Abstract
This article outlines pillars of peace economics and peaceful economics policies. It first highlights Kenneth Boulding’s contribution to peace economics. In particular, substantial attention is paid to his conception of three systems that govern social life, namely the exchange system, the threat system, and the integrative system. Examples are produced to describe the differences between and among them. Second, in light of Boulding’s views, a workable definition of peace is proposed and associated suggestions for peaceful economic policy are made. Three aspects are underlined: The establishment of consensual democracies, the setting of a novel economic policy target—namely the ratio of public education expenditure to military expenditure—and the pursuit of stricter regulations on the international arms trade.
Highlights
Current geopolitics and related economic aspects are generating a growing interest among economists in the definition, nature, and scope of peace economics
Along with a definition of peace economics, this article provides its conceptual underpinnings based on the work of Kenneth Boulding
Peace and peace economics To understand properly the nature of peace and peace economics, refer to the seminal work of Kenneth Boulding, published in 1963. He highlighted the theoretical pillars of peace economics by pointing to the interdependence of three systems: the exchange system, the threat system, and the integrative system, named after the dominant character of the interactions between individuals or organizations
Summary
Current geopolitics and related economic aspects are generating a growing interest among economists in the definition, nature, and scope of peace economics. He highlighted the theoretical pillars of peace economics by pointing to the interdependence of three systems: the exchange system, the threat system, and the integrative system, named after the dominant character of the interactions between individuals or organizations. Economic integration can take shape under a set of rules that make cooperation sustainable over the long run.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
