These events led to a search for a multidisciplinary approach or outlook that borrowed different theories, concepts, and ideas economic and social perspective essay political science and international relations—as well as from economics and sociology—to explain a variety of complicated international problems and issues.
Although politics and economics have been studied separately for analytic purposes and as academic disciplines, and although each has its own paradigms,… Historical development Political economy is a very old subject of intellectual inquiry but a relatively young academic discipline.
Economics and political economy The relationship between political economy and the contemporary discipline of economics is particularly interesting, in part because both disciplines claim to be the descendants of the ideas of Smith, Hume, and John Stuart Mill.
Mercantilists are closely related to realists, focusing on competing interests and capabilities of nation-states in a competitive struggle to achieve power and security. Since it went into effect inthe agreement has generated a good deal of controversy about whether it has created or eliminated jobs in the United States and Canada and about whether it has helped or harmed the environment, labour conditions, and local cultures in Mexico.
Indeed, Keynesianism was practiced by countries of all political complexions, including those embracing capitalism e. Such themes were evident in the s and the early 21st century when a number of politically and economically powerful and mostly Western multinational corporations were accused of exploiting women and children in unsanitary and unsafe working conditions in their factories in developing countries.
In the second half of the 20th century, as the social sciences especially economics but also political science became increasingly abstract, formal, and specialized in both focus and methodologypolitical economy was revived to provide a broader framework for understanding complex national and international problems and events.
Mainstream political economy had evolved into economic science, leaving its broader concerns far behind.
With the publication in of Foundations of Economic Analysis by Paul Samuelsonwho brought complex mathematical tools to the study of economics, the bifurcation of political economy and economics was complete.
This example reflects the complex calculus involved as governments attempt to balance both their political and their economic interests and to ensure their own survival.
As in the case of tax policy, for example, government policies are assumed to support the interests of the rich Thailand: from a political elites over those of the masses.
The so-called Keynesian revolution, which occurred at a time when governments were attempting to ameliorate the effects of the worldwide Great Depression of the s, contributed to the rise of the welfare state and to an increase in the size of government relative to the private sector.
Different analytic frameworks examine the direct effects of tariffs as well as the effects on economic choices in related markets.
Comparative political economy studies interactions between the state, markets, and society, both national and international. Although the field itself was new, some of the ideas and approaches it drew upon were centuries old. The influence of political and societal actors e. The analysis of political economy in terms of the nature of state and market relationsboth in practical terms and as moral philosophyhas been traced to Greek philosophers such as Plato and Aristotle as well as to the Scholastics and those who propounded a philosophy based on natural law.
Likewise, sociologists and some political scientists also are interested in the extent to which policies are generated primarily from above by elites or from below by the public.
Individuals intend to advance only their own welfare, Smith asserted, but in so doing they also advance the interests of society as if they were guided by an invisible hand.
As many analyses by political economists have revealed, in actual government decision making there is often a tension between economic and political objectives. Since the s, for example, the relationship between the United States and China has been replete with difficulties for both countries.
Kissinger found himself unable to understand the issues without the assistance of an economist. Nothing is more illustrative Thailand: from a political the inherently interdisciplinary nature of international relations inquiry than the nexus between economic and political factors.
The pre-modern and modern cases presented in this volume reveal that different modes of exchange have coexisted throughout human history. The field of political economy today encompasses several areas of study, including the politics of economic relations, domestic political and economic issues, the comparative study of political and economic systems, and international political economy.
In particular, political economic analysis might take into account how tariffs can be used as a strategy to influence the pattern of national economic growth neo-mercantilism or biases in the global system of international trade that may favour developed countries over developing ones neo-Marxist analysis.
The economic analysis of tariff policies, for example, focuses on the impact of tariffs on the efficient use of scarce resources under a variety of different market environmentsincluding perfect or pure competition several small suppliersmonopoly one suppliermonopsony one buyerand oligopoly few suppliers.
Rational-choice theoristsfor example, analyze individual behaviour and even the policies of states in terms of maximizing benefits and minimizing costs, and public-choice theorists focus on how policy choices are shaped or constrained by incentives built into the routines of public and private organizations.
Thailand: from a political did not so much result in the development of a new school of political economy as emphasize the continued relevance of the older, more-integrated type of analysis, which explicitly sought to trace the connections between political and economic factors.
In the midth century communist historian and economist Karl Marx —83 proposed a class-based analysis of political economy that culminated in his massive treatise Das Kapitalthe first volume of which was published in For example, the German-born economist Andre Gunder Frank made popular the idea that, when developing countries connect to the West, they become underdeveloped.
Liberals are optimistic about the ability of humans and states to construct peaceful relations and world order. Led by the American economist Milton Friedman and other proponents of monetarism the view that the chief determinant of economic growth is the supply of money rather than fiscal policyneoliberals and others argued that the state should once again limit its role in the economy by selling off national industries and promoting free trade.
His work—in particular his concept of comparative advantagewhich posited that states should produce and export only those goods that they can generate at a lower cost than other nations and import those goods that other countries can produce more efficiently—extolled the benefits of free trade and was pivotal in undermining British mercantilism.
The writings of the Scottish economist Sir James Steuart, 4th Baronet Denhamwhose Inquiry into the Principles of Political Economy is considered the first systematic work in English on economics, and the policies of Jean-Baptiste Colbert —83controller general to Louis XIV of France, epitomize mercantilism in theory and in practice, respectively.
Although ostensibly a value-free exercise, such economic analysis often implicitly assumes that policies that maximize the benefits accruing to economic actors are also preferable from a social point of view. During the Vietnam Warhowever, a growing decrease in the value of the U.
International political economy International political economy studies problems that arise from or are affected by the interaction of international politics, international economics, and different social systems e.
Economic liberals, in particular, would limit the role of the state in the economy in order to let market forces decide political and social outcomes. Arguments such as these gave credence to individual-centred analysis and policies to counter the state-centred theories of the mercantilists.
The distinction between foreign and domestic becomes as uncertain as the distinction between economics and politics in a world where foreign economic crises affect domestic political and economic interests through trade and financial linkages or through changes in security arrangements or migrant flows.editorials to tell the world not to be afraid of China’s economic power.
American Singapore) with Thailand being independent. What is more, the hegemonic political India and China: An Essay in Comparative Political Economy by Meghnad Desai -- Prepared for an IMF Conference on India and China, in New Delhi, November The impact of economic, political and social globalization on overweight and obesity in the 56 low and middle income countries.
THAILAND ECONOMIC MONITOR Digital Transformation. THAILAND ECONOMIC MONITOR: in the delivery of basic economic and social services to people, ranked Thailand at 77 out of countries. perspective (including private sector data).
For example, an increasing amount of data will be generated by.
Political Essay; Political Essay "The Nature of Political Economy” African Social & Political Thought; Thailand Political Culture; Rational Choice Theory in Political Science; The Economic and Political Perspective; Political Instability in Modern African State; Political Violence.
- Introduction In depicting the International Political Economy, Susan Strange, () in her work “States and Markets” depicts it as a concern of social, political and economic arrangements that affect global systems of production, exchange and distribution and the mix of values reflected therein (Murphy and Tooze, ).
GENDER AND THE POLITICAL ECONOMY OF SEX TOURISM IN KENYA’S COASTAL RESORTS1 BY 1 A paper first presented at the International Symposium/Doctorial Course on Feminist Perspective on Global Economic and Political Systems and Women’s struggle for Global Justice at Sommoroya Hotel, This paper discusses gender and .Download