Holistic View of the Implications in Power Centered Approach to the Political Economy of Developing Counties

Abstract The Power Centered Approach to political economy emphasizes the importance of power in economic relations; and proves if the democracy and legitimacy associated with power are justifiable. It analyzes the nature and different forms of power in relation to the crucial and basic part of the political order. This paper explains the implications of political powers to create worthy reforms in the socio-economic activities of a state to command expected change, growth, and development of the market society. The big puzzles are how undesirable outcomes can be avoided and what type of power does a leader/State exercises to affect a policy change to influence socio-economic activities? The State once triggered by external shock can propel changes of policies, institutions forcing the state to devolve some of its power. This will give rise to the emergence of independent legal, political, and economic institutions; propelling change and proffering solutions to challenges. This research adopted the secondary source of data collection.