Mainstream political economy had volved into economic science, leaving its broader concerns far behind. The correlation between the political systems and the economic growth are however different in these nations.
Africa is a growing continent and nations in these continent are weighing their options between exploring its economic options and the realization that policy space is quite reduced. Supporters of this approach, which influenced the policies of international financial institutions and governments throughout the world, maintained that free markets would generate continued prosperity.
These measures have however created an advance for social justice and changing the system of leadership to bring about a more inclusive method that incorporates growth and the sharing of wealth. The field of political economy today encompasses several areas of study, the comparative study of political and economic systems, and international political economy.
In a way, the foreign investors have a positive effect when it comes to modernize the economic system but have one negative effect. Indeed, under the influence of Marshall, economists endeavoured to make their precise, and elegant and the foundation of a broader intellectual enterprise.
In this case, they should ensure the implemented programs are successful and are aimed at serving the country not causing harm lastly, corrupt and unethical leaders should be scrapped away to avoid the case of a government failing under the nose of its elite leaders who had a chance to do something yet they choose not to.
Libya had a problem with malnutrition levels and the nutrition figures in Algeria are also staggering. There is however a more sophisticated argument regarding the economic causes of the Arab revolts is all about modernization and social transformation.
The holistic study of political economy that characterizes the works of Smith, List, Marx, and others of their time was gradually eclipsed in the late 19th century by a group of more narrowly focused and methodologically conventional disciplines, each of which sought to throw light on particular elements of society, inevitably at the expense of a broader view of social interactions.
Individuals intend to advance only their own welfare, Smith asserted, but in so doing they also advance the interests of society as if they were guided by an invisible hand. It is proven that is very hard for an economy to manage in a government or nation is in political transition.
As many analyses by political economists have revealed, in actual government ecision making there is often a tension between economic and political objectives.
The distinction between economics and political economy can be illustrated by their differing treatments of issues related to international trade. This example reflects the complex calculus involved as governments attempt to balance both their political and their economic interests and to ensure their own survival.
There has also been a conflict between foreign investors and the ruling elite. Indeed, Keynesianism was practiced by countries of all political complexions, including those embracing capitalism e.
The so-called Keynesian revolution, which occurred at a time when governments were attempting to ameliorate the effects of the worldwide Great Depression of the s, contributed to the rise of the welfare state and to an increase in the size of government relative to the private sector.
Food subsidy reductions have been common in the past and is attributed to the recent demonstrations. Political economy emerged as a distinct field of study in the midth century, largely as a reaction to mercantilism, when the Scottish philosophers Adam Smith nd David Hume and the French economist Franpis Quesnay began to approach this study in systematic rather than piecemeal terms.
After the revolts which started off in earlycases of increased poverty, food scarcity and inequality were also recorded to be on the rise. It is not however known whether the access to food has been a problem I the nations.
In Egypt, the connections was being based by one of Mubaraks son and this led to conflicts of interests between the son and the military. In Libya, the Gaddafi family had taken over oil mines and all the revenue was under the scrutiny of the family.
After the Arab Spring, all North African affected nations increased public wages and public works. A rise in subsidies, public wages and public jobs saw the rise and growth of fiscal deficits in Egypt, Tunisia and Morocco for years and In particular, political economic analysis might take into account how tariffs can be used as a strategy to influence the pattern of national economic growth neo-mercantilism or biases in the global system of nternational trade that may favour developed countries over developing ones neo- Marxist analysis.
The paper focuses on the political unrest in the North African Nations for the past two years. The emergence and rise of the middle class and also the decentralization of an economic power are key for there to be a good relationship between politics and economy.
In the second half of the 20th century, as the social sciences especially economics but also political science became increasingly abstract, formal, and specialized in both focus and methodology, political economy was revived to provide a broader ramework for understanding complex national and international problems and events.
The political economy of the North African nations traditionally has been based on the political networks which majorly base on popularity. It entails the study of how institutions develop and manage to cope in areas of communism, socialism and capitalism which are the major political systems.
Since the s, for example, the relationship between the United States and China has been replete with difficulties for both countries.
Most of the foreign nations and investors have to adopt exit strategies to optimize their returns when it comes to investments. What democratization factors made the Northern Africa nations more prone to civil unrest and later on led to the overthrow of the Libyan, Tunisian and Egyptian dictatorships?Industrial Policy and Development: A Political Economy Perspective.
1. James A.
Robinson. Harvard University. Department of Government and IQSS. May EFI, the Economic Research Institute at the Stockholm School ofEconomics, is a scientific institution which works independently ofeconomic, political and sectional interests. It con ducts theoretical and empirical research in management and economic sciences, including selected related disciplines.
The economy of the UK and the changing economy of the USA (post the economic debacle) are changing the way the labour / trade unions and their political orientations are impacting the industrial relations systems in both the countries.
07/10/ Essays in Political Economy Gregory Bresiger Social Security was designed as a tool of macroeconomic policy: a social arm of central planning passed in age of boundless faith in the power of the state. Essays On The Political Economy Of Industrial Policy thesis statement illuminati how to write and essay for a scholarship ib extended essay word limit.
International Political Economy of East Asia Analytical Essay I. The Questions Q1.?Some scholars who study the economic development of Japan and Korea focus too much on their state-led industrialization strategies, in particular the impact of their industrial policies.
But industrial policy had little to do with their developmental .Download