Question

1.What are some of the most important current events that are part of the general subject matter of international business economics? Why are they important? How do they affect the economic and political relations between the United States and Europe; and the United States and China?

Answer 1

Exceptional economic integration, unprecedented threats to peace and security, and an international focus on human rights and environmental protection all speak to the complexity of international relations in the twenty-first century. This means the study of international relations must focus on interdisciplinary research that addresses, anticipates, and ultimately solves public policy problems.

International relations (often referred to international affairs) has a broad purpose in contemporary society, as it seeks to understand:

• The origins of war and the maintenance of peace
• The nature and exercise of power within the global system
• The changing character of state and non-state actors who participate in international decision-making

For example, some institutions may study the psychological and social-psychological reasoning behind the actions of foreign policymakers, while others may focus their international studies on the institutional processes that contribute to the goals and behaviors of states. Ultimately, the area of international relations studied depends on the goals or objectives of the organization.

The Value of International Relations in a Globalized Society

Although international relations has taken on a new significance because of our increasingly interconnected world, it is certainly not a new concept. Historically, the establishment of treaties between nations served as the earliest form of international relations.

The study and practice of international relations in today’s world is valuable for many reasons:

• International relations promotes successful trade policies between nations.
• International relations encourages travel related to business, tourism, and immigration, providing people with opportunities to enhance their lives.
• International relations allows nations to cooperate with one another, pool resources, and share information as a way to face global issues that go beyond any particular country or region. Contemporary global issues include pandemics, terrorism, and the environment.
• International relations advances human culture through cultural exchanges, diplomacy and policy development.