The three major perspectives in the international political economy include mercantilism, liberalism, and structuralism
Mercantilism
This is an economic theory that was popularly practiced Europe back in the 17th century and early 18th century. The theory was aimed at promoting government regulation of a country’s economy to influence state power to gain an advantage over rival nations. As an economic theory, mercantilism has several problems. For instance, mercantilism sees the borders of a country as economically relevant. Experts however argue that apart from political concerns, the other economic relevance of international trade is cutting on shipping costs (Hettne, 211-232). If shipping costs were not to be factored in, economists argue that there would be no difference in doing business with a neighboring country or a distant country. Another problem is that mercantilism is that its design is meant to benefit only a certain class of people, rulers, and merchants at the expense of everyone else. Solutions proposed to these problems include imposing protectionist measures that will give domestic producers a chance to market their products. Also, employment should be nurtured in the local market to ensure many people benefit, rather than a few.
Liberalism
Liberalism is an economic and political philosophy that is based on the strong support of private property and the market economy in the process of production. Although this theory supports government regulations, it only does so up to a certain degree. This theory disagrees with government intervention in a free market due to the possibility of curtailing open competition and free trade. The problem with this theory is its nature of emphasizing individual autonomy as opposed to organizational or group autonomy. Solutions to the problems discussed here include blending a decision-making model that will incorporate both individuals and organizations. Also, the theory should be more flexible to government interventions which will ensure regulations ensure to protect local markets.
Structuralism
This economic theory is based on the ideology that implies elements of human culture should be understood by how their interrelationship relates to a broader structure that is overarching in nature. In an economy, the problems that it might be facing might be deeper and far-reaching than just excessive or inadequacy in demand a phenomenon that results from government policies or private entities that hamper efficiency and adequate production of goods and services. Solutions suggested to problems raised by structuralism theory includes breaking down the structural features that the model considers when undertaking economic analysis. This will avoid a scenario where the economy experiences one-sided development and economic inequalities (Balaam, 3-4).
The perspective that seems much persuasive
Mercantilism is much persuasive to me because it is one of the most practiced economic theories in many countries today. Although the theory is blended by other theories in some way, many countries still practice undervaluation of currency, heightened protectionist strategies such as tariffs, and availing of government subsidies to particular industries to give such an industry unfair advantage. Such practices are common in major world economies such as China and U.S. although mercantilism has often received criticism, the theory benefits a country in terms of growth, nurturing of employment, and protecting local producers against international producers.
Prompt 4
The debate chosen is whether the World Health Organization (WHO) has failed or has been successful in achieving its mandate towards the ongoing covid-19 pandemic. According to its statute, WHO is mandated to establish and monitor key international standards and norms as well as coordinating multiple entities towards a common objective. In this scenario, WHO was supposed to forewarn the world early enough before the covid-19 pandemic took a toll on human lives and the world economy. WHO was also required to establish and enforce international standards and norms that will help individual countries deal with the covid-19 outbreak way before the world devastation that is currently being experienced. In past experiences, WHO has been at the forefront in fighting pandemics, a task which has given the body accreditation across the world. Back in 1979, the world was declared smallpox free, thanks to diligent efforts by WHO. The same can also be said concerning HIV/AIDS pandemic that took the world by surprise. Although containing its spread was becoming a challenge in various parts of the world due to interrelated issues such as cultural beliefs that dragged WHO’s efforts. However, although the virus is not yet eliminated, the body has managed to curtail its devastating effects.
The same accreditation that WHO has received due to effectively dealing with previous world pandemics cannot be bestowed on the body when it comes to the covid-19 pandemic. WHO has come under sharp criticism for alarming the world too late of a global health emergency. Given that it is the most endowed world organization in terms of expertise and infrastructure, WHO should have gotten wind of the virus early enough to warn the world and issue international standard norms to china which would have controlled the spread of the virus to other countries. Rather than doing this, the body was bestowing praise on china concerning the strategies the country was applying in dealing with the outbreak. Its rather lame approach to the pandemic has been largely blamed for the quick spread of the disease across the globe. A review conducted by a group of researchers agrees WHO declared covid-19 in china a public health emergency of international concern. The body went ahead and issued various guidelines that will guide both identifications of infected persons, ways of optimizing treatment options, and preventing further infections. However, the body failed to enforce these measures as its mandate requires it to do (Sohrabi, 3-7). In yet another research study, (Cucinotta and Vanelli,157-160) agree WHO failed in its mandate because the global health emergency awareness was not timely and when it finally issued the statement. No enforcement strategies were put in place.
