Political-Economic Systems

A political-economic system is the institutional configuration and social structure of an economy. To put it another way, it is the overarching way an economy is organised: combinations of and interactions between the different organisational forms and mechanisms as described in Building Block 5: Economic Organisations & Mechanisms. How are goods and services produced, distributed, consumed and disposed of? How are the factors of production, land, labour and capital allocated and coordinated? What do power relations look like and how do they function? In the real world, political-economic systems are highly complex, with many different (and possibly even contradictory) elements and