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Thailand's remarkable economic growth between 1996 and 1997 caused investors and currency traders to withdraw their investments and money. This increased outflow of money caused the Thai central bank's currency to depreciate. In 1997, a crisis known as the 'Asian financial crisis' emerged. The crisis caused economic depression, the overthrow of governments, and the granting of IMF loans to many Asian countries. It also raised questions about the international financial system. Different stories and ideas emerged to explain the crisis. From the liberal perspective, it is emphasized that the reason for this crisis is weak fiscal policy and that transparent financial practices and a more liberal economic model are needed as a solution. The state-centered view emphasized economic liberalization and state power, emphasizing the importance of protecting national interests. The critical narrative emphasized the importance of the role of US interests in liberalization and subsequent restructuring efforts that favored American companies. This perspective suggested preventing financial speculation and restricting the movement of funds. These competing explanations conclude that facts are shaped by theoretical frameworks and that theories are important in prioritizing knowledge, making predictions, and guiding action. Actors of the global political economy and those who study it use various theories for various purposes. The main conflicting approaches are economic nationalism, liberalism and critical theories. These theories both explain the behavior of actors and offer ideas about what states and people should do in the global political economy. Additionally, other approaches such as environmentalism, feminism and poststructuralism also contribute to IPE studies.

Based on historical theories such as mercantilism, economic nationalism theory emphasizes the role and power of the state in shaping international economic relations. This theory suggests that states should prioritize their national interests and protect their economic prosperity. Key actors in economic nationalism view the state as the primary actor of the global political economy and prioritize political power over individual interests. They view international economic relations as a struggle for power and wealth in which states use their political power to shape economic activities. Economic nationalism remains valid today, where countries protect their markets from foreign competition while promoting free trade. It can gain momentum during an economic downturn, but it also carries the risk of retaliation and market closure. The liberal perspective in international political economy (IPE) advocates cooperation and market-based economic relations, focusing on individual and diverse actors. It emerged in the 18th and 19th centuries as a critique of economic nationalism and advocated free trade and economic openness to create wealth. Key elements of the liberal perspective include individual choice, market-centeredness, a positive total perspective on economic relations, international cooperation, and contemporary dominance. Institutions such as the World Trade Organization (WTO) are built on liberal principles, and neoclassical economics is prevalent. Challenges to liberalism include the 2008 financial crisis, the influence of powerful states and corporations, and various agendas such as workers' rights, gender equality, and environmentalism. The critical perspective in international political economy (IPE) is a framework that questions and challenges established social and economic arrangements. Key actors include firms and transnational corporations (TNCs), with class conflict focusing on the struggle between the working class and the capitalist class. Key dynamics include exploitation, uneven development, overproduction and underconsumption, dependency theory, globalization, conflict and cooperation, zero-sum game, class struggle, imperialism, and finance capital. Despite the collapse of the Soviet Union, the critical perspective remains relevant today, as financial crises and growing inequalities have reignited interest in Marxist critiques of capitalism. Social movements and advocacy groups continue to use critical perspectives to challenge power imbalances and inequalities in the global economy.

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International Political Economy (IPE) emerged in the mid-1970s as an academic field, offering various theories and explanations for global economic and political phenomena. It focuses on transnational corporations, international finance, trade, Third World development, and North-South conflicts. IPE bridges disciplinary boundaries by examining politics and economics, national and international aspects, and draws on disciplines like geography and history. So, Global Political Economy (GPE) exists at the intersection of economics, political science, political economy, and international relations, drawing on insights and methodologies from these disciplines as well as others to provide a comprehensive understanding of global economic and political dynamics. Originating from the Greek term "oikonomia", economics focuses on neoclassical economics, which advocates efficient resource allocation and rational decision-making. It distinguishes economics from politics and philosophy by emphasizing state intervention in basic public goods. Alternative approaches include Keynesian economics, institutional economics, Marxist, feminist and ecological theories. Economics also influences decision-making in the context of the Global Political Economy (GPE), providing fundamental theories of macroeconomics, comparative advantage, supply and demand, and market transactions. In addition, the field of Economics is effective in the development of liberal theories, especially within the scope of GPE studies. Political science studies power and politics  through various subfields such as political theory, comparative politics, and public administration. It focuses on power dynamics, decision-making processes and the role of institutions, especially the state. Political economy emerged as a response to the independent nature of the economy and the emphasis on political institutions. Rational decision-making uses an economic methodology to analyze political behaviour and institutions using concepts such as game theory, mathematical models, and statistical tools. Interpretations include institutional economics, neoclassical economic assumptions, and a Marxist perspective marginalized in mainstream economics and political science. And finally, International Relations (IR) is a field that emerged after World War I to understand the causes of war and the international system. It focuses on the interactions between states and the functioning of the international system. Historically, international relations has been realism, emphasizing anarchy and competition between states. Liberal approaches emphasize cooperation, international organizations and regional integration.

