Describe the usefulness and limitations of the Political Economy approach in the study of Comparative Politics.
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Political economy and political sociology perspectives of Comparative Politics. ... They took a secular approach, rejecting to explain the distribution of wealth and power in terms
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Political economy approach is the study of inter- relationship between political and economic process. It inquiries the nature, process and causes of wealth of the nations.
limitations-
1. it sees the various political systems through the prism of economical perspective only.
2. as there are different sets of regime vis a vis different economy, their different trends, and the various law binding thereof ; political economy approach would be fully successful to study different political systems.
3.it does not include the other associated stake holders guiding the economical decision making in a political system.
Importance-
1.it helps us to understand how money plays an important role in policy making and relations among different nations.
2.the trend of globalisation is guided by trade and market forces, so the economic approach is imperative to study with respect to comparative politics.
3. Marxian tradition has figured out the history of capitalism, imperialism through the economy approach.
limitations-
1. it sees the various political systems through the prism of economical perspective only.
2. as there are different sets of regime vis a vis different economy, their different trends, and the various law binding thereof ; political economy approach would be fully successful to study different political systems.
3.it does not include the other associated stake holders guiding the economical decision making in a political system.
Importance-
1.it helps us to understand how money plays an important role in policy making and relations among different nations.
2.the trend of globalisation is guided by trade and market forces, so the economic approach is imperative to study with respect to comparative politics.
3. Marxian tradition has figured out the history of capitalism, imperialism through the economy approach.
manas003:
thank u so much..
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