Write a 8 pages paper on challenges facing the international political economy. Today, IPE is affected by a myriad of challenges. This paper examines three of these challenges paying special attention to their roots, causes and possible solutions. IPE’s three most pressing challenges today are globalisation, environmental degradation and international organised (Frieden & Lake, 2003).
For years, the state has played a dominant role in both local and international political economy. However, IPE scholars believe that that this is no longer the case: the state is being transformed within a wider, more complex context. Some scholars have even claimed that the state is being eroded. The international system is no longer based on states. instead, it is increasingly shaped by a plural and composite structure. This transformation disrupts the logic of collective action. At the centre of this transformation is what has come to be known as “globalisation”, a term that describes the process of change that has culminated in greater economic and cultural interconnectedness and interdependence (Albrow & King, 1990). However, by definition “globalisation” is a problematic term. It is not homogeneous, its boundaries are unclear and its constituent components and multi-dimensional nature are not fully understood. While many scholars hold that globalisation is a recent phenomenon, others locate its origins in the European voyages to the New World(Frank, 1998). Some scholars even trace globalisation to the third millennium BC. Regardless, its origins, however, widespread globalisation began in the 1800s. Then, during the 20th century, the world’s economies and cultures became interconnected at an even faster pace(ORourke & Williamson, 2000).
The rapid spread of globalisation is attributable to a number of factors. These include the advances made in transport and communication(Frieden & Lake, 2003).