Discuss the Theoretical Approaches to IPE

Discuss how IPE theories are used to explain the rise and fall of Asian economic “tigers” in 1997, better known as the Asian Financial Crisis. Focus on the pros and cons of globalization, four aspects of it are internationalization, technological revolution, deterritorialization, liberalization. What are the assumptions of each of the three traditional approaches to IPE, namely the liberal, mercantilist and Marxist traditions? What are the theoretical assumptions of new approaches, namely Institutionalist, Political economy, and Constructivist approaches? Include related concepts (comparative advantage, protectionism, infant industry, etc.).