Three Ideologies of Political Economy Essay - 974 Words

Mohammed Talukder ILRS504 February 14, 2010 Wk5 Essay Assignment- Three Ideologies of Political Economy Global power is understood to be both economic and political, which are interrelated in a complex manner. Thus the International Political Economy (IPE) has become a discipline within the social sciences that analyzes international relations in combination with political economy. IPE is considered flexible and contains epistemologies that are subject of robust debate. At the core of the debate are the three main philosophical ideologies (Realism, Liberalism and Marxism) which create conflicts revolving around the role and significance of the market in the organization of society and economic affairs. This paper will analyze these†¦show more content†¦The liberal named Becker believes that â€Å"a market economy is governed principally by the law of demand† (Gulpin, p 29). Becker explains that this law holds that people will buy more of a good if the relative price falls and less if it rises; people will also tend to buy more of a good as their relative income rises an d less as it falls. Thus the government intervention is not necessary to maneuver the market unless a market failure exists. And, in terms of IPE, they believe that there is no necessary connection between the process of economic growth and political developments such as war and imperialism. Therefore â€Å"these political evils affect and may be affected by economic activities, but they are essentially caused by political and not by economic factor† (Gulpin, p 30). The Marxism ideology of economy arose in reaction the Realism and Liberalism in the middle of the 19th century with the central idea that the economy drives politics. The political conflict arises from struggle among classes over the distribution of wealth. Thus they believe that political conflict will cease with the elimination of market and of a society of classes. The Marxist view believes that only robust application of strong public power can check innate tendencies for private power to benefit elites at the expense of population at large. The Marxism ideology of economy has beenShow MoreRelatedLiberalism and Mercantilism1287 Words   |  6 PagesLiberalism and Mercantilism International political economy is an important subdiscipline of international relation. It has three main ideologies, Liberalism, Mercantilism and Marxism. In this essay there will be three parts, first part is to demonstrate what the Liberalism and Mercantilism are on the perspective of international political economy and then the second part is to compare and contrast these two ideologies of political economy. 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