Political Economy.docx

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Wilfrid Laurier University
Political Science
Christopher Anderson

Political Economy/Market/Polanyi Political Economy This is the study of the intersection of political and economic forces; the connection between states and markets, power and wealth, or the worlds of politics and economies. An economic system depends on the laws and regulations established by government. Without laws, no substantial economic system could exist. The type of economic system established by the government will have a major effect on the distribution of wealth and income within a country. Government spending and tax policies also have effects on the distribution of wealth and income. Politics usually revolves around issues relation to the material well-being of economic activity. The policies and laws of the political community may be strongly influenced by those who have dominant positions in the economic system. Market Definition of Market: The aggregation of individual transactions, or the purchase and sale by individuals of goods, services, and labour. Market Economies: ● Private Property/ ● Private Property/ Transactions ● Market determines production, cost, and distribution ● Labour market free ● State facilitates, regulates some ● Economic Internationalism Market as liberator or oppressor: - Milton Friedman (1912-2006): “History suggests that capitalism is a necessary condition for political freedom.” o history suggests capitalism is necessary condition for political freedom o He is a neo conservative libertarianism o Speaks out about draft and Legalize marijuana o He‟s wondering the difference between democracy and capitalism o Argument: economic freedom precedes political freedom o If you don‟t have capitalism, you can‟t be politically free o History: that‟s how its always been o The more one state commands, the less you are free o Capitalism doesn‟t equal democracy, but without it, you cannot achieve democ
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