The Moment Countries Realised the Importance of International Economic Politics Following Two Imprevisible Events

Published: 2021-09-29 07:40:10
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Countries in the world came to realize the importance of international, political economics in the late 1980s. This was after an emergency of some events that made countries know that without it, the world was a hard and complicated place to live. The oil breakdown error and the Bretton Woods are now said to be the main events that culminated in the development of international political economics. The two events showed how important policies should be formulated and treaties among nations. The Arabic countries join hands and came up with an organization controlling the petroleum export market. It resulted in a formulation of five key political policies. This policy made it difficult for the United States not to make any political policy without considering the retaliation of the Arabic countries (Cook, Marrison, Parry, & Steiner, 2002). The oil ban showed the western countries that they are not the most important in the world’s economy.
The political of international economic relation had one goal of analyzing the economics and politics affairs of countries. International trades and finance had to be formulated for nations to relate easily with one another. Politics and economics dominate the international trade agreements. Global politics enables the nation to export and import goods, services from each other with minimal restrictions (Blyth, 2009). The policies are shared evenly especially to the sovereign countries. Security is collectively maintained by such nations.America showed the world importance of coming up with groupings that manage the world easily. The Americans joined many states to one United States. This came up with the liberal of international order (Blyth, 2009). The order was so different to that formed in the open markets. The United States democracy and security cooperation resulted in the creation of a major partnership alliance. The liberal order surrounded a large institutional in the United Nations. The United States partnered with the Asians in many of informal governance groups such as G7/8. The United States encouraged nations to adopt its liberal order, where they enjoyed special treatment and rights. The state provided special services and security to the partners; they also tried to stabilize an open market. Being a powerful nation, they managed to dominate many of the global systems.
The liberal international order became shaped by three pillars; the return of multipolarity, which was a movement that rose from Americans towards the global power inhabited structures controlled by powerful rival countries.
International trade ever since has always dominated the international politics and economic area. The importance of these policies reflected how state market operates. During the cold war, the international trade was only treated like benefits the west-east economy. Countries come up with regional economic integrations; this was a policy to integrate their interests. This was made possible through the advent of the globalization and economic creativity, which become powered by the adoption of information technologies. International trade policies also helped in the formulation of intellectual property rights (General Agreement on Tariffs and Trade (Organization), 2001). Countries ideas were protected by those rights.
Countries identified that they needed to come up with other policies so as to ease the transactions. International finance policies were formulated; it included rules on exchange rates, foreign exchange systems, and the international capital movement. The value of the international medium of exchange was agreed to be the US dollar. The United States was given the mandate to manage the international monetary system
After the introduction and the effect of international trade and the international finance, a new relation was formulated to cater for the north-south. This was it was released during the cold war that this region was never included in the two policies. The north region was behind in the industrialization while the south had a well-developed infrastructure.
Finally, international relations and the liberal ideas of has come out as the milestone on the road to the emergency of international economics and politics and North –south relations. There has been a good interaction of industrial and technological development. The three areas have greatly influenced the countries in a more positive way, many opportunities and the new open market has been created. The locus of our economic activity has become less and less in identifying borders of nations. This has moved even further where countries are now considering the formation of a global commodity chains.

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