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The term Political Economy is used to stress that the political, economic, and legal systems of a country are connected.
This is further explained below.
Generally, The field of political economics is an interdisciplinary subfield of the social sciences that focuses on the interconnections that exist between private citizens, public institutions, and governmental agendas.
Political economists investigate questions of how economic systems, such as capitalism, socialism, and communism, are implemented in actual economies.
Any economic theory, at its most fundamental level, is a system that is accepted as a means of managing the allocation of a limited quantity of resources in a manner that is advantageous for the largest number of persons.
In conclusion, The interconnected nature of a nation's political, economic, and legal institutions is referred to as the "political economy," and the phrase "political economy" is often used.
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