The relationship between states and markets is largely apparent today. The eruption and growth of several global organizations are no longer news. Globalization and internationalization are now the order of the day. Apparently, the rapid globalization we experience today is a result of the interplay between international politics and market. Global organizations leverage several political tools such as lobbying to enter into international markets and soon they become key players in the market. Several top global players can be easily pointed out and more keep pouring into the market.
The growth of global organizations and political economy has already been in existence since the eighteenth and nineteenth centuries. This is easily underscored by the disputes that existed between varying political schools of thoughts such as the classical liberal political economists, the national political economists, radical critiques, and the feministic political economists. These diverse political interests seek to outline growing trends in the political economy and today, the growing international political economy attempts to revisit these concerns.
International economy encompasses international relations and markets. Of course, international politics is a politics of international relationships. One defining term for the two terms “International economy” and “International politics” is “International Political Economy”. International political economy concerns itself with the production, reproduction and distribution of wealth and power across the world. It is the economy in the international political sphere and relates to the interplay of the markets and the state, their structures and the agencies underneath them.
It goes without saying that international politics continues to bear relevance today. Its importance cannot be overstated as well as the growing issues therein. The different political ideologies outlined above try to study and analyze the various growing issues and trends in political economy (although each sees the issues from its own angle) and offer solutions to deal with the problems of international political economy.
Keen understudying of the theories and how they apply to international politics and economy will help to appraise the various issues and how they can be dealt with. It not only lends an idea on how to deal with growing issues in the political economy but also informs on the trends in the global environment in which we live.