INTERDEPENDENCE AND INEQUALITY: A SOCIOLOGICAL EXPLORATION OF INTERNATIONAL ECONOMIC RELATIONS.

Chilezie Ngozi Tony-Okolo

Abstract


Historically, a significant gap existed between international politics and economics. From the 17th century onwards, political economists like Adam Smith began bridging this divide, establishing the field of international political economy. This paper explores how the integration of economic policies with political strategies has evolved, focusing on the sociology of economics to analyze underlying power dynamics. Key areas discussed include trade policies, foreign aid, debt crises, and the role of multinational corporations (MNCs). By examining case studies such as trade embargoes, the Principle of Triage in aid distribution, and OPEC’s pricing strategies, the paper highlights the political motives driving economic decisions and their impact on global power structures. Observations indicate the need for stronger coordination between economics, diplomacy, and social policies to address global inequalities. The paper concludes with a call to implement the U.N. Pearson Committee’s report, "Partners in Development," advocating for the internationalization of aid and equitable resource allocation. Such measures are essential for fostering a more inclusive and stable international economic system.


Keywords


Trade policy, Multinational Corporations (MNCs), Triage, Life Boat Ethics, Sociology of Economics, International Political Economy

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