Researchers in the global political economy must choose a research method due to its complexities, including different methods, theoretical assumptions, and methodological disagreements. Four common research methods include case studies, rational choice theory, institutionalism, and constructivism. While case studies examine specific events or issues to uncover causal factors, rational choice theory is an approach that explains decision-making based on individual actors and seeks to understand politics. Additionally, game theory, a subfield of rational choice, focuses on the strategic interaction of multiple actors who consider the potential behavior of others when making decisions. Game theory creates scenarios or games to analyze decision-making in strategic situations. Examples of these scenarios include the prisoner's dilemma, chicken, and stag hunt. These abstract games provide insight into how actors' strategic behaviour can lead to different outcomes. While Institutionalism explores the role of rules and institutions in shaping political and economic behavior, constructivism explores the importance of ideas, norms, and beliefs in shaping and defining political and economic processes. Researchers consider the research objectives, available data, and specific questions to choose the most appropriate method. Additionally, international trade, monetary policy, international institutions, and economic interactions are the main topics of study in the discipline of global political economy (GPE). Trends in expansion, integration, and consolidation all have an impact on it. While integration combines GPE with other disciplines such as comparative or classical political economy, consolidation focuses on reaching a consensus on essential issues and methodologies. The goal of expansion is to include new topics like consumption and developing nations in GPE's existing scope. Also, it investigates novel theoretical stances on topics like leisure, race, and culture, such as poststructuralism. These trends add to GPE's dynamic character and capacity to tackle difficult worldwide issues.

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In 1400, several regions with distinctive political and economic systems defined the world's economy. The world had not been greatly impacted by Europe, and market towns and agriculture constituted the hubs of localized economic activity. Janet Abu-Lughod's research identified eight interconnected regions, spanning from China to Europe, that facilitated trade and economic exchange. The Americas, central Asia, Arabia, Southeast Asia, China, the Mediterranean, and northern and southern Europe were among these regions. The integrated system's economic activity was increasing despite the time-consuming journey and small trade volumes.

In the 14th century, the Middle East was an important bridge between the Mediterranean and Eastern worlds, attracting the attention of European traders. Despite occasional conflicts between European Christianity and Middle Eastern Islam, cooperation and alliances existed. Also, while the Mamluks and Ottomans pioneered a thriving trading economy, Cairo was among the world's largest cities. In the 15th century, China was the largest and most powerful civilization known for its advanced technology, advanced products, and military forces. The Ming Dynasty emerged after Mongol rule and launched extensive trading expeditions. However, these initiatives were eventually terminated due to court policies, lack of commercial goods, and a shift towards domestic development. Unlike the fragmented states of Europe, China was ruled by a single political authority. In the 15th century, India, like China, had an ancient civilization, economic wealth and military power. However, the political economy was diverse and decentralized. While the Delhi Sultanate was ruled by the descendants of the invading Islamic powers, the Mughal dynasty brought stability and contributed to architectural marvels such as the Taj Mahal. Other parts were ruled by independent kingdoms and had coastal ports operated with autonomy. Despite maritime activities, maritime interests had limited influence on political power. Africa is divided into two regions: Region 9 and Region 10. Region 9 focuses on the Sahara Desert, while Region 10 integrates East Africa's trade with the Indian Ocean. These networks have existed for thousands of years and connect various political groups. African political economies were diverse and dynamic; There were regions with significant differences due to different ecological conditions. Commercial activities changed over time as droughts and famines spurred technical innovation and consistent development was limited. However, Africa should not be seen as a static or static country. Finally, Europeans encountered advanced civilizations in the Americas, including the Inca Empire and Central America, where the Maya and Aztecs played important roles. These civilizations demonstrated their ability to build cities, create monumental structures, and produce complex arts. However, they faced transportation difficulties and relied on foot transportation and tribute to accumulate wealth. Political relations in the Aztec civilization were characterized by force, punishments, and human sacrifice.

