Political Economy Perspective Research Articles

Role of Economy in Foreign Policy: An Appraisal of US-China Trade War in the Prism of Political Economy

The intertwining of economics and foreign policy has become increasingly evident in the modern geopolitical landscape, with the US-China trade war as a prominent case study. This critical abstract examines the significance of economic considerations in shaping foreign policy decisions, particularly in the context of the US-China trade war, through the lens of political economy. The US-China trade war, initiated in 2018, symbolizes the complex interplay between economic interests and political objectives. At its core, the conflict represents a strategic maneuver by the United States to address longstanding grievances regarding trade imbalances, intellectual property theft, and market access restrictions. Conversely, China's response reflects its aspiration to assert itself as a global economic powerhouse and safeguard its developmental model against external pressures. Through a political economy perspective, this abstract delves into the multifaceted dynamics driving the US-China trade war. Economic theories, such as mercantilism and comparative advantage, offer insights into the motivations behind both nations' protectionist measures and tariff escalations. Moreover, the abstract evaluates the efficacy of economic coercion as a foreign policy tool and its implications for international relations. While tariffs and trade barriers can pressure adversaries, they also entail risks, such as retaliatory measures, economic volatility, and unintended consequences. Additionally, the abstract examines the role of domestic politics and interest groups in shaping the trajectory of the trade war, highlighting the interplay between economic nationalism, electoral dynamics, and policy formulation.

The impact of geopolitics on international student mobility: The Chinese students' perspective

AbstractIn the last few years, international student mobility has been disrupted not only by the global health crisis resulting from the outbreak of the COVID‐19 pandemic but also adversely affected by the rise of geopolitics. The worsening relationship between China and its western counterparts led by the United States and its allies has significantly influenced students' motivation and plan for overseas education. Based upon interviews with 75 students from leading universities in mainland China, this article examines how Chinese elite students evaluate the impact of the new geopolitics on their overseas study plans and opportunities. The study found that, due to the influence of scientific internationalism ideas and institutional habitus, interviewees underestimated the impact of geopolitical factors. Furthermore, unpleasant environmental factors (such as racial discrimination) caused by geopolitical changes are tolerable because most of the interviewees plan to return China after studying abroad. On the other hand, deterioration of Sino‐US relations has substantially affected Chinese students' international mobility. Many interviewees, especially those majoring in science and engineering, were unable to obtain visas. Some of them gave up their study abroad plans, while others transferred to other study abroad destination countries such as the United Kingdom and Singapore. We also find that the perception of the power shift in the field of higher education shapes the students' decision making. This article critically reflects upon the international student mobility from the broader political economy perspective, discussing policy implications for future international education.

Socio-Economic Order and the Legacies of Armed Governance: The Aftermath of Paramilitary Rule in Colombia

ABSTRACT This paper focuses on the legacies of paramilitary governance in the Colombian civil war. Using a local case study, we show that former militia strongholds have been shaped by the lasting effects of armed rule on the ability of impoverished peasants and rural workers to challenge existing forms of land tenure and labour organisation. Our case highlights the need to adopt a local view to understand the embeddedness of armed governance in existing socio-economic orders. Our conclusion emphasises the importance of integrating a political economy perspective when studying the legacies of armed governance.

The “EU‐Leash”: Growth Model Resilience and Change in the EU’s Eastern Periphery

Although the EU’s Eastern periphery has been afflicted by a series of crises over the past two decades, the region’s dependent market economies have shown puzzling resilience. Since the global financial crisis, the FDI-led, export-oriented growth models of the Visegrád countries have been reinforced. Meanwhile, the debt-based, consumption-oriented capitalism of the Baltic states has not experienced dramatic shifts either, despite a strengthening of its export component. Scholarly accounts from a comparative political economy perspective explain this resilience as the product of country-specific factors and tend to downplay the role of external influence. Instead, we aim to bridge these approaches with international political economy scholarship by arguing that European integration, in general, and the EU’s transnational regulatory influence, in particular, serves as an external anchoring mechanism for both semi-peripheral growth models. In addition to the region’s structural characteristics, such as deep embeddedness in global value chains, high exposure to trade with the EU, and dependence on external sources of finance, which already limit domestic agency in changing national growth models, we argue that European transnational regulatory integration involves an “EU-leash” that sets the boundaries for domestic economic policies, thereby influencing growth model trajectories. This ensures institutional continuity and prevents sudden and radical changes in semi-peripheral growth models. We demonstrate these mechanisms through two country studies (Estonia and Hungary).

