Political economy is a social science that considers and analyzes the various economic theories (like Mercantilism, Free Market Capitalism / Liberalism, Marxism / Economic Structuralism), practices, a...Political economy is a social science that considers and analyzes the various economic theories (like Mercantilism, Free Market Capitalism / Liberalism, Marxism / Economic Structuralism), practices, and outcomes either within a state, or among and between states in the global system. Consideration of political economy can be traced back to the work of Plato and Aristotle, though the most modern initiation can be attributed to the work of Adam Smith in his Wealth of Nations.