The period from the 1400s to the mid-1800s marked the beginning of the global economy, which experienced significant transformations. Europe expanded with the desire for luxury goods, which nevertheless led to the decimation of civilizations, and slavery and labour exploitation emerged. This period also saw the reshaping of local economies to serve the interests of European elites, and illegal commercial activities such as drug trafficking began. Additionally, key political economy frameworks, including trade, production, finance, labour, gender relations, development, environment, ideas, security, and governance have undergone significant changes. While trade has been continuous throughout human history, production areas were mainly focused on agriculture.

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The liberal and imperialist international economy experienced the rise and fall of the 19th and early 20th centuries. It covers the origins of the Industrial Revolution in Britain and the transformations it caused worldwide. The Industrial Revolution was a transformative period in history characterized by the widespread application of machines to production, the introduction of new energy sources to power these machines, and the reorganization of labour in factories. It began in Britain in the mid-1700s and lasted nearly a century until the 1870s. The revolution began with innovations in the textile industry, especially cotton production, and then spread to the steel industry, especially the railways. The second phase of the Industrial Revolution in the 1870s focused on new products and technologies and was led by Germany and the United States. The Industrial Revolution in Britain was a significant shift in economic and social relations, introducing the capitalist-employer-employee dynamic, specialized machine-based production and a dominant capitalist-driven economy. The growth of factories led to the formation of metropolitan areas and the creation of a dominant capitalist-driven economy.The revolution in Britain in the 19th century was influenced by the development of European knowledge and technology, the rise of the liberal state, and Britain's unique role in the international economy. This led to massive global economic growth, significant international trade, mass migration, and the formation of unions and democratic movements. Britain's success in the global economy depends on historical and geographical perspectives; some suggest this is due to adapting Chinese technologies and local knowledge. As the 19th century saw a global shift in industrial and military power, countries such as France, Germany, and the United States were trying to catch up. Japan, the only Asian state to respond to Western industrialization, began state-led industrialization, relying heavily on female labor and poor working conditions. Japan's industrial might was demonstrated when it defeated Russia in the Russo-Japanese War of 1905. The 19th century saw the rise of British economic and military power, characterized by the concept of "Pax Britannica", a Eurocentric international system with liberal principles. British efforts to establish the gold standard, free trade, and balance of power shaped the international system. Britain's efforts to establish the gold standard, free trade, and balance of power shaped the international system. Its wars significantly affected the international economy and political order, influencing the political and economic dynamics of the 20th century. The interwar period was marked by economic instability, uneven growth, and depression in Western states. The restoration of a liberal trade and financial system failed due to rigid monetary systems, war reparations, and popular mobilization. Alternatives such as communism, fascism, and Keynesian policies emerged and affected the global economy. The US role was crucial, but political opposition led to economic isolation. The absence of a decisive hegemonic power contributed to regional economic turmoil and war. After World War II, the United States assumed this role. The international system of the 19th century shared similarities with today's world, including capital flows, industrialization, liberal and mercantilist policies, and powerful Western states. But official imperialism differed in limited technology and the absence of modern international laws and institutions. Key features included the spread of free trade ideology, the Industrial Revolution, financial roles, gendered labor, and the difference between developed and underdeveloped states. The environmental impact of industrialization and the influence of ideas such as liberalism, nationalism and racism played crucial roles. The period witnessed a balance of power in Europe, but violence in non-European regions. Governance evolved from nation-states and liberal states with increasing working-class influence. These dynamics of the 19th century paved the way for the evolution of the modern global political economy.

