Lecture 1 - Key Concepts in Political Economy

**Lecture 1 -- Key Concepts in Political Economy** **Current Themes in Political Economy (Ravenhill, 2020)** - Interdependence of countries in a globalizing economy (People, finance, trade). - The speed with which developments in one part of the world economy are transferred to anothe...

**Lecture 1 -- Key Concepts in Political Economy** **Current Themes in Political Economy (Ravenhill, 2020)** - Interdependence of countries in a globalizing economy (People, finance, trade). - The speed with which developments in one part of the world economy are transferred to another. - Major challenges have arisen for the multilateral economic order (disrupted relations with China, Russian invasion of Ukraine, nationalist populism). - The increased significance of private actors in the global economy. **Current Themes in Political Economy** - Role of the IMF and World Bank to deal with crises especially in the developing world. - The severity of the impact of financial crises on the developing world. - The relationship between the economy and the environment. - Growing importance of civic groups in promoting alternative approaches to economic issues. **Why do we now study political economy?** - Period of relative stability in the aftermath of the WWII - Important developments in European economic recovery - The 1970s bring significant turbulence to the global economy - Oil crises, massive inflation, Vietnam War - Results in new interest in the global economy by political economists - The role of politics and power in the running of the global economy becomes an area of significant interest **2008 Global Financial Crisis brings renewed interest.** - Uneven economic recovery and the rise of nationalist leaders results in questions about a retreat from globalism - Covid-19 pandemic highlights resilience of global supply chains but also identifies clear vulnerabilities. - International Political Economy - Seeks to answer the classical question: - *Who gets what, when and how??* - Power, distribution, conditions for co-operation **Key Concerns** - International trade - International economic relations - East West - North South - Developing World - Energy - Environmental Concerns - Labour - Gender