Introduction:
The main controller of world politics is power in other words economic power. Power is a means of establishing authority over another state or individual. This power is of different types. However, in today’s international politics, economic power acts as the main power or controller, and it is this economy that determines the differences between different states or societies. Looking at world politics, it is seen that there is a conflict of power everywhere. And the main driver of this power is the economy. Therefore, it is not possible to understand international power without understanding the economic dynamics.
What is Strength or power?
Power in the general sense refers to physical or military capability. And power in international politics refers to the overall ability of a nation, by which the purpose of that nation is realized.
According to Palmar and Perkins, power refers to how a state implements domestic and foreign policy.
According to Morgenthau, a person can be said to have power or power if he can influence the actions and minds of others.
So power is a mental or belief matter. It is an element, with the help of which influence can be exerted on the activities of an individual or a state.
Economic power as power in the new international politics:
The Economy is a force that has controlled society and politics since the distant past. Even in today’s era economic capacity determines the status of a society or a state. Nowadays people are more realistic. The economy as a force in the changing international political system has gained multidimensionality. The role of the economy as a power in the new international order is discussed below:
-
Regulation of developing countries:
In the current new international system, the developed world is using its economic weapons to control the economy, politics, and society of third-world countries. These backward countries of the third world are dependent on the aid of the developed world for their urgent needs. The economically strong developed world takes this opportunity to lend to the third world on onerous terms. As a result, third-world countries are forced to maintain their power. The developing world is losing its identity by constantly receiving foreign aid from the developed world.
-
Means of improvement and progress:
Economic power is of immense importance for achieving success in international and national life as well as in personal life. Many people say that foreign aid is like oxygen for the poor countries of the third world. That is, just as humans cannot survive without oxygen, the existence of third-world countries cannot be imagined without foreign aid. Despite many criticisms, it is undeniable that without the financial assistance of the developed world, the overall progress of the countries is bound to be disrupted.
-
National Energy Components:
In the new international political system, the position of the economy as the element of national power is at the top of all. The economic system is not only involved in the quality of life and welfare of the people but also the success of the foreign policy requires economic power, that is, if you want to strengthen the national power, it is not possible without economic power. The main reason for the weakness of the national power of the current developing countries is economic.
-
Neo-Colonial Rule-Exploitation:
After the end of the Second World War, the former colonial countries became independent under the influence of strong nationalist movements in different parts of the world. As a result, the colonial powers were in some trouble. To get rid of this situation, they come up with a new plan to indirectly rule and exploit these newly independent countries of the third world. The economy is their powerful tool in this regard. By controlling the economic arena of these countries in various ways, they can control the entire state system. As a result, the path of neo-colonial rule-exploitation has been smoothed.
-
Reasons for US Superpower:
After the end of the Cold War in the 1990s, the United States is now the single superpower in the world. Like the leaders of the capitalist world during the Cold War, they now lead the entire world through economic power. Former President of the USA John F. Kennedy commented on economic aid to various societies around the world, “Foreign aid is a means by which the United States can maintain global control and influence and keep back many countries that would surely have gone into the communist bloc.”
That is why the United States can help the countries of the world and maintain its position as a superpower.
-
Economic impact of the collapse of the Soviet Union:
In 1917, the world’s first socialist state was established in the former Soviet Union through the Russian Revolution. Later, almost the whole world was divided into two camps, socialist and capitalist. The Cold War began. The Soviet Union also continued to achieve success after competing with the United States. However, the collapse of socialism in the Soviet Union in 1990 led to the collapse of the former Soviet system. According to analysts, the Soviet Union struggled with its problems in a competitive world order due to the inherent weaknesses of socialism. At the root of this is their economic disaster.
-
Rise of Japan:
Japan suffered massive and indescribable losses during World War II. However, the shrewd and industrious Japanese were able to radically change their position in a very short time. Japan is one of the world’s superpowers, not militarily but economically. Japan has established its respectable position in the world through extensive economic assistance and cooperation to maintain world peace, order, and stability.
Japan, which is strong in economic power, is currently active in getting a permanent seat in the United Nations Security Council. Despite the damage and size of World War II, Japan is a dominant force in world politics today due to its economic strength.
-
Economic sanctions to preserve peace:
Economic sanctions against aggressor states are very effective in maintaining world peace and stability. This is the primary step in peacekeeping as recognized by the UN Charter. If the United Nations deems that the actions of a power or coalition pose a threat to global stability, the United Nations imposes punitive economic sanctions to weaken that power.
In the Gulf crisis of 1991, the United Nations used economic sanctions against the aggressor Iraq. Fear of economic sanctions imposed by the United Nations has forced many bad powers to back down from their plight. As a result, peace order, and stability are preserved in the world.
-
Emergence of Multipolar World System:
It may seem to many that after the fall of the Soviet superpower, the United States-led unicentric world order has started in the world. But it is seen in the world reality that, despite the absolute influence of the US in the whole world, alliances are emerging in different regions of the world.
One of the goals and objectives of these alliances is to maintain peace and stability in the world and preserve regional interests through economic development. Alliances like the EU, ECO, G-8, ASEAN, etc. are indicative of that. These alliances are gradually gaining influence in world politics through economic prosperity. As a result, US global hegemony is threatened.
Conclusion:
The importance of economic power in human and social life has been observed since ancient times. The present era is no exception. The economy is at the root of world power. Economic power has a multidimensional importance in governing the current changing world order. Economic power is the measure of a state’s status in the international arena as well as in individual and national life. Just as the third-world countries are not able to exert any influence in world politics due to economic powerlessness, economic power has allowed the developed world to control the entire world politics. A look at the political structure of the world shows that the economy is the controller of the current world politics.