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International Political Economy - Essay Example
Ttreault and Abel (1998: p. 3) identify two important realities in modern international political economy namely material and ideological realities. These realities are both absolutely real and occupy the same space at the same time and none of them is destined to predominate the other…
(Ttreault and Abel, 1998: p. 3).
With reference to the material reality individual actors are expected to be pursuing their self-interest through bargaining and the interplay of the market. (Ttreault and Abel, 1998: p. 3). Similarly considering the ideological reality one would expect to see a multi-faceted order and its potential for improving overall production and wealth skewed in various ways to provide different sorts of short-term advantages for those who can manipulate the system to conform to specific goals. (Ttreault and Abel, 1998: p. 3). For instance the flow of resources, the availability of money as well as the cost of doing business can be manipulated, even by weak countries if they seize the right moment. While the material reality may be evolving toward a complex interactive system, such an outcome serves to justify and describe one way or another to rig the system to a particular advantage rather than to structure a mutually beneficial international economic order likely to raise overall global wealth but unlikely to generate individual distinction or preeminence for particular countries. (Ttreault and Abel, 1998: p. 3).
Dependency theory refer to a set of theories, which maintained that third world countries fail to attain adequate and sustainable levels of development as a result of their dependence on the advance ...