A Brief Introduction to Theories of International Political Economy

Abstract

Scholars of political violence and genocide often lament that idealist issues such as humanitarian tragedies typically take a back seat to realist issues such as great power rivalry. They also should consider another set of calculations made by decision makers—those related to economic issues. A look at international political economy explains how governments frame their economic challenges of today and tomorrow. This essay provides a brief look at the main theories of international political economy: economic liberalism, economic nationalism, and economic structuralism (dependency and Marxism). It also examines two hybrid ideas—the East Asian strategy and state capitalism—and the phenomenon of globalization. Genocide and humanitarian tragedies have economic dimensions to them. Governments making choices about intervention also have competing economic responsibilities. A look at these theories helps reveal the different assumptions about international political economy that color scholarly judgment on key political and economic trends, and how governments or movements frame their choices when economic perspectives are placed into the mix.