Introduction to Political Economy: Theories and Practice Dr. Kim, Sedara Phnom Penh, Aug 2013

What is political economy? Between economics and political science PE of Development, Natural Resources, Post-conflict Development, Reforms, services… How policy is implemented? Sustainability Policy formulation and changes

What is political economy? (Cont’) We have to separate politics and economics—interaction of the two. Political economy refers to the management of economic affairs of the state. PE can be interpreted from economic, political, historical, management, business, IR… PE is linked to how to meet people’s either by private and public domain.

Theories of Political Economy Classical view Marxist approach Neoclassical approach Weberian approach Keynesian view Neoliberal view Institutional approach Power centered approach Lessez-faire vs statism State centered approach

Conceptions of the Political Politics means: the struggle for power; the art and science of government; conflict resolution and socialization; patterns of power, rule, and authority; the authoritative allocation of values. Three important traditions of politics: i) politics as government, ii) as public life, and iii) as authoritative allocation of values. Politics as government: government is formal political machinery of the country as a whole, its institutions, laws, public policies, and key actors. Then politics refers to the activities, processes, and structures of government. Political institutions have the power to make decision in the ongoing of the country. Politics as government can be defined as: politics as organization, rules, and agency. Organization refers to concrete structure which might include court, legislature, bureaucracies, and political parties. Politics as rule: refers to rights and obligations as well as permissible procedures and strategies to be employed in the political process. It can be written or unwritten. Rule is depended on the separation of power. Politics as agents: they are the personnel within all political organizations to act and implement.

Conceptions of the Political (Cont’)  State: includes institutionalized authority, laws, and patterns of domination and other element to enduring the structure of governance and rule in society. State also includes ideas, customs, rules, formal and informal institutions. ii. Politics as the public: one way of thinking about economics and politics is to link economics to what is private and public. Private refers to affairs that are substantially limited to individuals or groups directly involved in exchange. The public is defined as the arena or activities that involve other substantial ways. iii. Politics as authoritative allocation of values: this where politics and economics meet and sharing the similar values. Is a way or authority to allocate resources to public, but for politics is dealing with decision making or authority to distribute resources. Economics however is voluntary basis but political is authoritative. Politics is to enforce rights of the rules to achieve goals. The link of the three is government, public, and authority = Politics.   Thanks