International Political Economy Analysis: Theories and Dynamics

This essay provides an in-depth analysis of International Political Economy (IPE), focusing on its evolution and dynamics through the lenses of Critical Race Theory and Postcolonial Theory. It begins by defining IPE and its interdisciplinary nature, emphasizing the interconnectedness of international rel...Read More

Running head: INTERNATIONAL POLITICAL ECONOMY
International Political Economy
Name of the Student:
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1INTERNATIONAL POLITICAL ECONOMY
As opined by Cohen (2017), global political economy or more commonly called by
the name of international political economy refers to the interdisciplinary academic branch of
study which is mainly concerned with the with the analysis of international relations and
economics of the world. Balaam and Dillman (2015) are of the viewpoint that different
theories or models have dictated the emergence of these two concepts related to the notion of
International Political Economy (IPE) like the theories related to sociology, political science,
history, culture and others. Furthermore, the prominence that this branch of academic study
has gained within the cannon of the contemporary educational system can in turn be
explained on the basis of the fact that the concepts of economics and also international
relations have become indispensible ones within contemporary world (Oatley, 2015).
As stated by Gilpin (2016), these two concepts to a great extent determine the kind of
success or growth for that matter that a particular nation of society is likely to have within the
framework of the contemporary world. In this regard, it needs to be said that among the
plethora of theories which have guided the course of the evolution of modern IPE the two
most important ones are the Critical Race Theory and the Postcolonial Theory. This essay
will analyze the evolution as well as the dynamics of the IPE through the lens of Critical
Race Theory and the Postcolonial Theory.
Lairson and Skidmore (2016) have stated that the notion of international relations can
be defined as the branch of study which is primarily associated with an analysis of the
manner in which politics, law and economics are interconnected with each other on a global
level. As opined by Cohn (2016), this can also refer to the relations like trade, commerce,
business and others that one nation shares with the other nations of the world. Furthermore, it
is seen that the notions of economics and international relations are to a great extent
interconnected with each other since it is seen that the economic growth of a particular nation
or of the world for that matter is likely to depend on the kind of international relation that the

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different nations of the world share with each other (Tool, 2017). IPE by offering the
opportunity to the organization to undertake an analysis of the manner in which this relation
works offers insights regarding the manner in which these international relations that the
different nations of the world share with each other can be used in an effective manner to
improve their economics (Abdelal, Blyth & Parsons, 2015). More importantly, if utilized in
an effective manner then this can at the same time help in a substantial manner to make the
world a better place to live in through resolution of the different disputes and conflicts
between the different nations of the world.
IPE is indebted to the works of a variety of authors as well as scholars not only for the
evolution of the concepts of economics and international relations but at the same time for the
manner in which they are being used in the contemporary world. Lawton, Rosenau and
Verdun (2018) have stated that the concept of IPE is not a nascent one and its roots can be
traced back to the ancient times, more particularly in the works like Aristotle’s “The Politics”
and Kautilya’s “Arthashastra”. In addition to these two words, the works of other scholars
like Ibn Khaldun (1332–1406), Al-Maqrizi (d. 1442), Niccolò Machiavelli (1469–1527) and
others. In this regard, Machiavelli’s “The Prince” (published in 1532), often regarded as the
first book on state diplomacy is an important one to note (Neilson, Pritchard & Yeung, 2014).
He says, “public security and the protection of the laws….the sinews of agriculture and of
commerce” and “so that the one may not abstain from embellishing his possessions for fear
of their being taken from him….not hesitate to open a new traffic for fear of taxes” are
important to note (Neilson, Pritchard & Yeung, 2014). In addition to these scholars, other
modern authors as well as scholars have also contributed in a substantial manner towards the
development of the cannon of IPE.
Delgado and Stefancic (2017) are of the viewpoint that there are various dynamics or
factors which have dictated the evolution as well as the usage of the concept of IPE like

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competitive authoritarianism, foreign aid, strategic linkages, effective governance, institution
building and others. One of the major advantages that the effective usage of the concept of
international relations offers to the different nations is the fact that they help in the creation of
strategic linkages between the different nations which in turn helps them to conduct trade and
commerce with them (Matsuda, 2018). More importantly, this in turn offers them the
opportunity to improve their economic prospects in a substantial manner. Furthermore, the
effective utilization of the concept of international relations also helps the nations to avail
foreign aids during times of emergency like natural or man-made disasters, economic crisis
and others (Asch, 2017). In addition to these, it is also seen that the concept under discussion
here also helps the different nations in the process of the governance of the concerned nations
as well. For example, it is seen that one of the major problems that the different nations of the
world are facing currently is terrorism and this often hinders the national governments from
governing the nations in an effective manner (Ford & Airhihenbuwa, 2018). However, if a
nation has effective relation with its adjoining nations then it can use the resources of its
neighboring nations for the resolution of this problem. Thus, it can be said that the dynamics
of the process of international relations is one of the major reasons which has contributed
towards the extensive popularity that the concept under discussion here gained in the
contemporary times.
As opined by Gillborn (2015), various theories like critical race theory, postcolonial
theory, Liberalism and others have not only helped in the evolution of IPE but at the same
time have the concept a more relevant one within the context of the contemporary world.
Howard and Navarro (2016) have stated that the major focus of the various theories which
have helped in the evolution of the notion of IPE are to reduce the power struggles between
the different nations or the institutions of the world and also to make the world a better place
to live through the improvement of the relation among the different nations. As argued Asch

