State, Political Economy and Governance

Sate can be defined as any formal geographic territory, which is politically organized and the decision-making is by a single independent government. The individuals that comprise the state are the citizens or the voters. As a result of the expansion of the state in managing economic activities, working as an arbiter and a conflict resolver, the new notion of state as a Social Institution arise. Furthermore, the state started to develop as the main authoritative centre for the power sharing and emerging political forms and lately it started to expand its territory to the peripheral zones, largely working for the socio-economic welfare of the downtrodden or the general public and solving the intrastate and interstate conflicts. As a result of this, the state impinged over the lives of the people, as there day to day activities, decision making and welfare became a part of the welfare state and their lives were governed by judiciary, laws and machinery of the government.

Keywords:
State, Economy, Governance, Territory, Population, Sovereignty