and neoclassical economics are the dominant approach in economics. They use math to prove theories and to forecast events. If someone progresses as an economics major, they will enroll in statistic classes and econometrics, which is more quantitative. Since mainstream and neoclassical economics are more measurable, there is a higher chance for error. In order to ensure the work is scholarly, it is important to make sure one confirms their calculations. Furthermore, in neoclassical economics, there are many more assumptions. An assumption is an “if” statement that many economists use to explain their thoughts.