The Transition Of World Economic Ideology From Gilpin’s Time To The 21st Century

887 words - 4 pages

A Time of Economic Nationalism and Marxism
In the book Political Economy of International Relations Gilpin states, “Although my values are of liberalism, the world in which we live is one best described by the ideas of economic nationalism and occasionally by those of Marxism as well” (Gilpin, 1987.) Gilpin made this claim due to the legacy of Keynesian economic ideology, the 1973 oil crisis caused by OPEC, and the presence of communism in other prominent countries during this time period.
Keynes’ work: The Means to Prosperity, and The General Theory of Employment, Interest and Money created modern macroeconomics and influenced countries during the 1930s and 1940s towards ...view middle of the document...

Gilpin would describe his time as that of Marxism due to the presence of communism in both Russia and China. Russia was a world superpower after WWII and was engaged in a Cold War with the US through the early 1990s. China was controlled by Mao Tse-Tung after WWII into the 1980s. The presence of communism in these large and powerful countries during Gilpin’s life played a part in why Gilpin would think Marxism had a strong place as part of the global economy during his time.
Gilpin claims he lived during a time of economic nationalism and Marxism. The Keynesian legacy, OPEC oil embargo and powerful communist countries present during his time would support this claim.
The Present: Economic Liberalism
Following the fall of the Soviet Union, the adoption of Regan and Thatcher’s Neoliberal ideology, and continuing economic globalization, the world of the 21st century has been dominated by the economic liberalism viewpoint. Powerful transnational corporations, international economic institutions/agreements and the fall of Marxist ideology all provide evidence for the economic liberalism our world now embraces.
With increasing deregulation and creation of regional trading systems the world is beginning to see large powerful transnational corporations that are “rivaling nation states in their economic power.” Since 1970 the number of corporations with subsidiaries in other countries has increased eleven fold and, “44 of the world’s 100 largest economies… (have become) corporations” (Steger, 2003.) The existence of these powerful transnational companies is a clear indication of the transition of the global economic perspective aligning with the economic liberalism ideology and are a stark contrast to the economic nationalist ideology widespread during Gilpin’s time.
International economic institutions originating from the Bretton Woods conference, like the IMF...

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