Question

Who produces capital, wages and profits from a political economy perspective and how does the control of the surplus ( capital flight and strike, campaign contributions, media and philanthropy) significantly determine the political economy of society ?

(at least 150 words)

Answer 1

Solution:

Political Economy focuses on the links between the economy, society and political interests. Political economy helps to understand production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. Capitalism" as this money-making activity has existed in the shape of merchants and money-lenders who acted as intermediaries between consumers and producers. Labor produces capital, wages and profits from a political economy perspective. The worker sells his labor for wages, which he receives from the capitalist. Wages are that part of already existing commodities with which the capitalist buys a certain amount of productive labor-power. Consequently, labor-power is a commodity which its possessor, the wage-worker, sells to the capitalist. The mode of production the two core dimensions of any economic organization of society are united. These two central elements are the productive forces, the relations of production, referring to the class-based organization of production, distribution and consumption in society. Commodities are the capitalist mode of production; they are defined as products or services sold on markets and produced by human labor power.

Capitalists only pay the workers the wage they need to reproduce their labor power even if workers generate a higher value. This surplus value is then appropriated by capitalists and then reinvested. Total surplus-value in an economy is basically equal to the sum of net distributed and undistributed profit, net interest, net rents, net tax on production and various net receipts associated with royalties, licensing, leasing. Control surpluses, which indicate that the controls that individuals can exercise surpass the controls they experience. Capital flight involves the role of the government and the prerogatives of those usually the wealthy with access to foreign exchange. Campaign finance use the surplus funds raised to promote candidates, political parties, or policy initiatives. Political parties, charitable organizations, and political action committees are vehicles used in aggregating funds to keep campaigns media and philanthropy. Social media have played in contemporary political and revolutionary movements.

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