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Since the mid-20th century, the international political economy has evolved into a global political economy in the first fifteen years of the 21st century. The period 1945–89, when international relations were marked by Cold War divisions and different political economies, saw the US-led Western Political Economy, which aimed to provide security and economic growth to Western capitalist states. While the U.S. established international institutions to promote democracy and economic development, the Cold War confrontation divided Europe into two rival camps. The United States provided economic assistance for reconstruction and military resources to confront the Soviet Union. The U.S. also created the Western Economic System, which emphasized liberalism, legalism, and multilateralism. The international trade and payments scheme was designed primarily by the United States, with an emphasis on liberal economic principles. International economic organizations such as the IMF, the World Bank, and the GATT were established to oversee the liberal international economic order. Postwar economic policies focused on growth, income redistribution, and full employment. However, the 1970s saw a shift towards the neoliberal economic policies outlined in the Washington Consensus.

The communist political economy that emerged in Russia after the 1917 revolution involved the elimination of private property and centralized state planning. It led to industrialization, technological advances, and women's equality, but it also faced human costs, such as the forced collectivization of agriculture in the Soviet Union. The Soviet Union struggled in areas that required advanced technology and innovation, which led to its eventual demise and peaceful revolutions in Eastern Europe in 1989. China's communist model ran into difficulties, leading to a gradual shift towards capitalism and strict censorship. By the early 1990s, both Russia and China had abandoned communism, Russia had transitioned to a capitalist state, and China had begun to struggle with social stability. The political economy of the South was shaped by the process of decolonization and the emergence of the "Third World". Also, while some states experienced economic success, others faced difficulties. It is also common to say that the 1945–89 Cold War system consisted of three worlds. The First World consisted of the United States and its allies in Western Europe, Canada, Australia, New Zealand, and later Japan. The Second World consisted of the communist states of Eastern Europe and the Soviet Union. The Third World was the term used for the remaining states of the world involved in the development process. Some countries, such as China, can be divided into two camps: Second and Third World.

In the post-Cold War period (1990–2015), there have been significant changes in the global political economy. With the emergence of emerging economic powers, such as the BRICS countries, as economic powers, competition between models of capitalism within Western states has emerged. The nature of the state has evolved from Keynesian to more competitive economies. Offshore regulations, especially tax havens, have attracted investment but created challenges for developing countries. Driven by technology and digital communication, the Information Revolution has transformed industries and globalized economic activities. However, the digital divide has remained alarming. The rise of the Internet has facilitated network-based organizations and strengthened social and civic groups. Information technology has also played an important role in modern wars, especially in the United States. International institutions such as the UN, IMF, World Bank, and WTO remained at the center of global governance. The multilateral framework has been adapted to include emerging powers and address new global challenges.

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Trade involves the exchange of goods and services between individuals, both domestically and internationally. The definition of tradable goods in international trade has historically evolved as services have become part of the international trading system through agreements such as the General Agreement of Trade in Services(GATs). Barriers to trade, especially political ones, are crucial in debates, such as protectionist policies imposed by political authorities. Protectionism refers to policies that restrict the import of goods and services, usually implemented through tariffs or non-tariff barriers such as quotas, subsidies, currency controls, administrative regulations, and voluntary export restrictions. These measures are aimed at protecting domestic industries from foreign competition. The medium of exchange in international trade is barter and money. Barter is the direct exchange of goods, and money becomes more efficient with the complexity of trade. In international trade discussions, it is very important to understand the barriers to trade and the environment of change. This chapter considers theoretical perspectives on international trade, focusing on the debate between advocates of free trade and critics of protectionist measures. Free trade theory, rooted in liberal political economy, advocates economic growth, stability, and efficiency through specialization in the production of goods and services. The theory of comparative advantage, on the other hand, suggests that countries specialize in efficient production, which leads to economic growth, stability, and productivity. The Heckscher-Ohlin theorem extends this by taking into account factors such as capital, land, and labour. However, while liberal trade theory acknowledges the benefits of free trade, it has been criticized for not investigating the origin of comparative advantage and for being prescriptive in advocating free trade while warning against protectionism. The theory of comparative advantage, despite its simplicity, was criticized and led to the development of mercantilism and neomercantilism, which emphasized the accumulation of national wealth through trade surpluses. Furthermore, critics argue that free trade can weaken national economies and contribute to environmental degradation. The debate between proponents and critics continues to be at the center of debates over international trade, reflecting conflicting values and interests in the global political economy. Critics of free trade, especially those aligned with mercantilist and neo-mercantilist perspectives, argue that the state is a protectionist stance that focuses on state regulation to increase power or protect national groups from competition. They argue that protection is necessary for the development of economies of scale, the stability of the internal market, and national security. Other arguments include strategic trade theory and cultural preservation. Critics also question the unequal exchange perspective, which argues that free trade perpetuates economic power imbalances. Environmental activists, feminists, and labour and human rights advocates argue that free trade contributes to environmental degradation and social costs. The ideological and political nature of trade theory can lead countries experiencing losses to resist and take protectionist measures. Since World War II, the world trading system has experienced significant growth in trade volume, internationalization, and interconnectedness. The General Agreement on Tariffs and Trade (GATT) became the basic framework, followed by the World Trade Organization (WTO) in 1995. World trade fluctuated, and open economies performed better. The share of trade has changed, with developing countries playing a greater role. Trade liberalization focused on labour-intensive, low-tech products, but the economic crisis of the 1970s led to increased protectionism. Developing economies such as China, India, and Brazil are becoming important actors in the global trading system. Additionally, contemporary international trade revolves primarily around the challenges faced by the liberal trading system and the functions of the World Trade Organization (WTO). However, the roles that developing countries play in the global trading system, the importance of regional trade agreements (RTAs), and the legitimacy concerns regarding these agreements are equally important. Developing countries have common interests in the world trading system and the Doha Development Agenda aimed to address their concerns. Critics argue that RTAs could negatively impact the multilateral trading system and undermine the principles of the World Trade Organization. The legitimacy of international trade agreements is being questioned by civil society due to issues of transparency, accountability, and participation.

