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Global Political Economy Essay

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Updated: May 22nd, 2021

Global political economy is an issue that has made nations start realigning themselves according to their interests (Roberts 2009). The United Nations ensures all nations join, respect, and follow international laws that govern their relationships to ensure there are understanding, unity, and cooperation in ensuring human life is promoted. The future of the global political economy is bleak due to various reasons (Mathews 2007). First, it is necessary to explain that the race to world supremacy has divided the attention of nations. In addition, the arms race witnessed between America, China and Russia will divide other nations along these lines. The need to unite nations will continue to face serious challenges because some people do not believe that their countries should be led by others.

The existence of ideological differences between nations makes them choose trade partners depending on how they support and accommodate their views. Benjamin J. Cohen and David Welch explain that it is not easy to make nations adopt similar policies because of their ideological differences (Annes 2013). They argue that countries like China and America will sway their followers to believe that their opponent is an enemy and this means that they will have fewer interactions with them. The emergence of China as the second-largest economy in the world is threatening the position held by America. However, America is not ready to cede its ground and let China walk over it to stardom. This has led to the existence of cold wars between these two nations and their allies (Peterson 2013). Therefore, the possibility of having a positive political economy is almost zero because no country is ready to let its competitor walk over it.

References

Annes, J. (2013). Introduction to Global Political Economy: War and Technology. New York: McGraw-Hill.

Mathews, D. (2007). How to Change the World: Social Entrepreneurs and the Power of New Ideas. Oxford: Oxford University Press.

Peterson, S. (2013). Quiet: The Power of Introverts in a World That Can’t Stop Talking. New York: Broadway Books.

Roberts, P. (2009). The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power and Politics of the World Trade. New York: Wiley.

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IvyPanda. 2021. "Global Political Economy." May 22, 2021. https://ivypanda.com/essays/global-political-economy/.

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IvyPanda. (2021) 'Global Political Economy'. 22 May.

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