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There are several approaches to International Political Economy. When we look at it historically and classically, we can see these approaches as Mercantilism/Realism, Liberalism/Neoliberalism, and Marxism..

Mercantilism, on the other hand, emerges as Economic Nationalism. This ideology was mostly seen in European countries. They see the state as the main actor in the global political economy. According to this approach, the interstate system is anarchical, and it is, therefore, the duty of each state to protect its own interests. The state is prior to the market, and market relations are shaped by political power. Power-based theories such as economic nationalism and realism view the world as anarchic. Mercantilism says the market is created by states and protected by a powerful hegemonic country. China and Japan are examples of economic nationalism today.

Another one is Liberalism. Liberals focus either on the individual or on a wide range of actors, from the state to the corporation to interest groups. They do not see the state as a unitary actor. They say that If everyone is following self-interest, it will lead to competition, innovation, and increased wealth overall. States and peoples can cooperate for mutual benefit. Also, liberalism leads to peace. International institutions and globalization are important for cooperation.

The last one is Marxism. Marxist theories focus on class and the interests of workers rather than state interests. Marxist theory rejects statism and focuses instead on the significance of class. This focus arises from the Marxist account of capitalist relations, which are predicated on exploitation. Marxists view market relations as inherently exploitative. Marxists view international economic relations as inherently unstable and conflictual because capitalism does not create harmony or cooperation, and they do not pay enough wages to workers. Capitalism leads to uneven development, as some centers increase their wealth and growth at the expense of others. As a result, uneven development sows the seeds of conflict between countries.

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In the 15th century, Portugal and Spain started a process of European Expansion in various forms for over 500 years. Europeans started a three rise on the political, economic, and cultural foundations of the societies. Europeans established new political structures ruling over local peoples in the form of colonies. They also transformed Western political ideologies, for instance, nationalism, liberalism, and Marxism.

Most of the local interactions are based on conquest, trade, occupation, and ports. European expansions related to economic activities are shaped around silver-gold and other natural resources by slaves and exploitation from Africa. On the other hand, some European sailors were sailed to the west for the Americas. Eventually, they quickly went about plundering its wealth. These countries were France, Great Britain, Holland, and Spain.

European political and economic strategy in what they

termed the ‘New World’ was both mercantilism and

imperialism. Imperialism can be explained by relations between Europe and the Americas. Those economic activities served only the interest of particular European States. It seemed like a zero-sum game. Each country tried to be as self-sufficient as possible. Same economic activities such as mining gold and silver have been seen in this region.

There was a triangle. Manufacturers go to Africa from Europe, Slaves go to the Americas from Africa, and lastly, Raw materials go to Europe from the Americas. European expansion decimated civilizations with the disease, enslaved millions of Americans and Africans, worked millions of others to death, reoriented local economies to serve European elite interests, and trafficked in drugs to undermine other civilizations. None of them are traditional and irregular, and behind them are many structures. These; It is a detailed subject that needs to be examined with many subtitles such as trade, finance, production, Labor, development, environment, ideas, security, and government.

Utku Burak Katipoğlu - 150110029

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Industrial Revolution - Imperialism - Post-1945

The Industrial Revolution started in Britain in textile factories and later in steel factories. Countries such as Germany, America, Japan, and Russia have kept up with this revolution and changed, some of them have been late and started much later. Thanks to the factory system, the labor force and workers were gathered in one place together with the machines. This need for labor was also realized through the exploitation of children and women. Thanks to these growing industries, large metropolises were formed. The managers and those who own the capital, the products, were the capitalists.

In the second phase of this revolution, iron and coal energy were used. Railways and shipping gained importance. There was a time called Pax Britannica, which means peace. It led to a balance of power. Concert of Europe provided communication and consultation between these powers. States tend to alliances and allegiances, just for permanent interests.

As a result of this new era, renewed imperialism occurred. It created new colonies in Africa, Algeria, India, Vietnam, etc. European traders and states insisted on formal political control in the form of new colonies. They captured more territories and expanded their wealth. Racism also played a significant role in facilitating renewed imperialism. European imperialists convinced themselves that they had a moral obligation to civilize other parts of the world.