The connection between the debate as to whether the WHO failed in its mandate as a world health organization tasked with the responsibility of coordinating resources and distributing information. This essay argued that WHO failed to act in time in terms of declaring the virus a world pandemic and also failed to issue and enforce international standards and norms that would have helped stop the spread of the virus.
Globalization
In the universe human beings strive to create interaction with their counterparts from different localities in the world. Since ancient times people have formulated channels through which they can intermingle with one another. One of the ways people interact is through social functions such as sports and when conducting trade activities. Archaic globalization is a good illustration of globalization in which nations interact when in need of exchange of ideas as well as to conduct trade. Sports such as Commonwealth sports are held annually and come in hand in ensuring good interrelation between nations within commonwealth scoop is well maintained (Tomlinson). Modernization in transport and a good communication network has enhanced efficiency in the widespread gospel of globalization. When good relation is depicted among communities and person’s overall development of national affairs are guaranteed since it will be easy to access resources needed from other nations because of good rapport in place.
Crimes Against Humanity
For many centuries human beings have been deprived of their humanity by their fellow human beings through some mechanisms instilled. Some such mechanisms include the governments which are responsible for overseeing some of the major human functions; this can include industrialization in where employees are sexually assaulted by their employers and they cannot find adequate platforms to air their grievances. Children are molested in education institutions by their tutors and fellow students and the victims feel ashamed to come forward and express such misfortunes. Moral decay is a key factor that has led to the escalating inhuman misdeeds that are slowly permeating our society. The courts which have been put in place to handle such grievances are embraced by few tycoons who have wealth and the ruthless self-centered jury in which the poor and less fortunate in the society are supposed to present to them their grievances. Good moral upbringing background and being conscious of our neighbor’s welfare will come in hand in reducing and ensuring possible subside of this dreadful menace.
World Trade Organization
Trade is one of the most important activities in the human lifespan as it improves the living standard of people through the creation of employment. The trade comes with other benefits such as cultural exchange whereby communities that engage in trade can enhance the blending of different cultures. Trade, as it is an essential component for the overall development of a nation, has to be valued more by channeling most of the resources into the trade to ensure the smooth running of the practice. Since some nations may be tempted to use malicious means to manipulate those nations which are dimmed small in the world economy when conducting trade, World Trade Organization ensures equality, and all trade regulations are adhered to between trading nations. Some of the regulations stipulate that commodities to be traded must meet the required quality thus prevent exploitation of those nations who have the small economy capacity. Through the organization, grievances concerning international trade can be presented and addressed accordingly. With the presence of such organizations dumping of low-quality products as well as distorting trade treaties between trading nations is past tense.
Dependency Theory
Some of the nations who are considered minor when compared with economy giants have been continuously molested and their resources exploited by these nations. The dependency theory depicted that nations regarded as superior economic wise and in terms of warfare segments have continuously used this aspect to their advantage (Hays, 512-514). They engage in trade treaties with other countries and eventually break them with consent that they cannot be harmed. Such misdeeds are unethical and call for immediate and formulation of stern measures to help curb such drawbacks. Nation especially of the poor social and economic state has embraced the aspect of protectionism, which comes in hand in shielding them from possible continued exploitation by much superior nation. Nations with resources such as minerals need to alter their mindset about mining the minerals they possess and looking for possible export niches and instead invent new strategies to ensure maximum utilization of these resources in their respective nations. When such measures are implemented then development is guaranteed.
