By outlining the current global political economy, discuss to what Essay

By outlining the current spheric semipolitical economy, discuss to what extent the current international political economy undermines national development in the South - Essay ExampleThe linkage of external banks, financial institutions, and trade illustrates the difficulties facing current government systems. There are suggestions that the current world(prenominal) political economy is beneficial to the Global South. In this paper, I will outline the extent to which the international political economy has undermined development in the South.With the advent of globalization, the relevance of the role of how nation state should manage economic systems in the development process has taken center stage. The reasoning behind this is that the economic systems presume that in that location is a political structure. Consequently, this means that development occurs in a global framework at the identical time, it arouses the question of the relevance of individual, national developmen t plans. National development strategies become peculiar when there are other actors in the development process other than the nation state. The importance of understanding the nature of global political economy is because economic systems can not exist without stable political framework.The North- South depart of the world represents the developed and the underdeveloped world. This division can be conceived as ongoing due to the global arrangement of the political and economic systems. The Global North refers to the industrialized countries mainly in the northern hemisphere, dapple countries in the Global South are mostly found in the southern hemisphere in Africa, Asia, Caribbean and Latin America (Kegley, 2008).The global political economy took a different turn after the anoint shock of 1973. The member countries of OPEC established an oil cartel which saw the price of oil increased dramatically. redness offers the explanation that the oil crisis was not caused by OPEC but ra ther the Nixon administration. This premise asserts that the administration wanted to forethought the interests of America capital and