In depicting the International Political Economy, Susan Strange, 1988 in her work “States and Markets” portrays it as a concern of social, political and economic arrangements that affect global systems of production, exchange and distribution and the mix of values reflected therein. International Political Economy is defined as the interplay of economics and politics in world affairs. A dynamic and pivotal force within the global political economy which shows a definite interplay between politics and economics is the country of China; a country whose political system is primarily that of a communist state. Although this is so and has some hardnosed ruling, China has been able to be an example of a country whose has the ability to take over the world and not from a political position but as a super power in business relations alike. In view of this fact that one cannot look away and not draw reference to that of September 15, 2008, where the entire world has had to face the effects of the global economic crisis and as such many nations have had difficulties since then in regards. It has become such a strain on so many nations but one country has been able to somewhat curtail the effects of this downturn, that country is China. With its political ruling and methods of conducting business it has been able to fight through this period, even so much better than its pitfalls in the Asian crisis of 1997 has created a system where they have opened trading with countries around the world. This has changed its perception and has opened its doors as its means of business and economic and political control have been altered.
In respect to this essay, this research will look at China in the global political economy and the political perspectives will be used, the economic nationalist approach and the liberal approach with reference to certain merits and demerits of both approaches will show they are associated with China in the study of the International Political Economy.
More so known and the People’s Republic of China, was once a complete an individualized country and has come a long way in its political structure from a solely communist state to one which places itself as a major competitor in the global market to one that can be called a merging of both an industrialized, free market, communist state. With its main focus on the production of goods and services and import export transactions with the world, China from the dynasties of Mao (1950’s) to its present ruling of state by President Hu Jinato plays an intricate part in the development of its country as well as increasing trading practices with the rest of the world. Even in its communist regime China has been able to make a name for itself as it is seen as state for which many countries would like to conduct business with. One can also make mention as the years have gone by that at present China is ranked as the second most influential trading state, second only to the...