StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Theories of Political economy - Essay Example

Comments (0) Cite this document
Summary
Democracy is the power to govern a state in the form of majority votes. It allows people to make their choices for their representatives or direct vote (direct democracy). How it conforms to free market is a debate that highlights many aspects and pitfalls in this state governance out of which ethnic disparity is the major issue…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.8% of users find it useful
Theories of Political economy
Read TextPreview

Extract of sample "Theories of Political economy"

Download file to see previous pages This determines the fact that only a majority of choices (or greater purchasing power) will support the existence of a commodity in a market. Democracy demands that the choices of all consumers must be enforced, and also maintains the representation of minorities. However, free market economy does not support minorities because its terms are dependent on greater numbers and purchasing power. If a minority lacks any of these factors it suffers from free market economy and inherently rules out the effect of democracy in the same scenario.
Secondly the 'trickle-down effect' is another product of joint democracy and free market economy. The rich earn the purchasing power to have the most desirable and newest innovations until diminishing marginal utility lowers its demand. Eventually its cost falls and reaches to minorities which eventually satisfies democratic movement as well. For example, automobiles that have depreciated over 5 years are sent to third world countries, reconditioned but not valid for their home country. Or majorities that cannot afford electric automobiles are compelled to purchase ones that run with gasoline, which is much more expensive in long term. Democracy would demand equal right and chance for communities to avail a new product/technology, but it is these situations that undermine democratic institutions. This cannot be regulated since it would require democratic institutions to control demand and supply, which is highly unfavorable for a free market economy. Instead a free market economy takes support from an 'invisible hand' which comes in the form of trickle-down effect.
Democracy is an illusion in itself for workers and labor. Governments provide a legal infrastructure, stable currency, educated workforce and law enforcement. As there is a requirement for more workforces, Government arranges for that requirement through their own public establishments. Therefore, as free market suggests 'let the forces of demand and supply decide', ultimately it is the corporations that decide how much to pay for labor and how to trade. Hence markets are created by the government; it is the government alone that authorizes organizations to exist. Throughout this process, there is no enforcement of democracy, even in the manner of strong labor unions; there is mostly an upper hand of corporations because it is they who form industry norms.
Democracy cannot lead to elimination of free market economy because it itself is thriving on free market practice. Major ameliorative institutions from Medicaid and Social Security in the US are running from this mechanism. Capitalist system creates better societies for the affluent because they pay higher taxes, such as free market economy supports, and likewise for less established societies despite support of democratic government. Free market is a powerful influence that motivates entrepreneurs and enterprising people to work harder and perform more. Elimination of free market would backfire through the channel of democratic approach.
Question 5
The question of whether the two seemingly contradictory positions of Marx's argument about labor and freedom is a question of ends. Working for economic ends has always been a commonplace since the advent of industrial capitalism. The European work ethic ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Theories of Political economy Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Theories of Political economy Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/miscellaneous/1499217-theories-of-political-economy
(Theories of Political Economy Essay Example | Topics and Well Written Essays - 1000 Words)
Theories of Political Economy Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/miscellaneous/1499217-theories-of-political-economy.
“Theories of Political Economy Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/miscellaneous/1499217-theories-of-political-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Theories of Political economy

Human Performance: Theories and Principles of Motivation

I have been assigned two HRM consultants who are busy designing the motivation questionnaire to be administered to all the group employees. However, this also gave me an opportunity to reflect over my personal strengths and weaknesses as I would soon have the most responsible task of convincing the top management about the contents of the questionnaire and the finalization of motivation report and its possible uses in the group in the formulation of exact policies and tactics to improve employee morale. My immediate boss gave me this entire assignment breaking the line structure and formalized it by getting it ratified by the board. He also built an incentive and bonus deal for me to be awarded on the successful completion of the...
12 Pages(3000 words)Case Study

Porter nd Kotler's Theories

UK consumers аre the biggest spenders per cаpitа on clothing in the EU. While the import аnd export mаrket increаsed over the yeаrs, locаl production fell rаpidly by аpproximаtely 1 bn pounds. Аs а result of these figures it is obvious thаt the British fаshion industry is highly dependent on other countries’ textile.

А lаrge number of British consumers hаve becаme more price-sensitive under the slogаn ‘look good-pаy less’ however some consumers аre willing to buy higher-priced аnd exclusive clothing. The number of millionаires in the UK increаsed by more thаn 80% between 2001(230000) аnd 2004(425000) (Finch, 2007). This leаds to luxury аnd strong brаnd аwаreness. Аlthough the formаl weаr is more аnd mo...
10 Pages(2500 words)Case Study

Cultural History Versus Political History: The Varying Methods of the Two Fathers of History

Even though they have these similarities and have both been bestowed with the same title, these two historians drastically differed in their approaches.

