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Political Economy Essay
American Political and Economic History | Free Essay Example
Although a wide array of seemingly immortal economic fallacies persist in the face of overwhelming logical and empirical evidence refuting them, few have managed to win such universal and uncritical acceptance as have those surrounding foreign aid programs. Boisterously lavishing praise upon such schemes, celebrities such as singers Bono and Dave Matthews have made supporting foreign aid appear exciting, hip, and fashionable, not to mention morally required. For proponents of aid, the moral necessity of wealth redistribution from the United States to the rest of the world is always the preeminent concern; of notably insubstantial importance are the actual effects of such redistributive measures. The characteristic tendency of supporters of foreign aid to erroneously attribute the indigence of the third world to capitalist depredations, instead of to the distinctly anti- capitalist encroachments against the free market in these countries, accounts for the fact that the effect of foreign aid has consistently been to solidify regimes hostile to free markets and to further depress the standard of living for the poor in recipient countries. Enduring supporters of foreign aid in the face of such obviously abysmal results cannot be seriously considered idealistic humanitarians, but merely unflappable cheerleaders for the State and central economic planning. Remedying poverty requires wealth creation; the worst thing that the United State can do for the third world poor is to continue to enable their governments to suppress market activity. It is of course true but very inadequate to say merely that the allocation of aid money within recipient countries is subject to a substantial amount of corruption.
History of economic thought
The Great Wars that existed between nations before the emergence of the First World War ensured that America protected its territories from external attacks. It has to form diplomatic relations with countries that share with its international waters to ensure its navy and merchant ships were protected. The relationship between Germany and America became sour when the former nation violated the treaty that required all nations not to attack vessels from other countries unless they provoked them. Germany believed that it owned the territory around Europe and issued warnings that it would attack any ship that would be seen around the waters of this continent Faragher, Buhle, Armitage and Czitrom Wilson was considered to have humanitarianism ideologies and thus he ended the diplomatic relationship between these two countries to show Germany that he was not pleased with its decision.
Political economy is the branch of social science that analyses the correlation between the state, markets and society. It borrows ideas and theories from political science, economics and sociology. Here, the state is the household of the citizens. Thus, political economy is the study of how to manage a state taking into account its political, economic and social characteristics.