AoA Maria sis,
I m of the view that political economy relates to the concept of economy based on political policies...both internal and external.....while economical politics mainly revolves around the given role of politics in the realm of economy ,both internal and external.....

For example, in political economy v deal with a myriad of affairs ranging from heritage to societal beliefs,technology,skill and current orientations, while in economical politics v mainly confront issues relating to barriers and non-barriers at hand.

If u look at the political economy of the third world,u wd find it clouded by the history and potential of the 3rd world...and if u look at the economical politics of the developed world, u will find it going by the wind....n hence, concepts like digital divide and widening gap.....In nutshell,political economy is what v the 3rd worldians r employing and harvesting at the moment and the economical politics shows the jet-whizzling of the western economy by lessening more and more the political leverage over economic policies and orientations,say by lessening state control over economic enterprises...

I wd really b grateful for ur comments....
Allah haafiz.