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The expression Political Economy comes from the Greek: oikonomika and politeia. In the late nineteenth century, the term political economy was replaced by economics.There were those who sought to redetermine the view of man in society, different from the class view of society. It was rethought by the mathematical, axiomatic and valuing approach of current economic studies, which conceived the value originated in the utility that the good generated in the individual.Between the twenties and forties of the 19th century, the crisis of Classical Political Economy emerged. This crisis is part of a well-defined context: in these decades, the relationship of the bourgeoisie with the culture of its revolutionary period is profoundly altered.The illustrated culture showed a project of human emancipation that was carried out by the revolutionary bourgeoisie. Based on the ideas of freedom, equality, fraternity.But the possible emancipation from the bourgeois perspective, which was consolidated in the countries of Western Europe in the first half of the 19th century, is not human, but only political emancipation. The bourgeoisie emancipated men from personal dependence, which prevailed in feudality; but political freedom alone was not enough. Legal equality - everyone is equal before the law - did not translate into economic and social freedom and, in this regard, complete liberation was not possible.Therefore, the accomplished Bourgeois Revolution did not lead to freedom: it produced a social "caste" that was freer than the previous one, but that was still far from full human emancipation.It is in this environment that the crisis of classical Political Economy appears – caused by the conversion of the bourgeoisie into a conservative class. As it expresses itself, classical Political Economy becomes incompatible with the interests of the new class. In fact, this crisis gave rise to social constructivism and to some of the greatest so-called proletarian revolutions of the twentieth century.Namely, socialism and its radicalization, communism.In this context, economics will develop into a strictly specialized scientific discipline, debugging itself from historical, social and political concerns. Such concerns will be put to the account of the other social sciences that were articulated after 1848: History, Sociology and Political Theory (or Science). Within the framework of this “intellectual division of scientific work”, Economics is specialized, institutionalized as a particular, specific, markedly technical discipline, which gains scientific-academic status. Appropriate to the social order of the conservative bourgeoisie, it becomes basically instrumental and develops an enormous technical arsenal. It renounces any pretense of providing the basis for understanding the whole of social life and, above all, leaves aside analytical procedures that depart from production – it preferentially analyzes the immediate surface of economic life (the phenomena of circulation), favoring the study of distribution of the goods produced among economic agents and when, exceptionally, it pays attention to production, it approaches it in such a way as to side with the labor value theory.Currently, the term political economy is commonly used to refer to interdisciplinary studies that rely on economics, sociology, law and political science to understand how institutions and political contours influence the conduct of markets. Within political science, the term mainly refers to the relationship between economics and political power within states.such attributes of study are attributed to the Scottish philosopher Adam Smith (1723-1790).In The Wealth of Nations (1776), Smith claims that it is impossible for a nation to have or be independent if it does not know its productive base. It also determines that the human labor factor is vital and must be considered in aggrandizement efforts. The relationship between financial capital, human capital and technological capital must always be taken together to determine prosperity. Before that, economics was just a small branch of social philosophy.Economics, as a science, derives from the willingness to use empirical methods, with the requirement to establish hypotheses and make predictions that can be tested with empirical data. The methodology, in vogue in the period, where the results can be demonstrated and repeated, through the reproduction of the same conditions of the experience, will determine the mathematical models that would determine the current financial market.The field of experimental economics, in this sense, strives to reproduce economic theories in simulated laboratory environments – this earned Vernon Smith and Daniel Kahneman the Nobel Prize in Economics in 2002.On the other hand, Friedrich Hayek, are of the opinion that the tendency for economics to imitate the methods and procedures of the physical sciences leads to unscientific results, as it is the mechanical and non-critical application of habits of thought coming from areas without the specificities of the social sciences.The importance of this understanding that explains, at first, the reason why cryptocurrencies become so interesting, in social terms: they complete the cycle, started in the 19th century, of liberation, or lesser economic dependence.The digital financial market, together with the internet, allows a normal citizen to have control over the prospecting of resources by their own means. Having initiative and pro-activity, everyone can, within certain standards, have greater economic mobility, being free from social ties.What Smith predicted in the mid-18th century begins to materialize in the 21st century: his pin factory, after all, and his division of labor, in addition to observing who generates wealth, defined the modern world we know! But despite Smith's precepts being the fundamental basis of any progressive economy, apparently, going against the grain, are precisely the nations - or part of them - from which the citizen provides the wealth!A new digital-financial revolution on the way?Will the warlords actually allow it?
