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  • Political economy | Britannica.com
  • Political Economy – Solvay Advanced Masters



the science devoted to the study of the social relations that take shape in the process of the production, distribution, exchange, and consumption of material goods. In addition, it is the study of the laws governing the development of social relations in the various socioeconomic formations that have succeeded each other historically. The term was introduced by the French mercantilist A. de Montchrétien in his Treatise on Political Economy (1615).

Marxist, or proletarian, political economy initially emerged as a science that studied the production relations of the capitalist mode of production. This emphasis reflected the narrow definition of “political economy.” Gradually, as knowledge of the modes of production preceding capitalism increased, “political economy” acquired a broader meaning as a science that studies production relations in general, in all the historical modes of production.

A new stage in the development of Marxist political economy is associated with Lenin, who creatively elaborated a general theory of political economy based on the new historical experience of social development. Lenin created the doctrine of monopoly capitalism (imperialism), revealing its economic essence and fundamental attributes. On the basis of his analysis of the operation of the law of the uneven economic and political development of capitalism in the epoch of imperialism, he concluded that the victory of socialism was possible, initially, in several countries or even in a single country, and he applied the Marxist theory of social revolution to the new historical epoch.

the science devoted to the study of the social relations that take shape in the process of the production, distribution, exchange, and consumption of material goods. In addition, it is the study of the laws governing the development of social relations in the various socioeconomic formations that have succeeded each other historically. The term was introduced by the French mercantilist A. de Montchrétien in his Treatise on Political Economy (1615).

Marxist, or proletarian, political economy initially emerged as a science that studied the production relations of the capitalist mode of production. This emphasis reflected the narrow definition of “political economy.” Gradually, as knowledge of the modes of production preceding capitalism increased, “political economy” acquired a broader meaning as a science that studies production relations in general, in all the historical modes of production.

A new stage in the development of Marxist political economy is associated with Lenin, who creatively elaborated a general theory of political economy based on the new historical experience of social development. Lenin created the doctrine of monopoly capitalism (imperialism), revealing its economic essence and fundamental attributes. On the basis of his analysis of the operation of the law of the uneven economic and political development of capitalism in the epoch of imperialism, he concluded that the victory of socialism was possible, initially, in several countries or even in a single country, and he applied the Marxist theory of social revolution to the new historical epoch.

Political economy was the original term for the study of production , the acts of buying and selling, and their relationships to laws , customs and government .

It developed in the 17th century as the study of the economies of states which placed the theory of property in the theory of government . [1] Some political economists proposed the labour theory of value (first introduced by John Locke , developed by Adam Smith and later Karl Marx ), according to which labour is the real source of value. Many political economists also looked at the accelerating development of technology , whose role in economic and social relationships grew ever more important.

In late 19th century, the term "political economy" was generally replaced by the term economics , which was used by those seeking to place the study of economy on a mathematical basis, rather than studying the relationships within production and consumption .

the science devoted to the study of the social relations that take shape in the process of the production, distribution, exchange, and consumption of material goods. In addition, it is the study of the laws governing the development of social relations in the various socioeconomic formations that have succeeded each other historically. The term was introduced by the French mercantilist A. de Montchrétien in his Treatise on Political Economy (1615).

Marxist, or proletarian, political economy initially emerged as a science that studied the production relations of the capitalist mode of production. This emphasis reflected the narrow definition of “political economy.” Gradually, as knowledge of the modes of production preceding capitalism increased, “political economy” acquired a broader meaning as a science that studies production relations in general, in all the historical modes of production.

A new stage in the development of Marxist political economy is associated with Lenin, who creatively elaborated a general theory of political economy based on the new historical experience of social development. Lenin created the doctrine of monopoly capitalism (imperialism), revealing its economic essence and fundamental attributes. On the basis of his analysis of the operation of the law of the uneven economic and political development of capitalism in the epoch of imperialism, he concluded that the victory of socialism was possible, initially, in several countries or even in a single country, and he applied the Marxist theory of social revolution to the new historical epoch.

Political economy was the original term for the study of production , the acts of buying and selling, and their relationships to laws , customs and government .

It developed in the 17th century as the study of the economies of states which placed the theory of property in the theory of government . [1] Some political economists proposed the labour theory of value (first introduced by John Locke , developed by Adam Smith and later Karl Marx ), according to which labour is the real source of value. Many political economists also looked at the accelerating development of technology , whose role in economic and social relationships grew ever more important.

