Political Economy Essay

Political Economy Essay

Length: 2085 words (6 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

The UK economy has undergone structural, financial, and political change over the last thirty years. Different ideologies and policies have served to shape the relationship between government and economy in varying directions. Some elements, such as state intervention, have remained as a point of debate. Other factors, like globalization, have just recently developed. The policy of UK governments as a whole has been shaped quite heavily by major economic events during this period, and the legacy left by the Conservative and Labour governments can still be seen today. Using a range of sources and my own knowledge, I shall asses the critical elements of the relationship between government and economies over the last 30 years, and their relative importance.

The context of this relationship is concerned with the theory of political economy. This is the idea of rationality and growth of the ‘free market’ (a market in which there is no economic intervention and regulation by the state, except to enforce private contracts and the ownership of property). First, it is key to outline the characteristics of the relationship the government and the economy share. Clearly, a government influences the way an economy works via it’s policies. The government uses two branches of policy, fiscal and monetary. Fiscal policy entails government spending whereas monetary policy involves manipulation interest rates. Both policy instruments are designed to achieve growth. The attempts of a government to influence economic activity in the national economy are defined as macro-economic measures. Macroeconomics can be described as ‘the study of national economics’ (Morrison 2002, p.60). Even the government itself is run as a typical business in a free ma...

... middle of paper ...

...ound will ever be successful. Monopolies were the created of privatization, but deregulation was a creator of nationalization. This has seen a fine line having to be struck between the government’s roles in the economy. Globalization has seen individual firms within an economy boost their status and influence, in turn, shutting out government power in their respective economies. Different parties have brought their respective philosophies into power in the UK. Enterprise, freedom of choice and increased competition in individual markets has been the driving force in most action taken by government during this period. In my opinion, it is fair to say, that the UK economy and the UK government have undergone structural, political and geographical change, which has led to Britain maintaining a stranglehold in the battle of the developed and developing economies.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The Political Economy Of Corporate Media Essay

- The capitalist natures of media organizations reveal political and economic pressures that have a direct impact on the way media content is shaped. Leading academics have theorized this concept as the political economy of corporate media. There are three key determinants that carry significant impact on the production of media content; these include media ownership and the structures of power, advertising imperatives, and newsroom politics. The issue of corporate capitalism driving the media industry of today does provide a cause for concern....   [tags: Mass media, Advertising, Propaganda]

Strong Essays
1881 words (5.4 pages)

Essay on The Political Economy in International Trade

- The Political Economy in International trade focuses on understanding the many causes of economic growth in developing and transition economies, the different role of international trade in increasing economic welfare around the globe, and the many different impacts of the international financial system on the global economy. As we take a look at the United States and Poland different economic systems and understand how these two countries are effected by the political economy in international trade, we will become familiar with how both are able to become skilled at improving their economic conditions in the globalized world economy....   [tags: development, global, free trade agreements]

Strong Essays
802 words (2.3 pages)

Political Economy Of International Trade Essay

- Political economy of international trade is a matter of widespread discussion. One of the most salient changes in the world economy since 1980 has been the move toward freer trade among countries across the globe. Countries as diverse as Mexico, India, Poland, Turkey, Ghana, Morocco, and Spain not to mention Chile, which moved earlier in the 1970 have all chosen to liberalize unilaterally their trade policies. In addition, the successful conclusion of the multilateral trade negotiations under the General Agreement on Tariffs and Trade, the Uruguay Round, in 1994 further liberalized trade among many developed countries and between them and developing ones....   [tags: International trade, Free trade]

Strong Essays
1132 words (3.2 pages)

The Political Economy of Globalization Essay

- Globalization exists when neither distance nor international boundaries obstruct economic transactions. Furthermore, globalization increases political relations among a wide variety of people and nations. Globalization, according to L. Mosley “disregards political boundaries” (Mosely, 2007, p. 107); it establishes a sense of openness and acceptance throughout corresponding countries. In “The Political Economy of Globalization”, Layna Mosely asks the question: “Does economic globalization alter the capabilities of national governments....   [tags: economic transactions, relations]

Strong Essays
1160 words (3.3 pages)

Essay about The Political Economy Of Kinship

- The political economy of kinship in Paleolithic societies are different than the political economy in today’s society. This is because of three distinct differences on how things in the kinships are dealt with. They are how we deal Power or who is king of the castle. Marriage Customs such as divorce and when it is ok to get married. The last is child-bearing like how the child was raised and what children did growing up. Nisa is a !Kung woman in Paleolithic society that I will use to compare here political economy of kinship to mine....   [tags: Marriage, Family, Kinship, Divorce]

Strong Essays
987 words (2.8 pages)

Essay on Political Economy, Ethics, And Culture

- 1. Differences in Political Economy, Ethics, and Culture have often been major impediments to the growth of international trade among nations. Which of the three do you think had been the most important in the past, and which will be the most important in the future to the growth of international trade. Why. Be complete. The difference in the political economy has often been a major impediment to the growth of international trade among nations. Inflation rates, consumer spending, wars, tariffs all affect international trade....   [tags: Economics, International trade, Inflation]

Strong Essays
1623 words (4.6 pages)

Essay about The Vs. Political Economy

- When comparing two different news sources, it can clearly be seen that the ownership, reader demographic and a variety of other factors influence the stories published. Medium theories also have a role to play in the articles, such as Marxist theory, semiotics and two forms of political economy: firstly in the general media, and secondly in digital media. The sources used in this comparative analysis were The Australian, published on the 1st of September 2015, and the online articles of The Guardian from the same date....   [tags: Marxism, Karl Marx, Communism, Mass media]

Strong Essays
1433 words (4.1 pages)

Essay about Political Economy And Democracy

- American Capitalism and American Democracy have always gone hand in hand for the entire history of the United States since it's founding, and many say one cannot exist without the other. Many people today commonly associate Capitalism with Democracy when asked about the United States in general. But this statement is inherently flawed; capitalism is based on profits for the few while democracy is based on rights for many. So how can such a contradictory statement be good for the society as a whole....   [tags: Capitalism Democracy Government Politics]

Strong Essays
1715 words (4.9 pages)

Political Economy Essay

- Political Economy      Our society is strongly influenced by all sources of media. The media shows us what is going on in the world news, fashion and much more. The media is our connection to the world and what goes on all around us. The political economy approach looks at the influence that ownership control, advertising and audience spending has over the mass media and the mediated messages we receive on a daily basis.       Political economy believes that everything about media products is created through structural features (ownership, advertising and audience spending)....   [tags: Mass Media News Mediated Messages]

Strong Essays
795 words (2.3 pages)

Hawaiis political economy Essay

- Hawaii’s political economy went through some major changes. The development of plantations and tourism paved the path for how Hawaii’s economy is today. I will discuss how tourism, ethnicity, gender and education both constrain and enable opportunities in contemporary Hawaii. Captain James Cook and his crew came to Hawaii in 1778. Bringing along many diseases such as, syphilis, gonorrhea, tuberculosis, and viral hepatitis.(Blaisdell, p.44) Native Hawaiians were not immune to these diseases, they were unable to be cured therefore died and a massive depopulation occurred....   [tags: essays research papers]

Free Essays
1523 words (4.4 pages)