International Political Economy
Economic development has been a global issue since the World War II. Governments around the world have joined hand to promote economic development around the globe. The term development is being used in the global context to refer to eradication of poverty, reduction of inequalities in living standards and reducing disparities of power and influence. Robert and Williams as well as Fouad intend to explain economic development as its affect global relations.
In the book ‘Global Political Economy: Evolution and Dynamics’ Robert and William explain how the quest for development originated from the word war II. After the World War II, the western government saw the need to promote economic growth to other countries in the world. Thus, economic development becomes an international issue. In analyzing economic development across the globe, the authors described how the first phase of development involved establishing a balance between supply and demand for goods and services, encouraging domestic consumption, promoting industrial growth and promoting safety and social welfare of the citizens. The development also involved a change in political systems in encouraging economic growth. The developed countries helped development in the third world countries by providing loans and grants for national development. Most developing countries recorded a significant economic growth. The author indicates that development was then stagnated as a result of several economic such as collapse of Britton Woods System and Oil Crisis, a Cold War. Robert and William indicate that the current developmental goals aim at poverty eradication, environmental sustainability and equalities in social welfare in developing countries (Robert and Williams 238).
In the article ‘The Empire of Capital and the Remaking of Centre Periphery Relations Fouad discusses how industrial revolution that occurred between the 18th century and 20th century created a major divide between countries (Fouad, 150). The world was divided into Developed and Undeveloped or Third World Countries according to political, economic and cultural aspects. Fouad (155) indicated that after the World War II, there was a need to make development an international agenda to help undeveloped countries to grow and since then, there have been numerous initiatives to promote development around the word. Fouad (158) indicates that the main objects of encouraging development were to promote economic growth, the dismantling of colonialism and emergence of the Third-World concept and shifting focus from Europe and the USA. He indicates that the new strategies for economic development have helped many developing countries to break global hierarchies of power since countries are depending on each other to promote their economy.
According to the two readings economic development is an international issue that is being emphasized by governments around the world. It has helped in promoting international relationship across the global. The main focus for development has been third world countries which are struggling to achieve sustainable economy. The authors indicate that third world countries have been left behind in terms of economic growth and there is high need to support their development. From the data provided by Robert and William (229), there are huge disparities between the economy of developed countries and developing countries inters of GDP and Per capita income. Development in this countries can only be achieved through eradicate poverty, and promote equalities (Fouad, 165). The world has developed sustainable development goals blueprint to guide to the desired development. The blueprint aims at promoting economic growth, creating a sustainable environment and empowering people.
Fouad Makki, “The Empire of Capital and the Remaking of Centre Periphery Relations” Third World Quarterly, Vol. 25, No.1, 2005, pp. 149-168.
Robert O’Brien and Marc Williams, Global Political Economy: Evolution and Dynamics, 4th ed. Basingstoke: Palgrave Macmillan, 2014, Chapter 11, pp. 219-241