In late 19th century, the term "political economy" was generally replaced by the term economics , which was used by those seeking to place the study of economy on a mathematical basis, rather than studying the relationships within production and consumption .

Law is central to how these crises were created, and will be central to any reckoning with them.  Law conditions race and wealth, social reproduction and environmental destruction.  Law also conditions the political order through which we must respond.

How should legal scholars and lawyers respond to this moment?  We propose a new departure – a new orientation to legal scholarship that helps illuminate how law and legal scholarship facilitated these shifts, and formulates insights and proposals to help combat them.  A new approach of this sort is, we believe, in fact emerging: a coalescing movement of “law and political economy.”

The approach we call law and political economy is rooted in a commitment to a more egalitarian and democratic society.  Scholars working in this vein are seeking to reconnect political conversations about the economic order with questions of dignity, belonging, or “recognition” and to challenge versions of “freedom” or “rights” that ignore or downplay social and economic power.

In the last few weeks, over 400,000 Rohingya Muslims have fled a bloody pogrom in Myanmar’s Rakhine state, crossing into Bangladesh. Among the horrified and largely moralistic reactions in the West, some have pointed to economic factors supposedly behind these events. They are right to highlight the importance of political economy drivers of conflict, but their analysis is disappointingly superficial and crude. This post critiques their approaches and briefly outlines a better one.

One does not need to be a particularly brilliant political economist to recognise that these claims are extraordinarily sloppy. One can simply look at a few maps. Firstly, note the map of Rakhine below, showing the Rohingya population concentrated heavily in a few townships bordering Bangladesh. Then note the second map, showing the latest forced displacement and burning of Rohingya villages, which have been concentrated entirely in these townships. Almost all of the far north of Rakhine has been depopulated of Rohingya, but the centre and south have been relatively unaffected this time around.

Now consider the location of the developments that are supposedly driving this forced displacement. Kyaukphyu is in central Rakhine state, about 120km south of the present crisis. How can a desire to clear land in Kyaukphyu possibly explain the ethnic cleansing of townships located so far away? Sittwe is also about 40km from the nearest violence.

the science devoted to the study of the social relations that take shape in the process of the production, distribution, exchange, and consumption of material goods. In addition, it is the study of the laws governing the development of social relations in the various socioeconomic formations that have succeeded each other historically. The term was introduced by the French mercantilist A. de Montchrétien in his Treatise on Political Economy (1615).

Marxist, or proletarian, political economy initially emerged as a science that studied the production relations of the capitalist mode of production. This emphasis reflected the narrow definition of “political economy.” Gradually, as knowledge of the modes of production preceding capitalism increased, “political economy” acquired a broader meaning as a science that studies production relations in general, in all the historical modes of production.

A new stage in the development of Marxist political economy is associated with Lenin, who creatively elaborated a general theory of political economy based on the new historical experience of social development. Lenin created the doctrine of monopoly capitalism (imperialism), revealing its economic essence and fundamental attributes. On the basis of his analysis of the operation of the law of the uneven economic and political development of capitalism in the epoch of imperialism, he concluded that the victory of socialism was possible, initially, in several countries or even in a single country, and he applied the Marxist theory of social revolution to the new historical epoch.

Political economy was the original term for the study of production , the acts of buying and selling, and their relationships to laws , customs and government .

It developed in the 17th century as the study of the economies of states which placed the theory of property in the theory of government . [1] Some political economists proposed the labour theory of value (first introduced by John Locke , developed by Adam Smith and later Karl Marx ), according to which labour is the real source of value. Many political economists also looked at the accelerating development of technology , whose role in economic and social relationships grew ever more important.

In late 19th century, the term "political economy" was generally replaced by the term economics , which was used by those seeking to place the study of economy on a mathematical basis, rather than studying the relationships within production and consumption .

Law is central to how these crises were created, and will be central to any reckoning with them.  Law conditions race and wealth, social reproduction and environmental destruction.  Law also conditions the political order through which we must respond.

How should legal scholars and lawyers respond to this moment?  We propose a new departure – a new orientation to legal scholarship that helps illuminate how law and legal scholarship facilitated these shifts, and formulates insights and proposals to help combat them.  A new approach of this sort is, we believe, in fact emerging: a coalescing movement of “law and political economy.”

The approach we call law and political economy is rooted in a commitment to a more egalitarian and democratic society.  Scholars working in this vein are seeking to reconnect political conversations about the economic order with questions of dignity, belonging, or “recognition” and to challenge versions of “freedom” or “rights” that ignore or downplay social and economic power.



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