Genocide
Social injustices and massive killing of people have been on the edge over the past few years. Some of the genocides have been planned by selfless individuals who have some hidden agendas such as trying to conduct a government coup. Terrorist groups have also been of the highlight as common perpetrators who conduct massive killing in trying to show their superior and as retaliation from attacks from host nations. According to (Taylor) the Rwanda genocide of 1994 in Africa was one of the most dreadful and unfortunate events to ever happen in history. In Rwanda, the massacre saw to more than one million people losing their innocent lives. During the times when genocides are conducted, humans are deprived of many of their rights as some of the victims are sexually molested and young children killed. Malicious attacks by terrorists have escalated due to selfish individuals who form such groups to terrorize people in demand for payments. Such kinds of anarchy can destabilize countries causing possible economic recessions and downfall and also arrested development.
Foreign Direct Investment
In many organizations and commercial institutions, the overall aim is to make profits and ensure the continuous production of surplus. One of the mechanisms in which these commercial organizations use to stay productive in trading is reinvesting back their gains to the business. With such mechanisms, they can increase their capital hence expand their businesses. Many business practitioners try as much to invest in foreign countries wherein such countries the currency value is slightly higher than the former country. Organizations try in expanding their businesses in foreign countries by building new buildings to increase their asset capacity. With more tangible assets the business can secure more loans since they have assets to be mortgaged. Though foreign direct investment increases the development of invested countries but also the investors’ countries can able to impose tariffs on goods exported by investors and charge tax on income earned by such investors. Through such deeds, both nations mutually benefit from investments and businesses.
Paris Climate Agreement
Due to the increased rate of industrialization over the world poisonous gases are emitted into the atmosphere which results in a hazardous environment to both human beings and animal’s survival. Some of these gases when human beings are exposed to them they develop complications in their respiratory system which greatly endangers their lives. Due to such fact, the Paris Climate Agreement is annually conducted to help in discussing and coming up with measures that will assist in minimizing if not ensuring this obstacle is depleted. Through the meeting, discussions are held on possible ways to ensure a smooth adaptation of countries to climate change. Greenhouse projects are some of the biggest emitters of these gases hence the summit was held to assist in formulating possible alternative ways and chemicals to be sprayed which are less harmful. Through the summit nations deemed as developing nations are assisted with essential resources, they require to promote balance and equality in development. Transparency is another core agenda in which nations are encouraged to maintain total discretion when formulating and implementing mechanisms to enhance the achievement of these climate goals.
European Union
Interrelations between countries especially after the second world war developed a strained relationship whereby peace treaties between nations were distorted and wrangles escalated eminently. After further consultations, the European Union was formed to improve and encourage an improved relationship between nations in Europe. The continued dispute within nations in Europe has greatly affected these nations economic wise hence creating enormous setbacks in terms of development. The union aims in promoting stable platforms in which commercial transactions between nations can be facilitated. It is mandated to ensure a unified monitory system is enacted and easing restrictions between borders to smoothen the trading process. Lastly, the union has an uphill task of ensuring environment degradation is effectively suppressed.
Works Cited
Tomlinson, John. Globalization and culture. University of Chicago Press, 1999.
Hays, David G. “Dependency theory: A formalism and some observations.” Language 40.4 (1964): 511-525.
Taylor, Christopher, and C. Sacrifice as Terror. “The Rwandan Genocide of 1994.” Annihilating Difference: The Anthropology of Genocide 3 (2002): 137.
Salawitch, Ross J., et al. Paris climate agreement: Beacon of hope. Springer Nature, 2017.
Sohrabi, Catrin, et al. “World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19).” International Journal of Surgery (2020).
Cucinotta, D., and M. Vanelli. “WHO declares COVID-19 a pandemic.” Acta bio-medica: Atenei Parmensis 91.1 (2020): 157-160.
Balaam, David N., and Bradford Dillman. Introduction to the international political economy.
Hettne, Björn. “Neo-mercantilism: The pursuit of regionness.” Cooperation and Conflict 28.3 (1993): 211-232. Routledge, 2015.