Some Reflections on the Contemporary Realities of International Political Economy and the Global Economic System

Abstract

This paper traces the emergence of the contemporary international political economy and highlights how both the Mexican economic crisis of 1994 and the Asin Economic crisis of 1997 threatened the stability of the neoliberal economic order. The paper contends that these two crises brought to the fore the inherent weakness of the contemporary international political economy. The paper concludes that while the virtues of economic globalization and the liberal market-oriented ideology continue to reign, evidence abounds of an increasing unease with the effects of unbridled market forces.