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Title: International Political Economy
Description: International political economy (IPE) is an academic discipline which analyzes international relations in combination with political economy. International Political Economy emerged as a new approach to international relations during the 1970s because of two important economic crises which had political and economic consequences. The first of these was the 1973 Oil Crisis which took place when OPEC countries declared on 17 October 1973 that they would not export petroleum to the countries that supported Israel directly or indirectly in the still ongoing Yom Kippur War between Israel and Arab nations; and then they decided to raise the price of crude petroleum dramatically. These developments meant that the Western economies were badly hit and their central banks had to raise interest rates and all economies importing petrol from OPEC experienced serious recession.
Description: International political economy (IPE) is an academic discipline which analyzes international relations in combination with political economy. International Political Economy emerged as a new approach to international relations during the 1970s because of two important economic crises which had political and economic consequences. The first of these was the 1973 Oil Crisis which took place when OPEC countries declared on 17 October 1973 that they would not export petroleum to the countries that supported Israel directly or indirectly in the still ongoing Yom Kippur War between Israel and Arab nations; and then they decided to raise the price of crude petroleum dramatically. These developments meant that the Western economies were badly hit and their central banks had to raise interest rates and all economies importing petrol from OPEC experienced serious recession.
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INTERNATIONAL POLITICAL ECONOMY
International political economy (IPE) is an academic discipline which analyzes international
relations in combination with political economy
...
The first of these was the 1973 Oil Crisis
which took place when OPEC countries declared on 17 October 1973 that they would not export
petroleum to the countries that supported Israel directly or indirectly in the still ongoing Yom
Kippur War between Israel and Arab nations; and then they decided to raise the price of crude
petroleum dramatically
...
Secondly, about at the same time, the Bretton Woods system
had already collapsed
...
The result was a devaluation
of the US dollar against many other currencies
...
In the years after 1971 OPEC was
unable to readjust its prices to cope with the Dollar’s devaluation
...
These two major developments in international economy caused concern in the academic
world and people began to focus on the importance, crises, and weaknesses of the economic world
order
...
They also accused neoclassical
economists for ignoring history and focusing instead on theory
...
In this sense, IPE
analysts blamed the Western social science for focusing too much on the nation-state as a unit of
analysis, and they instead stressed the importance of the international system
...
These are:
1) Mercantilist IPE,
2) Economic Liberalism IPE, and
3) Marxist IPE
...
According to Mercantilist International Political Economy, economic activity is understood as a
part of the increase in state power
...
For a state, to become rich and to be politically powerful are two complementary goals, that is,
they are not different goals but parts of a greater good
...
When there is a clash between security and economic interests, security
interests should always be considered as more important and have to come first for any state and
any policy-maker
...
According to Mercantilists such as Robert Gilpin, there are two forms of rivalry between
states: Firstly, states look after their national economic interests because it is an important part
of their national security
...
Secondly, states try to
expand and exploit international economy, such as in the case of European imperialistic
expansionism in the 19th and early 20th centuries
...
Economic Liberal International Political Economy focuses on the role of markets in
social life
...
The Economic
Liberals believe that markets would maximize anyone’s gains and economic interaction under the
guidance of liberal economy principles would benefit everyone, individuals, households,
companies, and states
...
Economic Liberals believe in David Ricardo’s comparative advantage theory in
which each state is supposed to focus on the production of the products which are most profitable
for them
...
The individual is rational in its choices, and when he applies his rationality into the
market, everyone gains and economics becomes a positive-sum game in which all the
participants have gains
...
The Marxist International Political Economy is an approach that argues that economy
is decisive in all events in social and international levels
...
The class which is dominant in
terms of economics is also dominant in terms of politics
...
They argue that as the capitalist development is uneven, it is destined to
produce new crises and contradictions between social classes and states and therefore class
interests and class conflict determines the development of any given state
...
The World
System is characterised by certain economic and political structures which depend on each other
...
The
capitalist world economy is divided into three different areas which are the Core, the SemiPeriphery, and the Periphery
...
The semi-periphery acts like a buffer zone,
absorbing the shock of the reaction from the Periphery to the Core
...
Title: International Political Economy
Description: International political economy (IPE) is an academic discipline which analyzes international relations in combination with political economy. International Political Economy emerged as a new approach to international relations during the 1970s because of two important economic crises which had political and economic consequences. The first of these was the 1973 Oil Crisis which took place when OPEC countries declared on 17 October 1973 that they would not export petroleum to the countries that supported Israel directly or indirectly in the still ongoing Yom Kippur War between Israel and Arab nations; and then they decided to raise the price of crude petroleum dramatically. These developments meant that the Western economies were badly hit and their central banks had to raise interest rates and all economies importing petrol from OPEC experienced serious recession.
Description: International political economy (IPE) is an academic discipline which analyzes international relations in combination with political economy. International Political Economy emerged as a new approach to international relations during the 1970s because of two important economic crises which had political and economic consequences. The first of these was the 1973 Oil Crisis which took place when OPEC countries declared on 17 October 1973 that they would not export petroleum to the countries that supported Israel directly or indirectly in the still ongoing Yom Kippur War between Israel and Arab nations; and then they decided to raise the price of crude petroleum dramatically. These developments meant that the Western economies were badly hit and their central banks had to raise interest rates and all economies importing petrol from OPEC experienced serious recession.