Herodotus had another title bestowed upon him; he was also called the “Father of Lies.” Much of what is known of him has been gathered from his own writings as few other sources are available from his actual life. It should also be noted that the veracity of this information is in question as Herodotus was known to invent much in his own work, and it was sometimes the practice in Ancient Greece to attribute events from the life of one person to another; for instance, it has been questioned if the accounts of Herodotus’ exile are only due to the fact th...
10 Pages(2500 words)Essay

Political Ideologies and the Environment

Man has lost touch with the environment to gather his own empirical evidence, study it vis-à-vis the knowledge handed him down the generations and make his independent judgment. Thus his thinking process is chained to the scientific and economic superstructure.
The early part of the twentieth century saw the emergence of the knowledge society. The transmission of knowledge propels social and economic change. Out of the knowledge, society grew the energy-guzzling and environmentally unfriendly consumer society. On the vestiges of consumer society now emerges the anxiety-laden risk fraught society Man, the main protagonist, knows little of his importance and is in haste to accomplish things, knowing-well the risk fraught...
6 Pages(1500 words)Assignment

Political Thought

In the nineteenth century, the term democracy still had uncomplimentary connotations, most of the time; some understand it as a system of mob rule. Now, however, we are all democrats. Liberals, conservatives, socialists, communists, anarchists, and even fascists are all eager to proclaim the virtues of democracy and to demonstrate their own democratic credentials. Indeed, as the major ideological systems faltered and collapsed in the late twentieth century, the flames of democracy appear to burn yet more strongly (Huth & Allee, 2003). As the pull of socialism paled, and the intrinsic worth of capitalism has been called into query, democracy appeared as possibly the single unwavering and lasting principle in the postmodern poli...
6 Pages(1500 words)Assignment

A democratic political system is an essential condition for sustained economic progress. Discuss

What is now clear is that democracy is superior when it comes to countries that have a heterogeneous mix of people and cultures since it is imperative that all sections of society be carried along if the process of economic development has to succeed. In case this does not happen, the concerned country faces the risk of social unrest and the inability of the government to carry all the citizens along with the process of economic development.

If we look at some of the competing ideologies of the 20th century. Communism was the dominant ideology of many countries of the eastern bloc. The basic tenet of communism is the absence of private profit and state ownership of the factors of production. This means that all workers...
11 Pages(2750 words)Term Paper

Traditional Theories of Leadership

They now focus more on doing things whilst thinking about the times that will follow; building upon their strengths and aiming to address the grey areas. The eventual emphasis within the modern theories of leadership has been centered on the premise of bringing about a change that remains abreast of the times that will come ahead (Lynch, 2006). Changing the dynamic mindset of the organizational processes and behaviors is a significant undertaking and this has rightly been pointed out by these modern theories under the leadership tenet. The visionary role of leadership has made things easier, focused on the long term actions and sought clarification from the goal setting and objectives’ regimes (Zaleznik, 1989). The new theor...
6 Pages(1500 words)Assignment

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

The Theories of Kant and Plato

... Introduction In the second part of the Prolegomena, how does Kant describe the workings of the understanding? What is the role of the understanding, in other words? Immanuel Kant is one of the successful modern philosophers who attempted to reconstruct the fundamentals of philosophy and succeeded to a considerable extent. His remarkable criticisms on the theories of metaphysics were encapsulated and summarized in Prolegomena; it sets forth a specific problem that is resolved with an extensive feasible argument. In the second part of Prolegomena Kant has asked questions on the purity of ‘natural scientific cognition’ which refers to the knowledge of laws based on the natural universal science like “that everything that happens always...
6 Pages(1500 words)Assignment

American Political Communications

...Political communication: Today, voters no longer make decisions based only on personal opinion but view most issues through the eyes and ears of the media. Most options arise from interpretation of the symbols obtained from mass media. Political advertising is a prominent media for reaching voters. Political advertisements aim at increasing issue knowledge, influencing perceptions of the candidate’s character, altering attitudes and affecting candidate preference. In most political advertisements, politicians essentially promote themselves, their thoughts, beliefs, values, image and political propaganda. These advertisements can have a rather persuasive influence on voters. Political ads can convey both positive and negative feelings...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Theories of Political economy for FREE!

Contact Us