Approaches to the Study of Political Economy PDF

Approaches to the Study of Political Economy Approaches to the Study of Political Economy – Liberalism: Adam Smith, free markets, invisible hand, individuals strive to improve their own lot but this ultimately improves conditions for everyone – Nationalism: prot...

Approaches to the Study of Political Economy Approaches to the Study of Political Economy – Liberalism: Adam Smith, free markets, invisible hand, individuals strive to improve their own lot but this ultimately improves conditions for everyone – Nationalism: protect domestic markets and infant industries, gains in one economy come at the expense of losses on another – Marxism: is primarily concerned with questions of distribution, role of capitalism The Liberal Perspective Main focus is the individual Emerged as a philosophy in the C18 and C19, particularly in Britain State is not a single actor but a confluence of interests The world system is one of interdependence States and individuals can co-operate for mutual benefit The global economy today is governed largely by liberal principles Economic relations are a positive sum game: will lead to gains for all The Economic Nationalist Approach Stresses the importance of the nation state in understanding economic activity Can be traced back to the emergence of the nation state from C15-C19 Core belief is that there is a limited pool of wealth in the world. States protect their own wealth by blocking the interests of other states – One state’s gain is another’s loss – Zero sun game Critical Approaches Question the way that the world is organised: Marxism, Feminism, Environmental They tend to focus on oppression and the struggle for justice Marxism: Class and workers, class conflict will only be resolved when workers seize power Feminism: gender relations and how the shape the economy and the society in which we live Green theories: highlight the role of the environment