The Political Economy of Capitalism

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Week 12 Critical Reflection
Political economy is the branch of social sciences that investigates the relationships between a nation's population and the government (Negus,70). In other terms, it is the intersection of politics and the economy in the context of social science. There are three main theoretical forms of political economies. These include socialism, capitalism, and communism. In socialism, the means for factors of production are owned by the community rather than a particular group. The main intent of socialism is to bridge the gap between wealth and power.
On the other hand, capitalism is a political-economic system where the means for factors of production are owned by a few individuals. Therefore, capitalistic communities have a few rich individuals, a fair number of people in the middle class, and a large pool of poor people. While most people treat communis...