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The Key Differences between Orthodox and New Approaches to International Political Economy - Term Paper Example

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The author identifies the key differences between ‘orthodox’ and ‘new’ approaches to International Political Economy. The author states that the orthodox approach to the ‘International Political Economy’ stands in contrast to the new meaning attached to the term…
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The Key Differences between Orthodox and New Approaches to International Political Economy
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Download file to see previous pages The orthodox approach refers to distinct related approaches with basic assumptions, unlike orthodox economics, to study economics and political behavior that coalesces economics with other fields. Thus, it has become interdisciplinary studies of economics, law, and political science, which help in grasping the inter-relation of political institutions and capitalism – how they affect each other in the political environment. The new range of approaches to the ‘International political economy’ (IPE) refers to international trade and finance and the government’s monetary and fiscal policies that decide which way the international business of a state proceeds. These approaches to IPE are linked with the journal The Review of International Political Economy (RIPE), edited by British and American scholars. (http://en.wikipedia.org/wiki/Political_economy) )

Ronen Palan in his book, Global Politician Economy: Contemporary theories, has summarized the IPE in the preface of the book - “…. The emphasis on negotiation, contestation and historical narrative underlines the open-mindedness of contemporary processes in the Global Political Economy”. http://www.mammadli.az/political_economy.htm
The name of Robert Gilpin, the dean of American students of the international political economy stands high in the field because of the new approach to IPE, which is due to the focus he has given to essential economic, political and technological forces changing the world. His Global Political Economy: Understanding the International Political Order is a masterpiece of scholarly research done on the different approaches to comprehending international economic relations. The book also takes into consideration the problems the new economy faces. Gilpin has taken into consideration the newly emerging economic and political forces; how the new technology, computing, and regionalism are changing the face of the world economy after the end of the cold war. ...Download file to see next pagesRead More
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