International Political Economy Trends

International Political Economy Trends

Trends in International Political Economy

Introduction to International Political Economy Trends

Since the end of World War II, the pace of international economic transactions has risen steadily. At the same time, different regions of the world have experienced dramatically uneven patterns of economic growth. New international institutions have emerged to coordinate policy efforts and resolve international disputes that have accompanied these transformations in the global economy. (1)

Growth of Asian Economies

As the world economy has grown in the 1980s and 1990s, the center of economic activity has shifted from Europe and North America to the Asia-Pacific region. In East Asia, South Korea, Taiwan, and Singapore have registered dramatic economic growth and prosperity by using strategies based on foreign trade and export growth. China achieved 10 percent average annual growth in the late 1980s and early 1990s using a similar model of economic development. Other East and Southeast Asian countries seek to emulate these successes. Meanwhile, most of Africa and several smaller areas have been left behind, with low and falling standards of living. Global economic change has also transformed the balance of political power. For example, U.S. policy makers pay more attention to Japan and China and less to Europe than they did several decades ago. (2)

Multinational Corporations

The nature of international business has shifted dramatically as well since World War II. In the past, multinational corporations based their operations in one country, with their activities in other countries limited primarily to the sale of products. Today, the MNCs manufacture products in locations around the world. This allows corporations to take advantage of the various conditions in each country, such as cheap labor, skilled workers, natural resources, and favorable trade or tax regulations. MNCs have also created global markets for their products, a trend that has led to the standardization of brand name products worldwide. For example, McDonald’s hamburgers are sold in dozens of countries, and every half-second a Barbie doll is sold somewhere in the world. The growing power of MNCs, however, raises difficult issues for national governments, which must weigh the need for foreign trade and investment against the desire to preserve national sovereignty and culture. (3)

Integration Theory

David Mitrany, in his work “The Functional Approach to World Organization”, published in “International Affairs” (Royal Institute of International Affairs) (1948) argued the following:

“If one were to visualize a map of the world showing economic and social activities, it would appear as an intricate web of interests and relations crossing and recrossing political divisions – not a fighting map of states and frontiers, but a map pulsating with the realities of everyday life. They are the natural basis for international organizations: and the task is to bring that map, which is a functioning reality, under joint international government, at least in its essential lines. The political lines will then in time be overlaid and blurred by this web of joint relations and administrations.”

Resources

Notes and References

Guide to International Political Economy Trends

Further Reading

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2 responses to “International Political Economy Trends”

  1. international

    I have observations concerning future research in this area. For example, while this entry discusses international, political economy, he does not mention foreign economic policymaking. Some authors contend that the distinction between these two areas is like the distinction generally made between international relations theory and foreign policy analysis. It seems to me the distinctions they so readily accept between international political economy and foreign economic policymaking are as artificial as the ones they are attempting to overcome between international economics and international politics. Future works on international political economy, to be more useful, must include aspects of foreign economic decision making and comparative foreign policy. Decision-making is at the center of the international political economy. To dismiss it so cavalierly amounts to the invidiousness which he disclaims, but which has been so prevalent among international relations theorists for much of the post-war era.

  2. international

    The level-of-analysis problem, the differences between assessing individuals and corporations, on the one hand, and states, on the other, acting in the international environment, needs much greater study. This is simply not discussed in this entry. This is where the cross-fertilization of economists and international relationists may prove the most beneficial. For too long too much attention has been on different issues or different aspects of the same issue. The convergence of the tools and concerns of both needs focusing currently. This is of cardinal importance and is the crucial challenge confronting scholars today in their investigation of the international political economy.

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