An institutionalist political-economy perspective on social and environmental accounting

PurposeThe purpose of this study is to contribute to the discussion surrounding the definition of accounting proposed by Carnegie et al. (2021a, 2021b) and further elaborated by Carnegie et al. (2023) from/under an institutionalist political-economy (IPE) based foundation and to specifically extend this approach to the arena of social and environmental accounting (SEA).Design/methodology/approachBy adopting an IPE approach to SEA, this study offers a critique of the use of the notion of capital to refer to nature and people in SEA frameworks and standards.FindingsA SEA framework based on the capabilities approach is proposed based on the concepts of human capabilities and global commons for the purpose of preserving the commons and enabling the flourishing of present and future generations.Practical implicationsThe proposed framework allows the engagement of accounting community, in particular SEA researchers, with and contribution to such well-established initiatives as the Planetary Boundaries framework and the human development reports initiative of the United Nations Development Programme.Originality/valueBased on the capability approach, this study applies Carnegie et al.’s (2023) framework to SEA. This new approach more attuned to the pursuit of sustainable human development and the sustainable development goals, may contribute to turning accounting into a major positive force through its impacts on the world, expressly upon organisations, people and nature.

Total Factor Productivity with Chinese Characteristics

Although total factor productivity (TFP) is a common concept in mainstream Western economics, its origins are actually embedded in Marx’s understanding of improving labor productivity. As an important element of labor productivity under socialized production conditions, TFP is further reflected in the category of “socially necessary labor time” in two distinct senses. Re-examining TFP from the perspective of Marxist political economy and incorporating it into the theoretical system of political economy of socialism with Chinese characteristics vividly illustrates the essence of “adhering to original principles, assimilating foreign concepts, and embracing a forward-looking vision” within political economy of socialism with Chinese characteristics. In practice, it is necessary to start with Marx’s theory of productive labor and delineate the sectors involved in productive labor so that TFP and its fluctuations can be measured in a more relevant way. In the context of the new era and the new journey, as the key to achieving high-quality economic development in China, efforts are needed to increase TFP. This requires balancing economic factors such as the long term and short term, supply and demand, and gross quantity and structure, and promoting transformative changes in the quality, efficiency, and dynamism of economic development.

The Impact of Digital Economy on Industrial Structure Upgrading under the Perspective of Political Economy

Abstract The rapid development of the new generation of digital technology and the increasing importance of the digital economy have brought new opportunities for China’s development and provided new ideas for the optimization of industrial structure as well as the improvement of industrial efficiency. In this paper, under the perspective of political economy, the evaluation index system of the comprehensive development level of the digital economy is constructed with the panel data of 30 Chinese provinces and municipalities from 2014 to 2023 as a sample, and the entropy weighting method is used to calculate the index of development. The rationalization and advanced upgrading of the industrial structure of the 30 provincial and municipal cities is studied by combining the Tel index and the added value of the tertiary/secondary industry. On this basis, the structural equation model was used to explore the role of the “digital economy” on “industrial structure upgrading”. The results of the study are as follows: the development level of China’s digital economy shows a stable growth trend from 2014 to 2023, with its average value increasing by 185.32%, and the average values of the advanced and rationalized levels of China’s industrial structure increasing and decreasing by 4.47% and 47.90%, respectively. The direct effect of the level of development on the improvement of industrial structure (i.e., Path 1) is significant, and the standardized path coefficient between the two is 0.162. The results of the study emphasize the need to comprehensively improve the level of development and to build an intermediary bridge between the digital economy and industrial structure upgrading by taking human capital, scientific and technological innovation, and consumption upgrading as important tools.

Financial Market Dynamics from the Perspective of Political Economy: Using Bayesian Network Models

Financial Market Dynamics from the Perspective of Political Economy: Using Bayesian Network Models

EVALUATION OF ACCESS TO EDUCATION FROM POLITICAL ECONOMY PERSPECTIVE: A STUDY ON

EVALUATION OF ACCESS TO EDUCATION FROM POLITICAL ECONOMY PERSPECTIVE: A STUDY ON

Research on the Impact of Russia-Ukraine Conflict and China’s Response Strategy Based on Political Economy Perspective

Research on the Impact of Russia-Ukraine Conflict and China’s Response Strategy Based on Political Economy Perspective

Disambiguating Maize Policy Failure in Kenya, 2013 – 2024: A Political Economy Perspective

Disambiguating Maize Policy Failure in Kenya, 2013 – 2024: A Political Economy Perspective

