The Current Evolution of International Political Economy: Exploring the New Theoretical Divide between New Globalization and Anti-Globalization

Abstract

This study explores the evolving theoretical divide within the field of International Political Economy (IPE), focusing on the debate between the advocates of new globalization and critics from the anti-globalization perspective. By conducting an integrative review of the contemporary literature, we explore the foundational theories, core components, and primary theorists of both perspectives, aiming to understand their predictions for future global dynamics. The investigation reveals a polarization in theoretical orientation, reflecting divergent views on the implications of globalization. Through a critical analysis, the paper identifies the liberal international order and the respective contemporary neo-Marxist viewpoints as central to the debate, evaluating their critiques and contributions to understanding the new globalization’s trajectory. We suggest a synthesis of these perspectives, positing that the future of globalization—or “new globalization”—will be influenced by structural changes in global power dynamics, ongoing crises, and technological progress. This is encapsulated in the “evolutionary structural triptych” (EST) approach, which perceives the world economy as an evolutionary result of political, economic, and technological structures, which correspondingly reposition the objectives of stability, growth, and innovation in the new emerging era. In conclusion, we advocate for a balanced approach to globalization, emphasizing the need for policies that promote fairness, sustainability, and cooperation in the changing global environment. This leads to the re-introduction of an appealing concept for globalization’s future: a new, realistic, open, and innovative global liberalism.