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(2017), the Critical Race Theory is one of the most important theories which had contributed
in a substantial manner towards the evolution of the concept of IPE. Persaud and Vucetic
(2018) are of the viewpoint that this can be seen as a sociological framework which analyses
the manner in which the construct of race have contributed towards the current state of
modern society. In this regard, it needs to be mentioned that the construct of race had
dominated the human society since the traditional times and as a matter of this has
contributed much towards the inequality faced by the different people of the world since the
traditional times (Gillborn, 2015). More importantly, the white skinned people of world have
taken the help of the façade of white supremacy to dominate the people of black and other
colors of skins. The net result of this is the white people since the traditional times have
formulated the kind of laws which have put them at a position of advantage and placed the
people from other race and skin colors at a disadvantage (Tool, 2017).
In the latter part of the 20th century, particularly in the 1980s a movement began in the
United Nations of America which aspired to obliterate this discrepancy in the treatment that
the people from other skin colors and race had to face in the world (Cohn, 2016). In this
regard, mention needs to be of scholars like Derrick Bell, Patricia Williams, Kimberlé
Williams Crenshaw, Mari Matsuda and others who contributed in a substantial manner
towards the development of this theory (Gilpin, 2016). As stated by Anievas, Manchanda and
Shilliam (2014), critical race theory can be defined shortly as “a collection of critical stances
against the existing legal order from a race-based point of view”. Thus, it can be said that the
primary aim of this theory is to remove the construct of race itself and at the same offer equal
kind of opportunities to all the people irrespective of the race, gender, skin color and other
attributes of theirs. More importantly, the theory under discussion here has contributed in a
substantial not only towards the evolution of the IPE but at the same time its development as
well (Persaud & Vucetic, 2018). For example, in the earlier times it was seen that the primary

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focus of the IPE was on the promotion of the interests of the white skinned people and thus
the laws were designed as per their convenience. However, post the articulation of this theory
the scenario has changed in a substantial manner not only in the United States of America but
in the other nations of the world as well and it is now seen that the notion of white supremacy
has started to fade now (Howard & Navarro, 2016).
Another important theory which has helped in the evolution of IPE in a significant
manner is the Postcolonial theory. Lairson and Skidmore (2016) have stated that the
Postcolonial theory of international relations just like the critical race theory seeks to remedy
the injustice as well as discrimination that the people had to face since the traditional times.
One of the most important concepts that had dominated the world since the traditional times
is the notion of “eurocentrism” (Cohn, 2016). As per this concept, the Western Enlightenment
is superior to the knowledge as well as the philosophies of the other nations of the world
(Tool, 2017). Furthermore, this concept has been used by the different European nations like
United Kingdom, France, German and others to turn the other nations like India, USA and
others into colonies and rule them for many years (Cohen, 2017). More importantly, this
unethical action was justified by these nations on the basis of the construct of “white man’s
burden” which stated that since the white skinned were superior to the others, it was their
ethical responsibility to educate them and also to civilize (Oatley, 2015). The net result of this
was the fact that these nations not only ruled the colonies but at the same time exploited the
resources of those nations. Neilson, Pritchard and Yeung (2014) are of the viewpoint that this
is one of the major reasons for the unequal distribution of wealth within the contemporary
world. The major focus of this theory is on the reduction of this inequality of opportunity and
offer similar kind of growth opportunities to everyone. Thus, it can be said that this theory
had contributed in a substantial manner towards the evolution of the IPE as one of the most
important academic disciplines of the contemporary times.

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To conclude, the notions of international relations and economics both of which are
related to the academic discipline of IPE have gained significant amount of prominence
within the cannon of the contemporary because of the plethora or benefits that they offer.
More importantly, it can be said that these two concepts are not recent innovations rather they
have existed since the traditional times. Furthermore, various scholarly works from
Aristotle’s The Politics to the present ones have contributed in a substantial manner towards
their development as well as evolution. In this regard, it needs to be said that various theories
of sociology, history, culture and others have contributed in a significant manner towards the
evolution of IPE in the recent times. Two of the most important theories which have helped
in the evolution as well as development of the academic discipline of IPE are Critical Race
Theory and the Postcolonial Theory. More importantly, the focus of both of these theories is
on the removal of injustices as well as discrimination that the different had to face within the
framework of the human society since the traditional times.

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