Comparative Perspectives; Mainstream Economics and Political Economy

The fields of political economy and mainstream economics are essential because they provide opposing viewpoints on economic theory and policy formulation. The focus of mainstream economics is on individual rationality and market efficiency, but political economy adds depth to our understanding by integrating institutional dynamics and socio-political contexts into economic analysis. Crafting comprehensive economic policies that strike a balance between equity and efficiency is crucial for promoting sustainable development and improving global societal welfare. This requires integrating insights from both fields. This paper aims to Compare the Mainstream Economics and Political Economy Perspectives. The results found that the comparative analysis of political economy and mainstream economics advances economic theory and policy-making by highlighting the limitations of market-centric approaches and advocating for a broader consideration of institutional structures and historical contexts. This approach underscores the importance of integrating insights from both disciplines to develop more effective economic policies that address both efficiency and equity concerns while promoting sustainable development and societal well-being on a global scale. In conclusion, the comparison of mainstream economics and political economy highlights the need to go beyond purely market-driven approaches. Policymakers can better address economic challenges with a comprehensive approach that balances efficiency, equity, and sustainability by integrating insights from both disciplines. This will ensure that policies are firmly rooted in strong institutional frameworks and historical understanding to improve societal welfare on a global scale.

The Ostroms on self-governance: the importance of cybernetics

Abstract This paper reveals a novel and perhaps surprising ingredient in the mix of influences that inspired and informed the work of Elinor and Vincent Ostrom on self-governance: cybernetics, understood as a theory of control via feedback mechanisms. Based on this crucial insight, the paper portrays self-governance as involving an architecture of multiple levels of so-called ‘second order’ feedback mechanisms. Such compounded systems of organization are the key to understanding any self-governance process and the paper argues that their intrinsic logic provides a critical link between the work of the Ostroms and the public choice and constitutional political economy perspectives on institutional order. The paper thereby offers both a fresh perspective on the Ostromian view of self-governance and also of also of governance theory in general.

PLACE-MAKING THROUGH HERITAGE TOURISM: A TRADITION OF MUSIC AND CULTURE OF COMMODITY IN APPALACHIA

Appalachian regional identity is often reduced in mainstream media representations and the popular American imagination to the political conservatism of “red state” America, the vestigiality of “coal country,” or the prejudiced whiteness of “Trump country.” A closer look at heritage tourism representations in South Central Appalachia offers more nuanced connections among culture, capital, and senses of place than such portrayals afford. Foregrounding indexical relationships between culture and place through themes of birth, home, death, faith, and community, the representations in heritage tourism venues along The Crooked Road: Virginia's Heritage Music Trail derive meaning and value from literal grounding in the rural landscapes of Appalachia, establishing musical tradition as an inalienable possession of that place. This paper elucidates the role of commerce and the commodity form in these heritage-authenticating semiotic relations, taking as object of analysis the discursive, visual, and artifactual offerings of three of the heritage trail's major venues and situating them among critical political-economic perspectives on place, space, the local, and the global. The value of place as an inalienable commodity in a global space of proliferating and alienable commodities, required for heritage tourism to work as a revenue generator, finds reflection in representations of the successful transformation of an originally folk music into a commercial form. Additionally, nostalgic displays of older commodities assert the traditional value of the music while simultaneously imbricating it in a larger historical and contemporary valorization of commodity consumption.

An Assessment of Neoliberal Policy in Higher Education in Nepal: Political Economy Perspective

Nepal has adopted neo-liberal policy framework in education sector since 1997, just seven years of journey of free-market economic policy. The capitalist economy was modified by Washington Consensus which was based on financial instruments. Later, major policy framework adopted by Nepal is SDGs, which prescribed by neoliberalism, is more equitable, productive; environment friendly, inclusive and people empower friendly. The research question is whether WB funded educational reform project yields positive impact in socio-economic sector in Nepal. The objective of the study is to assess the overall impact of neoliberalist policy framework adopted in higher education in Nepal and to forward policy prescription.The secondary data has been gathered between the periods 1997-2020 and analysed descriptively. Post positivism research paradigm is adopted. Explanatory research design approach has been used and data is analysed descriptively. The validity and reliability issue of the study is addressed with sufficient data and appropriate data analysis techniques. The conclusion: the existing neoliberal policy framework needs to revaluate since its delivery measured in terms of inequality, unemployment, poverty, NOC, and capital flight for higher education in foreign university shows poor performance.

