Political Economy Essay

Political Economy Essay

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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...


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...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.



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