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Large international firms, called transnational corporations (TNCs), play an important role in shaping the global economy, and their transnational production has a profound impact on this global economy. Multinational companies represent a significant part of the global production structure and world trade and contribute greatly to global income and profits. The Fortune Global 500 highlights the dominance of these companies, more than half of which are based in just three countries (the United States, China and Japan), symbolizing the rise of China as a global economic power. However, gender inequality persists in senior corporate positions, with a limited number of female CEOs among the top 500 companies. The statistics also confirm the globalization of production evident in the flow of foreign direct investment (FDI), although this is below pre-global financial crisis levels. Economists argue that there is a distinction between foreign direct investment (FDI) and indirect foreign investment. Foreign direct investment is a transformative force in the global production system. Foreign direct investment involves investments outside a company's home country, covering a variety of assets such as capital, technology and market access, where control over transferred resources remains with the investor. In contrast, indirect investment or portfolio investment involves the transfer of specific assets between independent economic actors through market transactions and not merely the transfer of financial resources. Historically, foreign direct investment increased significantly in the manufacturing sector after World War II, mainly from the United States. The growth of the euro currency market and improved transportation and communications contributed to increased foreign direct investment from Europe and Japan. Later, foreign direct investments continued to increase, with fluctuations occurring especially after the global financial crisis. The growth of transnational corporations (TNCs) and their impact on sovereign states is addressed from different theoretical perspectives in the field of international Political Economy (IPE). The economic nationalist perspective emphasizes that states can be effective in regulating the activities of TNCs. Liberal theory emphasizes the importance of the market, while critical theories focus on the relations of capitalism and are sceptical of the effects of TNCs on host economies. Moreover, there are three basic approaches to the study of multinational corporations: economic, organizational and motivational. The economic perspective emphasizes the market characteristics that shape foreign investment decisions, while the organizational perspective focuses on internal firm structures. The motivational perspective, on the other hand, emphasizes individual beliefs and systems. Several influential theories attempt to explain the growth of TNCs. Among these theories, the liberal theories of Vernon and Dunning propose the product life cycle model and the ownership, location, and internationalization model. Structuralist theories emphasize major structural changes, such as technological advances and financial changes. Marxist perspectives, on the other hand, focus on theories of capital and attribute the growth of multinational corporations to systemic factors. There is ongoing debate between positive and negative perspectives on the impact of multinational corporations on nation-states and societies. Positive arguments emphasize the benefits of foreign direct investment, such as increased resources, increased tax revenues, GDP growth, and improvement in the balance of payments, while negative perspectives argue that it negatively affects countries by limiting resources, reducing tax revenues, affecting comparative advantages, and negatively affecting local cultures. The effects of foreign direct investments (FDI) of international companies on host countries and changes in the global production structure are quite complex and multifaceted. The debate between the benefits and negative effects of these investments involves different views on issues such as resource supply, tax revenue, economic growth, market linkages, etc. Changes in global production, together with factors such as technological advances and the development of communications and transportation, determine the interaction of transnational corporations (TNCs) with host countries. This interaction is influenced by many factors, including government policies, economic and social contexts, company structures and the investment sector. While effective policies of host countries and the orientation of TNCs' activities towards national development goals can increase the benefits of foreign direct investments, they can also bring managerial challenges and economic impacts. While the growing influence of these companies can lead to conflicts with local authorities and regulatory challenges, they can also play a decisive role in global economic decisions.

