KÜRESEL POLİTİK EKONOMİ - Deneme Sınavı - 5

“This disturbing trajectory reflects the resurgent protectionism manifest in popular opposition to the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), and now in Trump’s electoral victory. It means that the benefits of openness and specialization are being squandered”

Stiglitz (2002) wrote in his famous book Globalization and its Discontents that there have always been protests against globalization in developing countries. For Stiglitz, what is new is that these protests are now happening in developed countries, too.

The main characteristics of the International
Political Economy can be listed as follows (Al,
2015: 147):
• IPE is a branch of science in which the
economic system and the political system
work together.
• IPE is not a branch of science that can only
be studied theoretically.
• With globalization, the development
process of IPE has accelerated.
• Due to the large number of terms it covers
and uses, it covers a wide area that can be
understood with different approaches.
• IPE has an autonomous structure.
• The emergence and development of
IPE as a separate discipline has led
to the establishment of international
organizations

This situation revealed
the necessity of re-activating and stabilizing world
trade. America’s Bretton Woods (1944) system has
fulfilled this requirement. With the creation of
this system, the “Pax Americana” period, which
will last until the beginning of the 1970s, started

institutions (International Monetary Fund (IMF),
World Bank (WB) and the General Agreement
on Tariffs and Trade (GATT)) established under
the Bretton Woods system (Ateş & Gökmen,
2013: 49; Duman, 2002: 2).

Populism stems from the belief that holds globalization responsible for the degradation of norms and values, economic, social and political rights. In this sense, populist proponents are fiercely against liberal free trade market, regional integration, immigration, Muslims and capital export and the rise of nationalist populist movements give way to the emergence of leaders like Marie Le Pen in France, Nigel Farage in Britain, Viktor Oban in Hungary and Norbert Hofer in Austria.

Schengen Agreement: The Schengen Agreement is a treaty signed on 14 June 1985 and which results in the formation of a schengen area where internal border controls are mostly suppressed and people move freely within this schengen area. Initially signed by five of the ten member states of the European Economic Community, it has been enlarged to currently 26 EU member states. The Dublin convention was signed in June 1990 to regulate the conditions of concrete implementation of the Schengen agreement such as abolishing border controls in the schengen area, unifying the procedure for visa delivery, putting into place a Schengen Information System and establishing a cooperation structure between internal and immigration officers.

we can list
the main approaches to help us explain IPE as
Mercantilism/Realism, Liberalism and Marxism,
and alternative approaches as Constructivism and
Feminism. There are some concepts associated with
these five theories. In the Realist approach, nation
states, power, survival, security, and anarchy;

in the
Marxist approach, class, interest, exploitation,
bourgeois, and proletariat; in the Constructivist
approach, idea, norm, discourse, belief, and
structure-maker relationship; and in the Feminist
approach, concepts such as gender equality, sexist
exploitation, and the end to oppression come to
the fore

In the historical
process, different terms such as “nationalism”,
“economic nationalism”, “mercantilism”,
“statism” and “new protectionism” were used
in different scientific studies instead of realism
(Gilpin, 1987: 31).

Liberalism is the theory that emerged to respond
to the facts and events that the security-centered and
nation-state-oriented mercantilist/realist theory
cannot explain. Liberalism as a concept means
“liberty under the law”. Liberalism opposed
mercantilism, which states that human nature
is aggressive, offensive and skeptical, and argues
that there is a constructive relationship between
people competing for their own interests

Proletariat: Marx used proletariat to define
the working class that is working for a wage for
the profit of the employer class with the means
of production, which was used to define the
subclass of society until the 19th century

Marxism: Working classdominated markets in national and international areas

Economic Crisis: The decline in firms’
investments and consumer demand, high
rates of unemployment and therefore the
decline in living standards, and other similar
situations.

The concept of IPE is used by political scientists and especially international relations discipline. The IEP concept is generally used by economists and the discipline
of economics.

IPE has an autonomous structure.

It’s seen that in the 14th and 15th centuries, the Venetians, the Spanish, the Portuguese, the Ottomans, and the Chinese; and in the 17th century, British and Dutch were highly active in trade.

Adam Smith, with his work “Wealth of Nations”, opposed mercantilist thought.

All of them are three sub periods of the historical evolution of IPE.