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Global Political Economy Since 1945 Essay

2495 words - 10 pages

The paper will discuss global political economy with specific reference to the important structures and trends in the global political economy since 1945. In order to define the related trends and structures of the global political economy one should have the prior knowledge of the political economy and its worth. The analysis and thorough understanding of the political economy reveals that it is the study of the role of economic processes, which helps in shaping the society to make it more stable and beneficial. The global political economy can be termed as the use of economic processes, which are helpful to stabilize the economy of the states globally. The economic processes tend to ...view middle of the document...

Initially, some of the countries of the world collaborated and cooperated with each other to promote the economic and political activities globally. This collaboration and cooperation of the member countries provide numerous benefits. Hence, the authorities decided to continue such collaboration so that Global Political economy can be appreciated and encouraged. The subject matter of economics is related with the structures and methods, which states that economy avoids all waste and extravagance and it defines the strategies, which can help to apply the money to the best advantage. The study and understanding of the economics helps an individual to use his brain and inculcates a habit of maximizing the money properly and effectively. Since the introduction of the global political economy, the authorities have become acquainted with the trends and strategies of the modern global political economy. The authorities have started using these trends and strategies to overcome the weaknesses of the system of the global political economy. Economics helps an individual or the authorities of the state with all the quality rules and strategies essential for the development and progress of the economy. According to Theodore H. Cohn, international political economy is the study concerning the interaction between “the state” as the political component which aims to preserve national sovereignty and unity, and “the market” as the economic component which aims to breaking down state barriers for economic openness. It is sometimes argued that the wall between politics and economics was especially formidable during the Cold War. Two noteworthy Cold War era exceptions to this rule stand out: economist Charles P. Kindleberger’s work on hegemony and political scientist Kenneth N. Waltz’s attempt to integrate economics into politics in his path-breaking book Man, the State, and War.” (http://www.ups.edu/ipe/whatis.pdf) The Global Political Economy has gained a considerable position because of the trends and structures that were introduced in the year 1945.According to Cohn; the international global political economy consists of the state and the market. Both these factors are considered as important factors for consideration. The trends and structures since 1945 emphasize on the fact that the involvement and inclusion of economics is necessary to the political affairs of the state. The trends and structures of global political economy in 1945 have introduced global political economy in an improved and beneficial form. All social processes are termed as significant determinants of economic outcomes. The introduction of the trends and structures in the year 1945 has made global political economy as an important aspect for consideration. International Finance The important structures and trends of International Finance since 1945 can be illustrated by the following issues that provide a good example of the complexity of the relation between states and markets. The...

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