Global Political Economy Essay

39112 Words May 19th, 2014 157 Pages
GRADUATE DIPLOMA IN INTERNATIONAL RELATIONS AND DIPLOMACY

STUDENT GUIDELINE NOTES

GLOBAL POLITICAL ECONOMY MODULE

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Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy (e.g. Adam Smith was Professor of Moral Philosophy at the University of Glasgow), it developed in the 18th century as the study of the economies of states — polities, hence political economy.

In late nineteenth century, the term "political economy" was generally replaced by the term economics, used by those seeking to place the study of economy upon mathematical and axiomatic bases, rather
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Current approaches to political economy

Contemporarily, political economy refers to different, but related, approaches to studying economic and political behaviors, ranging from the combining of economics with other fields, to the using of different, fundamental assumptions that challenge orthodox economic assumptions: • Political economy most commonly refers to interdisciplinary studies drawing upon economics, law, and political science in explaining how political institutions, the political environment, and the economic system — capitalist, socialist, mixed — influence each other. When narrowly construed, it refers to applied topics in economics implicating public policy, such as monopoly, market protection, government fiscal policy, and rent seeking • Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests • "International political economy" (IPE) is an interdisciplinary field comprising approaches to international trade and finance, and state policies affecting international trade, i.e. monetary and fiscal policies. In the U.S., these approaches are associated with the journal International Organization, which, in the 1970s, became the leading journal of international political economy

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