International Political Economy

4 SKS, SPHII212210

Course Description

As a rapidly developing field of study since the 1970s, International Political Economy (IPE) serves as a bridge between two other major fields of study in international relations: international politics and international economics. IPE developed when international economic issues, previously discussed as peripheral, began to dominate debates in international politics. This is when problems or issues previously considered “technical,” such as international trade or investment, began to involve political power relations between states or between the actors involved.

IPE studies encompass various issues or problems and simultaneously serve as an analytical method for global politics and economics. As a method, IPE combines economic logic and political reasoning within a coherent framework. At the issue or problem level, IPE focuses its study on the interactions between international actors (such as states, multinational corporations, international organizations, international non-governmental organizations, and other social forces) within the context of global power politics and the production, distribution, and allocation of world wealth. Conceptually, these interactions between actors are situated within two primary institutions: the market and the state. The market represents the intersection and negotiation of supply and demand for goods and services. The state, on the other hand, is an arena for power struggles, division, and compromise. In the realm of international relations, the intersection of these two institutions creates patterns of global economic relations and power politics between nations.

Expected Learning Outcome

Describe and explain the links between various actors and processes within the IPE.
Understand the political significance of various international economic relationships, such as trade, monetary policy, foreign aid, international investment, and so on.
Build awareness of the issues facing developing countries in the context of the global political economy, such as environmental issues, food security, energy, and global health.