Wealth-Power Related Economic and Socialist Theories

Realism is an international relations theory with a lineage that dates back to thinkers such as Thomas Hobbes, Machiavelli and Thucydides (Forde). Because the conditions for international relations are inherently anarchic, with neither hierarchical power nor expectation of reciprocity to enforce cooperation between actors, realists insist that the sole responsibility of the state must simply be self-preservation. As foreign policy specialist George Kennan wrote, “other criteria, sadder, more limited, more practical must be allowed to prevail” in spite of morality.

- A political and economic policy adapted by most European monarchs. A mercantile system exist when the government controlled all economic activities to strengthen national power.

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.

Realism is a theory which believes that sovereign states are the primary actors in the international system. It also believes that the international system has always been anarchic due to the nature of states not trusting each other and each state seeking to gain or maximize its own power capability. The Realist approach to the Cold War was also that of an “anarchical constitutive” and had seen the Cold War as something that was not out of the ordinary. The realists believed that states are always competing to maximize their own power, “the basic premise of its understanding is that the Cold War was not historically unique. the Cold War rather reflected in general terms the ongoing logic of inter-state conflict derived from the anarchical constitutive nature of the international system, and the ‘power maximization’ policies of states” R.Saull (2001:7).

In a realist world, states have “supreme power” over its territory and population, there is an absence of a higher authority. The fact that there is no higher authority has its consequences. States become self-interested, they compete for power and security. It can lead states to continuously struggle for power “where the strong dominate the weak (Kegley, 28).” This ultimately creates a system in which each state is responsible for its own survival, making them cautious towards their neighboring states. In addition, a realist world is a self-help system; “political leaders seek to enhance national security” by building armies and forming alliances (Kegley, 28). Economic and military power are key components to a state sovereignty and to national security.

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.

Realism is one of the oldest and most popular theories in International Relations. It offers a perspective about competition and power, and can be used to explain the actions between states. An example of realism is the U.S. reaction – or lack thereof – during the 1994 Rwandan genocide.

Realism has dominated international relations theory since emerging in the 1930’s. The era of state conflict lasting from the 1930’s to the end of the cold war in 1947, proved the perfect hostile environment to fit the largely pessimistic view of world politics. While many aspects of realism are still alive in International Relations today; including the dominant presence of states, intrinsic of war and the decentralised government. However, realism only reaches so far in explaining and creating a structure for international relations. Whilst the strengths of the theory lie in its pragmatic approach to power politics and conflict. However, the realist view is weakened by changes in the way that conflict is fought, the ineffectiveness of the balance of power model and the increasing global and interconnected world. Thus, using realism as a structure to explain international relations today is to some extent, a theory of the past.

Since International Relations has been academically studied Realism has been the dominant theory of world politics. The theory’s inability to explain the end of the Cold War, however, brought strength and momentum to the Liberalism theory. Today Realism and Liberalism are the two major paradigms of International Relations. The aforementioned theories focus on the international system and the external factors that can lead to two phenomena - conflict and cooperation. Realism believes that as a result of anarchy and the security dilemma, conflict is inevitable. Liberalism argues that this conflict can be overcome through cooperative activities amongst states and international organizations. This paper will explore as well as compare and contrast the strengths and weaknesses of both theories. It will also debate which of the two theories is more valuable in the

In this essay the conservative theories of Realism and Liberalism will be compared and contrasted in connection with the study of International Relations. Post World War I International Relations was established as a formal discipline with the eructation of the Woodrow Wilson Chair at the University of Wales, given the worldwide urgency to create international order and stability in the wake of the war. Realist in International Relations view human nature and the states behaviour practically and truthfully, adopting a matter-of-fact attitude instead of visualising how the political institutions ought to function. Liberalists

Classical realist theory is based upon the idea that human nature is inherently bad and selfish, the international system is anarchic, and the state is the most important actor in international affairs. Basing policy decisions on human nature, the state looks to maximize it’s power and security within its geographic location. Realist theory sees all conflict deriving from power struggles between states, though it is not about fostering wars; rather the opposite.

Realism focuses on the balance of power and how it impacts of actions of state actors within the international political system. Morgenthau said that, “The aspirations for power on the part of several nations, each trying to either maintain or overthrow the status quo, leads of necessity to a configuration that is called the balance of power and to policies that aim at preserving it” (Morgenthau 1967,131). He goes on by explain that not only is the balance of power and the policies that protect it inevitable but also that they are essential for

Realism in international relations theory is one of the dominant schools of thought in international relations. Realism or political realism prioritizes national interests and security concerns in addition to moral ideology and social reconstruction. The term is often associated with political power. The term is often associated with political power.

In “Structural Realism...” Waltz defends his theory of Structural Realism against criticism that its tenets are no longer valid in a post-Cold War world. The international system, he writes, is still anarchic, even though that system is unipolar instead of bipolar as it was during the Cold War, and that states still seek hegemony and power. A nation 's ideals and internal factors may count for something (he posits that the US intervention after the collapse of Yugoslavia was the result of such pressures),3 but they certainly shouldn 't. States should make decisions based on the idea of maintaining their own security and maintaining a balance of power in the international system.

In order to contextualise the similarities and differences between Neo-Realism and Neo-Liberalism, it is necessary to define these key terms and elaborate on where they came from. The former, otherwise known as structural realism, is a brand of realism. Realism is a broad school of thought, developed during the early Cold War and interwar years, that sets out a series of tenets which attempt to explain why the world is the way it is. Hence, it revolves around the