By DARLINGTON CHILUBAPOLITICAL economy refers to the full range of deliberate actions taken to make the functioning of the state and country efficient and palatable at domestic, regional and international levels. It is the intentional interaction between politics and economy with the purpose of creating national wealth that benefits the country in whole (see Friedrich List, The National System of Political Economy 1841).The state as custodian of all national wealth in its territory must, as a matter of duty, define policies that effectively and efficiently utilise those natural and other resources to the advantage of the nation. This entails developing national capacity at domestic level and importing those skills the nation lacks for a period until they are adapted and able to compete internationally (see James Mill, Elements of Political Economy 1844). Part of the lesson from political economy is that the relationship between politics and the economy must be flexible and predictable. National assets (or […]
POLITICAL ECONOMY – CREATING EFFICIENCIES
