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The term 'Political economy' which was formerly studied to understand the relations of production to laws, customs and the government in a framework of a polity or economy was replaced by the term 'economics' in the 19th century. This was designed mainly to study the functioning of the economy on an axiomatic and mathematical basis rather than delving into the above mentioned structural relations. Global War and the Political Economy of Structural Change KAREN RASLER and WILLIAM R. THOMPSON Many students of war assume that all wars should be explicable in the International political economy is ultimately concerned with how political forces like states, individual actors, and institutions shape systems through global economic interactions and how such. 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