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.

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.

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.

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.