Podcast
Questions and Answers
Political economy analyzes the economy within its social and ______, rather than seeing it as a separate entity.
Political economy analyzes the economy within its social and ______, rather than seeing it as a separate entity.
political context
A key defining social relationship is that between employers and ______, structuring activity within the workplace.
A key defining social relationship is that between employers and ______, structuring activity within the workplace.
workers
The economy is structured by social relations, and it is important to recognize that these relations will ______ over time as society evolves.
The economy is structured by social relations, and it is important to recognize that these relations will ______ over time as society evolves.
change
Feudal ties have given way to market competition and the wage relationship between capital and ______ as the key social relationship shaping economic development.
Feudal ties have given way to market competition and the wage relationship between capital and ______ as the key social relationship shaping economic development.
The 'secret life of a banana' indicates how the social relationships between different groups are structured by ______.
The 'secret life of a banana' indicates how the social relationships between different groups are structured by ______.
Some actors in the chain, particularly the supermarkets and the multinational firms are in a more ______ position than the small Caribbean farmers.
Some actors in the chain, particularly the supermarkets and the multinational firms are in a more ______ position than the small Caribbean farmers.
Markets are viewed as socially constructed entities that require social and ______ regulation.
Markets are viewed as socially constructed entities that require social and ______ regulation.
Political economy emphasizes the institutional foundations of markets, recognizing that the economy is shaped by a wide range of institutional forms and ______.
Political economy emphasizes the institutional foundations of markets, recognizing that the economy is shaped by a wide range of institutional forms and ______.
Flashcards
Political Economy
Political Economy
The study of the economy considering its social and political context.
Economy in Social Relations
Economy in Social Relations
The idea that economic activity is rooted in societal connections and relationships.
Employer-Worker Relationship
Employer-Worker Relationship
A key social connection structuring activity in the workplace.
Shift in Economic Drivers
Shift in Economic Drivers
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Power in Social Relationships
Power in Social Relationships
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Global Power Dynamics
Global Power Dynamics
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Powerful Actors
Powerful Actors
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Markets as Social Constructs
Markets as Social Constructs
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Study Notes
- Political economy studies the economy within its social and political context, rather than as a separate entity based on individual self-interest.
- It focuses on production and wealth distribution, not just commodity exchange.
Social Relations
- Social relations connect the economy and society.
- Economic activity is rooted in social relations.
- Employer-worker relationships are key, along with producer-consumer, firm-firm, worker-group, and government-firm relations.
- These relations evolve over time, from feudal ties to market competition and wage relationships.
The Role of Power
- Power underpins social relationships within the economy.
- Some institutions and governments, like the WTO or the US, have greater power in setting trade rules.
- The "secret life of a banana" exemplifies how power structures social relationships between different groups in different locations.
- Supermarkets and multinational firms hold more power than small Caribbean farmers.
Socially Constructed Markets
- Markets are socially constructed and require social and political regulation.
- The economy is shaped by institutions like cultural rules, norms, firms, markets, monetary systems, business organizations, the state, state agencies, and trade unions.
- Local and regional economies are shaped by unique institutional arrangements.
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Description
Political economy examines the economy within its social and political context. It emphasizes production, wealth distribution, and the social relations that underpin economic activities. Power dynamics, as seen in global trade, significantly shape these relationships.
