Trends and patterns in crime and criminal justice are shaped by variations in the overall structure of different political economies. The macro trends in political economy are mediated by varying institutional and cultural factors and, in turn, these feed down into more local neighbourhood and family patterns and ultimately the psychology of different individuals. Whilst there is an element of choice in the commission of crime, this operates in conditions that are influenced by micro, meso, and macro structures. The chapter analyses the history of political economy as a perspective in criminological theory, as well as how crime and criminal justice vary over time and space between different political economies, in particular social democratic and neoliberal ones.