Political economy in geographic research: Institutionalist versus Marxist approaches

What is it about?

Since the 1970s, political economy has been central to the study of how capital moves across economic geography. Both Marxist and institutionalist geographers criticize approaches that overlook the links between microeconomic processes, their spatial effects, and the structural power dynamics of capitalism. Since the 1980s, the focus has shifted to institutionalism, which emphasizes geographical and intellectual heterogeneity. However, we argue that a revised Marxist perspective remains valuable for understanding the broader patterns of capitalism, especially in today’s volatile global economy. This alternative, integrating insights from Marx's work and Anwar Shaikh's competition theory, can enhance our analysis of capitalism's spatial and temporal dynamics.

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Photo by Hennie Stander on Unsplash

Photo by Hennie Stander on Unsplash