This subject explores the main issues of political economy in international relations. Over the past few decades, as nation-states have found it increasingly difficult to manage sprawling networks of global interdependence, states have become part of broader governance networks that include relations with a variety of nonstate, international and supranational actors. Not surprisingly, these changes have provoked controversies about the supposed benefits and harms of globalisation, and raise important questions about whose interests are served by the contemporary global economy. This subject explores debates about globalisation, focussing on understanding global governance and conceptualising the role of nation-states and other actors in the contemporary global economy. We also take a look at the nature and extent of regionalisation, the politics of trade and finance, and the implications for governance at the state and global levels. Finally, we address the main ethical challenges in the contemporary global economy, focussing on the problems of poverty, inequality, and environmental degradation.

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