The Public Purpose of Political Economy

ABSTRACT

For too long the discipline of political science has ceded research on the dynamics of the national political economy to the field of economics. In this article, we explore the cost of this cession in the context of the public purpose. Following John Kenneth Galbraith, we define the public purpose in terms of its independence from the market economy and the planning system. Political scientists, and especially political theorists, are uniquely qualified to theorize power relations relative to a host of challenges that have emerged in today’s rapidly transforming national economies. Galbraith’s critique of mainstream economics, coupled with his understanding of power as an inescapable and perpetual dialectical process, provide guidance for theorizations that should attend to rather than deny the contested domain of the public interest and collective good.