The concept of international political economy (IPE) encompasses the intersection of politics and economics as goods, services, money, people, and ideas move across borders . ... The liberal tradition of IPE also has historical antecedents, beginning with classical political economy.
Why is international political economy?
International Political Economy prepares you to understand the structures, hierarchies, and power dynamics that regulate finance and trade, drive globalisation and economic nationalisms, and impact the distribution of wealth and poverty across and within states, regions, and the world.
What is the meaning of international political economy?
International political economy (IPE), also known as global political economy (GPE), is the study of how politics shapes the global economy and how the global economy shapes politics . It is a subfield of economics, political science and international relations.
How do you understand international political economy?
International political economy focuses on the politics of economic phenomena that transcend state borders , whether be they trade transactions, exports imports, protectionism, tariffs, non-type barriers, production, the way multinational corporations operate across state borders and finance; with finance, the way money ...
What is meant by political economy?
Political economy is a branch of social science that studies the relationship that forms between a nation’s population and its government when public policy is enacted . It is, therefore, the result of the interaction between politics and the economy and is the basis of the social science discipline.
What is the difference between global economy and political economy?
Global political economy is a field of study that deals with the interaction between political and economic forces . ... To account for this, many scholars now prefer to use the term ‘global political economy’ (GPE) over the more traditional term ‘international political economy’ (IPE).
What are the three main theories of international political economy?
This chapter examines the three most important classical theories within the field of International Political Economy (IPE): mercantilism, economic liberalism, and neo-Marxism .
What is the history of international political economy?
International political economy (IPE) originated in the early 1970s . For almost 20 years it has been dominated by separate, largely non-communicating schools, one centred on scholarly institutions in Britain, the other associated with the US journal, International Organization (IO).
Who are the main actors in international political economy?
States have traditionally constituted the main actor focus in International Political Economy. More specifically, a small number of ‘major power’ states dominate the attention of IPE students and scholars.
Why international politics is important?
Studying international relations is a great way to gain a deeper understanding of global issues . It’s an intriguing and important subject which places great emphasis on economics, culture, education, and political science and examines the impact they have on society.
What is political globalization?
Political globalization refers to the growth of the worldwide political system , both in size and complexity. ... One of the key aspects of the political globalization is the declining importance of the nation-state and the rise of other actors on the political scene.
What can you do with an international political economy degree?
- Attorney.
- Campaign staffer.
- Creative writer.
- Development associate.
- Economist.
- Editorial assistant.
- Foreign Service officer.
- Intelligence officer.
Who is the father of political economy?
Adam Smith is generally regarded as the father of political economy and of “classical” economics. The Wealth of Nations provides the earliest comprehensive account of market society as a decentralized, “well-governed” system in which prices coordinate the efficient allocation of resources in a competitive economy.
What is the scope of political economy?
Political economy is a social science that studies production, trade, and their relationship with the law and the government . ... Different groups in an economy have different beliefs as to how their economy should be developed; hence, political economy is a complex field that covers a broad range of political interests.
Why do we study political economy?
Political Economy looks at the humans behind the numbers, and the social impact of economic policy . Political Economy sets you up for all sort of ways to be in the world. It sets you up for being in that big public discussion about what sort of country, what sort of world we’re going to live in in the future.
What are the advantages and disadvantages of political globalization?
- Access to international aid and financial support.
- It contributes to world peace. ...
- International organizations are often committed to spread values like freedom and to fight abuses within countries.
- Smaller countries can work together and gain more influence internationally.
