Globalisation and International Politics - Essay Example

Fortunately, the poor countries’ debt relief deal by the World Bank and the International Monetary Fund (Rosenberg, 2005, 45), has been one among the significant changes, which have resulted from the strong protests and demonstrations, linked to international political economy. Adding to that, the workability of markets has not been up to the expectations of many key players in the markets. For instance, the past few years have marked significant progress for many nations in terms of progress, while some states have had their development deteriorate.

In some cases, the progress in development of some nations has altered within a small margin over the past few years, as the political economies of such state has been affected by globalisation in small extents. All the happenings in the past few years have seen the challenging of institutions, strategies and beliefs. As an example, the functionality of the institutions concerned with the economic governance at the global platform and the development doctrines that are internationally accepted have faced attacks from the western economists (Stiglitz, 2003, 97).

At the same time, global issues have pressurised the urge of addressing the big problems that have prevailed in Africa over the past few years. . The term is mostly associated with the economic aspect, which involves the production of services and goods, and how they are distributed – the progress in reducing the factors that inhibit trade internationally. Such factors often include import quotas, the export fees and tariffs (Sepulchre, Arcak & Teel, 2002, 524). Thus, globalisation defines the process by which national economies integrate increasingly, to global economy.

On the other hand, the term ‘political economy’ refers to the study of how goods and services are produced, bought and sold (Amoore, 2000, 72), and how these processes relate with the government, custom and law. These processes also relate with how the wealth and income of a nation are distributed. The term owes its origin to the moral philosophy, and has grown over time to be the study of the states’ economies. Globalisation and the political economy have interconnections to the sense that, in the present world, most issues surrounding globalisation are politically oriented, and thus, globalisation is a major factor in the political economy.

Globalisation plays a vital role in shaping the international political economy in a diverse spectrum. Ways in which Globalisation Shapes International Political Economy In the better internalisation of the basic organisation of our societies, the strong interrelation between wealth and power has been a critical factor. For the past few years, the richness in the political economy has been unveiled by international relations. Currently, the international relations are a key issue that explains the operation and evolution of the economy of the present world (Dilip, 2001, 168).

The relations often include public policy shaping, the steps taken by regulatory systems and