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International-Political Economy Nowadays (Nofia FITRI)

International-Political Economy Nowadays (Nofia FITRI)

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Published by Nofia Fitri Azriel

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Published by: Nofia Fitri Azriel on Feb 25, 2012
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11/09/2012

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I N T E R N A T I O N A L P O L I T I C A L E C O N O M Y(PHENOMENAAND ITS NEW ORDERS)
Nofia Fitri(INDONESIA)I. From Smith to Stiglitz: Between Pacesetter and Pacemaker
Scholars had been stated that the InternationalPolitical Economy (IPE) phenomena wereemerged when the global politics constellation changing after the World War II, theycalled this ‘
the new era of modern economic.
Afterthe Great Depression of 1930, TheBretton Woods System established (1944). During those times many countries used theconcepts of 
Welfare State
 by Keynes as his published influential work, “
The General Theory of Employment: Interest and Money
”. Thereafter the dynamic of IPE was started,while it continue, the IPE studies was closer to it shape. As it had been marked as theinternational financial structure found theagreement,
 fixed exchange rate
simultaneouslywith the established of IMF and World Bank as the world financial institutions.The deficit of 
balance of payment 
among US and Europebrought The BrettonWoods System into its end. Papp stated that the collapse of the Gold Standard and the breakup of the Bretton Woods system (1970s) showed that the established of IPE was began with a world new system, then known widely as interdependent.
i
Within thisconditions, as being explained by Papp, United States (US) found out there are emergingmany countries with a new-economic power (with abundant of oil especially), and the performed of economic growth on amount of countries. Duringthose times (1930-1080)also one of the important within the beginning of IPE studies, Marxian scholars whosought the economic development problems of developing countries presented the ImportSubstitution (IS) for the solution, known as
Structuralists
. This policy had been implied by some countries in Latin America and East Asia.
 
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Simultaneously with the failures of IS, at the beginning of1970s following the breakup of TheBretton Woods System and as the effectof oil embargo by some of theMiddle East countries as their respond to against the US within the Yum Kippur War, the principles of neo-Liberalism and Free Trade were appeared. Started with the verycontroversial book of Robert Nozick “
 Anarchy, State and Utopia
” in US as the basic stepsof 
 Reaganomics
together with the Keith Joseph in United Kingdom, who became thearchitect of 
Thatcherism
, the idea of new liberalism was being adopted inspired by the basic philosophy of Locke, Smith, and Mill about
 freedom rhetoric
. Developed byChicago School, Friedman through the “
Capitalism and Freedom
” sought to establish anargument about the interconnectedness of economic and political freedom, thus the newera of neo-liberalism begun.The principle of Neo-liberalism and Free trade implied by many countries includeddeveloping countries, which brought the emerging of 
 Newly Industrializing Countries
/NICs and became more potential for the advanced countries’ market (
 Big  Emerging Markets
/BEMs). But otherwise, the developing countries also have anopportunity to expand their economic, reach the global market. Finally the WTOestablished to erode protectionism policy while in the otherhand;international tradearrangements being kind of options for some countries for express themselves within thefree trade.Duringthose times, there is extremely right that within all of the process manyscholars have been contributed, started with built the concepts up to bidding the ways for made them real. When scholars quoted some arguments from their former, we have calledthem,the “
the pacemaker 
” (or we could call them) and the subject who had been quoted by them, we have called “
the pacesetter 
” (or we could call them). Theclassifications between them not exactly permanent, because they could be moveone to another.
 
3
Adam Smithpublished his ‘pathbreaking’ book 
the Wealth of Nations
in 1776. Inthis time also, as a scholarly discipline, economic was begun, which had been marked asthe beginning era of classical theory (Samuelson, 1999).While it was continuing with theemerged of amount of names: Ricardo, J.B. Say, Malthus, up to Mill, Marshall, and Marxwith his socialism theory, economic field getting closer with politics and the new era of neo-classical was started. At the time when Fisher, Keynes, Prebisch, Hayek, up toFriedman and Samuelson launched their theories as their responds to the condition of world economic, the era of neo-classical economy being marked with more the modernmainstream of the relation between economic and politics thoughts. Names like List,Hamilton,Cohen, Frieden, Lake, Stiglitz, Spero, Bhagwati up to Krugman have beenknown recentlyas the activators of political-economics debates.It would be need many pages to explore all of the concepts by all those scholars. Asthe connection between them, myemphasizes in this paper is to give an abstract thatwithin the IPE, the emerging of scholars with their each political thoughts keep going oninnovation, one critique for one theories, one argument for many theories, manyarguments and many critiques forone theory, and else. Some of them had drafted theideas, concepts and in the other hand, some of them created the ways to reach the purposesand again with a dynamic cycle of economic-political thoughts. Thus we can see, the IPE phenomenon has been buildby the pacemaker and pacesetter. In one hand, there someonewho build a very sophisticated thoughts, and in the other hand, someone expands them.As well, many students and academicianscan learn the IPE literatures from the easystages up to themost difficult stages. Historyis the
absolute guru
who hasbeenteachesushow to know about everything and how to get some lessonsform those all, just to be moreerudite,-and aware-. As the genuine, we had born by history, so didwith the IPE scholars.They built their concepts; what is the good system for world today, what should be the

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