What are the major theoretical approaches in political economy, including Marxism, neoliberalism, and institutionalism, and how do they analyze the relationship between politics, economics, and power? Furthermore, what are the implications of these theories for understanding global economic trends, inequality, and governance structures?

Theoretical approaches in political economy offer different perspectives on the role of the state, markets, and institutions in shaping economic outcomes and distributional outcomes. Marxism emphasizes class struggle and exploitation in capitalist societies, neoliberalism advocates for free markets and limited government intervention, and institutionalism examines the role of formal and informal institutions in shaping economic behavior and development. These theories inform debates on economic policy, globalization, and social justice.