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Political Economy

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The science of economics was called “political economy” until the mid-1800s. Economists such as Adam Smith analyzed the economies of countries or polities, as reflected in the title of Smith’s 1776/1976 work The Wealth of Nations. The term “économie politique” originated in France in 1615 with the book Traité de l’economie politique by Antoine de Montchrétien. Henry George (1898), the last of the classical economists, called his last book The Science of Political Economy. The highly influential British economist John Marshall (1891) titled his influential book Principles of Economics, and henceforth the term “economics” has been used for the whole subject.

The “political economy” term now applies more specifically to the application of economics to governance and politics. In this context, political economy can be applied to a policy to judge global justice outcomes such as the distribution of wealth.

In its narrower contemporary meaning, the field of political economy is also called...

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Foldvary, F.E. (2011). Political Economy. In: Chatterjee, D.K. (eds) Encyclopedia of Global Justice. Springer, Dordrecht. https://doi.org/10.1007/978-1-4020-9160-5_352

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