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Summary International Political Economy IPC3702 - What is IPE?
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Summary International Political Economy IPC3702 - What is IPE?
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Theme 1:Question 1 - What is IPE?
Levels of analysis Types of power Primary power structures Perspectives/approaches to IPE
Global level – broadest, most Relational power - which Security – is one of the Realism/mercantilism - is closely
comprehensive level of analysis. exists mainly at most basic human needs. A associated with the political
Explanations focuses on individual and state security power structure is philosophy of realism, which
important global factors level, can be defined as created when one person focuses on state efforts to
the power of one actor or group provides security accumulate wealth and power to
to get another actor to for another or contributes to protect society from harm or the
do or not do something that security influence of other states.
The interstate level – Structural power - refers Production – is the act of Economic liberalism - is closely
emphasises how the relative to the power to shape creating value and wealth. associated with the study of
balance of political, military and and determine the The production structure markets. Orthodox economic
economic power between states structure of the global can be defined as the sum liberals (OEL’s) campion free
affects the probability of war, political economy within of all the arrangements that markets and free trade and
prospects of cooperation which states, their determine what is heterodox interventionist liberals
political institutions, their produced, when, by whom (HIL’s) support state regulation and
economic enterprises and for whom, by what trade protection to sustain markets
and their scientists and methods and on what terms
other professional
people have to operate
The state/societal level – focus Finance – this structure Structuralism - rooted in Marxist
narrows to factors within states defines who has access to analysis but not limited to it. It looks
money, how and on what at IPE issues mainly in terms of
terms. It also determines how different social classes are
the pattern in which money shaped by dominant economic
flows between and among structures
nations. The finance
structure can be defined as
an abstract set of linkages
between and among states
Individual level - narrowest level Knowledge – knowledge is
and yet it contains the biggest power and wealth. States
number of factors that explain with good access to
why individuals chose certain knowledge (scientific, etc.)
policies or behave in particular find themselves in a
ways position of advantage
compared to others
IPE concerns the social, political and economic arrangements affecting the global system of
production, exchange, and distribution and mix of values reflected therein. Those
arrangements are not divinely ordained, nor are they the fortuitous outcome of blind change.
Rather they are the result of human decision taken in the context of mass made institutions
and sets of self-set rules and customs, according to Susan Strange.
Strange’s definition gives equal weight to social, political and economic arrangements. It
stresses the role played by certain institutions and the values that govern them.
IPE looks at the interaction or tensions between states and markets at an international level
that cannot be satisfactorily addressed by traditional economics, political or sociological
analysis.
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