In the Post-1945 era, Russia began with a communist system. Communist states achieved several notable successes, but these were often accompanied by a horrendous human cost and eventual failure. Also, for European states, it was hard to continue ruling foreign states, and the decolonization process began. Three trends have been increasingly visible as the Cold War-era fades into history. The first trend is a continuation of competition between rival forms of capitalism and its extension to emerging powers. The second is the pervasive impact of the information revolution. The third is ongoing developments in the field of the international organization. Lastly, there was Liberal, Authoritarian, Welfare Competition became more important topics.

Utku Burak KATİPOĞLU - 150110029

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International Trade

International trade has emerged on the necessity of buying and selling goods and services across national borders. But, there are political and technical barriers. Political authorities decide to prohibit or restrict their citizens’ access to foreign goods and services. On the other hand, they may be made more costly for a country’s citizens in comparison with similar domestic goods and services. That restriction refers to Protectionism of import. It consists in the form of non-tariff barriers such as quotas, subsidies, currency controls, administrative regulations, and voluntary export restraints.

Liberal political economy emphasizes the benefits of trade. For liberals, free trade benefits everyone, increases efficiency, and raises productivity. For the liberal case of the sum game, all can gain. It is based on the theory of comparative advantage. They say countries should specialize and produce the goods and services in which they are most efficient. They claimed that this theory is relevant for all countries and protectionism harms poor countries. But, there are counterarguments. Mercantilist and neo-mercantilist writers advocate the regulation of economic life to enhance state power or protect a variety of national groups from competition. For instance, countries need to be self-sufficient in the production of certain strategic industries. That means national security takes precedence over trade. Dependence on external markets can threaten a nation’s security. In common with human rights and environmental activists, feminists argue that trade theory has ignored the social costs of trade.

There are many institutions such as the World Trade Organization, GATT, and hundreds of regional trade agreements because of many interests and strategies of countries. It can also be seen as part of a process of structural change in the global economy. These major changes in the international trade system came after the Second World War to provide coverage of issues such as intellectual property rights, government procurement, investment protection, and labor and environmental regulations.

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Transnational Production

The exact definition of transnational production is "the organic drive of the productive forces to organize themselves on a world scale". More simply, transnational production occurs when different parts of the production process for a particular product take place in different national territories. The global production system is a complex process, with millions of workers and workplaces integrated into diverse local, national, regional, and global systems. That's why we should focus on Transnational, Multinational firms and companies. For example, Volkswagen, BP, Apple, etc.

Economic nationalist perspectives emphasize the importance of state behavior in creating the conditions necessary for the emergence of global production and focus on the ability of states to control the activity of TNCs. Liberal theory gives greater weight to the relevance of the market, both in terms of explaining the growth of transnational production and in assessing the impact of TNCs on the state. Critical or radical theorists emphasize the changing nature of capitalist relations and retain a skepticism concerning the impact of TNCs on host economies.

Foreign Direct Investments provides five main positive effects. Additional resources and capabilities, that is capital, technology, access to markets, and management skills. Additional tax revenues. It increases GDP. It helps to advance economic growth by fostering a more efficient division of labor. Furthermore, it improves the balance of payments through import substitution, export generation, or efficiency-seeking investment.

Major developments in global production structure are globalization of production and change in the underlying principles of the organization of production and key features of the system. The growth and nature of transnational production have changed over time, especially with the development of global supply chains, and TNCs have greatly affected national and regional developments around the world. The globalization of trade, production and finance has had immense implications for how people live and work in the global economy.

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The Global Financial System

The post-1945 IMS has undergone two dramatic changes. The biggest alteration was a move from fixed rates to floating rates. The second major change has been the growth of regional currencies replacing some national currencies. There was a need for a stable international monetary system for international economic activity and peace. Planners wanted a system that would provide stability in exchange rates, but would allow for some adjustment from time to time. Their solution was the gold exchange system.

