World trade and production is increasingly being structured around “global value chains” (GVCs). With economic globalisation comes increased economic integration of the world through trade and capital flows. Thirdly, when large multinational corporations, by virtue of their economic power, can influence the economic and political decisions of nation states. The study of the international political economy shows that it has always needed a framework to define relations between nations, and between economic and political institutions. In the final analysis, while we actively participate in globalisation, we must at the same time ensure that our economic sovereignty is never compromised.
