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The Multiple Crises that Afflict the Global Political Economy in The 21st Century

Introduction to Major Aspects of Global Political Economy

In this paper we are trying cover all the major aspects of Global Political Economy and related crises. The main motive behind studying the topic is to understand various forms of crises which the economy may be dealing with in terms of Global Politics. This is to ensure the ways in which they can be dealt with in long run. It is necessary to have proper understanding of all kinds of crises including financial, economic and political crises to have view of their impact on the economy of the Nation. It also helps in building the evacuation plans to deal with such crises and stand a chance even in the toughest situation. The report thus helps in understanding and drawing lines to deal with each of the situation in a specific manner. Also, it covers the literature review stating the study done by people in this regards and the ways that they have suggested to deal with such situation based on various forms of economies which may exist in the world. It helped us in widening our view of understanding the gaining knowledge based on the researches and study done by various experts in the field of Global Political Economy. The report has tried to cover all the possible crises and the ways they can be reported to ensure proper actions are taken to deal with them in timely manner to ensure the economy can be safeguarded at all point in time.

What is Global Political Economy?

Global Political Economy can be stated to be the field which deals in the interaction that exist between economic and political forces. It has always been a part of questions regarding human welfare and the means in which it may be related to the corporate interests and state behavior in various parts of this world. Even after this most of the approaches in this particular field are majorly focused on the international system perspective. The major side-effect related to it can be stated as the relative neglect in regards to the non-elites and also not recognizing the ordinary people in such scenario. Even after states being central in terms of international politics, these states have been gradually able to intensify such relationships with various international and multinational corporations and have also been able to strengthen the engagement with different international organizations. Thus, changes which have been happening around the world have highly led to kinds of rethinking of various ways the individuals are understood and positioned as major players in the economy. To account the same, most of the scholars are now using the term like Global Political Economy over the previously used term known as International Political Economy. Though these terms can be used interchangeably but it is always suggested to use the word Global as the scope of this word is wider especially in the political economy which has its reach much beyond various relations with the states.

There are number of approaches which can be stated in terms of Global Political Economy which is spanned with the political spectrum, also it is well known to be overlapped with various perspectives. It has also been seen that liberal approach in terms of the Global Political Economy is the bedrock as it is able to offer much more tangible means of representing various complex problems which are related to Global Economics in the means it stays reliable.

Liberal Approaches: The writing which have been done by Liberal Political Economist has remained to be quite wide that it is inclusive of the various advocates in terms of the uncontrolled market and also the supporters for the strong state in the markets.

This Global Political Economy is one of the most rapidly growing social science field in regards to study of the social sciences which is meant to understand global and international problems using various array of theoretical perspective and also the analytical tools. It helps in having a proper and defined study of the problems that are related to each other. It also includes the analysis of various political economies in terms of international finance, international trades, multinational corporations, north-south relations and also hegemony. The study area has become wide in the recent period as number of scholars are entering the field as they have been able to set up the Global Political Economy which is much less focused on the policy issues of the economy and are more on the state in which the nation is operating (WALZENBACH, 2016).

Different Global Crises

The Global economy or world economy is related to all the human being of several countries of all over the world. This show the relationship among them in the name of internationally exchange goods, services, currency etc. This global economy effects in both the ways firstly, in the help of legal markets where private or government corporation sector exchange in a legal way to establish the market values and secondly illegal smuggling of the drugs and goods are also effects world economy.

This is very easy to see the disputing picture of global economy from the starting of 2007 where so many issues giving us distinguish trends, challenges and opportunities. Discussing about energy security and climate sustainability are covering brighter issues in United State to take the action. This prospect breaking the global stalemate are still years away. Here so many countries are succeeding in lying 100 of millions out of poverty, but many are still mired in a doom spiral of conflict, poverty and dieses despite the upcoming of new philanthropists advocates and global corporation into the field of development. China projected 9.6% growth rate is sending undulation to the foremost reaches of the planet creating opportunities but also significant risk. The United states remain in the “Goldilocks” zone but this is premised on continued borrowing from abroad at historically unprecedent rates while many Americans fret about winding in equality and narrowing opportunity.

