Political Economy Notes

Flashcards covering key concepts from the political economy lecture notes to aid in exam preparation.

Political Economy

The study of the relationship between states and markets, involving politics and economics.

Who gets what, when, and how?

A central question in political economy addressing distribution of resources.

Mercantilism

An economic theory emphasizing the role of the state in increasing national wealth through trade and economic policies.

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention.

Neoliberalism

A political economic theory advocating for free markets, private property rights, and minimal state intervention.

Keynesianism

An economic theory advocating for state intervention to manage business cycles in a capitalist economy.

Classical Political Economy

A school of thought that examines the dynamics of capitalism, primarily advanced by economists like Adam Smith and David Ricardo.

Hegemony

Concept introduced by Gramsci, referring to the dominance of one group over others, maintained by cultural and ideological means.

Structural Adjustment

Economic policies implemented in developing countries in exchange for loans, emphasizing market liberalization and public sector reform.

Globalization

The processes that promote global interdependence, including trade, finance, and migration.