What is International Political Economy - Assignment Example

International political economy International political economy is defined as the basic efforts necessary to break down the barriers that bring disparity within the disciplines of politics, sociology, economics and their procedural methods of analysis whose aim is to unraeven a deep understanding of international besides, world issues and events. International political economics embraces three basic elements namely; sociology, economics and politics in giving adequate description and accurate explanation on how problems that are felt globally cannot just be explained with just a specific discipline (Rowland 108).

With respect to international political economy, the world is presumed to be very complicated and has several interdependencies among individuals, social groups or maybe nations. Initially, different kinds of elites gave constant reminders why everywhere across the world was actually interdependent for each other. However, all the current relevant issues faced by nations are related in one way or another to the international political economy making it very versatile in dealing with issues across the borders.

Politically, international political economy focuses on the use of state powers in the distribution of resources within the society. Politics has been known to have a norm of collective choice characterized by competition, which draws conflicts amongst different people, trade organizations, governmental and non-governmental internationally. Comparatively, economics is just concerned with the distribution of resources which are otherwise considered scarce amongst the nations, people or states through the market process controlled by the forces of politics (Rowland 108).

It is considered very essential to engage in the study of international political economy since it helps in the understanding of crucial international market events to analyze the conditions of their existence and how to manage the situations, which has led to such conditions. More to the point, it is considered as a vital element by both private and public employers during recruitment since it becomes very easy while dealing with somebody who understands international and global context of human activities especially for those who have communication links across the borders.

Moreover, international political economics broadens the understanding of life in relation to human beings across the globe. It also helps to understand the vents of the past, current and make projections about the future (Rowland 108). One of the major political values enjoyed by both the state and the market is the feeling of security. Through international political economy, most states feel more secure from physical threats like violence or outbreak of epidemic diseases simply because they cannot just affect individual economy, but would be felt as a collective responsibility.

Markets basically constitute the sphere of human action, which pertains to human interests, but controlled by the forces economic competition. For this reason a state, which is known for the production of a specific product for instance, Toyota would find its market niche globally (Rowland 108).Because states, markets and society have been found to be perusing different goals in the economy especially in terms of security and culture, it has brought several dilemmas to the explanation of international political economy in relationship to the societal market and the state.

Works citedRowland, Maddok. The Global Political Economy in John Bayless and N.J Rengger, eds, Dilemmas of World Politics. New York: Oxford University Press, 1992. Print