RECENT TRENDS IN INTERNATIONAL POLITICAL ECONOMY
THE RISE OF VIRTUAL STATE
==?The way states controlled resources has changed.
==?Previously land was considered as a source of production and power and there was obsession for land by states and powers. To acquire more and more land to enhance power and the only way to capture land was wars and conflicts.
==?Over the years things (trends) are changing the focus is shifting from LAND to CAPITAL and LABOUR and farther more to SKILL or MIND.
==?As land is immobile factor of production on the contrary Labour, and Capital are very much mobile factors of production.
There are Two Types of Labour Mobility:
(a) Geographically: In case of perfect competition labour will move any where in the world. But Political and social factors are limiting the labour mobility.
(b) Jobs: If a person can perform different jobs perfectly there can be a perfect mobility in jobs. But when more are the skills required the less is the Job mobility.
Over The Years There Are Three Types of States
1) ==?Expensenest States: Primary Sector Production, England is considered as role modal.
2) ==?Trading States: Secondary Sector Production, Japan is considered as role modal.
3) ==?Virtual States: Tertiary Sector Production, Hong Kong is considered as role modal.
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Time Line:
==?First the MILITARY dominance was ruling the world and land was considered as main factor of production from 16th to 19th century.
==?Then in late 18th or early 19th century focus shifted to Industrial Revolution that decl ...