Political Economy

Published: | Updated: January 31, 2017

Definition - What does Political Economy mean?

Political economy is a branch of social science that is used as a tool to study the relationships between production and trade, or the market and law, social custom and government, as well as the wise distribution of national funding. It had its origin in moral philosophy and was developed as a science from the 18th century onward, but has since extended as a term which may refer to different things.

Safeopedia explains Political Economy

Political economy is often used as synonym for economics, which replaced the term political economy as the name given to this particular branch of social science. Political economy or economics is a broad and complex field of study that encapsulates a number of relevant subjects, which may represent competing interests in a countries development. This is due in part to the many individuals and different viewpoints within a country as to how it should develop.

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