alexa Globalization, New International Political Economy and Global Economics

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Globalization, New International Political Economy and Global Economics

International economics is the first subfield of economics. It is this subfield of economics that established the classical economics of Adam Smith and Ricardo. It is from this subfield that classical economists launched their intellectual revolt to mercantilism, the older school of thought that views trade between nations from the perspective of power rivalry between nations. Therefore, from classical economics to neo classical economics, international economists have largely faithfully modeled economic interactions between nations in the same way that economists model interactions between individuals and between firms, that is, economic exchanges without consideration to their background of and implications for issues of war and peace. For instance, in the neoclassical theory of international trade, trade between nations is modeled basically as exchanges between economic parties with different endowments and technologies and, these parties do not resort to the explicit or implicit use of force in their interactions.

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