The core of the system was the US dollar, which was

fixed to gold at a rate of $35 to one ounce of gold. However, in contrast to the gold standard, other currencies were not fixed to gold. They were fixed to the US dollar. 2 international institutions are created to help oversee the operation of the international financial system: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, later known as the World Bank). The monetary system was to be supported by the IMF. Its purpose was to help countries that had temporary balance of payments problems. If, for some reason, a country was unable to pay for its imports, the IMF could loan money to help them through a temporary cash shortage. This money would be repaid when the difficulty had been overcome. In the IMS, a major change has been the move from fixed to floating exchange rates. 2 remarkable features of the global financial system have been the degree of innovation and the repeated instances of financial crises. One of the major financial innovations was the creation of offshore financial markets such as ''Eurodollar''. There were also again debt and credit crises.

Utku Burak KATIPOGLU - 150110029

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The Global Financial System

The post-1945 IMS has undergone two dramatic changes. The biggest alteration was a move from fixed rates to floating rates. The second major change has been the growth of regional currencies replacing some national currencies. There was a need for a stable international monetary system for international economic activity and peace. Planners wanted a system that would provide stability in exchange rates, but would allow for some adjustment from time to time. Their solution was the gold exchange system.

The core of the system was the US dollar, which was

fixed to gold at a rate of $35 to one ounce of gold. However, in contrast to the gold standard, other currencies were not fixed to gold. They were fixed to the US dollar. 2 international institutions are created to help oversee the operation of the international financial system: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, later known as the World Bank). The monetary system was to be supported by the IMF. Its purpose was to help countries that had temporary balance of payments problems. If, for some reason, a country was unable to pay for its imports, the IMF could loan money to help them through a temporary cash shortage. This money would be repaid when the difficulty had been overcome. In the IMS, a major change has been the move from fixed to floating exchange rates. 2 remarkable features of the global financial system have been the degree of innovation and the repeated instances of financial crises. One of the major financial innovations was the creation of offshore financial markets such as ''Eurodollar''. There were also again debt and credit crises.

Utku Burak KATIPOGLU - 150110029

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Global Division of Labor

The ‘division of labor’ refers to the roles that people occupy in the production process. Different societies and economic systems have different ways of organizing who does which particular job. Some societies have relatively simple division s of labor where many people do similar tasks, while other societies may have a detailed division of labor where people specialize in doing only one or two tasks. There can also be different approaches to allocating tasks to particular individuals or groups. In some cases, a division of labor may be based on race, such as in the apartheid era in South Africa or the pre-Civil War era in the southern US.

The concept of a global division of labor captures a form of organization that reaches around the planet, There is another important aspect of the division of labor and that is its gendered character. Men tend to be grouped in different jobs from women. A gendered division of labor refers to the ideas societies have about what social roles and forms of employment are most appropriate for men and women. A major issue in the global division of labor is the fate of the gendered division of labor. In some nation states, considerable progress has been made to break down the barriers between ‘women’s work’ and ‘men’s work’. There can also be a racial and ethnic division of labor. In these cases, groups of people from particular ethnic backgrounds or with visible physical differences are confined or corralled into specific forms of labor.

There have been two major developments in the division of labor. One major change was the introduction of mass production in the early 20th century. The second major development has been the move from an international division of labor to a global division of labor. Another interesting dimension of the global division of labor is migration. People have migrated for thousands of years, but new forms of transportation and communication make it easier to travel long distances and allow migrants to maintain contact with their home. In many developing states, the money that migrants send home from their employment in developed countries plays a significant economic role. However, there is also struggle for workers' rights in a global economy.

Utku Burak KATIPOGLU - 150110029

The concept of a global division of labor captures a form of organization that reaches around the planet, There is another important aspect of the division of labor and that is its gendered character. Men tend to be grouped in different jobs from women. A gendered division of labor refers to the ideas societies have about what social roles and forms of employment are most appropriate for men and women. A major issue in the global division of labor is the fate of the gendered division of labor. In some nation states, considerable progress has been made to break down the barriers between ‘women’s work’ and ‘men’s work’. There can also be a racial and ethnic division of labor. In these cases, groups of people from particular ethnic backgrounds or with visible physical differences are confined or corralled into specific forms of labor.

