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"Critically Analyse One Theory To Explain The Global Political Economy" I Examined The Dependency Theory.

2562 words - 10 pages

ABSTRACTThere are no universal truths in political theory. This essay is about Dependency Theory and its use to explain the global political economy. Dependency Theory is a political interpretation of the way economic systems impact on the Less Economically Developed Countries. . As a theory it is an activist for change but also a means of understanding the world order and it is for these reasons I chose it above other theories I examined. I wanted to understand the ideas behind the theory. To do this I examined Dependency theory?s historical placing, its origin in political thought, who the key thinkers were and what they were influenced by.I needed to defined dependency theory and as you will read discovered no one set definition but many strains. I have tried to cover the core ideas but realise that there are many threads to any theory. I wanted to put Dependency theory into context by bringing in some real world examples and have done so in the section called ?Cases in point and Illustrations?. In the conclusion I have addressed the flaws of the theory as well as changes in the world in relation to dependency. There are many other theories and solutions that will and are doing more to improve the lot of the people in those countries that form the basis for the argument. There is a place for the Theory as a tool for analysis but possibly not as a prescription for good economic health. It is certainly an issue which will be the subject of political debate for many years to come.INTRODUCTIONSusan Strange propositions (1) that the global political economy (GPE) is, ?The social, political and economic arrangements affecting the global systems of production exchange and distribution and the mix of values reflected therein?. I accept this assertion and would add the importance of historical context. International political economy (IPE) is steadily being replaced by the term GPE. It is the global terminology that offers the way into a collection of new political theories. These examined the world from a different perspective, the undeveloped as opposed to the developed nations. Ankie Hoogvelt argued,(2) ?Development and underdevelopment was a two-way affair?underdevelopment in the periphery contributed to further development in the advanced, core, countries?. Due to the logic in her argument I chose to examine and analyse Dependency theory.There are no universal truths within a theory or the application of one; a theory in any context is merely a school of thought. Having examined the most widely used theories within the GPE one can see that the theories currently are at their core contradictory and often controversial. The global political economy can be explained by theories from the classical; Realism (3) to the radical, Marxism (4), within that continuum dependency would be at the Marxist end.DEPENDENCY THEORY: A HISTORICAL PERSPECTIVEWho the actual author of dependency theory was is not an easy question to answer since many members of the...

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