Three Ideologies of Political Economy

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Mohammed Talukder
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 three philosophical ideologies and explain how the advocates of these ideologies would assess the phenomenon of global integration. Realism, Liberalism and Marxism differ significantly in relation to the IPE. The realist view of IPE is that the economic activities are subordinate to the goal of state building and the interests of the state. They are concerned about the primacy of the state, national security and military power for functioning of the international system. Therefore realists find it important to safeguard the national economy for the security and survival of the state. The realism is the ideology that drove the economy in the early modern era. During the sixteenth, seventeenth and eighteenth centuries, nation-states relied on industrialization to increase their power in the international arena. The industrialization had a spillover effects throughout the economy which led to overall development. In addition, the industrialization also provided nation-states with the best military equipment which was necessary for national security. The Liberalism ideology of economy on the other hand is committed to free markets and minimal state intervention. Liberals rely on price mechanism because they believe it is the most...
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