There have been two major developments in the division of labor. One major change was the introduction of mass production in the early 20th century. The second major development has been the move from an international division of labor to a global division of labor. Another interesting dimension of the global division of labor is migration. People have migrated for thousands of years, but new forms of transportation and communication make it easier to travel long distances and allow migrants to maintain contact with their home. In many developing states, the money that migrants send home from their employment in developed countries plays a significant economic role. However, there is also struggle for workers' rights in a global economy.

Utku Burak KATIPOGLU - 150110029

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Gender

It is now widely accepted that gender is a social construction and not a natural state. The central point is that women and men are different biologically, but that this biological sex difference is not the same as the social distinctions made between men and women. There are some features, for example assigning women the primary role in childcare, that seem to be common in many societies. Moreover, the construction of masculinity as superior to femininity in terms of power.

A focus on gender is important because it makes us aware of a key axis of power in society. Gender roles fundamentally shape production, distribution and consumption activities within nation-states and across national borders. Gender thus plays a role in determining access to work, income, wealth, leisure, education, health, political power and decision-making. Many national governments and international organizations are currently focused on addressing problems stemming from gender inequality. Obviously, the study of gender entered the discipline of IR and the subfield of IPE through the work of feminist scholars. There are theories such as liberal feminism, Marxist feminism, radical feminism, socialist feminism, psychoanalytical and existential feminist thought, postmodern feminism and feminist critical theory.

Women enter the economy in a diverse variety of roles, for example as workers, consumers and entrepreneurs. Women are active economic agents in all the major sectors of economic activity – agriculture, industry and services. Those changed employment trends, prospects and global public policy. Persistent and pervasive female poverty is one consequence of the power relations between women and men. While the relevant measures may be open to dispute, there is widespread agreement on the existence and consequences of gender inequality. Although there is no single feminist perspective, feminist scholarship in the social sciences has explored the diverse ways in which gender is important in the global economy. Feminists have provided detailed empirical evidence showing the gendered nature of political and economic processes. They have also produced important critiques of the masculinist biases of conventional political economy.

Utku Burak KATİPOĞLU - 150110029

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Economic Development

Development, as used in the literature, suggests both a process and a condition. It is a process, insofar as attention is given to the means whereby a society may transform itself so that it achieves self-sustaining economic growth. Modern economic growth developed in Western Europe and has been successfully exported almost exclusively to territories settled by Europeans. In the immediate postwar period, development was defined in terms of economic growth, where the standard measure was the gross national product (GNP) of a country. This approach emphasized economic variables and gave little if any attention to the social and cultural aspects of development. Moreover, because of its focus on aggregate growth, internal redistribution, that is, the different rates of growth of different regions, and the impact of growth on various social classes were not taken into account.

Many economists continue to measure development in terms of income – gross national income per capita (GNI); or production – gross national product per capita (GNP), or gross domestic product per capita (GDP). But critics of an economic definition have also developed criteria with which to measure development. Perhaps the best-known measure is the Human Development Index(HDI), pioneered by the United Nations Development Program (UNDP). The HDI is based on a definition of development that takes into account social factors. It is now widely agreed that development cannot be confined solely to economic growth. While there is agreement that development refers to economic, social and cultural variables, no consensus exists on either how we measure development or how it might be attained. Development is more than mere economic growth and involves structural change and attitudinal change in a given society. It requires a structural transformation of the economy and a movement from a ‘traditional’ value system to a‘modern’ one. Second, development consists of a set of material practices and a collection of ideas and statements. This controversy concerning the term ‘development’ is mirrored in debates concerning the terminology and classification of countries seeking to make the transition to the ranks of the advanced industrial countries.

Globalization and importance of market forces, development was big major changes. Also, the World Bank. Those International Organizations played a huge role both in economic development and while crises. There are also many theories such as dependency, neoliberalism, protectionism etc. Development is centrally concerned with material and normative issues. Whether the focus is on absolute poverty or relative poverty, it is apparent that poverty shapes the life chances of millions of individuals worldwide, constraining access to material and non-material goods and services. While development remains principally a national concern, it has, since the outset of the postwar development assistance regime, been inscribed on the international agenda. The organization, promotion and execution of national and international development policies are the result of structural change in the global political economy and the adaptation of state and non-state actors to these changes.

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