International Law and International Political Economy in South America
The modern world is characterized by considerable political, social, economic and environmental changes. These changes are attributable to various factors including globalization, increased urbanization, and climate changes. Every region across the globe will continually be affected by these changes. According to a publication by the Office of the Director of National Intelligence (n.d.), many societies worldwide will be unable to achieve complete success in initiatives to realize developmental goals of the past two years. In addition, its predicted that the world will continue experiencing continued instability and rising tensions. Tensions continue to rise between citizens due to concerns regarding what they can expect from their governments given the constant changes that characterize the modern world. One of the critical factors that will shape the future is international law and international political economy. This paper examines how international law and international political economy might apply to South America and its challenges going forward.

International Law and International Political Economy

International law is an international relations concept that initially referred to laws or regulations that governs the relations between two or more states (Malanczuk & Akehurst, 2016). This definition implied that only states could be subjects of international law, which is an idea that dominated international relations in the 19th and early 20th centuries. However, given the changes that have taken place in the modern world, the concept of international law has evolved to reflect the status of today’s society. In this regard, international law currently refers to rules and principles that are applicable to a numerous states based on multilateral treaties or customary international law. Additionally, regional international law also exists and refers to rules and principles that are applicable to some groups of states such as diplomatic asylum rules recognized only by South American countries.

On the other hand, international political economy is an international relations concept that focuses on interactions between politics and markets. The concept examines the impact of politics on markets as well as the impact of markets on politics within a global context. The link between international politics and international economics is currently widely accepted and has been the subject of numerous theoretical research and applied policy analysis. This is primarily because nation-states affect monetary flows and international trade, which in turn impacts...…to South America region since its used as a premise for promoting economic interdependence between countries. Additionally, this international relations concept helps to provide check and balances against aggressive behavior by major economic powers within and outside the region. Major and middle powers are increasingly likely to examine new measures to lessen economic interdependence as a means of exerting their powers. This could result in vulnerability to economic coercion and financial sanctions that favor major powers. As a result, international political economy is utilized to create a balance in economic activities and objectives in South America.

In conclusion, international law and international political economy are important international relations concept. One of the regions that could benefit from the use of international law and international political economy is South America. International law would be applicable in the region to ensure equal distribution of power in the fragile international system amidst frequent changes in government while international political economy would help promote economic interdependence. However, the application of the concepts would be characterized by rising political tensions, widespread corruption, and challenges in fighting poverty and inequality despite gains made in the past two decades.