International Political Economy - Essay Example

International political became known as a focal point of study in the 1960s. This was sparked by the drastic advancement of the international economy following interests in global politics. The already set and developing field drew upon diverse sources including history and economics (Biersteker, 1993). This is in addition to international relations thereby manifesting the field as a disciplinary promiscuity that remains a feature up to date. An element of ancient international political economy that has not stood the test of time is the engagement that intertwined the extensive invisible college of initiating scholars.

As this imperceptible school of thought untangled, two types of international political economy emerged. Even though their range partly related, one type is predominant in the United States and the other in the United Kingdom and Canada. The prime type in the United States is the rationalist. Consequently, inter-relationships between the states are their focal areas of concern. Furthermore, they have evolved sharply and revolutionalized formal models and dominant operatives that assist them to survive competitive interstate complexities (Palan, 2000).

In this way, rationalists depict these states as the greatest beneficiaries in acquiring incentives for international collaboration. Insatiable for data and inclined towards solving problems, rationalists devote much of their energy to theoretical deliberations as to empirical work. A majority are fond of assumptions that relate to the role of domination in stabilizing international economy. Additionally, they are used to creating up framework of governing institutions, an inclination that may derive from their supremacy features.

On the contrary, scholars of the diverse critical aspect in international political economy are dominant in the United Kingdom and Canada. These scholars spend much of their energy unearthing the concealed workings of hegemony, both the global