The paper "The Different Currents of Political Economic Thought" is an outstanding example of a micro and macroeconomic essay. In understanding the relevance of economic thoughts, it is imperative to recognize the position of globalization. According to Gilpin, globalization integrates the political and economic affairs on an international level (2011, p. 3). Economic thoughts developed from theories of independent thinkers, having looked at the close link between politics and economy. In the contemporary period, political economy incorporates aspects such as the economic system, political setting and institutions influence one another.
Moreover, based on Gilpin global economies is a contribution of the international policies and the markets. Through the policies, rules become established, which govern the relationship between countries towards an economic benefit. Consequently, economic power contributes to the structuring of the governing policies (2011, p. 34). The market functions as an outside force influencing the direction of political and economic policies. Therefore, this paper addresses the issue of competition through a political, economic perspective. It specifically examines the matter through the classical, Marxian, Neoclassical and Keynesian political, economic thoughts. Competition in Economies The structure of the market dictates the type of economic competition.
It goes further to determine the behavior of firms in the competitive market towards achieving profit. Based on Su, three primary factors in the competition include its characteristics, structure and economic outcome (2016, p. 2). Research in competition identifies four significant structure including monopoly, oligopoly, perfect competition and monopolistic competition. In a market economy, competition serves as a force influencing the use of resources where they are most useful. The imperative is the role of supply and demand in controlling the intensities of competition.
Classical political-economic theory on competition advocates for self-regulating markets operating under minimal government control. Moreover, the approach upholds the accomplishing of the individuals' interests through competition. According to the theory, competition creates order by generating personal and economic progress.
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