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Critical revaluation of the theories of international political economy: business diplomacy, a new dimension of study?

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  • Naiara Igarabide

Abstract

Although the International Political Economy (IPE) field has traditionally been divided into ontological and epistemological terms, the main schools coincide in developing a perspective on Multinational Corporations (MNC) that perceives them as subordinated actors or promoters of unequal political structures. However, the role of corporations has changed in the last few decades. Due to the 2030 Agenda and the 'post-globalisation' process, MNC have created new strategies in order to adapt their business to this new context, such as Business Diplomacy, seeking to converge both corporate and State interests. This study has two goals: firstly, to critically analyse the different schools of IPE to identify potentially conditioning ideas in research into MNC. Secondly, to problematise the lack of perspectives in IPE by exploring the role of Business Diplomacy in the post-global context in which close state-corporation relations will be crucial. Business Diplomacy may offer a new perspective on IPE regarding the role of multinationals in development.

Suggested Citation

  • Naiara Igarabide, 2022. "Critical revaluation of the theories of international political economy: business diplomacy, a new dimension of study?," International Journal of Diplomacy and Economy, Inderscience Enterprises Ltd, vol. 8(1), pages 65-80.
    • Handle: RePEc:ids:ijdipe:v:8:y:2022:i:1:p:65-80
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