Global economy and its development mostly dependent to be free in so many crises which are like a black spot and demanding the issues for taking action so that the leaders and policy makers as well as expert team face critically challenge to lead economy in the highest position. There are top 7 issues where we can consult how they impact the economic system:-

1. Energy and environmental security:- This is a very primary issue to effect the long term global economy, National security and societal damage from insecure energy and unfavorable environment. Low pollution can be control the energy sources which is one of the part of agreement and overcome global warming. We can discuss many issues like

A. Global growth and inflation.

B. Climate loss as the increasing temperature.

C. Reasonable effects of climate change.

D. Possible policy responses.

E. Damage of property and infrastructure.

F. Lost productivity.

G. Mass migration.

H. Security threats.

2. Conflict and poverty:- This vital issue covers the broader areas so many countries which pulls down their economy system.

3. Competing in a new era of globalization:- In this modern globalization era so many individual parties countries aware about the combined contours are unequalled in scale, speed and scope.

4. Global imbalances:- There are too many countries USA and china both are running to become a biggest economy of the world for there they are performing different actions and policies to connect with other countries as much as possible.

5. Rise of new power:- The rise of “Immerging powers” is called bricks where the group of these countries reshaping or changing the global economy and slowly international politics.

6. Global corporation, Global impact:- Multinational organization operates their networks according to their need of success and spreading their connectives all over the world where there is some bricks of globalization.

7. Global health crises:- in a different- different time there are different- different diseases which are directly or indirectly affect the global health issues. It is the biggest cause of imbalance global economy like HIV/AIDS which are also depreciate the country economy and giving the overdose of world to suffer against such kind of desess which brings so many crises in a market place. Covid-19 is very critical deses in current era which affects not only global economy as well as it impacts on human being as they are dying where we have so many live figures which are providing the current loss by Corona 19 (Michael, 1982). Of the several potential catastrophic risks confronting humanity, the specter of nuclear war remains the most terrifying. Since the bombings of Hiroshima and Nagasaki in 1945, the world has escaped the horror of nuclear weapons. Much of the credit, beyond deterrence and plain dumb luck, goes to the Treaty on the Nonproliferation of Nuclear Weapons, known as the Nuclear Nonproliferation Treaty or NPT. Yet 50 years after the NPT came into force, nuclear anxieties are increasing.

The NPT rests in a delicate balance on three pillars: non-acquisition by non-nuclear weapons states, access to nuclear energy for peaceful purposes, and gradual disarmament by nuclear weapons states. That bargain is eroding, however, as established nuclear powers modernize their arsenals, newer nuclear powers expand their own, non-nuclear nations reconsider whether to acquire them, and technological advances in cyberspace and outer space undermine the calculus of deterrence. The escalating nuclear rivalry between India and Pakistan, the unending provocations by North Korea’s Kim Jong Un, and the U.S. repudiation of both the Intermediate Nuclear Range Forces Treaty and the Iran nuclear deal under President Donald Trump add to the risks of nuclear proliferation.

The NPT holds its Review Conference every five years, and the next one will take place in New York from April 27 to May 29. The meeting is likely to reinforce nuclear anxieties, as well as exacerbate the frictions between haves and have-nots. A central premise of the NPT is that nuclear weapons states will take steps to reduce the significance of such weapons in international affairs. Instead, their geopolitical importance seems to be growing.

Frustrated with the failure of nuclear weapons states to fulfill their obligations under Article 6 of the NPT, in which “all Parties undertake to pursue good-faith negotiations on effective measures relating to cessation of the nuclear arms race, to nuclear disarmament, and to general and complete disarmament,” a group of non-nuclear nations spearheaded the Treaty on the Prohibition of Nuclear Weapons in 2017. Fifty states must ratify the treaty for it to come into force; 34 had done so by late November. Given such divisions, this year’s NPT Review Conference will likely adjourn, as several previous ones have, without a consensus document.

Ways to address the Crises

Global Political Crises can change the way how the people live, their prospect about lifestyle and society. Every crisis we deal with leaves impact in our lives. We human continuously working on building the environment so that we can handle the crises and human lives do not suffer with that. We also started looking for the ways that if can prevent the crises earlier the less we suffer and the less impact we deal with. Every crisis cost us hundreds or thousands of lives and also a lot of money. And even after that it is not at all easy to get the life back on track. There are crises which the market is witnessing on daily basis and have to dealt with a realistic manner.

Below are some of the ways that help us addressing the crises and help us saving millions of lives.

1. Planning for Decentralized Energy: We must looking into the option for decentralized energy sources so that we can change the recent dynamics that are happening and causing problems for human life. The change in dynamics of earth is causing sudden changes in the climate, we are not even sure about the weather conditions and its changes, rising temperature is also causing number of problems, and we should go for the options where we can move towards the reusable energy sources. We should avoid using the energy source which are not reusable and also cause pollution in the environment. The energy sources like Solar and wind are the examples where we can take the maximum output from them and can maintain the earth’s dynamics. More we harvest the energy the more chances we have to make our environment healthy for human lives.

