The Relationship between Economic Systems and Political Systems in the International Arena - Case Study Example

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The paper 'The Relationship Between Economic Systems and Political Systems in the International Arena' presents the global economy which has increasingly made countries depend on each other for their sustainability. Companies are breaking boundaries in terms of spreading their business operations…
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The Relationship between Economic Systems and Political Systems in the International Arena
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Download file to see previous pages Interactions define cooperation amongst nations and corporations in various countries. Hence, it is essential to note that governments have the responsibility of defining economic policies that determine the transaction of international trade. Thus, the government’s role in defining economic policies enhances international relations in terms of the economy and politics while international forces in the economy can influence the policies of governments in international relations. Based on the foregoing, this expose describes the international political economy on the foundation of interaction between international politics and the global economy.
Frieden and Lake defined the international political economy as the study involving the reciprocated interaction of politics and the economy in the global economic world (1). Following this perspective, it is common knowledge that the economy is the system that governs the processes constituting manufacturing, supplying, and consumption of products while managing a nation’s wealth efficaciously. On the other hand, politics is the approach towards governing a society and society’s economy. In effect, international political economy involves studying the relationship between economic systems and political systems in the international arena. Political decisions and actions of nations influenced the flow of products in international trade. In effect, these political actions and decisions influenced the choice of decisions made by nations and entrepreneurs due to the prevailing economic environment (Veseth 3). In this case, the international economy and international politics are two mutually interacting aspects that governments and businesses should consider while developing policies meant to enable a nation to develop by participating in international trade. Despite this knowledge, it is possible for economists to disassociate international politics from the international economy while developing strategies for their government’s involvement in international markets.  ...Download file to see next pagesRead More
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