At least up to the 1960s economic phenomena have been explored by economists either as if they are happening in “a world of no dimensions” οr otherwise on the head of a pin. Analysis especially according to the neoclassical principles perceives space as a plain undifferentiated terrain, void of social relations. On the other hand, under a structuralist Marxist critique, international dimensions of uneven development are mainly of theoretical concern. In this paper, the disciples of Economics and Economic Geography are discussed, focusing on their common theoretical and conceptual foundations as well as differences. Analysis ends up with a proposal for a common analytical framework re-approaching the traditions of classical and critical political economy. A geographically as well historically informed political economy, is necessary to enhance the understanding of economists, of the contemporary modes and material transformations of capitalist development and production.