The term "political economy" refers to the study of the relationship between politics, economic systems, and societal outcomes. It examines how political institutions, policies, and processes influence economic behavior and vice versa. Political economy analyzes issues such as resource allocation, the role of government in the economy, and how different political ideologies and systems shape economic outcomes. Understanding these dynamics helps identify how power structures affect wealth distribution, social equity, and economic development. The field encompasses various theories, from classical to contemporary, reflecting the interplay between politics and economics.

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