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Political Economy Definition, History, and Applications

Political economy is an interdisciplinary field that examines the production, distribution, and consumption of goods and services, integrating principles from economics, political science, and other social sciences to understand how political forces influence economic outcomes and vice versa. It explores the role of government in the economy, the impact of economic policies on different societal groups, and how economic systems and political institutions evolve together. Key areas of focus include the study of public policy, the effects of political decisions on economic performance, and the analysis of power dynamics within economic systems. Political economy also delves into topics such as globalization, inequality, and the welfare state, providing a framework for understanding complex interactions between economic and political spheres.

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[ https://www.investopedia.com/terms/p/political-economy.asp ]