Question

Briefly discuss the concept of International Political Economy

(please do not copy from internet. if possible please provide a couple of in-text citation from a valid resource like a journal or a book)

Answer 1

• International political economy can be defined as a study of economics, politics as well as international relations between different countries.
• It is also known as Global Political Economy and shows how economics can be utilised for political interest and vice versa.
• This concept emerged as a result of multiple factor, the core being global economic developments of 1970s.
• As the economic transactions among the countries grew, understanding the political scenarios as well as economy of a country became inevitable in developing good international relations.
• Increased economic transactions including foreign investments, trade, and lending, etc as a part of globalisation was one of the developing factor of IPE.
• Rising expectation from the government for economic policies which have social objectives and provided by a responsible political system became adequate. IPE provides for such understandings.
• Citizens with a strong view regarding the socio-political and economic scenarios always observed the government policies which had been internationally discussed and debated. Thus IPE became relevant in contemporary global world.
• Emergence of Bretton wood twins (WB, IMF), WTO, United Nations Organisations, etc also played an important role in strengthening International Political Economics.