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The global financial system includes two critical components: the international monetary system (IMS), which controls the exchange rate, and the global credit system, which determines borrowing parameters. Both systems have transformed significantly since their establishment in the mid-1940s. The IMS moved from fixed exchange rates to floating exchange rates and saw the adoption of regional currencies such as the euro by many countries. The IMF and IBRD (later the World Bank) were established to assist countries facing temporary financial problems, based on the belief that the US dollar could be exchanged for gold. Spotted by economist Robert Triffin, the Triffin Dilemma highlighted the imbalance between the dollar and gold, leading to the breakup of the gold link by the United States in 1971. The Marshall Plan, military spending and foreign investment plan came into effect. Rooted in Cold War policies, the Marshall Plan had conditions that favored open economies while excluding communist states. Simultaneously, the global credit system has witnessed a shift from public authorities to corporations as providers of credit. Technological advances and deregulation have accelerated the movement of capital across borders, making even powerful states more susceptible to market fluctuations. Different perspectives on the global financial system exist: the liberal view supports market determination, while the critical neo-Marxist perspective emphasizes social democracy, tackling inequalities, and dependency by seeking stability and protection. The Mundell-Fleming model highlights the tension among capital mobility, stable exchange rates, and monetary policy autonomy. This model contends that achieving all three simultaneously is inherently conflicted, suggesting governments prioritize among capital mobility, fixed exchange rates, or independent monetary policy. Elections impact investor confidence, currency values, and trade, posing real policy challenges as states grapple with balancing these factors. Most governments prioritize capital mobility, struggling to stabilize exchange rates and maintain autonomous monetary policies. This struggle has led to financial market turbulence, deflationary national policies, and a quest for new methods and institutions to manage an increasingly unstable financial system. Moreover, Post-war changes in the International Monetary System (IMS) and global credit provision saw the shift from fixed to floating exchange rates, influenced by the Triffin dilemma, leading to increased currency speculation. Agreements like Plaza and Louvre aimed at controlling currency values. The euro's introduction strengthened ties among European nations, while dollarization in the Americas faced concerns about policy control. Technological advancements enabled faster transactions and expanded investment options, but they also fueled financial crises due to increased speculation. The rise of new financial instruments aimed at risk management, yet their misuse contributed to crises, prompting debates on reform and a search for solutions like the Tobin tax. Increased investor participation complicated policy changes due to political implications. Furthermore, The 2008 financial crisis, stemming from high-risk lending practices in the US, spread globally, causing recessions, job losses, and stock market crashes. Government interventions aimed to stabilize economies, but the crisis affected countries worldwide, limited access to credit for developing nations, and also spurred debates about alternatives to the US dollar as a reserve currency. In addition, There were concerns about its stability, which led to talks about alternatives such as the euro and Chinese renminbi. The euro's introduction reduced borrowing costs but led to increased borrowing and debt, highlighted by Greece's crisis. Tax abuse, impacting governments and stability, involves profit and asset shifting. Addressing it requires reforms and international cooperation, though effectiveness remains uncertain due to sovereignty concerns and disparate approaches at the national level.

