Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. In other words, it seeks to maximize the accumulation of resources within the country and use those resources for one-sided trade.
Political economy is a branch of political science and economics studying economic systems and their governance by political systems. Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics.
International relations (IR) are the interactions among sovereign states. The scientific study of those interactions is also referred to as international studies, international politics, or international affairs. In a broader sense, the study of IR, in addition to multilateral relations, concerns all activities among states—such as war, diplomacy, trade, and foreign policy—as well as relations with and among other international actors, such as intergovernmental organizations (IGOs), international nongovernmental organizations (INGOs), international legal bodies, and multinational corporations (MNCs). There are several schools of thought within IR, of which the most prominent are realism, liberalism, and constructivism.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
A country's industrial policy (IP) or industrial strategy is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure is a major enabler of the wider economy and so often has a key role in IP.
International relations theory is the study of international relations (IR) from a theoretical perspective. It seeks to explain behaviors and outcomes in international politics. The four most prominent schools of thought are realism, liberalism, constructivism, and rational choice. Whereas realism and liberalism make broad and specific predictions about international relations, constructivism and rational choice are methodological approaches that focus on certain types of social explanation for phenomena.
Georg Friedrich List was a German-American economist and political theorist who developed the nationalist theory of political economy in both Europe and the United States. He was a forefather of the German historical school of economics and argued for the Zollverein from a nationalist standpoint. He advocated raising tariffs on imported goods while supporting free trade of domestic goods and stated the cost of a tariff should be seen as an investment in a nation's future productivity.
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. A key focus in IPE is on the distributive consequences of global economic exchange. It has been described as the study of "the political battle between the winners and losers of global economic exchange."
Dirigisme or dirigism is an economic doctrine in which the state plays a strong directive (policies) role, contrary to a merely regulatory interventionist role, over a market economy. As an economic doctrine, dirigisme is the opposite of laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. Dirigiste policies often include indicative planning, state-directed investment, and the use of market instruments to incentivize market entities to fulfill state economic objectives.
The history of capitalism is diverse and the concept of capitalism has many debated roots. The history of the past 500 years is concerned with the development of capitalism in its various forms. Capital accumulated by a variety of methods, at a variety of scales, became associated with much variation in the concentration of wealth and economic power. Capitalism gradually became the dominant economic system throughout the world.
Susan Strange was a British scholar who was "almost single-handedly responsible for creating international political economy." Notable publications include Sterling and British Policy (1971), Casino Capitalism (1986), States and Markets (1988), The Retreat of the State (1996), and Mad Money (1998).
Robert Gilpin was an American political scientist. He was Professor of Politics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University where he held the Eisenhower professorship.
Geoeconomics is the study of the spatial, temporal, and political aspects of economies and resources. Although there is no widely accepted singular definition, the distinction of geoeconomics separately from geopolitics is often attributed to Edward Luttwak, an American strategist and military consultant, and Pascal Lorot, a French economist and political scientist.
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century. Historically, economic liberalism arose in response to feudalism and mercantilism.
Stephen Gill, FRSC is Distinguished Research Professor of Political Science at York University, Toronto, Ontario, Canada. He is known for his work in International Relations and Global Political Economy and has published, among others, Power and Resistance in the New World Order, Power, Production and Social Reproduction, Gramsci, Historical Materialism and International Relations (1993), American Hegemony and the Trilateral Commission (1990) and The Global Political Economy: Perspectives, Problems and Policies.
Green theory is a theory of International Relations (IR). In contrast to mainstream theories of IR, it posits environmental issues as central to the study of international relations. According to green theory, mainstream theories like neorealism and neoliberalism fail to understand environmental problems through their rationalist and state-centric frameworks of analysis. Green theory focuses on the study of global justice, international development, modernization, and security. Green perspectives in IR emerged in the 1970s as a response to the increase of transnational issues related to the environment. By the end of the 20th century, green theory had established itself within the discipline. Green theory aligns itself with postpositivism that emerged from the so-called third debate of IR. The theory can be divided into an International political economy (IPE) oriented wing and a cosmopolitan wing. Initially, the IPE wing, mainly interested in environmental regimes, was stronger, but subsequently many cosmopolitan theorists, like David Held, Andrew Linklater, Henry Shue, and Thomas Pogge, have made contributions related to environmental issues.
Corporatism is a collectivist political ideology developed as a "Third Position" along with Christian democracy and fascism which advocates the organization of society by corporate groups, such as agricultural, labour, military, business, scientific, or guild associations, on the basis of their common interests. The term is derived from the Latin corpus, or "body".
Mark McGann Blyth is a Scottish-American political economist. He is currently the William R. Rhodes Professor of International Economics and Professor of International and Public Affairs at Brown University. At Brown, Blyth additionally directs the William R. Rhodes Center for International Economics and Finance at the Watson Institute for International and Public Affairs.
New constitutionalism is derived from the classical neo-liberalism framework and represents a set of political policies that promote a new global order. The goal of new constitutionalism is to separate the democratic and economic practices by shifting economic aims from the regional and national level to the global level through constitutional framework. The purpose of this shift is to create global supremacy and promote a free capitalist system.
