Podcast
Questions and Answers
Political economy views the economy as embedded in its social and political context, opposing the idea of it being a separate entity driven solely by individual ______.
Political economy views the economy as embedded in its social and political context, opposing the idea of it being a separate entity driven solely by individual ______.
self-interest
Social relations are the general link between the economy and society, with political economists asserting that economic activity is fundamentally grounded in these ______.
Social relations are the general link between the economy and society, with political economists asserting that economic activity is fundamentally grounded in these ______.
social relations
The transition from feudal ties to market competition highlights how social relations evolve over time, leading to the wage relationship becoming a key social relationship shaping economic and human ______.
The transition from feudal ties to market competition highlights how social relations evolve over time, leading to the wage relationship becoming a key social relationship shaping economic and human ______.
development
Power dynamics underpin social relationships, exemplified at the international level by institutions like the WTO and countries like the US wielding greater influence in setting trade ______.
Power dynamics underpin social relationships, exemplified at the international level by institutions like the WTO and countries like the US wielding greater influence in setting trade ______.
The 'secret life of a banana' illustrates how power structures social relationships between groups in different locations, with supermarkets and multinational firms holding more influence than small Caribbean ______.
The 'secret life of a banana' illustrates how power structures social relationships between groups in different locations, with supermarkets and multinational firms holding more influence than small Caribbean ______.
Political economy considers markets as socially constructed entities, emphasizing their institutional foundations and the necessity for social and political ______.
Political economy considers markets as socially constructed entities, emphasizing their institutional foundations and the necessity for social and political ______.
A crucial element in the political economy perspective is viewing the markets as socially constructed entities that require social and political ______.
A crucial element in the political economy perspective is viewing the markets as socially constructed entities that require social and political ______.
Political economists emphasize the institutional foundations of markets, recognizing that the economy is shaped by a wide range of institutional forms and ______.
Political economists emphasize the institutional foundations of markets, recognizing that the economy is shaped by a wide range of institutional forms and ______.
Flashcards
Political Economy
Political Economy
Analysis of the economy considering its social and political context, not as a separate, self-regulating entity.
Social Relations
Social Relations
The connection between the economy and society, emphasizing that economic activities are rooted in societal interactions and structures.
Employer-Worker Relationship
Employer-Worker Relationship
The structuring of economic activity within the workplace, such as the one between employers and employees.
Changing Social Relations
Changing Social Relations
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Power in Social Relationships
Power in Social Relationships
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Socially Constructed Markets
Socially Constructed Markets
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Institutional Foundations of Markets
Institutional Foundations of Markets
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Distribution of Wealth
Distribution of Wealth
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Study Notes
- Political economy studies the economy in its social and political environment, not as an isolated entity driven purely by individual self-interest.
- It focuses on production and wealth distribution among different population segments, not just commodity exchange via the market.
Social Relations
- Social relations serve as the connection between the economy and society.
- Economic activity is rooted in social relations, according to political economists.
- The key social relationships include those between employers and workers, producers and consumers, firms, worker groups, government agencies, and firms.
- Social relations evolve over time.
- Feudal ties have been replaced by market competition, profit-seeking, and the employer-worker wage relationship.
Power
- Social relationships structure the economy.
- Power underpins these relationships.
- Institutions and governments, for example the WTO and the US, have considerable power to establish trade regulations at the international level.
Social Construction of Markets
- Markets are socially constructed entities.
- They need social and political regulation.
- The economy is shaped by institutional forms and practices.
- Cultural norms structure social relations and foster trust in legal and contractual relationships.
- Key national institutions include firms, markets, monetary systems, business organizations, the state, state agencies, and trade unions.
- Economic geographers study how local and regional economies are shaped by institutional arrangements.
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