The political model of economy 

Politics

Politics refers to a collection of practices concerned with collective decision-making or other types of power relations between people, such as resource allocation or status. Political science is a sub-discipline of social science that explores politics.

In politics, a multitude of techniques is used, including publicizing one’s own political opinions, negotiating with other political topics, passing legislation, and using power, including warfare against opponents.

Politics is practiced on a broad variety of social levels, from ancient cultures’ clans and tribes to new city councils, businesses, and organizations, all the way up to independent states and the international level. People also join political parties to express their ideas in democratic nation-states.

Democracy

Democracy is a system of government in which citizens elect their representatives. Decisions on who is considered a member of the population and how power is shared or assigned by the people have evolved over time and at varying rates in various countries, but they have gradually expanded to encompass more and more people worldwide.

Unity of assembly and voice, inclusiveness and inclusion, membership, agreement, voting, right to life, and minority rights are all cornerstones. The concept of democracy has changed significantly over time, and the two most common forms of democracy today are a direct and representative democracy. In a direct democracy, citizens debate and vote on laws directly.

Economy

An economy is a domain in which products and services are produced, distributed, and traded, as well as consumed by various agents. It’s described as “a social sphere that emphasizes the processes, discourses, and material expressions associated with the creation, usage, and management of resources” in general.

A provided economy is the product of a series of processes including, among other things, its society, traditions, schooling, technological evolution, history, social organization, political structure, and legal structures, as well as geography, natural resource endowment, and ecology. These elements include structure and substance, as well as the circumstances and criteria under which an economy operates.

Finance

The method of channeling capital from savers and investors to institutions that need it is known as finance. Money saved or invested by savers and investors may gain interest or dividends if put to good use. When individuals, businesses, and governments need adequate funding to survive, they must receive funds from an external source, such as loans or credit.

Finance is concerned with how and why a person, corporation, or government obtains the funds required – referred to as capital in the corporate sense – and how that money is spent or invested.

Political party

A political party is an organization that organizes candidates to run for office in elections in a specific country. Participants of a political party are expected to have common political viewpoints, and parties may follow specific ideological or policy goals.

Poverty

Poverty is described as a lack of sufficient material possessions or income to meet one’s basic needs. Poverty may be described as a combination of social, economic, and political factors. Absolute poverty is described as a total lack of resources to meet basic human needs such as food, clothes, and shelter.