What is meant by political economy?

What is meant by political economy?

The term political economy refers to a branch of social sciences that focuses on relationships between individuals, governments, and public policy. It is also used to describe the policies set by governments that affect their nations’ economies.

What are the four basic elements of a country?

A. Four essential features: Population, Territory, Sovereignty, and Government. 1) Most obvious essential for a state. 2) The nature of a state’s population affects its stability.

What is political economy according to scholars?

Definition. “Political economy” refers to the combined and interacting effects of economic and political structures or processes, and by extension, to the scholarly study of this domain. The term originated in the 17th and 18th centuries to refer to economic policies of the nation-‐states that were then consolidating.

What are the two main feature of democracy?

The main features of a Democracy are as follows: Representative Elections- Here public is allowed to elect represtatives to speak for their views and interests. Multi-party System- Democracy gives voters the opportunity to choose from a variety of political parties, represting a wide range of political opinion.

Which is not an essential feature of a state?

The state has four essential elements – Population, Territory, Government, and Sovereignty. A political party is not an essential element of the state.

What is state and its essential elements?

There are two aspects of sovereignty I, e Internal and external sovereignty. Internal means supreme legal authority and group within its territory. External means freedom of state from any kind of outside control. It means Pot – Independence of state. Sovereignty is the most important element of the State….

What are the four basic elements of all economic systems?

Four elements define production:

  • Regulation. The way the production system is controlled and regulated, such as taxation, incentives, and standards (e.g. labor laws).
  • Manufacturing. Transformation of materials into intermediate and finished goods.
  • Distribution.

What are 4 essential features of a state?

A state has the following four characteristics: (a) population, territory, sovereignty, and government.

What is the defining feature of the state?

Population: The most obvious essential feature of a state is its people. “States where the population shares a general political and social consensus (an agreement) about basic beliefs, have the most stable governments.” Territory: A state or country or city has certain boundaries.

What is urban political economy?

Urban political economy focuses specifically on the relationship between the “local state” (urban and suburban governments) and capital, both local and global. We are particularly concerned with whether capital dominates the local state and wields undue influence in agenda setting and policy making.

What are the basic elements of a state?

four basic elements of the State, namely; population; territory; government and sovereignty which constitute the subject of this article.