How can the study of International Political Economy contribute in better understanding the phenomenon of globalization?

Globalization has brought forth issues in the international political regulations, and consequently, it has raised conceptual concerns in the changes in the global political economy. Furthermore, scholars in the International Political Economy have reiterated the importance of politics in understanding globalization. With that being said, Amoore (2013) also stated that “globalisation is represented as a project that is driven by conscious political actions of identifiable individual and collective agents.” Gilpin (2011) also assumes that the state is the primary actor in domestic and international economic affairs, since they are the heads in decision-making regarding economic matters such as, creating the rules and using their influence to alter economic outcomes.

International Political Economy can contribute to the study of globalization in three different aspects. One, through studying politics, students can learn from various world events from a political aspect. From simple foreign policies to complex games of tic-tac-toe in diplomacy, this will give students the foundation on how politics affect the economy through leaders, institutions, and multinational corporations. Two, through studying economics, there will be a deep understanding of the technical aspects of different processes around the world by applying the essential foundations of economics.  Three, with the equilibrium of both politics and economics, the non-tangible aspects overarched by politics and the technical aspects covered by economics will provide a better understanding of the phenomenon of globalization.

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