Political economy is an interdisciplinary branch of social sciences that connects economics with the other disciplines of social sciences by focusing on the interrelationships among individuals, society, government, world and public policies. Political economy was the term once used for the field now known as economics. It studies the effects of various economic theories on different socio-economic and political systems such as socialism, capitalism, and communism. It incorporates a wide range of political interests in economic theories in order to illustrate a picture of how a country – the public’s household – can be managed or governed based on different philosophical ideologies.
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