Summary of a book chapter - Assignment Example

Summary of a Book Chapter Summary of a Book Chapter The presentation provided in this chapter focuses on three crucial debates of the International Political Economy (IPE). The first debate concerns the existing relationship between economics and politics. The second debate is on the development and underdevelopment regarding the developing nations. Finally, the last debate concerns nature as well as the extent of economic globalization.
The concern with the relationship between economics and politics debates on the US hegemonic stability. It is essential to point that the debate concerns the need to establish a liberal international economy. A strong economic and military power are critical to the formation of such a liberal global market economy. According to the hegemonic theory, the absence of a dominant economic and military power can make it difficult to enforce liberal rules. Thus, the international markets cannot operate without the existence of a liberal dominant power. Chances of a global market economy falling are high when there is no integration of such a hegemon. In addition, the risk of deteriorating economic relations into self-interested, nationalistic and protectionist competition can be profound. The debate presents that the dominant power manipulates a global market in attempts to foster a world economy grounded in a free trade. The free trade benefits all the nations that participate in such a global market. For instance, the US military in Western Europe helped in neutralizing Soviet threat.
Marxism initiated a debate regarding the development and underdevelopment in nations that are still developing. The Marxists reacted to the economic liberal concept. Thus, this debate begins from a liberal perspective of problems related to development. It is apparent from this debate that asking of pertinent questions regarding development was never possible before 1950s. In some cases, individuals could ask questions that concerned the colonial development since a number of developing nations had European states controlling them. Development of colonies was not strictly a global concern, but an imperial issue. The beginning of decolonization by 1950s marked the introduction of agendum on researching about development on a global scale. Such developments led to new states including Africa and Asia becoming part of the UN and was able to raise their concerns regarding development. Mainstream perspective appears to be a dominant discourse that defines all, which appertains to development.
Economic liberals raised several debates on varied issues. In this view, globalization relates to the intensification and spread of politics, economics, communication and technology to the rest of the world. As presented in this debate, it is clear that theorizing this concept of globalization is difficult since it requires analysis of diverse aspects of the idea of reality. It is imperative to point that an interconnection continues between two national economies, which can be in the form of a foreign investment or external trade regarding various aspect of economic globalization. Therefore, true globalization entails a qualitative transformation that tends toward a world economy, which does not base on the autonomy of national economies. In addition, as the debate regarding economic globalization continue to raise a number many concerns, it is essential to point that future events and development will influence such debates profoundly. Read More