What role does politics play in shaping the economy?

Write a two page response to the following question- What role does politics play in shaping the economy?

What role does politics play in shaping the economy?

Write a two page response to the following question- What role does politics play in shaping the economy?
More details;

What is the role of politics in economics?
Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.

How have economic historians understood the role of politics in shaping country differences in economic development? An impressive recent literature can be sort out according to the degree of “human agency” at work. At the low-agency end are perspectives that stress geography, which is unalterable, leaving little room for human action and hence no room for politics.

At the other end are arguments stressing deliberate, self-aware actions, hence choice, hence a substantial role for politics. In between are arguments where some choice occur in the past or at a specific moment, but little since then. What drives development? Two lines of argument are vigorously debated: explanations that stress human capital and explanations that stress institutions. Within each camp can be found variance on the degree of agency and hence on the role of politics. Both vary as well on how they envisage society and its interaction with both institutions and human capital.

Key Words

Agency, institutions, human capital, choice, political development

INTRODUCTION

What is the role of politics in shaping economic development? Economic historians have made substantial contributions to the study of economic development in recent years, work that deserves attention from political scientists because of its implications for the study of political development. The core dispute pits institutions against human capital.

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