What are the 2 conceptual approaches generally used in international political economy?
Requirements: 1
What are the 2 conceptual approaches generally used in international political economy? How about two other concepts that appear as well?
Economic Nationalism (Realism/Mercantilism)
Liberalism
Constructivism
Structuralism (Marxism)
In which category of the 4 would you place the Trump Administration’s policy? How about the Reagan Administration’s policy? And the Biden Administration’s policy?
Respond to my classmate’s answer in one paragraph
liberalism
Economic Nationalism (Realism/Mercantilism)
Constructivism
Structuralism (Marxism)
The two major conceptual approaches generally used in international political economy is:
Economic Nationalism (Realism/ Mercantilism}: This has to do with nations emphasizing the development of their own robust economies. They want to buy less from them and sell more to other nations. They frequently rely on laws and assistance from the government to safeguard their enterprises and industries. They adhere to government market policies.
Liberalism: This discusses international cooperation and unrestricted trade between nations. Everyone profits when nations engage in peaceful open trades. Low trade barriers allow enterprises to choose how to move forward when needed.
In which category of the 4 would you place the Trump Administration’s policy? How about the Reagan Administration’s policy? And the Biden Administration’s policy?
Everyone has made really good insights into Trump’s, Regan’s, and Biden’s administration. From my point of view, I believe the following administrations portrayed different IPEs.
During Trump’s Administration which was from 2017 to 2021, the team implemented a range of policies that portrayed a Realism international political economy. In order to secure better terms for the United States, the administration prioritized direct negotiations and favored bilateral over multilateral discussions. The administration’s emphasis on prioritizing American interests over international duties was encapsulated in the motto “America First.” Discussions about trade, environmental agreements (such as the decision to leave the Paris Agreement), and support for numerous international organizations all reflected this point of view.
During Regan’s Administration which was from 1981 to 1985, the team implemented a range of policies that portrayed a liberalistic international political economy. The guiding principles were those of the free market. He slashed taxes and supported significant deregulation in a number of sectors, including telecommunications and banking. Supply-side economics was supported by the administration, which emphasized that lowering taxes and promoting investment would eventually lead to economic growth and more tax revenues.
Biden’s Administration, which is the present administration. The team is currently using both liberalism and constructivism IPE methods. The administration’s plan to fight the pandemic lays a lot of focus on working together with international health organizations, supporting global vaccination campaigns, and encouraging scientific cooperation. Biden has emphasized the importance of democracy, human rights, forgiveness of student loans, and the rule of law in foreign affairs, which is consistent with liberal ideals
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