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"By outlining the current global political economy, discuss to what extent the current global political economy undermines national development in the South"
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The linkage of international banks, financial institutions, and trade illustrates the difficulties facing current government systems. There are suggestions that the current global political economy is beneficial to the Global South. In this paper, I will outline the extent to which the international political economy has undermined development in the South.
With the advent of globalization, the relevance of the role of how nation state should manage economic systems in the development process has taken center stage. The reasoning behind this is that the economic systems presume that there is a political structure. Consequently, this means that development occurs in a global framework; at the same time, it arouses the question of the relevance of individual, national development plans. National development strategies become peculiar when there are other actors in the development process other than the nation state. The importance of understanding the nature of global political economy is because economic systems can not exist without stable political framework.
The North- South divide of the world represents the developed and the underdeveloped world. This division can be conceived as ongoing due to the global arrangement of the political and economic systems. The Global North refers to the industrialized countries mainly in the northern hemisphere, while countries in the Global South are mostly found in the southern hemisphere; in Africa, Asia, Caribbean and Latin America (Kegley, 2008).
The global political economy took a different turn after the oil shock of 1973. The member countries of OPEC established an oil cartel which saw the price of oil increased dramatically. Marxist offers the explanation that the oil crisis was not caused by OPEC but rather the Nixon administration. This premise asserts that the administration wanted to safeguard the interests of America capital and
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To some, the concepts denote positivity that create wealth and progress, while others associate them with ill effects in society such as degradation of values, poverty and war. This paper posits that the present generation’s pursuit to universal development can be made easy due to the powerful engines of globalisation.
The US monetary policy of 1979 was based on the decisions of Paul Volcker – the chairman of Federal Reserve Bank (Rugman et al. 2003). Paul Volcker, who was appointed in the particular position in August 1979 (Rugman 2003, p.110), introduced a series of radical changes in the US monetary.
Hegemony is a critical issue when trying to explain political economy. This is because hegemony represents a post-war issue. Most economists understand it as an issue explainable in terms of international relationship. Hegemony to economists can be simply defined as a form of dominance.
All systems of global governance have to integrate with one another at some level in order to achieve certain key goals. I take the stance that the current system of governance displayed within the world is represented as captialist imperialism. Accordingly, this analysis will seek to provide answers on the following subtopics: Aristotle’s definition of democracy, whether democracy is right or wrong under the preceding definition, Dahl’s definition of democracy, Wood’s argument with regards to what is specific to capitalist imperialism, Rosset’s challenge to the assumptions of need and conflict, Bhagwati’s understanding that free trade agreements are pandemic, and the understanding
The main concern is whether free trade and environmental protection can ever be compatible in order to ensure sustainable development in the global economy. The increase in global economic integration and inter-dependencies of national economies has led to immense pressures on natural resources and need to conserve the ecological environment (Esty, 1994).
He supported the view that society was best served by one supreme leader supported by the military. He was called the "Generalissimo" and, like other dictators, he had his secret police to enforce law and order - the Blueshirts. Their job was to hunt down communists and to develop a spying system that would allow them to infiltrate the communists.
For a society to exist it has to be made up of a population which shares a terrain and culture and often this population tends to be very large and made up several generations. Each and every society has its individual traditions and ethnicity, that is what makes up its particular culture. The religion is one of the chief elements of a society’s culture.
Specifically, how the negative effects of globalization and free trade have affected developing countries. Lynch (2010) asserts developed countries benefit more from free trade and globalization than developing countries. This is based on that developing nations
biggest institutions set up as a result of the Bretton Woods agreements came with better prospects but were, equally, faced with numerous challenges. Despite the challenges, the institution’s agenda remain to date because of the tight financial regulations set out; it is
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