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When studying international economics or global political economy, it's crucial to consider the individuals and groups impacted by various systems. Focusing solely on companies or states ignores the potential inequalities and injustices faced by specific populations. The "division of labor" concept reveals how roles in the production process differ across societies and economies. While some societies have simple divisions where individuals perform various tasks, others emphasize specialization and delegation. Factors like race, gender, and ethnicity play a role in dividing labor, sometimes leading to unfair distributions based on prejudice or skill inequalities. Even in merit-driven communities, discrimination based on these factors persists. The "international division of labor" refers to specialization of countries in specific productions for global export. Geographic location significantly influences the types of work people do in the global economy, with unexpected successes like India's software industry alongside traditional textile mills in industrialized areas. Additionally, the "sexual division of labor" highlights how social norms dictate appropriate roles for men and women, often placing women in low-paid jobs and disproportionately burdening them with unpaid household work. While these roles change over time, gender biases remain prevalent. Racial and ethnic differences also affect labor distribution, historically leading to financial exploitation of specific groups. This "racialization of labor" and class intersections with civil rights and cultural perspectives contribute to the segregation of certain racial or ethnic groups into specific jobs. Nevertheless, While liberal theory champions the increased division of labor for its economic benefits, critics argue its "naturalness" is a facade, highlighting the role of power dynamics in shaping and sustaining these divisions. Adam Smith, a prominent advocate of division of labor, saw it as a driver of productivity and social progress. However, critics like dependency theorists and feminist scholars argue that historical conflicts, power struggles, and gender biases have significantly impacted labor roles, with feminist perspectives exposing persistent gender inequalities where women are often relegated to underpaid, insecure positions. This challenges the purported "natural" order of labor distribution and emphasizes the need to critically examine the influence of power dynamics in structuring our economic systems. The division of labor has undergone two major transformations. The first involves changes in production processes, from Taylorism and Fordism’s mass production to flexible specialization and lean production’s focus on teams and task flexibility. Today, a global blend of these approaches exists. The second transformation involves the shift from an international to a global division of labor, with manufacturing relocating to newly industrialized nations in the 1970s and globalization minimizing the importance of geography in production today. Key trends include increased migration and migrant remittances, developed nations’ growing reliance on migrant labor due to demographic changes, and social and economic challenges in both sending and receiving countries. In addition, The integration of China and India into the global economy significantly impacts the international division of labor. While China's growth policies attract investment and boost its economy, they also lead to mass migration and worker exploitation. India's success in outsourcing sparks political tension within its borders and internationally. Efforts to regulate capital and protect worker rights in this increasingly globalized environment face resistance from various stakeholders, including industry interests, developed and developing nations, and even worker rights groups. The limitations of existing legal frameworks have led to alternative approaches like codes of conduct and consumer pressure, but these are seen as inadequate substitutes for a formal legal framework. The conventional assumption that worker unrest has little impact on global order is challenged by the different experiences of workers in diverse groups like U.S. workers, NIC workers, and peasant farmers. These groups, though not necessarily revolutionary, represent significant resistance to the current economic order and highlight the need for a more nuanced understanding of the complex relationship between labor and global politics.

