Power and Wealth Are Intricately Linked

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POWER AND WEALTH Individual Assignment

“Power and wealth are intricately linked. Critically discuss drawing on at least two perspectives from the field of International Political Economy and practical examples from the global political economy” Introduction
Robert Gilpin (1975) once defined International Political Economy as the “reciprocal and dynamic interaction in international relations of the pursuit of wealth and the pursuit of power”, allowing for the understanding of the relevance of power and wealth in the global economy. The study of International Political Economy provides an understanding of the interaction between the Market and the State, as well as the importance of their existence within countries around the world. In studying this particular area, it is important to familiarize oneself with the key elements and determinants which make up the global economy. Two factors which play an essential role in the global political economy are Power and Wealth. These are considered to be significantly linked, as they share many similar attributes, and many corporations and actively involved members of the State seek to achieve and/or maintain both aspects. Power is globally acknowledged as the ability to influence the behavior in other individuals, or the authority to make decisions. As illustrated by Dahl (1957), the intuitive idea of power allows for the understanding that “A has power over B to the extent that he can get B to do something that B would not otherwise do.” This alluded to the understanding that power is a relation, and more importantly that it is a relation among people. (Parsons 1997) This definition by Dahl has, however, received criticism from Peter Bachrach and Morton Baratz (1962) for its inability to examine the second face of power, which is recognized as “a person or group – consciously or subconsciously – creates or…...

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