2. Low Carbon Emission: The main cause of most of the crises is increasing the percentage of carbon in the environment, the carbon emission of the industries are very high. The business industries are focusing to gain the more and more benefits and ignoring the fact where we are polluting the environment. The more number of carbon emission in the environment is causing the global warming and rising the earth’s temperature. The water level is rising day by day because of that and ice in the glaciers are melting with high rate. The drinking water in earth is reducing with a huge rate and that will cause a real problem for the human life in future. The carbon energy sources like coal and petroleum are used in most of the automobiles and manufacturing industries and that is the root for one of the biggest problem we are facing.

3. Race for being superpower: Every nation here is trying to become the superpower and because of that there are many factors causing the reason for the fight between them, some are trying to get expert in the military and army personal, some are trying to become expert in nuclear power or some are trying to have the biological weapons ready. In every factor these all parameters are harmful for the human life. Where the biological weapon with any destruction can cause millions of lives, the nuclear disaster can cause billions of life and can make the place radioactive that can no useful for the living purpose. With all the military power every nation trying to dominate the other nation and trying to get the resources from them, causing fear in human lives. The world level tension is rising day by day and all the nations are investing a lot in their defense budget instead of investing the money for the human benefits.

4. Non-Toxic, Non-Persistent Compounds: In day to day life the things we are eating or using is full of the toxic compounds, every day we are consuming the synthetic compounds causing damage to our immune systems, not only that it also caused the damage to the environment. Where the toxic waste from industry causing water pollution, the toxic substance used for farming also causing damage to the land, where the lands are no longer useful for farming the water resources are full of toxic substances and people living around those resources are drinking that. One of the examples of chloro fluoro carbon which is causing huge damage to the Ozone layer and the layer is getting thin day by day, because of that we are now exposed with the harmful radiation coming from the sun, the ultraviolet radiation coming from the sun is causing cancer and we can protect our self easily from that. We are changing our own habitat, damaging that if it comes to reconstruct or protect it, it will cause billions of money hence we should look for the option where we can take the precautionary measure to avoid such situations.

5. Maintaining Well Maintain and Stable Infrastructure: It is very necessary now to maintain the health environment, we should start looking for the options where we can conserve and save the resources with efficiency, all the resource we are using should be reusable and should be natural. The energy sources causing damage in the environment should be avoided. We can use the fundamentals and science for creating the resources and saving the energy, for an example we are using the greenhouse effect for producing the crops and for farming. This is one of the best specially in cold areas way where it is hard to farm, we can use the thermal energy for the manufacturing units and can save the non-reusable resources we are using. The infrastructure should be well enough to maintain and handle the human life well.

6. Anticipate and Control the Crises: There are some crisis we can anticipate and can avoid in advance, some of the example where if there are symptoms that can start the pandemic we should look forward to stop them and control them rather avoiding it and in becoming the global level pandemic. There are situation where our monitoring systems gives the data about crises for an example tsunami or flood, we can use the disaster management techniques to avoid them. In case of drinking water issue we can build the systems where we can do the harvesting of the resource and can use it for further use (John, 2011).

Conclusion on Major Aspects of Global Political Economy

As can be understood from the study of the complete paper above the International political economy well known to be global political economy has been referred as interdisciplinary or economic discipline which helps in analyzing the political, economic and international relationships. Also, the paper has helped us in understanding various forms of crises including financial, political, economic and environmental crises which have affected the Global Political economy to a vast extend. We have thus been able to indulge ourselves in understanding the various ways in which all these crises can be sorted and addressed by the Nations. The solutions included managing of the credit risks, making sure the supply chain of the system is in the position to stand the unplanned situations or crises, Preparing proper plans to protect the people who may be affected by such crisis and finally using the various modes of risk management and each dollar in a wise manner to avoid critical losses. The paper has helped in drawing proper understanding on the stakeholders who may be part of such crises and the ways they can be covered up in various manners and means to revive the economies without putting a lot of finance at risk.

References for Major Aspects of Global Political Economy

John, S. D. (2011). Climate Change and Society: Approaches and Responses. Political Science, Public Policy, Comparative Politics.

Michael, B. (1982). Crises in World Politics. Cambridge University Press.

WALZENBACH, G. (2016). Global Political Economy. Creative Commons License.

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