European Union Influence, International Political Economy
International political economy is a field that tries to understand global and international problems through an electric interdisciplinary array of theoretical perspectives and analytical tool. It encompasses analysis of political economy in the global trade, international finance, multinational corporations, and hegemony and North-South relations. Multilateral institutions such as International Monetary Funds, World Trade Organization, United Nations and European Union tend to play significant roles in influencing international political economy (Galindo & Nissan, 2010, pp. 24). This paper will discuss EU and how it is an influential player in international political economy. European Union is a multinational government that is changing the initial role of the nation-state and sovereignty in the entire Europe.
EU was formed willingly by several states that had similar goals and is unique in its design and idea to the European continent (Breherton & Vogler, 2002, pp. 213). EU is a unique economic and political partnership between twenty-eight countries that occupy much of the continent. The initial mission of the European Union was to encourage cooperation among the countries after the World War II and was presumed that the countries that were trading together were unlikely to attack each other.
[...] European Union has in addition encouraged political stability within the region as the member states work and operate collectively. Political stability is one determinant of economic growth since it attracts both the local and foreign investors. At this stage, the national monopolies and their privatization are broken, and mobility of labor within the European Union boosts the workforce of the succession countries that have joined the Union. For Instance, After Ireland joined the European Union; there were numerous advantages such as trade and economy as they benefited from foreign direct investment. [...]
[...] Without such a Union, the United States would hold the highest position in world trade. Such type of dominance would lead to a state of unfair trading since there would be less or no realistic competition. The organization also provides a sizeable competitor for the trade that is emanating from the Far East with nations like China that are currently achieving rapid growth. The European Union members would not be individually capable of competing fairly with larger members and have a say in the international political economy. [...]
[...] Retrieved November from http://www.nytimes.com/2014/11/05/business/international/european- union-growth-economy.html?_r=0 Meunier, S., & Nicolaïdis, K. (2006). The European Union As A Conflicted Trade Power. Journal of European Public Policy, 906-925. Milner, H. (1998). International political economy: beyond hegemonic stability. Foreign Policy. Press, R. (2014, November 4). EU Cuts Growth Forecasts as Big Economies Falter. Retrieved November from http://abcnews.go.com/International/wireStory/eu-forecasts-continued- sluggish-recovery-26671475 White, M., & Elliot, L. [...]
[...] The European has provided a platform for international trade (Breherton & Vogler pp. 234). Over the past five decades, Japan and Europe have emerged as the world's leading economic powers. Their combined population consists of more than six hundred million people that is ten percent of the world's population, but has a GDP of over forty percent. Such prominence has brought an increase in global responsibilities related to promoting and maintaining security and stability both in the region and globally. [...]
[...] Heisenberg, D. (2006). Can The European Union Control The Agenda Of Globalization? Contemporary Studies In Economic And Financial Analysis 19-40. Lucarelli, S., & Fioramonti, L. (2010). External perceptions of the European Union as a global actor. London, Routledge. Pp 23-103. Kanter, J. (2014, November 4). European Union Lowers Growth Forecasts as Business Confidence Sags. [...]
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