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Gender is a social construct that includes social expectations, roles, and behaviors associated with masculinity and femininity rather than biological differences. These learned behaviors affect every aspect of life, such as work, education, health, economy and politics. Although they vary culturally and over time, certain patterns persist, particularly in which women are assigned roles such as childcare and masculinity is seen as superior in access to power and resources. This understanding of gender highlights gender inequality and power dynamics that inhibit economic growth. Feminist studies in the fields of International Relations and International Political Economy aim to transform social structures by emphasizing the power differences underlying gender distinctions and highlight the political and economic contributions of women's realities. This approach emphasizes the importance of gender in the understanding of global political economy. The study of gender within the global political economy involves many academic disciplines. Economists, anthropologists, sociologists, political scientists and development experts have made significant contributions to the understanding of gender relations. However, within International Relations (IR) and International Political Economy (IPE), the traditional paradigm of currents such as realism, liberalism and Marxism excluded women and gender issues. Feminist scholars have therefore challenged IPE's focus on economic structures and actors that often ignore gender dynamics. Although Critical International Political Economy (UPE) offers the potential to explore gender in the global political economy, it has not yet made significant advances in this field. During this period, international economic research focused on gender effects outside of IPE, showing that trade policies affected men and women differently. The gender-focused approach highlights systemic power differences between women and men, revealing elements neglected in traditional political economy. In this context, feminist scholars draw attention to the invisibility of women in IPE and evaluate a wide range of fields, from nationalism to development, from a gender perspective. Ignoring gender can lead to incomplete and misleading results in international economic analyses. Therefore, it is crucial to include gender dynamics in analyzes and policy-making processes to address inequalities in the global economy. Women's participation in the global economy has led to the emergence of a variety of roles as workers, consumers and entrepreneurs in different sectors. However, women's economic contributions were often unrecognized and unpaid. Although participation in the paid workforce has increased, there has been no significant reduction in gender inequalities. Regional differences in labor force participation and unemployment rates continue in the Middle East and North Africa. Women's employment is generally focused on low-wage, informal sector jobs. This results in women's jobs being often temporary, part-time and insecure, affecting their earning potential. Wage gaps still persist globally, and women face barriers to areas such as career advancement and bargaining power. Factors such as maternity leave affect women's economic opportunities, but wage disparities persist even in high-paying jobs. While women's participation in the workforce marks a significant change, ongoing inequalities and challenges underscore the importance of creating equitable opportunities for women. Gender issues have entered the global policy agenda along with environmental concerns in recent years. The concept of the 'glass ceiling' suggests that women's advancement is hindered by the fact that senior management roles are occupied by men and pay gaps increase accordingly. As a result, conscious efforts aimed at assessing women's contributions and improving their positions have strengthened their roles in the economic and social sphere. UN conferences and resolutions created turning points in policy making by bringing women's concerns to the fore. These events mobilized women globally and led to the adoption of documents that highlighted specific goals. This process marks a significant evolution, making gender perspectives more salient at the international policy level.

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Economic development is motivated by goals such as eradicating global poverty, reducing disparities in living standards, and balancing global power inequalities. Although widely accepted, there's no consensus on the specific methods and strategies needed to achieve these objectives. The historical roots of economic development trace back to the Industrial Revolution in 18th-century Britain. Initially, the focus was solely on economic growth measured by gross domestic product (GDP), neglecting social and cultural aspects. Criticism emerged, suggesting a broader definition encompassing social objectives like employment, health, and housing, challenging the exclusive focus on economic growth. The evolution of development led to concepts like the Human Development Index (HDI) by the United Nations Development Programme, which considers social factors beyond income, emphasizing the importance of social welfare and equality in assessing a country's progress. Debates in the political economy of development revolve around two enduring divisions. Firstly, discussions consider the relative significance of internal and external factors in hindering societal development. Liberals stress internal factors, while economic nationalists diverge, some aligning with liberals and others emphasizing external influences. Secondly, the debate over the roles of the state versus the market in promoting development persists. Economic nationalists highlight the state's role, while liberals emphasize market-related factors. Critical perspectives acknowledge state initiatives while focusing on the role of global capitalism in this discourse. Theories like modernization theory attribute underdevelopment to a society's failure to adopt values akin to developed industrial nations (internal causation theory). In contrast, dependency theory, an external causation theory, attributes underdevelopment to external forces and economic exploitation. However, these theories have limitations as development isn't exclusively rooted in one level of analysis but rather linked to a global political economy. Historical shifts in global development from postwar to recent times reveal significant changes. Until 1981, nations focused on economic growth through government-led strategies based on Keynesian economics. However, challenges such as weak governance led to policies favoring regime stability over poverty alleviation. Subsequently, from 1982 to 2015, shifts in global development occurred, shaped by events like the Mexican debt crisis and the rise of neoliberal policies, prompting debates on their impact. This period also witnessed the rise of NGOs, sustainable development emphasis, and a shift away from purely economic models toward governance and democracy. The 2008-2009 economic crisis further questioned neoliberalism's effectiveness. In the current landscape, developing nations grapple with multifaceted challenges across developmental domains. Three key facets, such as development organization, debt management, and the North-South conflict, illuminate the complex dynamics shaping global developmental discourse. The World Bank's pivotal role through loans and norms, albeit subject to debates over its impact and priorities, reflects the international influence on development. Persistent issues like debt, historical tensions between developed and developing nations, and their power disparities continue to shape global developmental politics. Addressing these challenges amidst power dynamics and global inequalities shapes ongoing debates on development paradigms and international cooperation.