POL S 203 Study Guide - Final Guide: Mercantilism, Human Capital, Nationstates
6 Aug 2018
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Document Summary
Gilpin, the nature of the political economy: gilpin makes a case for the inseparability of economics and politics" (pp. Economists are intellectual imperialists and power, which runs politics is largely determined by economics at times. Also, the distribution of power that comes from economy can cause wars. Economics is a science of wealth and politics is a science of power; these two ideas are very interconnected: economics concerns itself with the issue of wealth, whereas politics concerns itself with the issue of power. Wealth is anything (capital, land or labor) that can generate future income; it is composed of physical assets and human capital (embodied knowledge also). Power comes in different forms, such as military, economic, psychological, force and is the means to achieve goals. Marxists says that the mode of production determines politics and it isn"t just creating a huge, open trade network to determine politics. Liberalists say that households and firms are the actors to maximize global welfare.
