By Outlining the Current Global Political Economy, Discuss to What Extent the Current Global Political Economy Undermines National Development in the South.

Historically, the South African economy has been largely unstable mostly due to political issues. Although, considering its counterparts, South Africa shows the most promise for economic development and growth (Jordaan, 2010 pg.5). In 1990 South Africa entered the global market after overcoming major political issues such as apartheid. Many economists agree that the changes the South African government has made to be able to compete globally, are for the better (Wessel, 2007). In the article “CAPITAL: Globalization Brings South

The use of the term global apartheid has been on the rise when referring to the existing social, political and economic inequality on the global scale. It is based on the merging of concepts and practices from South-African apartheid alongside globalization. In this paper, we will consider the appropriateness of such term and whether it truly encompasses all aspects of global inequality. We will consider South-African apartheid along with its associated focus on race as well as globalization along with its associated focus on class and nationality. We will examine how these concepts encompass the statist, racialised, classist new world order.

“Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world” (The State University of New York, 2014, para 1).

Global Political Economy is essentially a study of a political battle between the winners and losers of global economic exchange. In fact, understanding global economy relies on a clear knowledge of the process of political competition. Political power possessed by actors regulates economic activity and in turn this creates the basis for and affects political power. Through, critical analysis of the concept of global political economy it becomes clear that there are three prominent theories that form GPE, mercantilism, economic liberalism and Marxism.

Within the last 60 years, Third World development has been a global priority, at the top of virtually every Western agenda. And with the rise of the global population and poverty levels continuing to rise along with it, it is very easy to see why human development is becoming such a topic of focus and discussion among members of the academia. But one question that everyone wants the answer too is, how does Third World development fit into Globalization? Despite apparent compatibility, when closely examined it is clear to see that Globalization actually contradicts Third World development due to the conflict of agendas. Both Globalization and Development hold views concerning market reform, social structure and regulation, which are

International political economy is an important subdiscipline of international relation. It has three main ideologies, Liberalism, Mercantilism and Marxism. In this essay there will be three parts, first part is to demonstrate what the Liberalism and Mercantilism are on the perspective of international political economy and then the second part is to compare and contrast these two ideologies of political economy. At last, give a conclusion to the Liberalism and Mercantilism.

During the last decade of the twentieth century, the word ‘globalization’ has become an increasingly prominent feature of political, social, and economic discussion in academic and policymaking circles, as well as in the media. The processes and outcomes of globalization drew attention and debates that had one thing in common. The research shows that nearly everyone agrees that globalization is a trend that is changing the face of the world, and as a result the world society lives in a more ‘globalized’ world. Nearly two and a half decades passed since 1990s, and studies have been conducted to examine the causes and consequences of globalization. Moreover, nearly every person experiences some type of globalization and can testify firsthand the effects it has on their life, society, and the state. The analysis of the effects that globalization dynamics have on the world society indicates that globalization has a significant positive impact via spreading opportunities and wealth across nations, stimulating innovation and productivity, enhancing the economic development of poorer countries, and helping to improve living standards.

Political economy has become one of the long-lasting results for the empire building periods of history. With the expansion of empire and colonial holdings, countries needed to establish a system that allowed for control over the new regions with the primary objective of furthering one’s own wealth and power. Political economy is the study of the management between the metropole and the colonies of the empire. Throughout history, management ideas and practices have changed. The importance of understanding these changes has propelled the study of political economy through generations and has created this field in an attempt to understand the inter-workings of the complex global system.

The definition of political economy is not simple. This essay uses the definitions given by Vincent Mosco and explores its origin in Greek and inspiration from the Classical Political Economy. Apart from the Classical Political Economy, this essay also describes other forms of this approach, such as Critical Political Economy and Neoclassical Political Economy. Latter the characteristics of political economy study are also discussed based on Vincent Mosco’s work in the 1990s.

The concept of globalization is a complex and peculiar one, failing to be definable by a single, precise definition. Centrally, globalization involves information and goods being exchanged amongst different countries. These interactions and interchanges among countries globally over time is due to an increase in communication and transport networks. Globalization is often divided into three main areas being economic globalization, cultural globalization and political globalization. All three are vital areas to one’s life and globalization is said to have a large impact on each. Although globalization is controversial in the aspect that it cannot be declared just how much of an influence the notion has in the world. Political scientists such as Muhammad Ijaz Latif, Anton Pelinka and Martin Wolf all discuss this issue in their respective pieces as well as differing aspects of globalization such as the role the European Union plays in relation to globalization, the different perspectives of globalization and the challenges of the nation-state in regards to globalization.

The study of development in Latin America has been approached from a variety of academic disciplines. International Political Economy scholars have provided a number of different approaches for studying, analyzing and understanding the political and institutional constrains that have shaped the development of Latin American countries. They have also incorporated into the analysis variables such as the influence of international organizations and the economic and class history, and its relation with one of the principal characteristics of Latin American countries: the disparity between the wealthy and the poor.

Lack of development in countries in the so-called `Third World' has many political and economical reasons. Historians explain the inadequacy of developing countries with the early imperialism and the resulting colonization of the South. Exploitation of mineral resources, deforestation, slavery, and the adaptation of foreign policies shaped the picture of today's suffering and struggling civilizations and natural rich continents. The omission of concessions and equal negotiations between dependency and supremacy give rise to the contrast of enormous resources and immense poverty in developing countries is. In the last years the outcry of justice and the emancipation of the Third World became louder throughout developing and industrialized

Political economy is a term used for studying tradeandproduction , and their relations withcustom, law, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy.

Economy and State: A Sociological Perspective, written by Nina Bandelj and Elizabeth Sowers, explains the economic foundation of the state by discussing the governance of property and money, in correlation to labor and firms, ending in economic development and internationalization/globalization. Bandelj and Sowers’, target audiences for this book seemed to be intended for those individuals wanting to learn the basics of economics from an economic sociology perspective allowing readers to broaden their minds, while drawing comparisons from the political economy and economic sociology. This book was written with clear language for the audience to understand and comprehend the large amount of traditional economic theory information within its condensed size, as well as introducing a sense of economic sociology in to the mix. Both Bandelj and Sowers separate their book into eight chapters: ranging from property and money, labor and firms, development and the international global economy, before its conclusion. Authors Nina Bandelj and Elizabeth Sowers, provide a wonderful analysis between economy and sociology by breaking down the study of economics including the production, distribution, consumption, and exchange of goods and services and its direct correlation to social networks, cultural reality so to speak, and political and social forces.

The “Third World” as a political project emerged out of Cold War rhetoric. It referred to a group of non-aligned countries that claimed to operate separately from the influences of the great powers. The movement represented the emergence of the Third World as a “self-conscious political grouping.” Solidarity was predicated upon common economic structures that were distinctive from both the Eastern block planned economies and the Western free market system (Smith, n.d: 17). The Third World as a political project was intrinsically linked to decolonization. Developing nations were encouraged to stand against Western intervention and involvement in the economic affairs of the Third World (Smith, n.d: 17). In addition, the project aimed to establish a new international economic order in which developing countries would have greater control over their own natural resources (Smith, n.d: 18). It also called for more cooperation in the third world in order to lessen their dependence on leading institutional forums. As one of the most influential proponents of the Third World Project, Jawaharlal Nehru specifically worked to promote ideas of global interconnectedness, world peace and non-alignment. Yet despite efforts to uplift the Third World from its peripheral status, evidence of “Western” superiority discourse was still present in the language used by Nehru and other elites. Furthermore, while elites championed Third World principles in word, they generally remained tied to their