political-economy
Meaning
The study of the relationship between a country's economic system and its political system, or the economic effects of political decisions.
Structure
Usage
Adam Smith is considered a founding figure in the study of political economy.
The government's new policy reflects a shift in its underlying political economy.
Her research focuses on the political economy of development in Southeast Asia.
Etymology
The compound term "political economy" is a modern fusion of two ancient concepts of governance. "Political" originates from the Greek 'polis', referring to the city-state and the affairs of its citizens, while "economy" stems from the Greek 'oikonomia', the art of managing a household. In the 17th and 18th centuries, scholars began to analyze the wealth of nations not as private household management but as public, state-level administration. Thus, the term logically combined "political," pertaining to the state, with "economy," pertaining to management, to create a field studying the laws governing the production and distribution of wealth within a polity. It represents the conceptual evolution from managing a home to managing the resources of an entire society under its governing system.
Analysis
polit: From Greek 'politēs' (citizen), via Latin 'polīticus' (relating to citizens). Functional role: root conveying the concept of the state or public affairs. ical: A suffix of Latin origin ('-icālis') forming adjectives meaning "of or pertaining to". economy: From Greek 'oikonomia' (household management), from 'oikos' (house) + 'nomos' (law, management). Functional role: root conveying the concept of resource management and distribution.