UNIT I

INTRODUCTION TO INTERNATIONAL POLITICAL

ECONOMY
POL310
LECTURE TOPIC
INTERNATIONAL
CONCEPT OF INTERNATIONAL POLITICAL
POLITICAL
ECONOMY
ECONOMY

DR. MINARUL
 LECTURE OUTCOME
THE STUDENTS WILL BE ABLE TO EXPLAIN THE
MEANING OF INTERNATIONAL POLITICAL
ECONOMY
POL310
INTERNATIONAL
POLITICAL
RELEVANT WEBLINK
ECONOMY
https://scholar.harvard.edu/jfrieden/files/
stateofdiscipline.pdf
 POLITICAL ECONOMY

Political Economy = Politics+ Economics/ Polity +

Economy
CONCEPT OF
INTERNATIONAL
POLITICAL Developed with the spread of capitalism in Europe
ECONOMY with the progress of academic discourse on capitalism

Spearheaded by Adam Smith, David Ricardo, Karl

Marx, Friedrich Engels, Max Weber
 INTERNATIONAL POLITICAL ECONOMY
Politics + Economics/Polity + Economics at the global
level

CONCEPT OF Study of IR on the basis of economic activities around

INTERNATIONAL the world
POLITICAL
ECONOMY Globalization has made the IPE more popular

Increasing trade and commerce

Impact of international economic institutions

 INTERNATIONAL POLITICAL ECONOMY
Trade agreements amongst nations

Economic development and disparity in different

CONCEPT OF countries are the concerns
INTERNATIONAL
POLITICAL Post World War II rise of the USA
ECONOMY
Emergence of China, Japan, European Union

Emergence of developing and underdeveloped

countries
 INTERNATIONAL POLITICAL ECONOMY

Politico-economic development could not be

explained solely the perspective of economics or
CONCEPT OF
politics
INTERNATIONAL
POLITICAL
Politico-economic matrix helps in understanding the
ECONOMY
international economic order

Global power game is dominated by economic powers

 MERCANTILISM
 Mercantilism is an economic philosophy.
 State is the most significant economic actor.
CONCEPT OF
 Economy should be controlled by polity.
INTERNATIONAL
POLITICAL  Government intervention is justified.
ECONOMY
 Polity prevails over economy
 PROTECTIONISM
 It refers the idea of protecting the domestic economy
by imposing restrictions on import
CONCEPT OF
 It is important for promotion of domestic economy
INTERNATIONAL
POLITICAL  It is criticized on the ground trade distortions
ECONOMY
 It is opposed to the principle of laissez-faire
 It is important for the developing countries to prevent
the dominance of developed countries
 LAISSEZ-FAIRE
 It argues for free-market economy
 Competition is promoted
CONCEPT OF
 Non-intervention of the government in economic
INTERNATIONAL
POLITICAL affairs
ECONOMY
 Government’s role should remain limited to protection
of private property, national defence, law and order
 Hand in glove with LPG
 INTERNATIONAL POLITICAL ECONOMY

LET US DELIBERATE
CONCEPT OF
 Describe your idea of International Political Economy
INTERNATIONAL
POLITICAL
ECONOMY  Do you think that the IPE determines IR?