Political Economy Flashcards, test questions and answers

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What is Political Economy?

Political Economy is the study of how government policies and institutions affect the production and distribution of goods, services, and resources. This field of economics has become increasingly important in recent years due to increased globalization and more complex economic structures. Political Economy looks at the relationships between public policy, economic organization, politics, culture, and society as they affect economic outcomes. Generally speaking, Political Economy considers who benefits from different types of policies or organizations (e.g., businesses or governments) as well as who may have been harmed by them. It focuses on understanding how policy decisions are made within a given context with consideration for societal values such as fairness, equity, justice and sustainability. Additionally it examines the effects that these decisions have on both those making them (i.e., politicians) but also their constituents (voters). One particular area where Political Economy makes an important contribution is international trade agreements such as NAFTA or TTIP which involve complex negotiations between countries over tariffs/duties/taxes imposed on goods when crossing borders. The focus here is not only on assessing what type of agreement would best serve each nation’s interests but also how it can be beneficial for all parties involved while considering potential impacts on workers rights etc.. In sum, Political economy offers valuable insights into how government policies shape social dynamics and the overall economy.