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Introduction to International Relations: Theories and Approaches

Introduction to International Relations: Theories and Approaches (8th edn)

Georg Sørensen, Jørgen Møller, and Robert Jackson
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date: 30 September 2022

p. 1706. International Political Economy: Marxism, Mercantilism, Liberalismlocked

p. 1706. International Political Economy: Marxism, Mercantilism, Liberalismlocked

  • Georg Sørensen, Georg SørensenUniversity of Aarhus
  • Jørgen MøllerJørgen MøllerUniversity of Aarhus
  •  and Robert JacksonRobert Jacksonformerly at the University of Boston

Abstract

This chapter examines the three most important classical theories within the field of International Political Economy (IPE): mercantilism, economic liberalism, and neo-Marxism. It considers the relationship between politics and economics, and between states and markets in world affairs, that IR has to be able to grasp. It suggests that IPE is about wealth, poverty, and power, about who gets what in the international economic and political system. The outlook of mercantilism has much in common with realism, while economic liberalism is an addition to liberalism. Mercantilism and economic liberalism thus represent views on IPE that are basically realist and liberal. The chapter concludes with a discussion about the original theoretical position of Marxism and how this has inspired neo-Marxist IPE theories.

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