The research article “International Political Economy: Global and Domestic Interactions” is based on the mutual relationship between domestic institutions and global interactions within the states to exhibit an equilibrium model. There is very little research conducted on the paradigm of the International Political Economy, and it is the sub-discipline of International Relations. It deals with the interactive association within the political and economic forces. This research article intends to unveil stimulating and challenging queries in the international political economy, which involve the interaction of domestic and international factors that impact economic policies and their consequences.
The core of IPE lies in the connection between domestic and international interaction and its impact on international politics. Empirical and theoretical analysis is conducted to explicate the interests, information, and institutions of domestic and global interactions. The association of IPE with domestic interactions can be explicated in terms of domestic institutions, interests, and information related to legislature and policies. It focuses on the effect of globalization and on the prospects of the social-democratic welfare state, which impacts the domestic informational and institutional circumstances. The theories inculcated in this article are Schattschneider, Ricardo-Viner / Specific Factors Approach and Stolper-Samuelson Theorem.
The analysis for international interaction involves three cardinal steps to achieve equilibrium. The first step revolves around the identification of the state’s interests. The second step involves the description of the strategic interaction. The third step focuses on the attention to the ambiguity/ improbability related to the causal relationships of policies and results. This research study provides a broad platform for future research to work on the causal relationship between domestic and global interaction in the International Political Economy. Furthermore, it reflects on empirical frameworks that are based on empirical and theoretical evidence, which can be a significant prospect for further research and IPE theories.
References
Frieden, J., & Martin, L. L. (2002). International political economy: Global and domestic interactions. Political science: The state of the discipline, 118-146.
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