Agricultural digitalisation and just transition: a framework for the analysis

Digital agriculture is generally depicted as a new technological frontier allowing both the efficiency and sustainability of the agri-food sector to be increased through the introduction of innovative “green” and cost-effective solutions. However, there is still little empirical evidence on the wider environmental and socio-economic implications of ongoing agricultural digitalisation processes. The paper makes the point that the digitalisation of agriculture is a political and ecological process representing an important element of the uneven and combined patterns of the capitalist development of agriculture. At the same time, the practices that inform agricultural digitalisation are shaped by social, economic and environmental factors that change according to the context. Starting from these premises, the authors propose a critical framework for equipping empirical research on digital agriculture with a more comprehensive understanding of local contexts, while also retaining a wider political economy perspective inspired by the concept of “just transition”.

Analysing Child Bullying Case from the Perspective of Media Political Economy and Islamic Communication in Ihya Ulum Al Din by Al Ghazali

The rise of child bullying cases has not escaped the media spotlight. News about cases found and their developments grab the attention of the public, especially bullying cases involving minors as perpetrators and victims. Children associated with cases that should have privacy and protection, in reality, become media and public consumption. Bullying cases no longer only focus on the case, but also the privacy of the perpetrators and victims. Responses from various communities have also been in the spotlight. Condemnation and blasphemy against the perpetrators then become their own form of bullying outside the case. One of the cases that caught the public's attention was the bullying case of Audrey, a junior high school student in Pontianak in 2019. The case even went viral and received public support through an online petition with the hashtag #justiceforaudrey. However, it was later discovered that the case was a fabrication made by Audrey after several years of the case going viral. The audience was then made guilty of blaming the alleged perpetrator without seeing the real truth first. Content about bullying cases is then no longer a bridge of information for the public, but also a business field and a place to get public attention. This research aims to dissect how cases of child bullying in the media from the perspective of media political economy and Islamic perspective communication.

Sistem Ekonomi Politik Kapital sebagai Isu Hubungan Internasional: Perbandingan Dampak Sistem Kapital terhadap Kesejahteraan Sosial Menurut Perspektif Konvensional dan Islam

The Capitalist Economic System prioritizes individual freedom by maintaining market mechanisms to improve their economy, and trying to obtain maximum profits. On the other hand, there is an Islamic political economy which has a sharia basis by strengthening the role of 'Ukhuwah Islamiyah' so that social inequality does not occur between communities. This research will discuss the differences in the impact of the capitalist economic system from the perspective of Islamic and conventional political economy on the welfare of society. This research uses a qualitative-descriptive method by making literature reviews as the unit to search the main datas. The research findings in this research are that there are significant differences between the capitalist system based on an Islamic perspective and conventional ones based on fundamental values, principles and ultimate goals.

Perawatan yang Beracun: Kerja Perawatan Perkebunan dan Reproduksi Sosial dalam Perkebunan Monokultur Sawit

The expansion of oil palm plantation has drawn scholarship attention. On one hand, studies have examined how oil palm plantation development serves an important instrument for employment creation, poverty alleviation and rural development. On the other, there is plenty of research that shows adverse impacts of such expansion on socio-ecological conditions. This includes the recruitment of women plantation workers into maintenance work with flexible labour relations. Meanwhile, literature on oil palm plantations in Indonesia has not paid significant attention on care work. Employing feminist political economy perspective, this article attempts to understand care work in monoculture oil palm plantations, particularly in relations to maintenance work on plantation. Through the concept of social reproduction, care work is understood in a broader terms as a way to draw the entanglement between production and reproduction in monoculture oil palm plantations. This article argues that women workers participation into maintenance work on plantations show the articulation of social relations based on patriarchal system with palm oil competition in the global market. From the perspective of the women workers, participation in the maintenance work is viewed as a livelihood strategy. The strategy that involves works with risk of regular exposure to toxic chemicals is understood as toxic care.

A QUICK GLANCE: THE UGLY TRUTH OF RADIO MIGRATION IN MALAYSIA

With the advent of television, radio lost its dominant position in many countries due to globalisation and convergence, leading to the rise of digitalisation. However, digitalisation has overshadowed traditional analogue technology. Instead of coexisting, analogue and digital technologies are now in direct competition, with digital alternatives such as podcasts and online radio posing significant challenges to analogue technology. As a result, the radio industry is currently facing severe problems to stay relevant. We conducted a study examining political economy influencing radio migration in Malaysia along with its relationship to government actions and plans. Our research reveals that the political economy perspective strongly impacts radio migration in the country. To ensure a successful radio migration, we propose the implementation of a neo-liberal perspective within Malaysia's broadcasting sector.