Political Economy of Globalization and Structural Power

Globalisation is not simply the expansion of trade and capital flows but a transformation of economic, political and social structures underpinned by the distribution of structural power. Structural power refers to the capacity of actors—states, blocs and emergent business classes—to shape the rules, norms and institutions that govern the global economy. In this context, structural power manifests through regulatory geographies, the fragmentation and recombination of global value chains, and the role of states in orchestrating industrial and technological strategies. Contemporary research highlights the shift from a unipolar liberal order to a contested multipolarity, where rising powers, new business classes and coalitions redefine market access, standard-setting and governance. This has practical implications for global trade regimes, energy transitions and technological race diplomacy, as well as for domestic policy contestation and the balance between state-led strategies and market-driven dynamics. Understanding these processes is essential to grasp the evolving landscape of international political economy and its impact on development, inequality and sustainability.

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Political Economy of Globalization and Structural Power publication trend

The graph below shows the total number of articles in political economy of globalization and structural power across all publications each year (not limited to Nature Index journals).

Technical terms

Structural power: The ability of actors to define and shape the institutional, normative and material frameworks of the global economy.

Regulatory geography: The spatial and institutional configuration of rules, standards and policy instruments that govern economic activity across jurisdictions.

Multipolarity: A global order characterised by multiple influential actors or blocs whose power is relatively balanced, as opposed to single-centre hegemony.

Evolutionary structural triptych (EST): A conceptual framework viewing the world economy as the product of intertwined political, economic and technological structures evolving over time.

References

1. A new multipolar order: combined development, state forms and new business classes. International Affairs (2024).
2. New Globalization and Energy Transition: Insights from Recent Global Developments. Societies (2024).
3. The Current Evolution of International Political Economy: Exploring the New Theoretical Divide between New Globalization and Anti-Globalization. Societies (2024).