The Four Perspectives Of International Political Economy

Globalization is the process by which the markets of different countries become integrated due to the exchange of goods, services, technology, and capital. Globalization depends on social, economic, and political factors, and continuously alters the way that the world works. All the vital components of the evolving global, political, economic and social institutions being examined seem to constantly converge and to perpetually intertwine during the day to day administration of global affairs. Diplomacy is employed to keep a measured balance between conflict and cooperation. The global guarantees of international law are placed in sharp contrast to the grim reality of human rights on daily basis and policy is dictated by the scales of political power and the urgent priorities of economic necessity. To understand how the globe functioned in the past and how it wishes to function in the future, we must study each factor separately and observe its inevitable interactivity with the other factors that occur. It is important to note that none of the dynamics can be given greater weight in comparison to the other crucial instrumentalities.

Commentators contend that globalization has disintegrated national sway and has brought about an exchange of force from states to enterprises or to universal associations. Since the late 1970s, there has been a developing acknowledgment of a belief system, frequently called "globalism," that supports an open market and constrained government impedance in capital and exchange streams. Corporate hobbies have driven this motivation, which they have forced, the faultfinders contend, on the creating

Analyzing this source, we should fully embrace the perspective it is portrayed because internationalism allows people to work in less developed countries around the globe offering security, economic stability and many other factors with the rest of the world thus making nations more interconnected with one another. The source states that combining global corporations with a strong effort, we can hope to solve many complex issues that threaten a nation-states safety as well as the well-being of all people. International cooperation To address global issues, would require a need of a strong majority of nation-states that are willing to protect civilians, bring economic stability and as well benefiting the countries both ways. This source is showing that though Conflicts and issues, they can be resolved more effectively with the help of nation-states; to accomplish this we would require nation-states to expand the scope of their interests to include the well being of all people. The source is adapting the ideology of internationalism allows us to help less developed countries with crucial issues as well has benefited by having the country providing aid grow and prosper. A factor that plays a role in international cooperations is foreign policy, foreign policy is best defined as a set of political goals that seek to show how a particular country will interact with other countries of the world. These foreign policies are mainly designed to help protect a country's national

In 2008, the world experienced a tremendous financial crisis which rooted from the U.S housing market; moreover, it is considered by many economists as one of the worst recession since the Great Depression in 1930s. After posing a huge effect on the U.S economy, the financial crisis expanded to Europe and the rest of the world. It brought governments down, ruined economies, crumble financial corporations and impoverish individual lives. For example, the financial crisis has resulted in the collapse of massive financial institutions such as Fannie Mae, Freddie Mac, Lehman Brother and AIG. These collapses not only influence own countries but also international area. Hence, the intervention of governments by changing and

In being so, liberalism possesses both economic and political components. Economic liberalism argues that, increasing economic interdependence would lead to a more peaceful international realm. Political liberalism bases itself on the belief that ‘A just world order assumes the establishment of republics ’. Thus, political liberalism as practiced by the United States during Cold War becomes a critical proponent of democracy promotion by noting that overlapping national interests will allow for a tamer international environment, engendering the notion that democracies do not engage in wars. Although democracy as interpreted by liberal theory on its own does not lead to free market, it may create the necessary infrastructure for such an event to occur. The promotion of democracy, to a great extent, increases economic interdependence through the alignment of core national values and therefore decreasing the probability of hegemony between the states. However, The notion of liberalism was undermined in the literature of the United States foreign policy after the Cold War. Even though the states were economically interdependent during the Cold War yet they engaged in rivalry for resources to the extent that if, assumingly, the “World Trade Organization” came to be perceived as a corrupt institution,

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.

Globalisation highlights the dramatic alterations in the landscape of international relations due to the emergence of free market economies based on the right to start a business and trade without restrictions. In other words, it’s the processual approach of assisting financial and investment markets to function together worldwide. This has been largely made possible from the deregulation and improved communications, particularly the evolution of the internet. It can be said that globalisation is a transition of shifting to an integrated world; comprising of the long-term modifications in the aim to achieve a ‘greater international cooperation in economics, politics, ideas, cultural values, and the exchange of knowledge’ (Gibson

International politics is a way for sovereign states to interact with one another in some by using either treaties or informal and recognized in practice only. There are many difficulties that come with international politics though some have different goals

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.

The most prominent and possibly the most notable market crash is the ‘Global Financial Crisis’ which was a direct repercussion of the neo-liberal policies which were implemented at the time and for which many of today’s global economic problems has stem from. These policies predominately include the replacement of government functions and services with profit-seeking entities, or more commonly known as privatisation and most importantly the deregulation of the economic market (Beder, 2006). Due to the deregulation, financial institutions and other economic players were able to invest in more complex financial markets which were beyond their understanding and a result a market crash occurred and the detrimental effects were widespread. If regulation had been put in place to monitor investment activity then it has been argued that the Global Financial Crisis would not have occurred and the associated global economic problems we are experiencing today would not have eventuated (Dag Einar Thorsen, 2013). As neoliberal policies where implemented around the world casing the global financial crisis the world disparities in wealth and income increased as well as poverty, contradicting neoliberal theories that by increasing the wealth at the top everyone becomes better off.

Global Politics The study of international or rather global politics, seeks to provide an account of politics in the broadest domain. The domain of international politics in the twenty-first century is characterised by the increasing number of actors pursuing common and personal interests. It is largely due to the globalised, interdependent nature of the current international political environment that the concepts of sovereignty and power deserve further evaluation.

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.

This paper was prepared for GD530 Economics and the International System, taught by Professor Snow

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

Political economy is the study of production and trade and their links with custom, government and law. It is the study and use of how economic theory and methods influence and develop different social and economic systems, such as capitalism, socialism and communism, and it analyzes how public policy is created and implemented. Since various individuals and groups have different interests in how a country or economy is to develop, political economy as a discipline is a complex field, covering a broad array of potentially competing interests (Investopedia).