World Politics and World Economics
World Politics, also called world economics, refers to the field which studies the economic and political patterns of the world together. The interrelatedness of economics with other branches of science, law, politics and culture has made this subject an extremely important field of research. In the core of this field are the various processes of global political globalization in reference to issues of economic power. It also includes the interaction of world politics with geo-political issues like the Eurozone, Asia, and Latin America. It also makes clear the interrelationship of major political and socio-economic actors of the world.
Geopolitics is one of the most important fields of study of world economics and politics. It is characterized by the study of world political and economic development as a whole through time and space. This area studies the relationships among the major players in the world economy. For instance, it studies the relations between the United States and China, or between the European Union and Japan, or between the United States and Russia. This is coupled with socio-economic and demographic analysis to provide essential information on the interactions between the various countries and their people.
Economic globalization refers to the process of increasing the world share of income and decreasing the world share of output. This has been a major feature of world politics since the 1970s. Growth in world trade and liberalization have been crucial factors behind globalization. Political globalization has accompanied economic globalization in rapid growth of world markets for the products that are imported or domestically produced in various nations. These have been major drivers behind political stability in a number of nations across the world.
World Politics and world economics also have major connections with international institutions. They have shaped the rules of global economic governance and they continue to influence the design of political structures and the policies pursued at a national level. These include the major World Bank and International Monetary Fund, suiting the needs of poorer countries. International institutions have also been important for resolving conflicts and promoting the rule of law across the world.
The relationship between world politics and world economics is complex and dynamic. On the one hand, it has been an influential force pushing the development of more developed economies towards greater economic growth. At the same time, it has also been an anchor of instability and war. In these conditions, world politics continues to be the major driving force for development and economic modernization. Economists try to shed more light on this by looking into the relationships between political systems and economic development.
World economics and world politics continue to be interlinked. Both have been important drivers of societal development and political stability. With globalization, political globalization is sure to grow, complementing the other for a more unified and just world.