Foreign Economic Policy, Realist, Liberal, and Critical Theory IPE Paradigms

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1. What is foreign economic policy, and what do governments encompass in this area?
Foreign Economic Policies are special laws, sanctions, and guidelines that are made in order to improve and manage the relationship between countries. It has an important role in the process by which state is able to manifest its goals, interests, and beneficial deals to attain their objectives. The foreign policies of a country changes with the needs and demands of the time, which is why it is updated regularly.
Governments have a responsibility to quantify and qualify the trade and service exchanges that is happening between their own country and others. Foreign economic policies are intended in order to regulate the balance of power, create equal ground among countries interests, and create deals that can benefit both parties. Overall, these are strategies of trade, and regulation of relationships through agreements, and leveraging of resources and connections. (King & King, 2005). Foreign Policies create a framework for the goals of national interest, and through its revisions, it exercises its national power to attain its goals within the international setting. It is dependent on the ideology and is influenced by the culture of its origin country.
Each nation has its own objectives as to its implemented policies. For Foreign policies, there are a set of principles that guide its objectives. The first principle is about how foreign economic policies should be focused on maintaining one’s territorial integrity and political independence through d its relationship with other countries. It also deals with the promotion of development in the social and economic aspects in order to strengthen the status in the world. In order to implement its interests, nations must have power and strength so that it can uphold its responsibilities to other nations. In the modern setting, the foreign policies are designed in order to achieve complex agendas that benefit domestic territories, as well international partners. as International Relations are continually and exponentially changing in the 21st century. Decisions by one state can affect more than just the country with an agreement. (Krugman, Obstfeld & Melitz, n.d.)
Overall, the foreign policy has a big role in determining the national trajectory in growth and development. Governments must be responsible for managing its resources with foreign policies that encompass the country’s investments as well as its financial, economic, and commercial negotiations. By making the right agreements, countries can promote its own development. The main thing that the government needs to do is to hone its policy makers and have a comprehensive understanding of the country’s potentials. (Spohr, and Silva) This is in relation to the geographical, cultural, economic, and social environment it belongs to. Foreign Policy is a great tool that greatly contributes to a government’s strategy in overseeing its country.
2. Explain the Realist, Liberal, and Critical Theory IPE paradigms.
International Policy Economics are affected by the belief systems and overall culture of different nations. In studying International Relations, it is good to have an unde...