International Political Economy Essay

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1. Introduction The subject of the International Political Economy is commonly regarded as a branch of the broader field of International Relations. International relations has traditionally focused on addressing questions of war and peace as well as conflict and co-operation between nation states. A difficulty arose in the field when it could not provide answers or prescribe workable solutions for issues concerning wealth, poverty and the distribution of resources in the international system. The international political economy emerged as a response to the significant shift in international current and economic affairs. This essay will show the usefulness and effectiveness of the international political economy in explaining issues of poverty and wealth. 2. Definition of concepts This section will provide brief definitions and descriptions of the main concepts that are relevant to this essay and will be used throughout. 2.1 IPE An interdisciplinary social science concerned with the examination of the complex interactions between markets, states and societies, and how the tensions and conflicts between these arenas both affect and reflect conditions outside the state and society (Ballam and Dillman 2014:15). 2.2 Theory Theories are models that explain how the world works. They are often used as tools for analysis. Theories emerge at particular times and places offering contextual explanations for their emergence and the dominant forces (Denemark 1997:45). 2.3 Globalization This is the process by which the pursuit of economic liberal ideas and policies has led to increased economic growth across the world. It connotes increasing economic interdependence, boundaries that are difficult to determine and a spread of Western (US) cultu... ... middle of paper ... ...ine political and economic outcomes both domestically and internationally (Katzenstein et.al 1998:21). The structure of domestic state affairs is viewed as being divided into two. The proletariat and the bourgeoisie. The bourgeoisie are those members of society who own the means of production and essentially the capital in a given society while the proletariat are the workers in the economic system. There is an exploitative relationship that exists between these two classes. For structuralists, the same domestic divisions have rippled into the international economic system. This is clear in the division of developed and developing countries. It therefore then follows that if the states acts to preserve and promote the interests of the owners of capital, internationally, the trade system will also preserve and promote the interests of the developed countries (REF).
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