Compare and Contrast Political Economy with Critical Political Economy
Specifically speaking, political economy refers to the principles of economics that play important role in the politics. The principles of economics always go hand in hand with the politics condition of one country. Furthermore, the government’s implementation of administrative laws greatly affect on the outcome of the economic condition of the nation. Relatively, economics and political science are both distinctive studies of discipline that are based on methodological analysis as well as political evaluation, and economics assessment which all determine the growth and developmental condition of the state. Political economy is the study for production, buying and selling of products and services; as well as the study of their association with the law, custom and the government itself. In the same manner, it is also deals with the distribution of national growth, development, and revenue ; as well as the budget process of the government for the entire national expenses. In other words, political economy refers to the economic status of the state. In the contemporary society, political economy touches different aspects of government or public issues or concern at large. Many economists are examining how political forces affect the choice of government policies and laws on the proper distribution of wealth and resources to the economy of the country. Today, various economic analysis have been applied in order to gauge the conceptual as well as political phenomena of one nation through optimization, incentive programs, as in to solving political issues or conflicts in the government. Moreover, the political economy deals more with the strengths and weaknesses of the modern political economy that requires a more complicated approach and political as well as social strategies in order to come up with a solid and stable macroeconomics in general. Aside from that, there are two important factors that really determine on the status of the political economy of one nation; and that includes the heterogeneity and conflict of interests among the people. In view thereof, the society is the one who contributes largely on the decision making and policy implementation of one state. Therefore, political economy involves the society at large; as well as their individual rights in the state, likewise, the government also plays a very vital role, as the state has absolute power or authority to lead the people, at the same time, manages the progress of the political economy of the nation effectively and efficiently by propagating laws that will direct the people, and his subordinates in doing what is right and proper for the common goal of the nation and the government.
(http://www.vwl.tuwien.ac.at/hanappi/Lehre/pee_draz.pdf)
On the other hand, critical political economy refers to both norms and sentiments of both government and the society at large. In the same way, it deals with the conflicts of the individual’s responsibilities, as well as the rights of each individual in the state associated with capitalism. In this connection, mass media is the prevalent factor that does the massive criticism and observation on the performance of the political economists as well as the political economy of one nation. The media serves as the watchdog of government’s practices, activities, laws and policies; as the government’s information center about its new programs and policy implementations for the public. Through critical political economy, the economic system gains many valuable insights on the nature of different industries that help in the growth and development of the economy of the country. Correspondingly, the economic dimension requires joining forces from the societies and the political economists to be able to build peace, harmony as well as stability of the nation. More than that, the impact of globalization intervention paved the way for the market liberalization in every nation’s economy all throughout the world. The government institutions in particular should do efficiently and effectively all their economic responsibilities in order to achieve a good economic outcomes. At the same level, the government must be accountable to be transparent to the public about the economic programs and activities that they do. Where and how the monetary funds of the government go? At the same fashion, there must be a lot of comprehensive financial reports that would show if the government has been able to achieve its goal towards the economic growth and development of its administration and the nation in particular. Remember, the government has its moral and economic responsibility to the people and the nation. Comparatively, the critical theory strongly emphasized on the important value of criticism towards the progress of political economy of one nation. It helps the government to focus on its weaknesses as well as its shortcomings in the nation’s economic management.
(http://www.lancs.ac.uk/fass/sociology/papers/sayer-critical-standpoints-of-radical-political-economy.pdf)
References:
(http://www.vwl.tuwien.ac.at/hanappi/Lehre/pee_draz.pdf)
(http://www.lancs.ac.uk/fass/sociology/papers/sayer-critical-standpoints-of-radical-political-economy.pdf)
Credit:ivythesis.typepad.com
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