Political Science 188

Gegi F. Irong Jr. 69324 2007-

1st One Pager on Political Economy: Theory and Practice and International political economy in an age of globalization

During the post- ar !ears" Internationa# $e#ations has p#a%ed its &o%us on the se%urit! and e%ono'i% issues that &ostered po#i%ies a(oiding another )or#d )ar and an in%iden%e si'i#ar to that o& the Great Depression. ith the presen%e o& *o(iet +nion as a ri(a# to +nited *tates )hi%h stood as the e%ono'i% and 'i#itar! hege'on" a range o& #iterature )ere di(ided into the %on%ept o& high politics and the other )hi%h )as low politics. ,igh po#iti%s pri'ari#! %on%entrated to the se%urit! issues o& the o%%urring -o#d ar at that ti'e )hi#e #o) po#iti%s )as asso%iated )ith the e%ono'i% re#ated %on%erns. .he &or'er re%ei(ed 'ore attention due to the possi/i#it! o& &#ashpoint o%%urren%es that 'a! instigate a ther'onu%#ear ho#o%aust1. 0e(erthe#ess" the rather (er! statist rea#ist (ie) on the topi% #e&t the internationa# e%ono'i% 'atters out o& the 'ain dis%ussion. hat )as rather nota/#e on the disparit! o& the treat'ent on /oth high and #o) po#iti%s )as that the %ases )here the t)o )ere in(o#(ed in (aried in the &a(or to the aspe%t o& #o) po#iti%s. Perhaps in the geopo#iti%a# respe%t" se%urit! ta1es a pre-i''inent stand /ut the (arious states in the post- ar era )ere high#! in(o#(ed )ith the internationa# po#iti%a# e%ono'! )here trade %ooperation a'ong %ountries )as in a state )hi%h )as si'i#ar and e(en surpassed the regi'e present in the pre- or#d ar 1 order 2. .here )ere on#! a &e) instan%es o& pro2! )ars or the a(oided %on&rontation /et)een +nited *tates and the *o(iet +nion /ut the &ront#ines o& the e%ono'i% pro/#e's )ere re'ar1a/#! e(ident. .he 3retton ood s!ste' )as initiated /! the +nited *tates to arri(e into po#i%ies that too1 'eans that )ou#d re/ui#d the )ar-torn e%ono'ies and a(oid another g#o/a# e%ono'i% %risis. .o a%hie(e this" the! &ounded the Internationa# 4onetar! Fund" or#d 3an1 and the Genera# 5gree'ent on .rade and .ari&&s. In de%ades" the 5'eri%an e%ono'i% pre-e'inen%e )as no #onger se%ure and de(e#op'ent has rea%hed to &or'er#! de(astated e%ono'ies o& estern 6urope" thus the notion o& the 0orth 3. -ountries &ro' the *outh %a'e up into a rea%tion that e2p#oitation /! the 0orth has %aused to the detri'ent o& their de(e#op'ent thus the! pushed &or 'e%hanis' )hi%h )ou#d /rea1 a dependencia %ondition. .he! argue that the peripheries shou#d a#so trans&or' the'se#(es into de(e#oped states. .his )as the reasoning o& dependen%! theorists and a#so stru%tura#ists. .he 70e) Internationa# 6%ono'i% Order8 )as &ounded in this e&&e%t. 5#though e%ono'i% hege'on! )as at a de%#ine" it )ou#d not /e sa&e to assu'e that the 5'eri%an interest )as no #onger a re#e(ant 'atter. .he in&#uentia# ashington -onsensus 4 ta1es its origin &ro' the +nited *tates as )e##. It ho#ds a strong (oi%e on e%ono'i% 'atters o& the or#d 3an1 and the
1

During the span o& the -o#d *tates and the *o(iet +nion.
2

ar" the a(ai#a/i#it! o& ther'onu%#ear arsena#s )ere readi#! a(ai#a/#e to the disposa# o& /oth +nited

3oth

oods and -ohn agree to this notion that the )or#d has arri(ed to a setup that a (i/rant trade regi'e has resurged.

.he 0orth" )hi%h is %o'posed o& the Developed Countries" has /een %ontrasted )ith the *outh )hi%h )as 'ade up o& the Developing Countries

I4F as )e##. Pres%riptions on the re%ipient state &or #oans ha(e the in%#ination &a(ora/#e to neo#i/era# positions. ,igh and #o) po#iti%s the! 'a! /e. .hese arti%#es pro(ide an insight o& presu'a/#! a #in1 o& the high po#iti%s to 5'eri%an 'i#itar! hege'on! and #o) po#iti%s to its e%ono'i% hege'on!. 3! the ti'e that state se%urit! )as no #onger great#! threatened )ith the d tente po#i%ies in p#a%e" the high po#iti%s o& 5'eri%an se%urit! %on%ern )aned and the #o) po#iti%s o& &or)arding neo#i/era# po#i%ies /e%a'e e(ident. Perhaps su%h %on%ept o& high and #o) depended on ho) the +nited *tates s%hoo# a%tua##! (ie)ed the )or#d.

9aushi1 3asu":G#o/a#i;ation and the Po#iti%s o& Internationa# Finan%es< .he *tig#it; =erdi%t: Journa# o& 6%ono'i% >iterature =o#. 41 ?2003@< pp. AA7-AA9