ⓘ International political economy
International political economy, also known as global political economy, refers to either economics or an interdisciplinary academic discipline that analyzes economics, politics and international relations. When it is used to refer to the latter, it usually focuses on political economy and economics, although it may also draw on a few other distinct academic schools, notably political science, also sociology, history, and cultural studies. IPE is most closely linked to the fields of macroeconomics, international business, international development and development economics.
The term political economy is derived from the Greek polis, meaning" city” or" state,” and oikonomos, meaning" one who manages a household or estate.” Political economy thus can be understood as the study of how a country - the public’s household - is managed or governed, taking into account both political and economic factors. Political economy is a very old subject of intellectual inquiry.
IPE scholars are at the center of the debate and research surrounding globalization, international trade, international finance, financial crises, microeconomics, macroeconomics, development economics, poverty and the role of institutions in development, global markets, political risk, multi-state cooperation in solving trans-border economic problems, and the structural balance of power between and among states and institutions.
Political economy was synonymous with economics until the nineteenth century when they began to diverge. Early political economists included John Maynard Keynes, Karl Marx, and Roger Moore.
According to International Relations scholar Chris Brown, Susan Strange was "almost single-handedly responsible for creating international political economy".
2.1. Issues in IPE International Finance
International Trade and Finance is a major topic in IPE. Economics, as some may claim, has been viewed as dawning with the Smithian revolution against Mercantilism.
The liberal view point generally has been strong in Western academia since it was first articulated by Smith in the eighteenth century. Only during the 1940s to early 1970s did an alternative system, Keynesianism, command wide support in universities. Keynes was concerned chiefly with domestic macroeconomic policy. The Keynesian consensus was challenged by Friedrich Hayek and later Milton Friedman and other scholars out of Chicago as early as the 1950s, and by the 1970s, Keynes influence on public discourse and economic policy making had somewhat faded.
After World War II the Bretton Woods system was established, reflecting the political orientation described as Embedded liberalism. In 1971 President Richard Nixon ended the convertibility of gold that had been established under the IMF in the Bretton Woods system. Interim agreements followed. Nonetheless, until 2008 the trend has been for increasing liberalization of both international trade and finance. From later 2008 world leaders have also been increasingly calling for a New Bretton Woods System.
Topics such as the International Monetary Fund, Financial Crises see Financial crisis of 2007–2008 and 1997 Asian financial crisis, exchange rates, Foreign Direct Investment, Multinational Corporations receive much attention in IPE.
2.2. Issues in IPE Development Studies
IPE is also concerned with development economics and explaining how and why countries develop.
2.3. Issues in IPE American vs. British IPE
Benjamin Cohen provides a detailed intellectual history of IPE identifying American and British camps. The Americans are positivist and attempt to develop intermediate level theories that are supported by some form of quantitative evidence. British IPE is more "interpretivist" and looks for "grand theories". They use very different standards of empirical work. Cohen sees benefits in both approaches. A special edition of New Political Economy has been issued on The British School of IPE and a special edition of the Review of International Political Economy RIPE on American IPE.
One forum for this was the "2008 Warwick RIPE Debate: American’ versus British’ IPE" where Cohen, Mark Blyth, Richard Higgott, and Matthew Watson followed up the recent exchange in RIPE. Higgott and Watson in particular, queried the appropriateness of Cohens categories. The contemporary view is that IPE is composed of niche groups for research while teaching follows a common tradition with distinct leanings towards explanations that favor economic theory or political and sociological insights.
3. Notable programs and studies
- Rice University, offering an MA in Global Affairs with a specialization in international political economy
- Tufts University, Fletcher School of Law and Diplomacy, offering an MA in Law and Diplomacy and a Master of International Business with a concentration in International Political Economy
- Tulane University, Murphy Institute, offering BA in Political Economy with a concentration in International Perspectives
- S. Rajaratnam School of International Studies, Nanyang Technological University, offering an MSc and PhD.
- Kings College London, Department of European and International Studies, offering an MA and PhD
- University of Copenhagen, offering an MSc in Political Science with a specialization in International Political Economy
- Johns Hopkins University, Paul H. Nitze School of Advanced International Studies, offering an MA and PhD in International Relations with a concentration in International Political Economy
- University of Texas at Dallas, School of Economic, Political and Policy Sciences offers MSc in International Political Economy
- University of Sussex, Centre for Global Political Economy
- London School of Economics, offering an MSc and a Master of Public Administration with a specialization in International Political Economy
- Queen Mary University of London, offering a MS in International Business and Politics
- University of Kassel, offering an MA Global Political Economy and Development
- University of Warwick, offering an MA and PhD
- Georgetown University, Edmund A. Walsh School of Foreign Service, offering a BSFS BSc
- TU Dresden, offering an MA in International Relations with a specialization in Global Political Economy
- University of Denver, Josef Korbel School of International Studies offering an MA Global Finance, Trade and Economic Integration
- City, University of London, offering a BSc and MA
- University of Groningen, offering an MSc
- Fordham University, offering BA and MA in International Political Economy at Rose Hill and Lincoln Center campus
4. Professional associations
- British International Studies Association - International Political Economy Group BISA-IPEG
- ISA-IPE Mailing List
- International Studies Association - International Political Economy Section ISA-IPE
- system 2 international political economy which studies the economic impacts of international relations and 3 economic models of political or exploitative
- The Review of International Political Economy is a bimonthly peer - reviewed academic journal covering international political economy The journal was established
- The Canada Research Chair in International Political Economy is a university research chair with financial support from the Canadian government. Interested
- British International Political Economy is a label attached by some most notably Ben Cohen to a particular approach to international political economy IPE
- New Political Economy is a bimonthly peer - reviewed academic journal covering research on international political economy It was established in 1996 and
- The International Journal of Political Economy is a peer - reviewed academic journal that publishes scholarly research on political economics. The journal
- professor of political economy and international political economy IPE in University of Warwick s Department of Politics and International Studies. His
- Principles of Political Economy 1848 by John Stuart Mill was one of the most important economics or political economy textbooks of the mid - nineteenth
- New Political Economy NPE is a relatively recent sub - school within the field of political economy NPE scholars treat economic ideologies as the relevant
- A Contribution to the Critique of Political Economy German: Zur Kritik der Politischen Okonomie is a book by Karl Marx, first published in 1859. The
- International Political Economy ECIPE is an independent and non - profit policy research think tank dedicated to trade policy and other international
- The political economy of communications, news, or media, is a particular branch in Communication studies or media studies which studies the power relations