why is international political economy important

More often than not, analyses are generic for a country as a whole, but not tailored to the situation, issues, and stakeholders that will be concerned with the intervention. International Economics: International economics is a field that deals with the economic interactions of a nation and its impacts or consequences on international issues. Mishra, Mukesh Kumar, Introduction on International Political Economy (March 31, 2013). Significantly, the most important actor is the United States, a liberal international economy, appointed its power after the interwar period becoming the dominant economy and in turn attained the position of hegemonic stability in the international system. So, for example, Robert Gilpin’s influential textbook published in 1987 was entitled The Political Economy of International Relations. Understanding the economy is crucial to political awareness and becoming an informed citizen. Continuity and Change in International Political Economy 2. The economy, as a system of resource use and distribution, is important because resources are finite. Studying IPE • The study of international political economy is about three things: • History • Theory • Issues 3. Suggested Citation: Suggested Citation. A main differentiator of political systems is each system’s philosophy on the rights of the individual and the group as well as the role of government. It is the study of how economic theories affect different socio-economic systems such as socialism and communism, along with the creation and implementation of public policy. It governs a complete set of rules, regulations, institutions, and attitudes. Each political system’s philosophy impacts the policies that govern the local economy and business environment. By 2003, a follow-up and equally influential textbook was entitled Global Political Economy: Understanding the International Economic Order. shaping the international political economy: the Arab Spring, the European sover-eign debt crisis, and the Occupy Wall Street (OWS) movement. IPE: On History • IPE Fundamentally deals with the history of the international economy. Keywords: International Political Economy. International Political Economy (IPE), an interdisciplinary field that focuses on the interplay relations between politics and economics. Taking place on three different continents since 2011, they have shaken political institutions and spurred waves of political protests in response to a variety of social and economic ills. But we need to question the equation of power resources with material resources. The study of political economy can be viewed as “the reciprocal and dynamic interaction in international relations of the pursuit of wealth and the pursuit of power” (Gilpin 1975, 43). 1. There will be schools of political economy such as commune, social, or capital. An important shift is needed when undertaking political economy analyses to focus specifically to the set of intended interventions. The proposals, discussions, and shared studies of such schools and common policies and positions will show which arguments and possible application fare better. Political economy is a social science that studies production, trade, and their relationship with the law and the government.

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