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Political Economy in Geographic Research: Institutionalist versus Marxist Approaches

Farahani, Ilia LU orcid ; Barbesgaard, Mads LU orcid and Jakobsen, Jostein (2026) In Studies in Critical Social Sciences 343. p.85-108
Abstract
Since the rise of radical geography in the early 1970s, political economy has been crucial in examining the spatial dynamics of capital in economic geography. Marxist and non-Marxist (particularly institutionalist) economic geographers use political economy to challenge non-political economy approaches that ignore the relationship between microeconomic processes and their spatial manifestations and structural (economic and institutional) power dynamics in capitalism. Since the 1980s, however, Marxist political economy has been increasingly sidelined in favor of the institutionalist approach, which contends that the Marxist focus on systemic features of capitalism in shaping spatial relations is overly structural. Instead, the... (More)
Since the rise of radical geography in the early 1970s, political economy has been crucial in examining the spatial dynamics of capital in economic geography. Marxist and non-Marxist (particularly institutionalist) economic geographers use political economy to challenge non-political economy approaches that ignore the relationship between microeconomic processes and their spatial manifestations and structural (economic and institutional) power dynamics in capitalism. Since the 1980s, however, Marxist political economy has been increasingly sidelined in favor of the institutionalist approach, which contends that the Marxist focus on systemic features of capitalism in shaping spatial relations is overly structural. Instead, the institutionalist approach emphasizes the “particular,” and highlights the importance of examining geographical difference through variegated modes of exchange and analyzing underlying rationalities of inherently heterogeneous real economies. This shift poses analytical challenges, particularly during the current phase of de-globalization, highlighting the need to revisit the "general" laws of capitalist production. Given rising inter-regional competition in the emerging tri-polar world economy, a solid grasp of long-term economic forces is crucial. We contend that a modified Marxist approach remains relevant precisely for its ability to explain capitalism’s general and systemic features. In 1985, David Harvey suggested integrating two viewpoints from Marx’s Capital, volumes one and two, for a fuller understanding of the spatiality of capitalism. We argue that incorporating a third viewpoint on competition from Capital, volume three, along with more systematic empirical engagements with Anwar Shaikh’s theory of real competition, is essential for a comprehensive analysis of the spatiality and temporality of capitalism. (Less)
Please use this url to cite or link to this publication:
author
; and
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
Marxist political economy, Institutionalist political economy, Economic geography, Radical geography, De-globalization
host publication
The Power of Marxist Thought : Volume 1 - Volume 1
series title
Studies in Critical Social Sciences
editor
Das, Raju J ; Latham, Robert and Fasenfest, David
volume
343
pages
23 pages
publisher
Brill
ISBN
978-90-04-74600-8
978-90-04-74601-5
DOI
10.1163/9789004746015_005
project
From economic structures to local dynamics: low-income communities and the post-pandemic volatility of housing markets
language
English
LU publication?
yes
id
a0b2c34a-a21a-4bb0-baf9-2b4b34bb1a17
date added to LUP
2026-02-26 11:53:37
date last changed
2026-03-05 02:24:56
@inbook{a0b2c34a-a21a-4bb0-baf9-2b4b34bb1a17,
  abstract     = {{Since the rise of radical geography in the early 1970s, political economy has been crucial in examining the spatial dynamics of capital in economic geography. Marxist and non-Marxist (particularly institutionalist) economic geographers use political economy to challenge non-political economy approaches that ignore the relationship between microeconomic processes and their spatial manifestations and structural (economic and institutional) power dynamics in capitalism. Since the 1980s, however, Marxist political economy has been increasingly sidelined in favor of the institutionalist approach, which contends that the Marxist focus on systemic features of capitalism in shaping spatial relations is overly structural. Instead, the institutionalist approach emphasizes the “particular,” and highlights the importance of examining geographical difference through variegated modes of exchange and analyzing underlying rationalities of inherently heterogeneous real economies. This shift poses analytical challenges, particularly during the current phase of de-globalization, highlighting the need to revisit the "general" laws of capitalist production. Given rising inter-regional competition in the emerging tri-polar world economy, a solid grasp of long-term economic forces is crucial. We contend that a modified Marxist approach remains relevant precisely for its ability to explain capitalism’s general and systemic features. In 1985, David Harvey suggested integrating two viewpoints from Marx’s Capital, volumes one and two, for a fuller understanding of the spatiality of capitalism. We argue that incorporating a third viewpoint on competition from Capital, volume three, along with more systematic empirical engagements with Anwar Shaikh’s theory of real competition, is essential for a comprehensive analysis of the spatiality and temporality of capitalism.}},
  author       = {{Farahani, Ilia and Barbesgaard, Mads and Jakobsen, Jostein}},
  booktitle    = {{The Power of Marxist Thought : Volume 1}},
  editor       = {{Das, Raju J and Latham, Robert and Fasenfest, David}},
  isbn         = {{978-90-04-74600-8}},
  keywords     = {{Marxist political economy; Institutionalist political economy; Economic geography; Radical geography; De-globalization}},
  language     = {{eng}},
  month        = {{03}},
  pages        = {{85--108}},
  publisher    = {{Brill}},
  series       = {{Studies in Critical Social Sciences}},
  title        = {{Political Economy in Geographic Research: Institutionalist versus Marxist Approaches}},
  url          = {{https://lup.lub.lu.se/search/files/243814172/Political_economy_in_geographic_research_IF_MB_JJ_2026.pdf}},
  doi          = {{10.1163/9789004746015_005}},
  volume       = {{343}},
  year         = {{2026}},
}