International Political Economy — What Is It and Why Does It Matter?

English: 2010 HDI (Very High) nations graph by...

English: 2010 HDI (Very High) nations graph by population size and region (Photo credit: Wikipedia)

The social science concept of International Political Economy is a measure of a nation‘s law, politics and economics — and their effect on each other, and it’s worth to the world.  While this sounds complicated, it really isn’t, particularly if you think about the simple phrase itself.

In some aspects, it’s exactly what you think of when you think of how “strong” a nation is, particularly when you compare them socio-economically.  When you hear phrases such as “Nation A is stronger than Nation X,” or “Nation C has a stronger swing in the world than Nations G, E and F.”

Why is this an important thing to consider?  This is the measure of the whole machine: politics, law, the nation’s military industrial complex, state control of the economy and political freedoms work together (…or against) the rest of the “machine” of the country.  A country can have an extremely strong military, but with little social freedoms, this could very well work against the forward momentum of the nation if it’s regime is looking forward (as most of them are…).  However, another theoretical nation with a weaker military, but a strong Gini index and a strong Human Development Index may have a stronger IPE because the Grand Strategy of the nation is more in tune with what the people want in a democratic society.

It’s a simple concept — that has a complicated and involved explanation.  There’s a lot to know.  Check it out, there’s all sorts of really cool theories.  Everything from Marxist IPE theory to Realist IPE theory.

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One comment on “International Political Economy — What Is It and Why Does It Matter?

  1. Pingback: Localizing Development Measures | OpinYon

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