International Law and International Political Economy

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 the environment in which countries and businesses make political and economic choices respectively (Veseth, 2004).
Applicability of the Two Concepts in South America
South America has been characterized by more stability and democratic advances in recent years more than any other region of the world. One of the major democratic advances in this region in the past few years is recovery from populist waves from the right and the left (Office of the Director of National Intelligence, n.d.). During this period, government initiatives to offer greater social and economic stability are running up against debt and budgetary constraints. Economic growth in South America has been slowed by weakened global demand for goods. However, the region’s significant progress against inequality and poverty has been jeopardized by new entrants to the middle class who strain public coffers and fuel political dissatisfaction. Public discontent over economic mismanagement, weak economic performance, social stresses, and widespread corruption are expected to generate more frequent changes in South American governments. These anticipated frequent changes as well as political, social and economic factors are expected to further jeopardize South America’s progress against inequality and poverty, which has gained traction over the past two decades.
International law and international political economy will continue to play a critical role in the future of South America. Politics will play a major role in the frequent changes in governments due to various factors, which provides the premise for application of international law in South America. Currently, an anti-incumbency wave has emerged in the region and undoing the leftward trend that marked politics in this region for the past decade (Office of the Director of National Intelligence, n.d.). Given the anticipated frequent changes in governments, international treaties, resolutions and declarations are likely to be established in South America region to address the factors that contribute to political, social and economic challenges. International law will be utilized to help resolve political problems that characterize some countries in this region, particularly countries with intense political competition and those experiencing democratic backsliding. In addition, international law will continue to be applied in South America to promote effective social and economic management in these countries.
South America will also experience the establishment of international laws that seek to address the current geopolitical stress in the region. The current international system continues to be frail following ambitions by Russia and China for greater influence and status worldwide. Consequently, major power competition and risk of conflict has emerged and will continue to intensify for the next five decades. International law play a critical role in ensuring countries in South America region do not flout international norms. This is critical given the probability of state and non-state actors to wield new and unconventional forms of power in an increasingly fragile international system.
International political economy is applicable in South America given the strong link between politics and economy. In this regard, political factors are strongly related to economic factors and vice-versa, especially in the increased development of a global economy. The significance of international political economy in South America is attributable to the economic interdependence between countries worldwide. The rise of the global economy due to technological advancements and globalization has contributed to economic interdependence between countries across the globe. Economic interdependence is critical is promoting the growth and development of South America region. However, the potential conflict between South American countries and other nations worldwide could negatively impact economic interdependence in the region.
International political economy is applicable 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.
References
Malanczuk, P. & Akehurst, M.B. (1997). Akehurst’s modern introduction to international law (7th ed.). New York, NY: Routledge.
Office of the Director of National Intelligence. (n.d.). Paradox of Progress – South America. Retrieved from https://www.dni.gov/index.php/the-next-five-years/south-america
Office of the Director of National Intelligence. (n.d.). Paradox of Progress – The Future Summarized. Retrieved from https://www.dni.gov/index.php/the-next-five-years
Office of the Director of National Intelligence. (n.d.). Paradox of Progress – The Near Future: Tensions are Rising. Retrieved from https://www.dni.gov/index.php/the-next-five-years
Office of the Director of National Intelligence. (n.d.). Paradox of Progress – The Next Five Years by Region. Retrieved from https://www.dni.gov/index.php/the-next-five-years
Veseth, M. (2004). What is International Political Economy? Retrieved from University of Puget Sound website: https://www.pugetsound.edu/academics/departments-and-programs/undergraduate/ipe/what-is-ipe/