Learning Objectives
5 objectives- Understand foundational concepts and key actors in international political economy (IPE).
- Analyze major theoretical perspectives explaining international economic relations.
- Examine the role of trade, globalization, and international economic institutions.
- Evaluate the challenges of development, underdevelopment, and global capitalism.
- Explore mechanisms of regional economic integration and global economic governance.
Content Outline
PreviewUnit 2779: International Political Economy
1. Introduction to International Political Economy
- Definition and scope of IPE
- Relationship between politics and economics on a global scale
- Key actors in the international system: states, international organizations, multinational corporations, non-governmental organizations
- Importance of the interplay between politics and economics in shaping global outcomes
2. Theories of International Political Economy
- Overview of major theoretical perspectives
- Liberalism: free markets, comparative advantage, and the role of institutions
- Mercantilism: state power, protectionism, and economic nationalism
- Marxism: class struggle, capitalism critique, and global inequalities
- Constructivism: role of ideas, norms, and identity in economic relations
- Comparative analysis of theories in explaining international economic phenomena
3. Trade and Globalization
- The role of international trade in the global economy
- Globalization and economic interdependence among nations
- International trade agreements and organizations
- World Trade Organization (WTO): functions and dispute settlement
- Regional trade agreements (overview)
- Impacts of globalization: benefits and challenges
4. International Monetary Relations
- The international monetary system: history and evolution
- Exchange rates and currency regimes (fixed, floating, managed)
- Financial crises: causes, types, and global impacts
- International financial institutions
- International Monetary Fund (IMF): roles and conditionality
- World Bank: development financing and poverty reduction
5. Development and Underdevelopment
- Concepts of economic development and underdevelopment
- Colonial legacies and their impact on the global South
- Structural adjustment programs: objectives and controversies
- Foreign aid: types, effectiveness, and criticisms
- Challenges in achieving Sustainable Development Goals (SDGs)
6. Transnational Corporations and Global Capitalism
- Definition and characteristics of transnational corporations (TNCs)
- Impact of TNCs on national sovereignty and policy autonomy
- Labor standards and environmental sustainability concerns
- Corporate social responsibility (CSR): debates and practices
7. Regional Economic Integration
- Concept and stages of regional economic integration
- Case studies:
- European Union (EU): history, institutions, and economic impact
- North American Free Trade Agreement (NAFTA)/United States-Mexico-Canada Agreement (USMCA)
- Association of Southeast Asian Nations (ASEAN)
- Implications for trade, investment, and economic cooperation
8. Global Economic Governance
- Definition and significance of global economic governance
- Key actors and institutions:
- Group of Seven (G7)
- Group of Twenty (G20)
- United Nations Conference on Trade and Development (UNCTAD)
- Efforts to address global economic challenges and foster international cooperation
- Future prospects and challenges in global economic governance
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