What do you consider to be the key differences between orthodox and Essay

What do you consider to be the key differences between orthodox and new approaches to International Political Economy Illustrate your answer with particula - Essay Example Thus, it has become interdisciplinary studies of economics, law and political science, which help in grasping the inter-relation of political institutions and capitalism – how they affect each other in the political environment. The new range of approaches to ‘International political economy’ (IPE) refers to international trade and finance and government’s monetary and fiscal policies that decide which way the international business of a state proceeds. These approaches to IPE are linked with the journal The Review of International Political Economy (RIPE), edited by British and American scholars.(http://en.wikipedia.org/wiki/Political_economy) ) Ronen Palan in his book, Global Politician Economy: Contemporary theories, has summarized the IPE in the preface of the book - â€Å"†¦. The emphasis on negotiation, contestation and historical narrative underlines the open-endedness of contemporary processes in the Global Political Economy†. http://www.mammadli.az/political_economy.htm The name of Robert Gilpin, the dean of American students of international political economy stands high in the field because of the new approach to IPE, which is due to the focus he has given to essential economic, political and technological forces changing the world. His Global Political Economy: Understanding the International Political Order is a masterpiece of scholarly research done on the different approaches to comprehend international economic relations. The book also takes into consideration the problems the new economy faces. Gilpin has taken into consideration the new emerging economic and political forces; how the new technology, computing and regionalism are changing the face of world economy after the end of cold war. He has laid emphasis in particular to globalisation of the economy, actual and underlying meaning of economic affairs and the level of its importance, nature and how far goes the role of economic affairs and