Political Science and Global Political Economy - Essay Example

The global political economy is mostly concerned with the political forces shaping up the systems where economic interactions are detailed. The global political economy centers itself specifically on the debate regarding globalization regimes, international trade mechanisms, global markets, financial discussions, the socioeconomic climates within the world, and so on.

The concept is a new one as it was brought to light in the 1970s. Its origin was due to a heterodox approach toward global studies during this era. It occurred somewhere between the 1973 world oil crisis and the Bretton Woods system breakdown which put a red alert on the face of academics within the United States of America in terms of economic foundations, contingencies, and importance elements. The global political economy bases its origin upon a few scholars, most noteworthy of which is Eugene Low who described that earliest studies of international relations had emphasized a great deal on the excessive discussion of law, diplomatic history, and politics (Viotti & Kauppi 2006). It was at the same time when neoclassical economics was being seen with a skeptical eye as it was accused of being ahistorical as well as abstract. The origin drew heavily on historical sociology as well as economic history where the global political economy proposed a merger of economic and political discussions and the related analyses. Both the Marxist scholars as well as the global political economy protested against the dependence of Western social science towards the territorial state as being the unit of analysis and more than that focused on the adoption of a global system in place.

The current political economy is such that there is immense room for growth and advancements within the different nations of the world. What is needed now is a concerted effort on the part of every player so that the international domains become quick and that there are no hiccups resulting from the same quarters. As for the future, the changes seem to be of a mild manner as there will be betterments incorporated within the ideology of the global political system. The methodology for the time being will remain stagnant yet the working modules will change in one way or the other. The time has come now for the global political economy to manifest its truest basis and this can only happen when there are endeavors on the part of the people who matter the most within the global political economic domains. Read More