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International Political Economy
International Political Economy or IPE is a very significant academic concept and very critical phenomenon in reality. It emphasizes and focuses on the correlation and inter relevance of political economy, international and foreign relations, and globalized economy (3). In contemporary socio – economic and political ground, International Political Economy has become a fundamental and important phenomenon that defines and describes the importance, worth and value of each country on the global front. Political forge affairs and relations are also built and stabilized on same basis.
Fuel Economy
Globalization, industrialization and exploitation of extensive fuel and energy resources have redefined the significance of IPE; directly influencing the International trade, trade and purchase of raw materials, stability or fluctuation at global markets, etc. Power relations and defense strategies are also being influenced greatly by the structure and procedures of IPE. For instance, analysis describe strategic ties between US and China to be highly critical and complex based on their competitive economies.
Digital Economy
The technology, specifically have influenced the labor, productivity and market places significantly. The work load has been taken off the human labor, thus, reducing the error and increasing efficiency along with reduced time and cost consumptions. More mechanical technology means less labor and more precision. In terms of the productivity, with increased efficiency, it has also increased. Now the rate of production i.e. time consumed per unit labor has accelerated greatly. The productivity has got better in quality along with quantity as well. Finally, with the networking and global communication facilities, the concept of the marketplaces has also evolved. The companies are no more localized, exclusively. Instead they can easily eye the international markets with proper consumer and labor analysis. The rapid transportation systems have also helped in making the market places more globalized and diverse.
References
“The Economist”. (2016). No Exit. Economics. http://www.economist.com/news/finance-and-economics/21695549-global-financial-integration-tying-central-bankers-hands-no-exit
Castells, M. (2017). Another economy is possible: culture and economy in a time of crisis. John Wiley & Sons.
Martin, C. J. (2016). The sharing economy: A pathway to sustainability or a nightmarish form of neoliberal capitalism?. Ecological economics, 121, 149-159.
Miller, S. R. (2016). First principles for regulating the sharing economy. Harv. J. on Legis., 53, 147.
Quattrone, G., Proserpio, D., Quercia, D., Capra, L., & Musolesi, M. (2016, April). Who benefits from the sharing economy of Airbnb?. In Proceedings of the 25th international conference on world wide web (pp. 1385-1394). International World Wide Web Conferences Steering Committee.
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