The war was finally over; or was it? Let me reiterate that this series is a study of Economics, which includes Political Economics. However, Political Economics emerged from the use, or threat of the use of, force; and is evolving alongside developments in the use of force and/or the threat of it; and because the use of force by states is continuously evolving, so is political economics. It is therefore imperative that we address the two, together.
Coined in the eighteenth century under moral philosophy, “Political Economics” originally looked at the states’ administration of wealth. Early in the twentieth century, this subject converted to Economics. It was after WW 1, when the dependence on colonies became glaring, that economists adverted to the economic interdependence of states and, the fact that Political Economy was linked to the use of force and, therefore, also diplomacy.
As WW 11 approached its end, it