Critically discuss conditionality of IMF loans from the perspective of different IPE theories.
There are three IPE (international political economy) that includes, economic national perspective, liberal national perspective and critical perspective. These theories are used to analyze global political economy.
Economic national perspective.
Economic national perspective strains the importance of the states national interest and understanding actions in global perspective. This perspective is a state- centered theory, thus, it focus mainly on states own interest.
Further more, this theory dates back on to the rise and extension nation states in Europe in 15th century. Nevertheless, “mercantilist believed that there was a limited
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Therefore, economic national perspective is established across the actions of coherent states. Nevertheless, foreign affairs is perceived as a fight for power, as well as international political economy which is seen as combating for power and wealth.
“According to IPE specialists focusing on this approach (economic national perspective) description of the global economy suggest the concerns of the most powerful nations”. (O’Brien and Williams 2013 p. 10.)
Advantages and disadvantages with economic national perspective.
Advantages.
This approach protects the national interests, and it’s good for domestic producers. Therefore, when a state uses this approach, domestic producers will have a good market because there are no TNCs (transnational corporations) or foreign firms in the country.
Moreover, it has a zero-sum game; one states gain is another states loss. Thus, nations should focus on their own interests. This theory can be used by developing countries in order to reach economic growth. For instance, China has engaged to open economy and profiting from liberal system. Thus, at the same time China supported economic national perspective through challenging conditions on all foreign investments to accomplish development.
Thus, there were also some states used this approach to limit trade such as health, employment and safety in order to protect their citizens. Especially healthcare and educations are important and some states do
In The Crucible by Arthur Miller, innocent lives were taken in the Salem Witch Trials in 1692. Many couldn’t forgive themselves or forgive others, while others suffered their consequences and sentenced to death with regret, but for John Proctor it was different. He wanted to make things right for his wife Elizabeth Proctor and his kids, but most importantly, he wanted to make things right for himself. When a crisis gets to its worst point and his wife is accused of witchcraft he has to choose what is right for the sake of life and forgiveness.
This would be detrimental to smaller less industrialized states because it would allow the larger countries to flood their markets free of charge, making them even poorer in the process. The idea was called "open door". I thought this point of Wilson's plan was very selfish, as it only directly benefits the Allies, yet in Wilson's own speech he calls for an end to "selfish aggression." This is one of the many points of Wilson's plan that he is very hypocritical.
Nation states must also aim to provide public goods which cannot be provided or allocated fairly through the market mechanism. These include physical and human infrastructure such as roads, airports, harbours and education, laws and regulations. Those are the performance goals of the state. Other objectives include locally rooted technology, to maintain indigenous headquarters and to attract and retain business from TNCs. They will also aim to gain a fair level of taxes from TNCs whilst still keeping them in the country and developing a highly skilled, higly earninging and flexible labour force.
“The Boy in the Striped Pajamas”, is set during WWII Germany. 8-year-old Bruno, his mother, sister and S.S Commandant father relocate to the countryside near a concentration camp. Bruno, looking for new friends, explores his backyard and finds Shmuel, who he believes is a farmer wearing odd striped pajamas ”. Bruno then realizes that Shmuel is not a farmer but a Jewish prisoner in a camp. Bruno continuously visits Shmuel despite being taught that Jews were bad. On one visit, Shmuel expresses his concern over his missing dad, when Bruno comes up with the idea of sneaking under the gate and helping him look for his dad. The next day the two go through with the plan and face the same fate as Shmuel’s father. Throughout the film symbols, cognitive dissonance, ethnocentrism, mass media and fundamental attribution error are displayed.
The international political economy can be defined as having three different ideologies, Liberalism, Mercantilism, and Marxism. I personally believe the economic liberalism ideology is superior to the others due to its success. In order to understand why economic liberalism is the most convincing ideology of the international political economy we must look not only at the core principles of said ideologies but towards the history of the international political economy and the flaws and shortcomings of them.
Emily Dickenson’s poem, “Apparently with No Surprise”, utilizes different poetic devices to clearly convey her message of life and death to the reader. Throughout the poem, the audience gets a better understanding of the topic through Dickinson’s use of personification and imagery, to conclude the poem’s overall emotional attitude and meaning towards the subject. Dickinson manages to express the primary insight of death while utilizing different poetic devices to convey the brutality and the randomness of nature and life.
Therefore, each state's basis of existence is always too small. Now here is the reason why states always turn to the outside world: the growth that the state promotes has a border in the reach of its own power. The state always promotes growth policies, but the country's borders then present a limited market, a limited availability of raw materials and resources, a limited potential labor force; The power that licenses capital, which creates the economic system in the first place, is itself a limit to its growth within its limited range. Under capitalist states, a relationship of mutual recognition comes into existence so that one state can use the other, because the other state calculates the same way, only vice versa. Two states pay their mutual respects and engage in civilized relations because what they want is totally
State is commonly referred to either the present condition of a system or entity, or to a governed entity, such as a nation or a province. The state itself consists of the society, government as well as the people living there. Before the Second World War, State is often seen as the main actor in international Relations as it can declare states of wars, control most of the economic influence within the region and larger states often dominant the role of international relations within the region or even in the globe. However, after the Second World War, the impacts on state influence as an actor has become less important than before, regarding to this point, there is
When trying to comprehend international politics, current events, or historical context, having a firm grasp on the various international relations theories is essential to understanding patterns when looking at interstate affairs. Realism, liberalism, constructivism, and marxist radical theory are used to provide a framework by which we can dissect international relations.
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.
This theory is of the view that ‘bit by bit’ investment programmed will not lead to the path of economic development, rather through investing a specific amount can help in economic development.
Learning about the events that lead to the modern global political system and global market defiantly strengthened my belief that the global trade has significant benefits, taught me that economic incentives and potential loss can prevent wars, and money runs the world when it comes to being politically dominant. In the medieval ages the kings were dominant and had power over little except the economy. “The economy was not thought of as a distinct sphere separated from politics but instead as a tool of statecraft which the state could manipulate to serve its own ends.” (Erik Ringmar). Times have changed and medieval kings do not rule all the land but the concept remains the same, countries use their economic standing as a way to make deals, prevent political issues, and push forward their political agenda. This is not always successful especially when it came to the Cold War because the US and the USSR were both economically built
The liberal perspective on political economy is embodied in the discipline of the Western economics (Gilpin, 1987). It emphasizes the individual interests, the freedom and the maximization of economic benefit. Economic
In addition, I had the opportunity of case studies. Which gave me a well-rounded perspective on particular cases in International Relations. For instance, at Turkish Foreign Policy class, we analyzed Cyprus Issue with all aspects, actors, approaches and events. By learning international security theories, I was able to realize that, every conflict and situation can be systematically and sophistically analyzed by IR theories. Without studying security theories, international disputes cannot be analyzed and understood properly. Throughout my studies as an undergraduate student, the importance of economic effects on International Relations became obvious to me. Current market liberal economic system and multi-national companies affect policy making processes of the states. Economic crisis affects nearly every country on the globe because of economic interdependence between countries. Thus, in order to understand and gain more sophisticated perspective about economic effects on IR, I attended classes as, International Economics, History of International Economic Relations and History of Economic
This paper was prepared for GD530 Economics and the International System, taught by Professor Snow