Three Ideologies of Political Economy Essay

998 Words Jan 29th, 2011 4 Pages
Mohammed Talukder
ILRS504
February 14, 2010

Wk5 Essay Assignment- Three Ideologies of Political Economy
Global power is understood to be both economic and political, which are interrelated in a complex manner. Thus the International Political Economy (IPE) has become a discipline within the social sciences that analyzes international relations in combination with political economy. IPE is considered flexible and contains epistemologies that are subject of robust debate. At the core of the debate are the three main philosophical ideologies (Realism, Liberalism and Marxism) which create conflicts revolving around the role and significance of the market in the organization of society and economic affairs. This paper will analyze these
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Marxism favors strong protection from market forces by means of high tariffs and other controls. They prefer centrally directed trade with ideologically similar trading partners – which are considered a command economy as opposed to market economy. Currently Russia and China is believed to have adopted Marxism as their official economic ideology, but have reshaped it when necessary to serve their own national interests.
Currently we live in a profound time of history where globalization is changing the international system in an unprecedented speed. The number of nation-states is increasing along with their economic interdependence among each other. In this time of global integration economic realism may seem to have disappeared but frequently exists in less developed economies or in those advance economies that have began to decline. In situation like these “governments pursue protectionist and related policies to protect their nascent or declining industries and to safeguard domestic interests” (Gulpin, p 33). In contrast to realism, liberalism is the most widely adopted economic ideology in the modern world. Liberals believe that trade and economic intercourse are a source of peaceful relations among nations because the mutual benefits of trade and expanding interdependence among national economies will tend to foster cooperative relations. The Marxists believes adoption of global integration and market economy will not help nations-states to

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