Concepts of International Political Economy Term Paper by Nicky

Concepts of International Political Economy
An explanation of why the international political economy has become an increasingly important issue.
# 147079 | 2,964 words | 6 sources | MLA | 2010 | US
Published on Feb 16, 2011 in Economics (General) , Economics (Globalization)

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This discussion explores the manner in which the three conceptions of the international political economy (realism, liberalism, Marxism) differ. The research also focuses on how the advocates of each assess the phenomenon of global integration. Finally the discussion investigates the merits and the dangers of hegemonic stability in international trade. The discussion begins with a description of international political economy.

International Political Economy
The merits and dangers of Hegemonic Stability ion International Trade

From the Paper:

Political economy is defined as the ``theory or study of the role of public policy in influencing the economic and social welfare of a political unit (``Political Economy``).'' In a broader sense international political economy encompasses public policy in influencing the economy on a global scale. As it pertains to international political economy there are three primary theories. These theories are realism, liberalism, and Marxism.
"'According to a journal article found in the Cambridge Journal of Economics Realism is not a new economic theory. However in recent years the idea of realism within the context of international political economy has reemerged. There are two primary schools of realism as it pertains to international political economy. These two schools are scientific realism and critical realism. The scientific realism theory of international political economy asserts that in order for economic study to be logical it must be based on economic realities as opposed to more abstract reasoning. In addition realism emphasizes the need to understand and know the truth based on objective measures independent of science (Fabienne, 2001).''

Sample of Sources Used:

  • Bernanke Ben S. Chairman. Global Economic Integration: What's New and What's Not? At the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium, Jackson Hole, Wyoming August 25, 2006. Retrieved January 16 2009 from:
  • Fabienne, Peter. Rhetoric vs. realism in economic methodology : A critical assessment of recent contributions. Cambridge Journal of Economics 2001, 25, 571-589
  • Milner Helen V. International Political Economy: Beyond Hegemonic Stability Foreign Policy, No. 110, Special Edition: Frontiers of Knowledge (Spring, 1998), pp. 112-123
  • Prychitko. David L. Marxism. The Concise Encyclopedia of economics. Retrieved January 16 2009 from:
  • Razeen, Sally. Classical Liberalism and International Economic Order : Studies I n Theory and Intellectual History. London, , GBR: Routledge, 1998.

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APA Format

Concepts of International Political Economy (2011, February 16) Retrieved January 28, 2022, from

MLA Format

"Concepts of International Political Economy" 16 February 2011. Web. 28 January. 2022. <>