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international political economy

With reference to Susan Strange and Immanual Wallerstein define international political economy. Please in detail.

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International political economy refers to the study of international relations in combination with political economy. It is the combination of political science and economics. It broadens the economic approach to include factors such as culture and power into the analysis. It also includes comparative politics and institutional approaches to politics. Topics of study include state failure, the effects of globalization on domestic politics, and how politics affects domestic stability.

Susan Strange offered an approach to international political economy based on three themes. First, she argued that too much time was spent studying the violent interactions of states. In other words, political science spent too much time on wars and not enough on other factors. In particular, she emphasized the role of international financial markets.

Second, she challenged the appropriateness of liberal political and economic theory. Much of mainstream rational choice models focus only the incentives that individuals face in making decisions. In most cases, the incentives are monetary rewards and penalties. Prof. Strange wished ...

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Describe international political economy.