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The political economy approach has emerged as a central framework in the study of comparative politics, providing a critical lens through which the relationship between politics and economics can be analyzed. This approach recognizes that political and economic spheres are deeply interdependent, and that understanding state structures, institutions, and policies requires analyzing how they are shaped by economic interests, class relations, and global market dynamics. Comparative politics, traditionally focused on state structures, constitutions, and political institutions, underwent significant transformation in the second half of the twentieth century when scholars began to appreciate the importance of political economy in shaping power relations and development trajectories. The political economy approach is rooted in the belief that politics cannot be divorced from the material conditions of society. Classical thinkers such as Karl Marx, Adam Smith, and Max Weber laid the foundation for such an analysis by exploring how economic structures shape political authority and vice versa. In modern comparative politics, this approach extends to examining how the state regulates markets, redistributes resources, and responds to both domestic and international economic pressures. It questions not just the "how" of governance but also the "why"—why certain policies are chosen, why some states pursue development paths differently, and how social classes or interest groups influence state behavior. One key contribution of the political economy approach is its ability to explain the developmental trajectories of states in the Global South. For instance, dependency theorists such as Andre Gunder Frank and Immanuel Wallerstein argued that the political economy of underdevelopment cannot be understood without considering the unequal _____ ___ ______ ____ _________ ________ ___ ________ _______.
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