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Political Economy
Political economy is key in analyzing the relationship between society and the state.

According to Investopedia, political economy is the interdisciplinary branch of the social sciences that focuses on the interrelationships among individuals, governments, and public policy. The overall economy can be also classified into three main types which include a free market economy, a command economy and lastly, a mixed economy.

Historical Background
The Encyclopedia Britannica mentions that the term political economy is derived from the Greek polis and that its analysis in both practical terms and as moral philosophy has been traced to Greek philosophers such as Plato and Aristotle.