GENERAL KNOWLEDGE

Detailed explanation-1: -Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics.

Detailed explanation-2: -The new political economy combines the ideals of classical political economists and newer analytical advances in economics and politics. International political economy: Also called global political economy, which is slightly different, this approach analyzes the link between economics and international relations.

Detailed explanation-3: -Classical economic theory was developed shortly after the birth of western capitalism. It refers to the dominant school of thought for economics in the 18th and 19th centuries. Classical economic theory helped countries to migrate from monarchic rule to capitalistic democracies with self-regulation.