International political economy

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International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics.[1] A key focus in IPE is on the power of different actors such as nation states, international organizations and multinational corporations to shape the international economic system and the distributive consequences of international economic activity. It has been described as the study of "the political battle between the winners and losers of global economic exchange."[1]

A central assumption of IPE theory is that international economic phenomena do not exist in any meaningful sense separate from the actors who regulate and control them.[2][3] Alongside formal economic theories of international economics, trade, and finance, which are widely utilised within the discipline, IPE thus stresses the study of institutions, politics, and power relations in understanding the global economy.[4][5][6][7]

The substantive issue areas of IPE are frequently divided into the four broad subject areas of 1. international trade, 2. the international monetary and financial system, 3. multinational corporations, and 4. economic development and inequality.[8] Key actors of study may include international organizations, multinational corporations, and sovereign states.[9][10][11]

International political economy is a major subdiscipline of international relations where it emerged in the 1960s and 1970s, prompted by the growth of international economic institutions such as the World Bank, International Monetary Fund, and the General Agreement on Tariffs and Trade, alongside economic turmoils such as the fall of the gold standard, 1973 oil crisis, and 1970s recession.[12] IPE is also a major field of study within history, especially economic history, where scholars study the historical dynamics of the international political economy.[13][14]

  1. ^ a b Oatley, Thomas (2019). International Political Economy: Sixth Edition. Routledge. p. 25. ISBN 978-1-351-03464-7.
  2. ^ Frieden, Jeffry; Martin, Lisa (2003). "International Political Economy: Global and Domestic Interactions". Political Science: The State of the Discipline. W.W. Norton.
  3. ^ Cohen, Benjamin J. (2008). International Political Economy: An Intellectual History. Princeton University Press. pp. 32–35. ISBN 978-0-691-13569-4.
  4. ^ Mosley, Layna; Singer, David Andrew (30 November 2009). "The Global Financial Crisis: Lessons and Opportunities for International Political Economy". International Interactions. 35 (4): 420–429. doi:10.1080/03050620903328993. ISSN 0305-0629. S2CID 154921889.
  5. ^ Araghi, Farshad (2008). "Political Economy of the Financial Crisis: A World-Historical Perspective". Economic and Political Weekly. 43 (45): 30–32. ISSN 0012-9976. JSTOR 40278747.
  6. ^ Broz, J. Lawrence; Frieden, Jeffry A. (2001). "The Political Economy of International Monetary Relations". Annual Review of Political Science. 4 (1): 317–343. doi:10.1146/annurev.polisci.4.1.317. ISSN 1094-2939.
  7. ^ Oatley, Thomas (2019). International Political Economy: Sixth Edition. Routledge. pp. 39–41. ISBN 978-1-351-03464-7.
  8. ^ Oatley, Thomas (2019). International Political Economy: Sixth Edition. Routledge. p. 27. ISBN 978-1-351-03464-7.
  9. ^ "international political economy | economics | Encyclopædia Britannica". britannica.com. Retrieved 18 May 2022.
  10. ^ Cohen, Benjamin J. (2008). International Political Economy: An Intellectual History. Princeton University Press. p. 16. ISBN 978-0-691-13569-4.
  11. ^ Milner, Helen V. (2004). "Formal Methods and International Political Economy". Models, Numbers, and Cases. ISBN 9780472068616. Archived from the original on 16 May 2022. Retrieved 25 August 2021.
  12. ^ Lake, David A. (2009). "Open economy politics: A critical review". The Review of International Organizations. 4 (3): 219–244. doi:10.1007/s11558-009-9060-y. hdl:10.1007/s11558-009-9060-y. ISSN 1559-744X. S2CID 62831376.
  13. ^ Allen, Robert C. (2011). Global Economic History: A Very Short Introduction. Oxford University Press. ISBN 978-0-19-959665-2.
  14. ^ Blyth, Mark. "17". Routledge Handbook of International Political Economy (IPE) IPE as a Global Conversation. Routledshe.