If we break the words political economy up and look at their constituent meanings we find the word economics comes from the ancient Greek oikonomia, “management of a household, administration” and the word ‘politics’ from the ancient Greek politikos, “of, for, or relating to citizens”. So, in essence political economy means the management of production and distribution in society.
However, economics today is presented by the establishment media and the education system today as a neutral science one that merely requires technical knowledge and study so as to understand, and thereby conquer, the market system. It does not study the means by which wealth is created or things are produced. It does not study the relations created and exploited in the production process, or the system of control this gives rise to.
In short, it presents the world as one class sees it: the capitalist class.
Political economy, on the other hand, is concerned with the study of production, exchange, distribution, the consequent social relations, and the whole range of political ideology and laws that evolve and relate to the basic economic system.
Political economy is not by definition left-wing or right-wing. However, its great proponents: Adam Smith, David Ricardo, Karl Marx, Joseph Schumpeter, etc. Through their analysis, identified and exposed the different classes involved in the production process and their relationship to each other.
This means there is a different political economy to strengthen the different classes engaged in capitalist production; and this web site is clear in expressing its support for the labouring class. It will promote the political economy of working people: Marxism¡ªso named after the great political economist Karl Marx.
To serve as an introduction to Marx’s political economy we attach the following text. We suggest it as a simple guide, not a detailed exposition, of the basic ideas, concepts and language contained in Marxist political economy.
“Men make their own history, but they do not make it just as they please; they do not make it under circumstances chosen by themselves, but under circumstances directly found, given and transmitted from the past.”
(K. Marx 1852 ‘The Eighteenth Brumaire’)