This book aims to shed light on the meaning of some major economic and social issues that are complex but are often glossed over. Central to the study is the checkered history of capitalism. Recent events around the world have revived the perennial debate on central planning versus free enterprise. With the demise of communism, capitalism is spreading worldwide, but how well is it performing? Are some shortcomings being papered over? Is the growing power of large transnational corporations posing an unacceptable threat to the democratic nation state? Are traditional social services and basic utilities being eroded by the greed of private capital? These are the types of issues in political economy discussed in this book. The aim is to look behind the high-sounding rhetoric of politicians as they claim to be administering good medicine to ‘the economy’.