ABSTRACT

Clarification of the positive legacies of economic liberalism and political economy is then a matter of identifying which aspects of these two traditions assist most in understanding the twin processes of differentiation and integration. Such processes may be further sub-divided for analytical purposes into those relationships largely differentiated from society and hence 'internal' to the economy, such as production, consumption, investment and saving, and those integrative relationships that link economy and society involving such matters as political regulation and cultural values.